The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-09

70 IT, MI IN
Under these circumstance. the department would
etfuy suggest some provisions which may be
specific and may be required for the safekeeping and
disbursing Of the public moness.
In the present condition OF the Government and the
country two systems psooscd, either of which, Il 10
believed may be practicable AID adequate to the exgen
ces Of the crisis One TO- % enlargement end adapta-
zion Of the system partially employed since the suspen-
sion Of specie payments, SO % 10 make IL answer all
necessary purposes This could be effected merely by
assigning to our existing o6cers and establishments
some additional duties
The Treasurer, atthe seat 4 Government the Mint,
with lis branch at New Oeas and another which has
been contemplated, and Is mich needed at New York,
for other purposes collector Of the customs, and re-
ceiver Of moneys for the saes of land well post
masters might all DO directed to keep in safety, not
only the public money collected by them but all actually
placed in their possession, by transfer otherwise. As
fiscal agents. they might also DO required to pay over
and transfer for such publ purposes as may be an-
horzed by Congress- and unter such regulations the
Treasury Department from time TO time, may prescribe
Indeed, the third section Of ne post Office law OF 1925
with the bond taken under Il 10 the agency OF the
postmasers is perhaps already sufficiently broad for
that class Of officers At points like New York, and
few Others where Likelihood existed that the sums
would permanently be large, ,ut which, under reduced
revenue and expenditure wodd seldom occur, authority
might be given to appoint the clerks now acting as
cashiers or elers under the collectors and receivers or
other suitable persons, act keepers and pay
masters Of the public money But they should be made
independent Of the collectors and receivers, and placed
under the like tenure Of office and under suitable bonds
Additional means OF safety, and such additional but
limited compensation any d the above officers, might
be provided as the increased sk and labor might render
just; but in only few would these last be much
augmented any place.
Taking the year 1884 furnishing specimen sufR-
cienty large Of the in future connect
III oG he
ment but OF course, not including the separate esta
blishment Of the post office, the whole number Of
warrants issued in that wear a little under FIVE
thousand and, though differing much in actual amount
averaging about 5000 each. This would be less than
twenty warrants day, and hence would require less
than per day to be paid in each Of the twentysix
States They differed in fact from four per day IN this
District and two per day in New York, which the
highest numbers 10 only one per week IN several OF the
States. (See table P) The business at each office
daily, weekly, in making payments OF the drafts
would therefore, be very little II more than one draft
is issued warrant the business would be increased
in that proportion, unless the whole payments were
duced probable, hereafter to sixteen seventeen
millions yearly.
In regard to the risk FIVE millions in the Treasury at
any time, If all placed in the hands Of collectors and
receivers, would not, average, exceed $50 900
with each Of the present number.
But if the amount, besides one million in the Mint
was chiefly in the hands Of half the present NUMBER
which would approach the probable result the
sum with each would still be less thin most OF the
sting bonds of receivers and when exceeding theirs
those Of the principal collectors, the excess, in most
cases. could be readily prevented, reduced by being
drawn out to pay creditors, or be conveniently trans
erred the Treasurer Of the United States at the seat
of Government, or to the Mint and its branches. Until
Of the latter is authorized at New York, the subst
tute before mentioned of Of the present. officers in
the customs there Independents keeper and pay
master Of the public money, could be adopted, and if
deemed prudent be extended to any other similar place
In this mode, the present number Of officers
nected with the collection and disbursement OF the
throughout the United States need not be at all
increased Nor will il become necessary, except in
few cases. to augment their compensation. Twenty or
thirty Thousand dollars year would probably cover the
whole additional expense of every kind.
The other system to which the attention and con-
sderaon Of Congress are respectfully invited, is
organization, ny of commissioners or receivers
general TO gather the collections to central points,
and keep and dsburse there large portion Of the pub
lie money, such could not be kept safely and ex
pended conveniently in the hands OF the collecting
officers. Such organization might be at only three
four of the most important points; or 1t might be
made more extensive, and the number enlarged to
eight or ten This could be arranged IN all essential
particulars, substantially, in the manner which IS now in
very successful practice in some Of the most enlightened
and opulent Governments in Europe, and as was ur-
1880 (Scc extract o. The only material difference
need be, pay Of the money near the places
where il is collected rather than first to transmit most
Of it to the seat of Government This organization Of
fiscal agents would be advantageous separate esta
bshment for this business alone, and as a, ndepcnd
ent check most of those collecting the revenue. Bnt
it would require addition to the present number Of
officers, and i'll the first instance would mare increase
the public expenses,
But the whole addition Of principal officers need not
exceed ten. Nor would the increased ANIMAL expense
to the Government probably amount to oSer fifty or
sixty thousand dollars is the system would enable both
the War and Navy Departments to dispense with
raj of their agents for making local disbursements The
danger of any losses will be nearly the under both
plans. II is impossible to conduct the affairs Of Co
vernment, the ordinary transactions OF society, with
out trust aud risk OF some kind. But one great object
wherever pecuniary confidence is reposed, should al
ways be to require the best safeguards which appear
and in either of these systems, hereafter
explained, the amount trusted be easily kept
from becoming excessive, and the hazard of LOSSES
affecting the deposte agent by his lending or trading
be fully obviatcd, by the strict prohibition Of both the
latter, under severe penalties
Our direct losses from either collecting deposite
agents have always been comparatively small. Those
by the former it is believed have not equsled those by
the latter though the latter being banks, have usually
in the end paid most OF their deposltes The losses by
the former also supposed not to have exceeded one
fifth of those the bonds of merchants for duties, and
probably one-eghth of those from the purchasers Of
public lands, under the credit system.
Occasional and strict examinations Of the money
hand where large in amount, would furnish strong
safeguard beyond the character Of the officer and the
property OF himself and suretes, and which it might bo
provided should be made by committee Of Congress-
any other mode deemed most eligible to constitute
an effectual check.
Tho plans which have been explained as to fiscal
agents, suggested for consideration under belief
that either is appropriate in the present posture OF a
fairs that they require but slight changes in existing
laws usagcs aud. whatever objections can be adduc
ed agains, them, will, at the time, be found to
possess many signal advantages.
They will not, much some other modes OF keep
ing the public money, expose the Treasury to dsap-
pontnents and delays, through dangerous partnership
Of interest the Of that money for private or cor
porate purposes As the vcissudes OF trade or spccn-
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