The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-12-13

and se nay also hape thai The busihrss
/ Of individuals Mill hereafter be Trlisssd
from he injurisns rtfsels Of eOnlispss
agitation II that disturbing sutj-ri. 'rAs
limited influence q national bank IN
areriins dfrsngfmen. in he exchanges q
the euuniry. or IN compelling The iesasP-
ii"n If sprrie payments, il nos moi less
apparent Than IL tendency 70 increase in
ordinate speculation By sudden expsa-
siun- and conirscIInns; is disposition u
create panic and embarrassment for The
promotion ~ he Own designs: is inlrr-
terence with politics; and ils far gresser
p"wer for evil Than lnr good. either in re-
gard TO tie local institutions or The ops-
rsiinns al government itself. What was.
! IN ihsse respects. bui apprehension or OPT
ninn ahen national bank Was hrsi 80
! IabiIshed. now stands confirmed BY humi-
lialiRg experience. The scenes thfOugh
which We have passed ennClusissly prove
how little onr commerce. agriculture. ma
nuiaelurss, or fnaness. require such al
institution, and What dangers are ai.end-
ant on Us pOwer-a power, trust. never
20 be conferred By the American people
upon their government. and slill l,ss RP-
on individual. not responsible % them for
its unavoidable abuses.
i My conviction Of The necessity Of fur
Their legislative provisions for The safekeep-
irg aud disbursement of the public mo.
ness. aud nv opInion in regard 10 The
measures best adapted 10 the accomplish
H.eal 81 th"se objects. have been already
I submitted 10 ynu. These have besa
strengthened by recent events; and, in Tie
toll conviction thai time and experiences
must sulI further demonstrate their prnpri-
ETY.. feel It my duty, with respectful de-
lstrl.re to the conflicting views Of others.
again 10 invite Your attention 10 them.
Htlh the exception Of limited sums de-
pn,,'ed in The few hanks sill employ ed
under the act of 1896, the amounts re-
"eirtd for duties. aud. with very incon-
siderable exceptions, lhnse acsruing from
lands also. have, since the general sue
, peusinn Of sPerie payments by the cspo-
site banks, been kept and dlsbursed By
the Treasurer, under his general legal
r Osers, subject Ia the supcrinlenLence III
The Secretary of the Treasury: The pro-
r Priety of defining more specifically. and
Of regulating by law, the exercise Of this
vide scope Of Executive discretion. has
been already submitted 90 Congress. :
A change in the office Of collpcisr %
T one Of our principal ports. has brought 70
r light defalca,ion ol The grasesi eharse-
ter. The particulars Of which viii be laid
before you in a special report from tbs
E Secretary Of the Treasury. BY this ro-
/, port and the accompanying documents,
e il will be seen thai the weekly returns az
j the defaul,ing officer apparently exhibited,
throughout, faithful administration OF
= the affairs entrusted 10 bis management.
Il II. however. now appears that he com.
! menced absiraclihg the public moneys
r shortly after his appointment, and conli-
= nued 10 do so. progressively increasing
? the amount. for the term OF more than
? seven years, embracing a portion Of The
4 period during which the public moneys
e we're deposited in the Bank Of the United
n States, the whole Of tina, Of the stale bank
!. deposite system. and concluding only on
4 his retirement from office. after thai sy.-
i; TEN had substantially failed, in conss-
$ qusnce Of the suspension Of specis pay
: mems. .. r..
: The way in which this defalcaiion was
: so long concealed, and the steps taken 10
= indemnify The United States. as far az
> practicable. against loss, will also be
e presented to you. The case is one which
J. impera,iyely claims the attention Of Con-
: gres.. and furnishes the stronges, motive
4 for the establishment Of a more severe and
I secure system for the bookkeeping and
: disbursement Of the public moneys Than
, any that has heretofore existed.
r II seems proper. at all events, that. BY
an early enactment. similar TO that OF
other countries, the application Of public
: money by an officer Of Government 70
/. private uses. should be made felony,
C and visited with severe aud ignominious
4 punishment. This is already, in EFFECT.
h the Law in respect tn The mint. and has
been productive of the most salulsry
\ results. Whatever system is adopted,
!. such an enactment, would be wise as an
{ independent measure, since much OF the
: public moneys must, in their rollecton
? and ultimate disbursement. pass twice
A through the hands Of public officers, 10
4 whatever manner they are in,erme,lia,ely
: kept. The Government, il must be
4 admitted. has been from lis commence
: aent comparatively fortunate in this
: respect R,s the appointing power can
}. nol alsays be ven advised in IFS selec,
/; tons. and .heeSperienee nf every country
E has shown ihsi public officers are moi Al
= all times rropf ss.lnst temptation. Ii Is
= duty, therefcrs. which the Government
Il owes, a. we'll to the interests committed
. TO its care as to the officers themselves
|; 10 provide every guard against iransrres