Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-12-18


CHI M ID one section 81 the country and more im-
distely beneficial % it; and ct the same time aid
inp lie kanlrs, and commercial communities IN their
er.ions, By posponing the payment cl;1enee ios
duties 70 he amount Of between four and hye MIL
lions OI dolaFs; By an issue Of treasury notes %
means % enable lhe Government TO meet the conse-
nuenee8 &C their indulgences but aliOrdng 81 the
same time facilities l0r remittance and exchange
and By steadily declining TO employ, az general de-
rnsitoFies uf the public revenues, 0r receive the
notes Of all banks, which refused 70 redeem them
with species b these measures, aided BY the avor-
able action Of some Of the banks, and By the sup
port and cooperation Of large portion Of the com
munity, we have witnessed an early resumption q
specie payments in our great comineFciaI capuaL /
promptly followed IN almost every part Of the V
States. This Tesnlt has been alike sanitary 10 the
true interests &C agriculture commerce and manu-
lures; 10 the public morals, respect for the laws,
and that confidence between man and man winch |
is so essential IN all our social relations.
The contrast between the suspension OF l6l 4 ana
that OF 1897 IS most striking. The short duration
Of the latter the prompt restoration OF business
the evident benefits resulting from an adherence oy
the Government 10 the constitutional standard OF
value, instead Of sanctioning the suspension hy the
receipt of irredeemabe paper; and the advantages
derived from the large amount Of specie introduced
into the country previous TO 1885, afford valuable
illustration Of The true policy of the Government IN
such crisis: nor can the cOmpa rson fail to remove
the impression that national bank is necessary ID
4
resumed without its aid but exchanges have also been
more rapidly restored than when it existed; thereby
showing that private capital, enterprise and pru.
dencey are fully adequate TO these ends. On all
these points, experience seems 10 have confirmed
the views heretofore submitted to congress. We
have been saved the modification OF seeing the DIS
tresses Of the community for the third time seized
~ fasten upon the country dangerous an nstl-
tuition; and may also hope that the business OF
individuals will hereafter be relieved from the lnlu-
rious effects of continued agitation that dis
turbing subject The limited influence Of nation
al bank, IN avertDg arrangement IN the exchanges
of the country, or in compelling the resumption OF
specie payments, is now not less apparent than ITS
tendency 70 increase inordnate speculation by sud-
den expansions and contFactions; its disposition to
create panic and embarrassment, for the promotion
Of its own designs its interference with politics,
and its tar greater power for evil than for good, Ell
Their in regard to the local institutions the Ope
FatonS Of government ITSELF What was, in these
| respects, but apprehension or opinion, when ma
tlOnal bank was first established, now stands con-
hrmed by humilating experience. The scenes thrO'
which we have passed ,cOncusively prove how little
our commerce, agriculture, manufactures or fnanc-
es, require such an institution, and what dangers
are attendant on its pOweT-a power, trust, never
to be conferred by the American people upon their
government, and still less upon individuals not re-
spOnsbIe to them for its unavoidable abnses.
My conviction Of the necessity of fuarther legisa-
tive provisions for the safe keeping and disburse-
uISuS OI Tie PUBIC monies, ana Opinion REGARD
TO the measures best adapted TO The accomplishment
| OF these objects, have been already submitted 10
| you. These have been Strengthened by recent
events and, in the full conviction that time and ex-
PeFeRce must still further demonstrate their propre-
y feel it my duty, with respectful Difference to the
conflicting views Of Others, again TO invite your at
| tention TO them.
With the exception of limited sums deposited in
| the few banks still employed under the act OF 1886,
the amount received for duties, and, with very il,-
considerable exceptions, those accruing from lands
also, have since the general Suspension of specie
payments by the depOsite banks, been kept and dis
bursed by the Treasurer, under his general legal
powers, subject to the superintendent OF the Sc
cFetary Of the Treasury. The prOpriety Of defn-
/ ing more specifically, and Of regulating by law, the
exercise Of this wide scope Of Executive dscretIon
has been already submitted 10 Congress-
/ A change in the Office of collector at one of our
principal ports, has brought to light delacatiOn of
the greatest character the particulars OF which will
be laid before you special report from the Secre-
/ tarv Of the Treasury. By his report and the ac-
weekly returns Of the defaulting officer apparently
exhibited throughout, faithful administration Of
the affairs entrusted to his management 1t, how
| ever. uOW appears that he commenced abstraCting
the public moneys shortly after his appointment, and
/ continued to do SD, progressively increasing the
amount for the term OF more than seven years, EN-
bracnQ portion Of the period during which the
| public moneys were deposited in the bank of the
United States the whole of that OF the State Bank
| DeDOsite Syslem, and concluded only on his
retirement from Office after that system had suhstan-
TALLY failed, in consequence of the suspension of
specie payments. ~
| The way in which this defalcation was so long
concealed, and the steps taken to indemnify the
United States, as far as practicable against loss,
i will also be presented to you. The case is one
which impeTatively claims the attention of Congress
and furnishes the strongest motive for the establish
ment Of mare severe and secure system for the
safe-keeping and disbursement OF the public moneys,
than any that has heretofore existed.
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 Gov
eminent to private uses, should be made a (elony
and visited with severe and ignominous punish
ment This is already, IN effect, the law in respect
to the MINT and has been productive of the most
salutaFy results. Whatever system IS adopted,
such an act would be wise, independent mea-
sure since much of the public money must in their
collection and disbursement, pass twice through the
| hand Of public officers, in whatever manner thew
are intermediatey kept. The Government, It must
be admitted, has been, from It's commencement,
comparatively fortunate in this respect.
But the appointing power cannot always be
i well advzed in its selections and the experience
Of every country has shown that public officers
are not at all times proof against temptations. Il
Is a duty. therefore, which the Government owes.
as well to the interests committed to its care as
10 the officers themselves, 70 provide every guard
aeajpst transgressions Of this character that is
eonsI., tent With reason and humanity. Congress
cannot be TOO jealous Ofihs conduct Of those who
are entrusted with the public mons; and shall
at al times be disposed TO encourage a walch(uI
discharge Ofthis duty. Ifa more direct co.ope.
ration on the part Of Congress. in the supervision
i Of the conduct ofIhe officers entrusted with the
custody and application oftho public. money IS
deemed desirable, Il will give me pleasure, to
assist IN the establishment Of any iudicious and