Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-24

ceivcd in diminished proportions, during a term Of
six years. He himself introduced that Identical
principle. II is the only part Of the bill that j.
emphatically his. How, then, can he contend
payment Of public duess appeal from brself
to himself The Senator further contends that
general deposites cannot be made with banks and
be thus cvnfounded with the general mass of the
funds on which they transact business. The ar
gument supposes that the money collected for
taxes mist be preserved in identity; but that is
impossible often to do. Nay not the collector give
the small change which he has ed from one
tax payer to another tax payer, to enable him TO
effect his pay mente May he Eot change gold for
silver, rici versa, both if he be distant col
lector. to obtain undoubted remittance to the
Treasury, What, Mr.. President. is the process
o. making deposits with banks! TIE deposit is
made, and crcdi, is entered for its amount to the
government. That credit is supposed to be the
exact equivalent o: the amount deposited, ready
and forthcoming to the government whenever it
is wanted for the purposes OF disbursement. 1t is
imma terial to the government whether it receives
back again the Identical money put in, other
money Of equal value. All that IL wants is what
is put in the bank, its equivalent; and that,
in ordinary times with such prudent banks alone
ought to be selected, it is sure Of getting.
Again: the Treasury has frequently to m.Ae
remittanccs to foreign countries, to meet the
penditmre. necessary there for naval squan-
drons, and other purposes. They are made TO
the bankers, t. the Barings the Rothschilds, in
the from of Bills Of exchange. purchased in the
market by the agents of the Government here,
with money drawn out of the Treasury. Here
is conversion Of the money received from
the tax gathcrcr into the Treasury The bills
transmitted to the bankers honored. paid, and
the amount credited by them to the United
States. Are the bankers bound TO retain the
proceeds If the bills indemnity? Are they bound
to do more than credit the Government for
quail amount, for which they stand responsible
whenever it is wanted! Ii they should happen
to use any portion Of those proceeds of bills
mitted to them in their banking operations would
it be drawing money from the Treasury contra
~ to the provisions of the constitution? The
Senator from South Carolina con tends that there
is constitutional power to contract with the
twenty-five selected banks, proposed in the
substitute; vet the depostc act Of 1885. which
obtained the hearty appreciation Of that Senator,
contained a similar provision; and tho very bill
under consideration 50 warmly supported by him.
provides under certain contingencies, TOR con-
tracts TO be made with State BANKS. TO receive
deposites of the public money upon compensa-
ton. lie objects to the substitute, that il con-
verts twenty-five State banks into a system of
federal institutions, but tho employment of State
institutions bv the federal authority no mare
makes them federal, than the employment of Fed
cral ms tit ltions. This mutual aid, and this re-
ciproca employment Of the several institutions
of the general and particular governments, is one
Of tho results and beauties Of admirable tho
complex system of government. The general
government has the use Of the capital, conr,
houses, prisons, and penitentiarics, in the sever
al States. Do thcv, therefore cease to appcrtair
to the States? 1t is to DC borne in mind that nj
though the State banks may occasionally be use,
BY the federal authority their legal responsible
" to tho several States remains unimpaired
NJ
their existence can only be terminated pro
longed by the State authority And being gov
erned, as they are, by corporate authority cman
aiing from and amenable TO State Jurisdiction
and not under the control Of the Executive Of tn,
{ United States, constitutes at once greater sc
the public liberty. 1t has been argued that
, separation of the Gov eminent, from the bank
will diminish the executive power.
1t must be admitted that the custody Of tn
, public money in various banks. subject TO tn
control Of State authority, furnishes some checl
upon the possible abuses Of the Executive gov
ernment But the argument maintains that tn
Executive has less power when it has mos
complete possession Of the public Treasury
The Senator from South Carolina contends tina
tho separation in question being once effecte
( the relation Of the federal government aud tn
State banks will he antagonistical. | believe sc
M. President. That is the very thing l wis!
, and friendship. If they antagonists how
il possible that the State bank maintai
their existence against the tremendous infir
: cnce Of this government Especially, if thi
/ government should be backed by such vas
Treasury bank as verify believe this bin is ir
: tended to create? Aud what becomes of the al
9 gumcnt urged by the Senator of South Caroline
q and the abolition resolutions offered by him at a
K early period Of the session asserting that III
= general gov eminent is bound TO protect the d.
4 mestic institutions Of the several States.
: The substitute is not, think, what the welflT
y Of the country requires. Itmay serve the pu
. nose of a good halfway house. Its accommod;
J. lions appear fair, and with the feelings Of
: wearied traveller, one may be tempted to stop
n while aud refresh himself there. | shalt vote f.
l., it as an amendment to the bill because beliey
g it the least Of two evils, if 1t should indeed IL
}. Act any evils; rather, because ] feel myse
e in the position of patient to whom the phys
n clan presents in one hand cup of arsenic. an
! in the other cup Of poison: reject the frs
l. because Of the instant death with which it
" charged; take the latter the most Harmless
is and depend on the els naedicatrir naturd.
..,lJ have ho~u n oroaf announcement in my