Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-05-05

by himself and which he food'y rolled on to N. ;a-
tain tho principles II his own. If essslemen
posture, his compressed lips, his firmly knitted
brow, end bis eve foil of6re, cannot help think
ing, sir, they would al feel somewhat queer
There would BE, I imagine, not little awkward
moving, and shifting in :heis seats. They would
expect 500" 70 hear tho roar Of the lion, even if
they did not feel his paw.
proceed, sir, TO tho speech Of the honorable
member, delivered on the 18th Of February last,
~ which he announces prop0sitioos, respecting
the constitutional power Of Congress, which, f
they can bo maintained, must necessarily give q
nav direction to our Legislation, and would 20 far
towards showing the necessity Of the present bill.
Tho honorable member, sir, insist that Con-
gress has no right to make general deposites Of
the public revenue in banks; and ho d,nies, too,
that il can authorize the reception Of any thing
BIT gold and silver in the payment Of debts and
dues 10 the Government.
tode, certainly, and since they havo been raised,
ought - be- answered. They may b considered
together. Allow me in the FIRST place, however,
to clear them from some extraneous matter. The
honorable member puts tho FIRST question thus
Have We the right to make depo.;tes in tho banks,
IN order to bestow confidence in them, with view
to enable them to resume specie payments?-
And, BY way Of illustration, asks tho further ques-
ton, WhctEss Government could constitutionally
bostow On Individuals private association, tho
same advantages, in order to enable thew to pay
thsir debls3 But this take not 70 be the ques-
ton. Tho true isquiry is, May not Congress au-
tsorize the public revenue, in the intervening
time between its receipt and its expenditure, to
be deposited in banks, for tho general purpose Of
safe keeping, in the same way n individuals de-
posite their own money! And, If this mode Of
safe-kecping be attended with incidental advan-
- = r.
nifty, is not that . reason which may properly
govern the discretion Of Congress 10 the case7-
To benefit the banks, or to bene6t the community,
in this case, not the main object; is only the
incident; and to tho case put for illustration,
it would not be expected Of Congress, certainly,
to make dsPosites with indiv iduals with . view,
principally, Of enabling such individuals to pay
their debts: il might, nevertheless, be very com
pctent to congress, in some cases. and very pro-
per exercise Of its power, to deposite money even
with indiv iduals, in such manner, that IL might
be advantageous to the dePositary. This Incl
dental or consequenc,al advantage results often,
from tho Of the Transaction, and is insop-
cradle from it. It may always be enjoyed more
or less, by any ono, who holds public money for
disbursement. In order to the necessary exer.
: css Of any Of its powers, Government doubtless
may mako contracts with banks or other corpora-
tions we'll with Individuals. IL it has occ..
zion to buy bills Of exchange, it may buy them Of
banks. IT 1t has stock o. Treasury notes 70 sell
may Sell 10 BANKS, ~ t00 secretary OF the Tf00
. sury has lately proposed. II may employ banks
therefore, at discretion, for the safe keeping
+ tho public moneys, a. those moneys must be KEEP
" somewhere. II can no more need . specific gran
= Of power in the constitution for such q purpose
thaa one merchant, becoming agent for anothe
70 10 receive and pay out money, would need q pa,
H. tlcular clause in his authority, enabling him Z
- use banks for these purposes other persons US
70 them. No question has ever been raised in thi
g. government about tho power Of Congress to .,
ttAA-- -
IL the first bank charter in 1901, argued streuuou
q. ~, that the Bank Of the United States was NJ
~ accessory to Government q depository Of III
or public moneys, because, he insisted its use cou
10 be supplied by other banks. This sufficient
P shows his opinion. And in 1900, Congress mad
- il tho duty Of the collectors of customs to deposit
n bonds for duties in the baak and it, branches
% collection.
10 When the charter Of the first hank expired,
50 1911, almost every gentleman who opposed j
'e renewal contcnded that it was NOT necessary &
Ct tho purpose Of holding deposites Of revenue, b
cause State banks could answer all such purpos
., equally we'll. strong and prevailing tone Of q
ng gument runs through all the speeches on that O
r. casion, tending this conclusion, viz: that 70
IL ornmeEt may derive from state banks all the b
70 eft which Bank Of the United States could re
10 der. In 1916. when tho charter of the last ba,
n chartered, it contained, originally preses
g. Cd. NO provision, for making the public deposit
no iu the bank. The bill was probably drawn,
no this PARTICULAR from the model Of the first chart,
m in which no such clause was contained, witho
or adversing to the law Of 1900; but q section ~
20 introduced, on my motion, making il the duty
~ collectors to dePosise tho public moneys in d
NJ. bank and its branches. 1t this section Of 4
law which somo Of Us thought was violated
sc- the removal Of the depOsites. The main ohie
c. Of the deposite bill Of 1896, As we know, was
US regulate dePosises Of the public money with I
ne State banks; 50 that, fron the commencement
s.' the Government to the present time, nobody b
e thought Of making any question Of the consti
,'y tioual power Of Congress to make such ABRAMS
nc ments.
IN m. ,.c,,.,~.r,. c,h., ,.c,o.;,:., ,,d 81;
ey be lays down with still moro confidence and .
ne Phasis, is, that Congress eanrot constitutional
an, authorize the receipt Of bank notes, though til
'no be notes Of specis-Paying banks, in payment
~ debts to government; because. he says, that wo
ne make them money; and If We make them mon,