Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-04
ton Of the financial and other business Of
that Government.

ton of the financial and other business O,
that Government.
We are told, sir, that the proposed sys-
tenn is to involve the nation in vast annu-
al expense ; and that it viii largely increase
the patronage Of the Executive. The hon.
orable Senator from Virginia (Mr. Rives)
ventured TO suggest, upon authority which
he deemed good, that the expense Of this
Independent Treasury would amount to six
hundred thousand dollars per annum. Sir,
it is difficult TO answer declarations so fan
cifu and adventurous, except by direct do
NAL. The bill creates but four or five new
officers, and authorizes the appointment OF
some additional clerks. The collectors Of
customs, the land Office receivers, the post
masters, already in existence, are to per-
form the duties required to be performed
by this bill, without any additional compen-
sation. To these are added few recciv-
ers general, and perhaps fifteen or twenty
clerks. The most extravagant estimate
dannot make the annual expense moro than
fifty or sixty thousand dollars per annum.
The transfer of the public depostes from
the banks to the public officers, will be an
extensive reduction of Executive patronage.
II takes from the President the means Of
Influence over seventy or eighty powerful
banking institutions, their officers, their
clerks, their directors and stockholders, and
adds no increase of the means of influence
over the existing officers Of the Govern
ment. The bill is an honorable and man.
ly surrender by the President of extensive
patronage. 10 promote the public wclfre.
and TO protect the purity of the free insfi-
tutiohs and administration of The country.
Instead of that patronage, he obtains the
power to nominate four receivers general,
with salaries too small, fear, to secure
talents ard character adequate 10 the prop.
er discharge of their duties. In this view
Of the subject, the President has exercised
degree Of self.denial which has no par
allel, except in tho administration of Mr..
jefferson. Sir, the conduct of the Presi.
dent Of the United States, on this subject,
is characteristic of the man. Since his az
cession to the Executive chair, he has shown
no disposition 10 increase Executive patron.
age. He has evinced marked respect to
the Constitution Of his country a deep de.
votion for its welfare; moderation and
temper admirably fitted 10 the discreet and
enlightened administration of the affairs of
the Government. And how the honorable
Senator from Kentucky, while protesting
respect for the man, could indulge himself
in an expression of dctcstation for such a
Chief Magistrate, ! am at q loss to under.
stand, unless an explanation may be found
in the party feeling and Presidential amb.
ton of the distinguished Senator. The
average expense paid to the deposte banks
for their agency in receiving and disbursing
the public moneys, would amount, on the
most moderate calculation, TO three or four
hundred thousand dollars per annum. They
would have the constant use Of six or eigh,
millions of dollars and that al six per cent.
would be equal to about half million q
year. The Independent Treasury system,
will, therefore. diminish both the Executive
patronage, and the expenses of the Govern
ment.
1t will, in my judgment, have another still
more valuable effect. By exacting solid
and substantial currency in the collection
Of the public revenue, and in the disburse.
ment Of the public moneys, it will keep the
general currency of the country in SOUND
condition. 1t will restrain the spirit o
speculation and extravaganza in trade
1t will prevent the accumulation of large
SURPRISES in the Treasury. 1t will render
necessary more economical and republ
can system of public expenditure. 1t viii
tighten the burdens Of the people. 1t vii
compel the solvent banks to resume specie
payments; and il, will coerce the insolven
banks to wind up their affairs and close
their doors. Instead Of realizing the falla
cious assertion that this Sub. Treasury sys
tenn will give one currency to the Govern
ment, and a worse currency to the people
II will have the effect Of securing to both
substantial currency and it will put an ex
tnguisher upon the dishonest system o
banking upon mere paper capital, without ;
specie basis. With h gold and silver ba
sis, banking is source of advantage ant
prosperity to any commercial country
Without them, banking is a pestilence tt
such country. 1t Is not true, sir, that w
are waging war upon the valuable institu
tons of the country. |: is not true that w
make war upon all banks, so lately dgni
fled into the character of institutions Of tn
States. We are opposed to the mere pa
per corporations called banks, when the,
have no solid capital. We consider AM
know them, in that condition. 10 be a grea
public and private evil. But we are in ia
vor of banks conducted on sound princi
pies, respecting the law. keeping up TO thei
charter obligations, and rcdecming thei
plighted faith to the public.
But, sir, we are told, that in separatn
the Government from the banks, we sepo
rate il from the people. They who hazar
this declaration, cannot themselves beiiev
it. How can the Government be separate
from the people? 1t derives its cxis;enc
from the people. 1t depends upon the a
fections, the sympathies, and confidence {
the people, for the duration of its power
1t is proposterous to charge us with the dc
sign TO separate the Government from tn
people. The charge prc-supposes US to B
fools and madmen. Ii prc-supposes anoil
or absurdity. 1t prc-supposes the bank
and the people 10 be identical. We q
, know that this assumption is fa'lacous.
, has no platform TO stand upon. The bank
, are established by very small number {
the people. They are sought to be estal
/. ished by mon who want credit, by the fs
; who have capital, and by small number
1 Al. L.. L.