Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-03-23

hands oil any one depOsary constituted 10y this act,
TO any Other dcpositary constituted bv The same,
Ar HIS DISCRETION, aud IA The safety OF the
public moneys, and the con,cni nee Of the public
service, shall seem TO him TO require. And Tor HE
purpose Of payments on the public account, it shall
| be lawful for the said secre,ary TO draw upon any
Of the said repositories as he may think most con-
ducl,e TO the public interests, to the cOuycn ence
OF The public creditors, or bolh.'
1t will be seen that it grants a power,
perfect Y undo fined, TO The Secretary Of the
Treasury, 10 shift and transfer the public
money, from depository to deposi'ary, as he
pIcases, He is expressly authorized to
transfer moneys in the hands Of any one
dcposl)ary, constituted by the act, to any
other dcposllatv constituted by il, at his
discretion, and as the safety Of the public
moneys, and the convenience Of the public
service, shall seem to him to require. -
There is no specification Of any contingent
cv or contingencies on which he is to act.
All is left to his discretion. He is to Judge
when the public service land more indcf
mite terms could not have been cmployed)
shall seem to him to require it. 1t has
been SAID that this is nothing more than
the customary power Of transfer, exercised
by the Treasury Department from the
orlgin Of the Government. | deny it,
utterly DEFY it. 1t is totally different
power from that which was exercised by
the cautious Gallaln, and other Secretaries
Of the Trcasury-a power, by the bye,
which on more than one occasion, has been
controver'cd, and which is infinitely more
questionable han the power to establish a
Back Of the Uuncd Stat es The transfer
was made by them rarely, in large sums,
and were left to The banks to remit. When
payments were made, they were effected
IN the notes of banks with which the pub
lie money was deposited, or to which II
was transferred. The rates Of exchange
were regulated by the state Of the market,
and under the responsibility OF the banks.
But here is power given to transfer the
public moneys without limit, as to sum,
place, or time, leaving every thing TO the
discretion Of the Secretary Of the Treasury,
the receivers general, and other deposl'a-
rios. What scope is allowed in the fixa
ton of the rates Of exchange, whether OF
premium or discount, to regulate the whole
domestic exchanges of the country, to
exercise favorltlsm These former trans
fcrs were not made for disbursement, but
as preparatory to disbursement aud when
disbursed. it was generally IN bank notes.
The transfers of this bill are immediate
payments, and pay nents made not III bank
notes, but specie.
The last paragraph in the section pro.
vdes that, for the purpose of payments on
the public account, it shall be lawful for
the Secretary TO dra,c upon any Of The said
Repositories as he m1y Minh most condu
a., L., fL, ,,,,bI In ;,,yo ~
nicnce Of the public creditors, or both. 1t
will be seen that no limit whatever is i'm.
posed upon the amount or form Of the draft
or as to the depositary upon which it Is
drawn. He is made the exclusive Judge Of
what is "most conducive to the pub lC
interests" Now, let US pause moment
and trace the operation of the powers thu:
vested. The Government has a revenue
Of from twenty to thirty millions. The
Secretary may draw it to any one or more
points, as he peases. More than a moie'y
Of the revenue arising from customs is
receivable at the port of New York, tc
which point the Secretary may draw al
portions Of it, L he think it conducive t,
the public interest. a man has to receive
under an Appropriation law, $40 000 ant
apnlies to Mr.. SecreDary for payment
| Where will you receive 1t ? he is asked
| On New York. How? In drafts from s
to $500 Mr.. Secretary Will give hun
these drafts accordingly, upon bank not
paper, impressed like and Stimulating banl
notes, having all suitable cmb|azonry
signed by my friend The Treasurer, (whos
excellent pracrlcal sense, and solid an
sound Judgment, if he had been at III
} head of the Treasury, instead Of Mr., Ley
Woodbury., when the suspension OF spec,
payments took place, would have relieve
or mitgaled the pecunlary embarrassment
Of the Government and the People, conn
, ,ersgned bv the Comptroller, and filed u
: in the usual way Of bank notes. Here
I one of them, said Mr. CLAY. He her
held up to the gaze Of the Senate Treas
! ury note, having all the appearance OF
S bauk note, coorcd, engraved. and execute
, Ike any other bank note, for $50 Th
continued Mr.. CLAY, is a Government po
note, put into circulation, paid out as none!
u and prepared aud sent forth, gradually
e accnStom the People Of this country
u Government paper.
!, | have supposed $40 900 to be receive
;. in the mode stated by person entitled
y receive it under an appropriation law
T. Now, let Ms suppose wha, he will do wit
~ it.. Anywhere to the South or West
: will command premium from two to fl,
;, per cent. Nowhere in the United STAT,
II will it be under par. Do you suppose tn
the holder o! these drafts would be 70
y enough to convert them into specl
IS h to be carried and transported at h
n risk? Do you think hc would not pref
Is thu, this money should he in the rcspo
N siblc custody Of the Government. ralh
;" than in his own insecure keeping?
y you think he will deny TO himself the o
- portunity of realizing the premium of viii
J., he may be perfectly sure' Tho great