Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-24

purposes Although all the banks cannot be dpposilo
es all think they find their interest IN an OF The
credit system by the aid of the public money; and in ad
dtinn thereto, all subro under such SYSTEM TO the
influence of hope and fear from the tavors or irowns Of
the President Secretary of the Treasury. ii is not
keerinr the public money that Government acquires
influence power but by spending lending it. One
man has million of dollars TO lend; another has mil
lion to keep, being forbidden 10 lend dollar OF it
Which will be the most cour,ed, and have The most in
fuence among his nelghboTs: The answer is too obv.
Gus To need suggestion. II is thus with the Executive.
If YOU would curta this influence in the most eecual
manner. require him ine1lby 10 keep the public money
for putiic purposes. If you would extend his influence
in a manner the most alarming, authorize him 10 lend
the public money cause lo be lent by dePostng
in banks, or otherwise.
The idea that the actual custody Of the public money
by public officers appointed under the authority Of Con-
gress would place under the control Of the Pre-
sldent than il has heretofore been, is wholly deceptive
and faacous.
His power it would not be al all increased by this
The President could NOT, under The old The
proposed system draw from the Treasury single dol
lar, not for the payment Of his salary. That
operation effected by the of the Secretary Of
The Treasury upon the Treasurer check order upon
bank other depository. It is through these means
that the President and every other executive officer
ceives even his salary.
If the Treasurer had the actual custody Of the public
money instead Of keeping 1t in banks, the President
would be obliged still 10 get from the Secretary
of the Treasury before he could receive his salary. il
is sad If the Treasurer had the actual custody Of the
money, the President might compel him 10 put il into
his possession by the exercise of his authority and power
over an official dependant Butts it not just easy, by
the exercise Of the authority and power to compel
the Treasurer TO draw check a bank, And could
not the Presiden! his instrument obtain the money
from bank such check, just easy as he could
it from the Treasurer actual possession Would
it not indeed be lille easier to compel the Treasurer
to draou check than to count ont large Of money
AS for the banks they have claimed the right 10
dispute the Treasurers check their duty being merely
10 pay il! When there thirty or forty millions of
dollars in The Treasury, there was nothing in the law
in the structure Of the system to prevent the Executive
officers from checking every dollar of it out of the banks,
if inclined apply il to improper objects Indeed
ill e29 there practical restraint upon the Trea
surer whatsoever; the sole authority upon which the
banks paid on, the public money, was his individual
check the restraint then imposed in requiring that
the Of The Secretary of the Treasury should &C
company the Treasurers check, one Of Executive
regulation and not Of Congressional legislation The
dangers conured up from this altogether i'm
aginary.
! The union Of the purse and the sword, so much de-
precated by English ancestors, altogether diff
ferent matter. By them, the power to raise army
was called "ihe sword and the power to levy and
collect taxes to support it, was called "the purse -