The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30

lawful for The said Secretary 20 draw
upon any of The said repositories. as he
may think most conducive 10 The public
interests, or 10 The convenience Of the
public creditors, or boih."
Il will be seen thai il grants . power,
perfectly underlined. 20 the Secretary Of
the Treasury. 20 shift and transfer the
public money. from depository 10 de-
pOsit0ry, a. he plessss. lie is expressly
authorized 10 transfer moneys in the
hands Of any one depository. constituted
by the act, 10 any other depository con-
siiiniel BY il, al his discretion, and as the
safety ofihe public moneys. and the con-
venience OF The public service. shall seem
10 him 10 require. There is no speeifca.
tion Of any contingency or contingencies
on which be Is 10 acL all is left 10 his
discretion. He is 10 judge when the
public service land more indefinite terms
could not have been employedl shall
seem 10 him 10 require il. Il has been
said that this is nothing more than the
customary power Of transfer. exercised by
the Treasury Department from the origin
Of the Government. | deny il. utterly
deny H. II is q totally different power
from that which was exercised BY the
cautious Gallaiin, and other Secretaries
Of the Treasury power, By the bye.
which, on more than one occasion, has
been coniroverled, and which is infinitely
more questionable than the power 10
establish q Bank OF the United States.
The transfer was made BY them rarely,
in large sums, and were left to the banks
10 remit. When payments were made,
they we're effected in the notes Of banks
with which the public money was de-
posted, or 10 which il was transferred.
The rates Of exchange were regulated
BY the state Of The market, and under the
responsibility Of The banks. But here is
a paNer given TO transfer the public
moneys without limit. as 10 sum. place,
or time. leaving every thing 10 the discre-
lion of the Secretary Of the Treasury,
receivers general, and other repositories.
VIVA, scope is allowed in the fixation
Of the rates Of exchange. whether OF
premium or discount, TO regulate The
whole domestic exchanges Of The country,
10 exercise favorinsm! These former
transfers were moi made for disbursement.
but as preparatory 10 disbursement; and
when discussed. IL was generally in bank
notes. The transfers Of this bill are
immediate payments, and payments made
not in bank notes but specie.
The last paragraph in the section
provides that. for the purpose Of pay.
men,s on the public account. il shall be
lawful for the Secretary to draw upon
any of the said deposilaries, IS he may
think mast conducive 20 the public
interest. or 10. the convenience Of the
public creditors, or both. II will be seen
tha, no limit whatever is imposed upon
the amount or form of the draft, or as
TO the depositary upon which il is drawn.
lie is made the exclusive judge of wha,
is most conducive TO the public inie-
rests" Now, let US pause a moment,
and trace the operation ofthe powers thus
vested. The Government has revenue
Of from twenty To thirty millions. The
Secretary may draw il TO any one or more
points, as he pleases. More than moi
ETY. Of the revenue arising from customs
is receivable at the port Of New York, TO
which point the Secretary may draw all
portions OF it. il he thinks il conducive to
The public interest. A man has to receive
under an appropriation law. $40, 900, and
applies TO Mr.. Secretary for payment.
Where will you receive il! he is asked.
On New York. Howl In drafts from
50 to $500. Mr.. Secretary viii give
him these drafts accordingly. upon bank
note paper, impressed like and Stimulating
bank notes. having all suitable emblazon-
~, signed BY my friend the Treasurer.
(whose excellent practical sense, and
solid sound judgment, il he had been al
the head Of The Treasury. instead Of MIR.
Levi Woodbury., when the suspension Of
specie payments took place, would have
relieved or miligaled the pecuniary en-
barrassments OF the Government and the
people) coun,ersigned by The Comp,rol-
Ter and filled up ia the usual way Of bank
notes. Here is oneaof them, said Mr..
Clay. He here held up. to the gaze Of
the Senate, Treasury note, having all
the appearance Of bank note. colcred.
engraved, aud executed like any other
bank note. for $50. This, continued
Mr.. Clay, is a government post note, put
| into circulation, paid out as money, and
prepared and sent forth, gradually to ac-
custom the people Of this country 10 go
yernment paper.
Ihaye supposed $40, 900 10 be received
| in the mode stated, by person entitled
| 10 receive i. under an appropriation law.
| Now let US suppose what he will do with
il. Any where to the South or West il
| will command premium Of from two 10
Eve per cent. Nowhere in the United
States will it be under par. Do you sup
Il -. L.. AZ, hoi,lar of thnee drafts On mid