The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-10-04
From tie Aaalspnian.
CONSEQUENCES OF THE III.
yORcE,"

GUNSEkgl l. MES VI HE Ill
YORCE."
The situation Of ihs public money al this
time. scattered al orsr the United
States By the order Of Ne. Secretary
HoodbEry. in dctfanes Of the Eatic
wiH and in direct rialaiiOn Of dposi.
tire ia,c Of Congress.
Congress having five times rejected the
sub Treasury scheme. which had Tor lie
object (annng osher Ih'Dss) the keeping
Of the public mnney By Executive off.
rers. appointed BY aud liable al any mo-
memi to lie dismissed By the President,
nearly every b"dy surpassed. when Con
cress adjourned. that. when The banks re-
sunsi specie payments. the deP"si,e law
Of 1899 would compel the Secretary to
revoke his circular, issued shortly after
The banks suspended, requiring the Re.
ceivers aud Collectors Ia keep the money,
and that IL ,cOuia be deposited IN bank To
the credit Of the Treasury. as il mad been
previously. But what must be the asto.
nishmenI of Congress ahen they meet.
What must be the Indignation ol the pen-
pie ul the United States. when they hear
thar the puhlIc money is scattered over
Iha county. in the hands of Receivers
and COLLECTORS, and that not a siagle tIe-
pusile bank has been selected. nor is i,
intended that one shall be selected!
Who can tell what these Receivers and
Collectors are dining with the public mo-
ney! What is tn proven, them from US
ing u! What check has The Government
over them under this beautiful financial
system Of Mr.. Secretary Woodbury.!
They make their own returns 10 the Urea.
sury Department, and state what they
please IN them. How can the Secretary
know that the money ihev represent To
be in their hands is actually there The
banks under this system have nothing To
do with the Government. and of course
make no returns 10 IL. II The Collectors
derosite The money in bank, they have i,
placed there 10 their own private credit.
and can check far il al anv time for their
Ocn prirafe purposes. Under the depo-
site law oil 1896. the Collectors and Re.
ceivcrs were required TO Jrposile the re-
venue they collected IN bank. every week.
to the credit Of the Treasurer Of the Cni-
Ted Nafes; and, Of Course, when thus DE-.
posted, il could not be touched by any
, one ,CithOW Tie authority Of treasury
draft. The banks were required To make
regular returns every week Of the depo-
sizes msde by The COLLECTORS aud Receiv.
ers; and. by looking a. these bank re-
turns. the Secretary could always detect
any delinquency on he .part Of ,lie Col
l-clors and Receivers. Bar having :. Sc
parated Bank and .aafe," 90 use The IN.
meaning slang Of the day. he has sepa-
rated the public money from al soris oi
safeguards ever il. The Collectors can
/ a, any time use ihe public money With
cot the G"sernment's knowing any thing
about IL; and il il should be misaTpiiea ar
.embezzIed. where il the securHyl The
/ ColIecsos al New York collects during
the year about l2,0O0 900 dollars. AMI be
gives securisy in pefhaPs fifIy creme hum
dred Thousand dollars, the penalty Of his
bond ~. 800
The banks, under ihe ,leposiie Iaw.
gave any security that was required. be-
I sides tie security Of the whole amour, Of
iher capitals. The government was per-
fecily secure, and Will not lose by them
Ia single dollar. unless BY one Of The Sc.
I cresary's family banks a. Boston.
Bon this great invention Of modern g.
nance. which i 10 immortaIize lie wise
tauihors--. u.e separation Of Bank and
! Sfaie"--iOhy, ,chat q peJect farce IL Isl
Is Il supposed thai The People are 10 be
eleruaIIy made The dnpes Of hunbugs.
and 70 be deceived BY The sound Of catch
phrases?
The whole amount Of this new Disco
very in finance. OF /" separating Bank and
State, consisis 10 depriUing The Govern
meni Of lheaneans which The banks would
afford il Of detecting misappiicalions Of
1 the public money. and The better security
Of its safe keeping. Ia every other par
iicular. the connection IL Just as grea. as
u ever was. l. not the revenue paid Al.
this time 10 bank pspers Is it not depo-
siied IN bank BY The Collectors at their.
own private sfslii. provided they doar