The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-26
u u y Y r Y i

/ "IN THE REGULATIONS WHICH CONGRESS MAY PRE-.
SCRIBE RESPECTING THE CUSTODY OF THE PUBLIC MONEYS
! 1T Is DESIRABLE THAT AS LITTLE DISCRETION BIZ
DEEMED CONSISTENT WITH THEIR sAFE-kEEPlNG, SHOULD
BE GIVEN TO XECuTIvE AGENTS. No one can be more
deeply impressed than | am with the soundness of
the doctrine which restraints and limits by specific
provisions, Executive discretion, far as it can be
done consistently with the preservation of its
stituonal character. In respect to the control Opcr
The pablic money this doctrine is peculiarly applica-
bh."Gen Jackson's Message, Dec. 1885.
"The State Banks are found fully adequate to The
he Bank az IN. uai,sd s.aes quite as promptly
and with the eheapncss." Gen. Jackson's Mes
| sage OF 1884. ". ...
| by the use of the State Banks, which do not de-
rive their charters from the general government and
are not controlled by its authority IL ascertained
that the moneys Of the United States be collected
and dnrscd actaom loss or Inconvenience, and that
| all the wants of the community, in relation 10 ex-
| change and currency, supplied as we'll as they,
ever have been before. message of Dec 1885
| II To RETAIN THE PUBLIC MONEY IN THE Treasury
1 UNEMPLOYED, IN ANY WAY, is IMPRAcTCABLE IT is,
BESIDES AGAINST THE GENIUS OF OUR FREE INSTITUTIONS
LOCK VAULTS THE TREASURE OF THE NArroNEg
To take from the people the right of bearing arms,
and put their weapons of defence in the hands of a
standing army, would be scarcely more dangerous to
| their liberties than to permit the Government to
accumulate immense amounts of treasure beyond
the supplies of its legitimate wants -Jackson's Mes
| sage, 1896. ......'.
1.-THE country will sustain the Executive arm of
the government in the experiment making to SUBJ
stue the State Institutions for the Bank the United
States. Mr.. Wright, Janls34
"The Senator from Massachusetts has asked-if YOU
will not rechar,er the Bank, or establish new Bank
what will you do? He (Mr. WrighD would answer as
individual, expressing his orn sentiments that he
would support the executive department of the Govern
ment, by all the lawful means his power in the attempt
now making to suBTlTUTE THE STATE BANK FOR THE
BANK OF THE UNITED STATES He believed them PER-
! FEC MT
and he was WHOLLY uNMovED by the ALARMS that had
been sounded as to their INSECURITY, and the DANGERS
that to be apprehended from the change He held
that the steps already taken to effect the object in view
were all WARRANTED BY THE CONSTITUTION AND THE
LAWS THE LAND. 1t was his firm opinion that the
steps which had been taken would REBOUND TO
THE HONOR AND BEST INTEREST OF THE
COUNTRY, and ought TO be sustained by the people
and their representatives ID.
"lndivdual agents ,ca probably be found LESS RES
PoNslBLE, SAFE, coNvEriENT AND ECONOMICAL" Than
banks. MIR. Woodbury's Report Dec. 1894
at should be constantly recoected that the owners
and managers OF banks when properly regulated by e-
gsatve provisions their charters are like other nd-
viduals, interested to transact business securely are
DESTROYS of mahiag and not losing money; and that
these circumstances with the preference in of fail
belonging to depostors and holders Of their bills
over the stockholders united with the security, If not
priority given TO the government render them, point
OF safety, generally MUCH SUPERIOR TO INDIVIDUAL
AGENTS UNITED SrATEs."-Mr Woodbury's
Report, 1884 ...
is gratifying to reflect that the credit given by the
government whether to bank paper bank agents, has
been accompanied by similar losses the experience
under the system Of state banks this country at their
porst period and under their screrest caldiies than
any other kind Of credit that has ever given
IN relation TO its pecuniary transactions. iii.
! In the report it is stated that the loss BY ONE
merchant had been greater in than all that had
been lost by the banks.
], is proven in Mr. Crawfords Report, that the losses
to the government by the employment Of corporations
as fiscal agents, have been but 45l00ths Of one per
cent, in collecting three hundred and fifty millions Of
public revenue.
"The deposites of the public money will enable you
to afford increased facilities to commerce and extend
/ your accommodations to individuals AND AS THE pu-
TIES WHICH ARE PAYABLE TO THE GOVERNMENT ARISE
FROM THE BUSINESS AND ENTERPRISE OF THE MERCHANTS
ENGAGED IN FOREIGN TRADE, REASONABLE
THAT THEY SHOULD DE PREFERRED 10 the additional
commodaon which the public deposes will enable
your institution 10 give wherever it without njus-
| ce to the claims Of other classes Of the community.
Mr.. TaneyS letter 10 The Girard Bank, Sep. &C. 1883.
| EXTRACTS from Mr.. CALHouN's Speech on The bill
| 10 recharfer The Bank Of the United States, March,
| 1884 . E."..
| Any sudden and great change from present to
sounder condition, would agitate and conyulse