Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-15

degree for who would become security for bunk, but
the persons Interested in il: These institutions, from
Their nature and character could neither receive nor
cprocate any other friendships than those of interest; and
therefore they could only look the interested to find
snrelcs tor Their engagements. Not so with the public
officer lie would have no business relations IBIS official
dntirs wonid require his whole time, and whole mind -
The discharge vi those duties world call for no bank IA
ciiies. Ills sureeS would be friends; wholly dis
connected from him in business. and whose properties
and responsibilities could &c affected by his pecun
airy disasters, any farther than their liabilities upon his
bond should produce that effect The system proposed
oy The 1 then, derived material advantage over the
nahK system IN the safety Of the collateral bonds, and
mus must be admitted in the settlement Of the account
10 nave Two advantages the antagonist system, and
10 BE- the saIrr Of Tie two
Stcond lie would nov carry the comparison to The
expenses OF The antagonist systems.
And hfst OF The expenses under that proposed by the
bill. They we're the erection of the two Offices at
Charleston and ST. Louis. II had been seem however
that the erection Of office at Charleston would be pro.
baby uvnied that she Government owned
tom house At that place. and that rDnns tor Office
for the receiver general of public moneys there might
procured in that bung that the necessary vaults would
he required tn 6e constructed and the fitted mp
and prepared for this use, which would be the whole
psnsc nj tat point Tor erccOns. i he estimate OF The
Department. Tor these purposes, two thousand do"
lars. For the expenses Of site, the erection of the ne
ces*ary building, and the construction of vaults and
safes within ii; at ST. Louis, tie Department supposed
expense 81 from four thousand FIVE hundred TO five
thousand dollars would be incurred. From enquiry made
of gentlemen intimately and personally acquainted with
the prices Ul property and building materials at that
place. he presumed the expense ght he above the esli
mate of the Department. 1t was said, that the cost Of
suitable ste at proper location within the business
part al the town. would be Or ]O00 dollars nj :e
least. In this event. the estimate would b. much too
low, and it just to the Secretary Of the Treasury 10
say lal thu estimate Of The Department accompa.
MED with decdI?On, that no !ucal information was
posses srd, such required 10 approximate towards
perfect accuracy: The estimates were from six thou.
sand ii 'e hundred to thousand dollars He would
snppOs they too rw By three thousand dollars.
and thar expenditure q ten Thousand dollars wcu!d
be ncur,ed or these erec;ions at he twu points lie
had been particular ard detailed upon this item of
the proposed exEnC nres, because he well aJris
ed that the most p"rseyering Efforts had been made,
and constantly making, 10 represent the intention
to be erect palaces and sp -mdd edifccs for these
humble offices: He had no "icr answer to give 10 these
mistakes than tn present the Inmates OF the proper de-
pari,ncnt Of the (uyrrnmento that drpa uent which
charged by the b! with the erection OF the buildings
uEly. hut with The direction al the plans upon which
they were be erected. Thus showing, perfectly
intention be shown the views of the Govern
ment $ the scale Of Extravaganza economy de-
signed by in this Particular and TO say that Congress
the only branch OF the Government which could be
nukcd Ia Tor the means To make any erecons whatso.
ever and that its appropriations must the
pense, and consequently the extravaganza or economy
Of the executors Of the law.
The next, aud only other item Of expense under The
BILL would be the pay Of the officers and clerks p0y
cd. The number OF additional officers whose appoint.
provided for was Ipur and he would assume
that their combined salaries would not be less than eight
nor mure than twelve thousand dollars lhey were TO
he placed in responsible trusts and ought to be citizens
OF standing and tried moral integrity lie could
not suppose, therefore, that any would wish to
sign them salaries OF less than two thousand dollars each,
aud he did think that the salary of any one OF them
should exceed three thousand dollars. For The sake Of
the argument, he would call this expense twelve ion.
sand dollars.
It might be necessary 10 employ from six to twelve
thp oil
Their combined pay might amount TO from six 10 ten
thousand dollars He thought the estimate, both as TO
the number of clerks and TO the amount OF compen.
sati0n very high Both, however were his o"n "a lie
had asked no estimate from the Department upon this
point and lie willing 10 assume 'he highest OF his
suggestions be the standard OF expense for these
objects.
These last are regular annua! expenses and are, there
fore to be considered the constant charge upon the
public Treasury of The system proposed The cost oil
the ercctnns is single expense, which, being once in
CURED and paid. is done with.
What then, The expenses oil the State bank depo-
site system Ii the deposes open and general, and
the banks have the OF the public money aS coEprn'
saon for their agency the expense is nothing directly
The pays for the Keeping as 1t most assu!ehy should
when the money is moi, IN fact, kept. bul used lie
should OCCASION however very snOn TO hint at the
indirect expenses 10 the United States Of such system
Of hank dcposes
But surpose system OF spe cia deposlcs he establish
ed and the banks be cectually prohibited from the use,
for any purpose, Of the money CT The people in their
ktepinp how then will stand The question OF expense
a commission upon the money deposited must be pa'd
to the bank for its trouble and risk. lie was wholly I'M
able 10 say what that commission ought 10 be-, or what
Congress would be compelled to make II. to ndnce NE
banks to accept the trust lle had found however Iom
comparison ct various rates 81 commission WIN NV
ordinary nouts of collected under The exist
ng laws and with the estimate OF the revenue Tor tie
current year, that ONE eighth Of one per cent wolid
amount 10 from twenty five TO twenty eight Thousand
dollars the constant and current expense OF special
opposite system
How, then, stands the comparison: 1t had been seen
that the annual expenses OF The system proposed by Tie
bill would, in the payment Of o!ncers aud clerks, vary
from fourteen twpnlytw thousand dollars, and that
the last would be the highest amount To which those eX-
pendllures could rise under that system were Congress TO
adopt reported by the committee The expenditures
for ereclons might be added # gentlemen chose anu the
average made, upon any given number OF years, which,
in the Judgment Of any member OF the Senate would NJ
ford fair trial 10 any financial system, adapted o The
lions of the National Treasury, and conforming as
strictly the great mass OF private and corporate inter-
es,s the country, as the constitutional powers Of Con
rtpss would permit that conformation 10 be made He
could not see therefore, That system, trIned upon
the basis of special deposites in banks could in paint
OF expense possess advantages over the bill under dis
cusson He had not forgotten that that bill adopted
partial system Of special dspDsles, aud that 1t conten
plated payment of commission 10 the banks, which
should keep The Pubc money pursuant to lis provisions
bul he assumed that The difference ct amount ~ The
above estimate ol the respective systems was more than
sufficient 10 cover any commissions which lair execu
ton of the provisions Of the bill would call out oil ihe
public Treasury be paid TO the BANKS The most i'm.
pofan, points in the county, both as TO the collection
and disbursement Of the public money, were provided
for independently Of the provisions for special depo
sile Tie commissions, therefore, could be made app.
cable to but fraction Of the Whole revenue: and
al any contemplated rate the whole amour! could never
exceed few thousand dollars.
He had made reference 10 The indirect expenses OF
an omen and general Stale Bank deposie system where
the ser vices and risks Of the banks compensated by
the use of the public money Need he at this time and
in the present condition OF the State Banks, and q" Inc
public funds define his meaning in That reference
Why was the special cnnvncaton OF Congress render
ed necessary in September as. Was il not the suspen.