The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-03

riyes 10 property FROM the drpose, aud Is simple a
lee, with without compensation as Us CONTRACT =
posite shall determine but, IN either case only ha'ae
In case Of want Of ordinary aud vigilance an te
safe keeping Of the thing entrusted 10 us Keeping
In the provisions for the special dcposIIes psos"eu
for therefore, The Government only proposes 70 my ~
security Of the vaults and safes Of the oanNs, 80
keepllg Of It's money, aud the ordinary care so s
lance OF its officers il guarding i while there psy
these, il has nothing 10 do with me sspts' .sn X
or responsibility OF the institutions now ~ =. .,ry
be sIplosed that the PROVISIONS are inse"ue. nr-
dsist upon their face against me ~ sse and The
sbli,y Of the banks II The vaults PC say, go .;aI
;,,,.,r,,y az the officers, their vigilance au .e' ~
ami known an insolveni bank Is a. sAis p,as' =.
seoial deuosite as a solvent one osns u'ao'e - ~
y, dsh,s 4, lank abundant in It's means peyonu US u
s,'.;s r;,hcr can keep as safely and faithfully the
@o' - ano,hcr placed III It's vaults, while the ere
s,d II neither can avail themselves OF special oepo.
ave whatever il may be, without the assent ana ava o.
me officers OF the institution How unnecessary
,tere6,re 10 declare disrust upon the lace OF aiaw'
yn,n almost an interest III the just grounds Tor that
elnu i pnt at rest by the and character q me
JenosIle 10 be made And how unnatural to infer
sueh d,rlst from language which does not necessarily
convey IL when the character Of the contract proposed
TO be made does MOI require the inference
II was further alleged that the provialons conveyed
imnrtation auans the integrity Of the officers and man-
ayers Of The hanks and that, therefore they wonld not
contract with the Secretary OF the Treasury Tor the ue
pos;,es promlsed Was this far construction OF the
x :.
rous dsrst Of the integrity Of those who had me man
avemen OF these institutions, and the care and custody
Of the property placed IN their charge 10 sci guards
over their condnctl What did the bull pfoposei' re-
ference To the officers who were To be entrusted WIN
the safe keeping Of the public money They we're re-
CURED io onIy 10 give bonds for the faithful peior
nance &c their trust bnt breach Of that trust W the
usepfthe money for Investments loans or ~ any o'hef
manner Whatsoever was declared CRIME whieh shoud
suicct the perpeiraor indictment, and Infamous pun
ish'ncut 10 rroiraclcd personal imprisonment aud TO
fine equal The money cinhezzed ard, consequent
w. 10 perpetual disgrace and nialny. Was tbs sng-
seston upon the face oil these provisions oi dss OF
The honesty aud integrity OF these oTcersl Was every
honest and honorable citizen Of the country hound to
reject these Offices When rendered 10 them because the
law under which They must act, IN providing penalties
for their misconduct. guards against H. conveyed 10
the public distrusi oil their integrity Had any states
man ever supposed that, in naming penalties aud pun
ishneus in law for violations Of official duty or Off
ca trust, he drawing out nputations agAins, the
integrity ard trnstworhiness OF the officers who
10 hold places under il He could not suppose. lie
He could Subscribe TO this docirlne and he would
ask If interpretations, incorporeal existences, to he
treated delcately, III legislation, than that
class Of citizens who would lie selected by the Pres
dent and approved BY the Senate, for high and rcspo
sibe public trusts All must answer and so an
swering. all must concede that there M ionnda-
for this objection the provisions Interpretations
could not be subjected to indictment and punishment
as there was real person upon whom the punishment
could lie inflicted This check could not lie imposed
upon their officers and agents, because il would be mn
possible 10 determine who guilty III form only, and
who in fact, when act must be that oil an agent
who may have no discretion. II, then, physical re-
strants interposcd these institutions, 10 ac
complish The ends which are reached by penal enact
ments IN the OF natural persons, Is the offence TO
dtlcacy Of feeling the affront to honor or Integrity,
greater the former than in the hitter He could
not that and he mnst think that both Of these
objections displayed degree OF oyer-wrought sensible
" towards The banking institutions Of the country
which their sagaeious managers would see should not
govern their conduct
There was single other view Of this subject which he
mns present aud lie would pass to other provisions
of the bill Il was the intention Of the committee, who
drew and reported the bill, 10 make these deposes
strictly special 10 prevent the banks from any Of
the money deposited /; and he believed the provisions
which he had referred. if faithfully executed world
compish that intention. II the banks should receive
the under this understanding, and with an inen-
tim, their part to carry Il out IN good fdiih, what
wonld he their true interest in this matter! Would
not he TO have their power TO the money placed be-
You'd question To have physical disabilities inter-
posed between them aud that portion Of the public rea-
sure committed 10 their charge Observation an ex-
perence must, already have taught them that the dis
trustul eve of public opinion follows the public Urea
sure. and unless the most efficient guards are provided
by the Government, and assencd 10 by the banks, viii
not the most injurious suspicious OF hreac, Of Their
trust he likely 10 rest upon them Ought they not, Tor
news should lie placed beyond their powerl And will
they not have just to apprchend that o'ec
tious their part may give 10 suspicious as to
their disposition faithfully execute the trust in confor
nifty with its intentions
The fifteenth and sixteenth sections provided checks
upon the various deposItares constituted hy tho bill.
The first authorized the Secretary Of the Treasury 10
appoint SPECIAL agents, whenever he may find II ncces-
sary 10 inspect the hooks, accounts money on hand
and other siess OF deposary. The principal
pl,n a Lp
enable the Secretary whenever the returns oil the
officer. information communicated by third persons,
any other information, should authorize suspicion that
all not right with any OF the officers entrusted
c.sh the sairkcepng Of public money, TO appoint some
competent citizen, special agent, TO present hin
SELF nexpcctcdr, with authority TO examine the official
transactions Of the officer, detect and error if
should he found 10 exist; to expose fraud and
bring the officer 10 punishment IN dishonesty
should be detected; and TO justify innocence, II
pectd without foundation. Ii true, the section
made these examinations compulsory, at long intervals
Of one year. in where the amounts collected
usually exceeded Just proportion TO the amount
cured by the bond Of the officer; but this part Of tho
section be considered Of much less importance than that
he had before noticed. He considered its principal
utility 10 exist in the authority appoint agen
known TO the officer, and who might upon hun IN
unpreparcd Ii the agent were to he per-
msneny appointed, and publicly known one whom the
officer mgAt watch and guard himself against he should
consider 1t worth retaining. He that in
its present shape 1t was objectionable 10 some OF The
friends of the bill aud with this exposition. he snb-
united ~ adoption rejection the Of the Sc
nate. IL exact transcript al section contained
III HE bill which passed the body the extra session.
aud it inserted upon the suggestion OF the head
OF tue Treasury Department, he presumed the sugges.
uoa had Proceeded from a similar provision contained
III the laws Which regulate the Post Office Department,
and which had been Of great use in detecting frauds
connected with the extended operations Of that Depart