Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-24

the salary OF the receiver general at New 'sA
was fixed, the chairman OF the Committee Of "a
nance rose in his place and stated that It was
suggested by the Secrcterv OF the Treasury that
it should be placed nj $4,000; and tho blank Was
accordingly so fi,iei.-Therc was no statement
Of the nature or exten, Of the duties to DC per-
formed Of the time that he would be occupied, OF
the extent Of his responsibility. or the expense
Of living at the several points where they were
To be located; noihin. but the sHggest'on OF the
Secretary OF the TEES sury, aud that was deemed
all-susficien, by a majority. There is no limit
upon the appropriation which is made to carry
into effect the BILL contrary to all former usage,
which invariably prescribed q SUM not to DC tran
scended.
A most remarkable feature in the bill is that
to which have already called the attention OF
the Senate, and Of which no satisfactory explain
alton has been given. 1t is that which proceeds
upon the idea that tho Treasury is thing DIS
tine, from the treasure of the United States. and
gives to the Treasury \ local habitation and
name, in the new building which is beng erected
for the Treasury Department IN the city o. WASH
ineton. In the Treasury, SO constituted, - to 30
placed that pittance Of the public revenue winch
is CLEANED from tho District OF Columbia. All
else that is to say, nine hundred and ninety nine
hundredths Of the public revenue Of the United
States is to b. placed in the hands OF the rcce'v-
ers general, and the other dcpostaries beyond
the District of Columbia. Now, the constitution
of the United States provides that no money shall
be drawn from the public Treasury but in virtue
of previous appropriation by law. mat sr'n,ng
portion of it, therefore, which is within tho DIS
trct Of Columbia, will be under the safeguard OF
the constitution, and ali else will be at the ar
bit rary disposalof the Secretary of the Treas
1t was deemed necessary, NO doubt, to vest IN
the Secretary Of the Treasury this vast and alarm
ing discretionary power. A new ana immense
l.n., L. af>osvet tn he
it would work in all its parts could not be antici-
pated with certainty; and 1t was thought proper,
therefore, to bestow a discretion commensurate
with its novelty and complexity, and adapted to
any exigencics which might arse. The 10Th
section Of the bill is that in which the power to
create bank is more particularly conferred. !"
is short and will read it to the Senate.
Sec 10. And be ii further enacted, That II
shall be lawful for the Secretary Of tho treasury
TO transfer the moneys in the hands Of any dePos-
itarv hereby constituted, to the Treasury OF the
Tn tied States; to the Mint at PhiladelPhia to
the Branch Mint as New Orleans: or at the Of
xices Of either Of the receivers general OF public
moneys, bv this act directed to be appointed; to
be there safely kept, according to the provisions
of this act; aud also to transfer moneys ." the
hands of anu one depositary constituted by this
act to any other depossary constituted by the same
at his discretion and as the safety OF the public
monevs, and the convenience Of the public scrcicc
shall seem to him to require. And for the pur-
pose Of payments on the public account, It shall
be lawful for the said Secretary TO draU upon any
oftse said deposiearies, a. he may think most con-
dncsive to the public infcreses,or to the conven-
fence Of the public creditors, or both"
1t will be seen that it grants power, perfect
Nv undefined to the Secretary Of the Treasury, to
shift and transfer the public money, from deposit
ary to dcpositary, he pleases. He Is express
" authorized to transfer monies in the hands OF
anv one depositary, constituted by II, at has d's-
erection, and as the safety Of the public moneys,
and the convenience Of tho public service, shall
cation Of any contingency or contingencies on
which he is to act. All is left to his discretion
He is to Judge when the public service land moro
indefinite terms could not have been emPloye1)
shall seem to require it. 1t has been said that
this is nothing more than the customary power
of transfer, exercised by the Treasury Depart
ment from the origin Of the government. deny
it; utterly deny it. Ii is totally different power
from that which was exercised by the cautious
Gallatin and other Secretaries Of the Treasury!
a power by the bye, which, moro than one &C.
casion has been controverted, and which - inf1n-
iteIv more questionable than the power 10 estab-
Iish a Bank Of the United States. The transfer
was made by them rarely, IN large sums, and
were left to the banks to remit. When pay
ments were made, they were effected in the notes
ofbanks with which The public money was deposit
ed or to which il was Transferred. The rates Of
exchange we're regulatedby the state Of the mar
ket, and under the responsibility Of III" banks
But here is power given to transfer the public
moneys without limit. rs to the sum, place, or
time, leaving every thing to the discretion Of the
Secretary Of the Treasury, receivers generai,and
other depositaries. What . scope ID allowed in
the fixation of the rates Of exchange, whether Of
premium or discount, to regulate the whole do
nestle exchanges Of tho country, to exercise ia
voriteism? These former transfers were not
made for disbursement, but as preparatory to dis
burscmcnt; and when disbursed it was eenesally
in bank notes The transfers Of this bill are i'm |
mediate payments made not in bank notes but
specie.
The last paragraph in the section provides that.
for the purpose Of payments On the public account,
il shalt l.e lawfa! fos the Secretary to d5ar sPos
any of tie said deposssaries a. he may tt'sk most
condac;oe to the public interest, or to the conven-
fence Of the public creditors, or both 1t will b
seen tina, no limit whatever IS imposed upon the
amount or form Of the draft, AZ to the deposita-
~ upon which it is drawn. He is made the ex-
elusive Judge Of what is ''most conducive TO the
public interests" Now, let US pause q moment,
and trace the operation Of the powers thus vested
The Government has rcvenue Of from twenty
to thirty millions. The Secretary may draw it
kM nj