Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1838-12-12

ing the distresses of the community for |
the third time seized on to fasten upon the |
country so dangerous an institution; ard
we may also hope that the business of in
dividuaIs will hereafter be relieved from
the injurious effects ola continued agita-
lion of that disturbing object, The limit
ed influence of a national bank in avert
ing arrangement in the exchanges OF the
country, or in compelling the resumption
of specie payments, is now not less aTpa-
rent than its tendency to increase inordln-
ate speculation by sudden expansions and
contractiops its disposition to create pan
ic and embarrassment for the promotion
of lis own designs its interference with
politics and its far greater power foreviI
than for good, either in regard to the local
institutions or the operations of Govern
ment ITSELF What was in these respects
but apprehension or opinion when ma
tional bank was frs. established, now
stands confirmed by humiliating expert
ence. The scenes through which we
have passed conclusively prove how litIe
our commerce, agriculture, manufactures,
or finances, require such an Institution,
and what dangers are attendant on its
power-a power, trust, never to be CON
ferred by the American people upoL their
Government, and still less upon individu-
ols not responsible 20 them for lis unavoid-
able abuses.
My conviction of the necessity OF far.
Their Legislative provisions for the safe
keeping and disbursement of the public
moneys, and my opinion in regard TO the
measures best adapted TO the accomplish.
ment of those objects, have been already
submitted 10 you. These have been
strengthened by recent events; and, in the
full conviction that time and experience
must still further demonstrate their pro
2riety, | feel it my duty, with respectful
difference 10 the conflicting views of 9th
ers, again to invite your attention 10 them
t. With the exception of limited sums de.
posted in the few banks still employed
under the act of 1886, the amounts re-
ceived for duties, and, with very inconsil
cradle exceptions, those accruing from
lands also, have since the general Suspen
sion of specie payments by the depositt
banks, been kept and disbursei. by the
Treasurer, under his general legal pow
ers, subject to the superintendent of the
Secretary ofthe Treasury. The propri
ETY. of defining more specifically, and o
regulating by law, the exercise Of this
wide scope of Executive discretion, has
been already submitted 10 Congress
A change in the office of collector a
one Of our principal ports, has brought Il
! light defalcation Of The gravest charac
, ter, the particulars Of which will be laiC
before you in SPECIAL report from tn,
Secretary of the Treasury. By his re
port and the accompanying documents,
will be seen that the weekly returns 9th,
defaulting officer apparently exhibited
throughout faithful administration ofth
affairs inrusted to his management. Il
however, now appears that he commenc
ed abstractlng the public moneys shortl
: after his appointment, and continued TO d.
so, progressively increasing the amount
5 for the term of more than seven years
embracing portion of the period durin!
: which the public moneys were deposite
Z in the bank Of the United Safes the Who'll
: ofthat Of the state bank deposite system
/ and concluding only on his retiremer
from office, after that system had subStau
| TALLY failed, in consequence ofthe suspen
/, sion o. specie payments
: The way in which this defaIcation wa
I, so long concealed, and the steps taken /
: indemnify the United States, as far a
practicable, against loss, will also be Dire
4 sented TO you. The case is one whic
e lmperatlvely claims the attention of Con
S gress, and furnishes the strongest motiv
for the establishment of more sever
: and secure system for the s.fe keepin
and disbursement of the public money
. than any that has heretofore existed.
: 1t seems proper, at all events, that, b
! an early enactment, similar to that Of OIL
er countries, the application. of public me
y ney by an officer of Government TO Or
!, Vate uses, should be made felony, an
: visited with severe and ignominious pur
e iShment This is already, in effect, tn
+ law IN respect to the mint, and has bee
: productive oil the most salutary results
r Whatever system is, ado1ted. such q
:; enactment would be wise as an indeper
: dent measure, since much of the publ
: moneys must, in their collection and ult
4 iildle olsoursement, pass twice throuo
). the hands OF public officers, in whateve
e manner ma they are Internationally kept
n ne Government, it must be admitted
e mas been from its commencement compaI
; ativeiy fortunate in this respect. But III
:, appointing power canno. always, he we
= ADVISED IN It's selections, and the exper
ence OF every country has shown that pul
c NC oiiicers are not at all times proof again
i temptation. 1t is duty, therefore, whic
0 the government owes, as well to the II
lereSlS com m IL Cd 70 nnr -. n