The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-02-21

feature In the hllI u nOt lhslsleu on W ""y
het,er substitute can be found. The Treas
urer of the U. y. is authorised, on the pay
mrni of Nancy in advance AT the Treasury
or at any places he may designate, I" giv'
receipts therefor, which shall be curreni n
the Laud Offices for the purchase Of public
lands but which shall not be negotiable oI
transferable. This is shown To he not on
ly Il great convenience To purchasers o
lands, hut advantageous 10 the banks. The
receipt of the notes of the state banks in
/ payment of the public dues is to be gradu-
ally discontinued, and totally to cease after
six or seven years. This feature in the
bill has been objected la, ms calculated to
discredif, if mo, destroy, the bnnhs-Mr.
Wrigh, argues that they are chartered for
local purposes not for general currency ;
that Ia receive and dispose of these bills,
with safety aud convenieace, they must hc
converted, at short Intervals, into specie ;
aud thai it wuulG be better for the bank $
that the receipi of their notes by govern
ment should he gradually discontinued, un-
I'll step by step They were CONFIRMED Ia
the changed state of things. This, how
ever, was fpr the consideration of the
Senate. The bill makes it imperative that
after The whole revrunr shall b.. collected IN
she legal currency oi thr United SlaIes, Ihp,
+ III # e Il, Ill
lac made Ia The same currency, aud further
provides thai lle drafts of lhe Treasurer ot,
the dcposiar,s shall not become a cnrren-
cy for circuialion based on the credit of the
go,ernmen,.
/ Mr.. Virgin then proceeds MS follows:
/ Such, Mr.. President. SAID Mr.. w. is the
system winch the majority of The Count
tee us Finance have considered 1t To he
/ their duiy 10 present To the Senate Tor the
safe keeping, transfer aud disbursement, oi
the public money of the United Slales.-.
/ This system Is sire u"usiy opposed, uo bI
the pol'lic"l party utiforu,ly opposrd Ia
the present Administration oily, hut 10y
some "f The respected aud influential in
dyiduals among hose who have, hitherto,
been IT, friends aud supporters. What,
then, is proposed bv lhosr who can,ioi give
heir support to The bli before you The
y stem OF State bnnh dcposiie srrms Ia be
more especially urged as The auiagonIst
proposition, and, under the impression that
there was lo rest the present c"niruversry,
80 far as distinct proposiIions of any char
ari,r would be- submitted To the Senatr, he
proposed To- institute comparison brlwee,,
the advantages aud disadvantages uf each
system, as connected wlIb the prominent
objections which bad been, heretofore
urged against the provisions of the hill.
FIRST, thea, as la The safety al the public
money under lhe system proposed by The
hill, aud under The Stale bank deposile
system.
The bill proposes 10 require ample aud
su(ficie,t bonds and spreiIes from all the
| drposItarics constituted by il, as one slel
towards the safety of the money en,ruste,
to- the keeping of those agents.
/ IL also proposes Ia provide vaults ano
safes at the most impnrlant 'oinls of col
/ lrcriol AID disbursement, In tins resprc
placing itself upon u par wnh banks, so faI
~ physical securities are conc-rnrd.
/ Il further proposes to adopt the use %
The vaus and safes of the banks, at al
places " here those securities are got pro-
ylded by The Government, using the bank,
/ for safety sIup!y, by lIr system of special
/ drposItes, and not ia any sense as fiscal
agents of The Treasury.
( These nre the guards whcl, the system
constituted 10y lie bill holds cut to The peo.
( pie against the lo.s of their treasure.
/ The ctiir bank drposiir system present,
The capitals nf Ihe institutions as spcurii,
for drposll"s, In the >,pr manner rs f,r all
nihcr llibil,ii,s of the Incorporaiiou.
/ u also presents ils vaults and safes, con.
,uucted for lis own security, aud. It l. iniI
to presume, ~ securely constructed as iiIos,
pro Jused for the Goyernmrnt
Ii next preseuis, ~ we have hrr"i"ior'
prac,lsrd under it, collateral bonds. VIII
surrlcs, for tive due aud faithful iuihimen
y of iis eng grnruis on the biuk.
i These are Ilfe I,ro,eciiaHs To- the ppblI,
treasurer Offered by the State bank deposit,
system, surprising, rs I've did, that the sys
TEN, IT continued, s,s to reu,Iu upon III.
plan of open or general drposit,s, a. ,uiupt
ed IA the drpn.l,e blli 81 1876 O,hrrw,.e
rs lIe had ia wp ~ - f,r,nrr pari of his re-.
MARKS, the capt | "f the hans would noI b,
liable. ExcrpI for grns. n-gligencr ~ il,
k-eping "f ii,e m"ury pIacrd "a - vault.
i Wht, then, are The RISKS under encl
sysrm}
Under lIiat proposed by tie bill. the on.
ly singie rsk - lBhI of The misconduct aud
dishonesty Il ,he officers To whom The sat,
Keeping of tl,e mopsy Is eutrus,rd, AID
that cnnjuct. ~ addition to Ill other legs
lisbIuies, $ made q b Ga erIrDr, and pun
isiable with protfacie.i personal impri-"n-
mcpt. The persons u whom tb . trust ..
to he con6lrd, are such eiiizsrns ~ tie
President, wiih fal, kn"wk-de- of 'Ir du-