Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15

Q majority. There 10 no limit spon the apsvopns,sn
which made 70 carry into effect the BILL contrary ia
all former usage, which invariably prescribed ssn
not to be transcribed.
NEST remarkable feature in the bill is. ,ha, n
which have already called the attention of the Sc
naIe and of which no satisfactory explanation has
been gwen Ii is that which proceeds upen the idea
that the Treasury thing distinct from the treasure
of the United States, and gives TO the Treasury To-
cal habitaton and name, IN the new building which
is being erected for the Treasury Department. in the
city of Washington. In the Treasury so constiu-
ted is to be placed that plttance Of the public revenue
which is cleaned frem the District of Columbia. All
else, that is to say nine hundred and ninety nine hum
dredhs of the public revenue OF the United States,
Is TO be placed in the hands of the receivers general
and the other repositories beyond the District of Co.
lumba. Now, the Constitution of the United States
provides that no money shall be drawn from the pub
ilc treasury but in virtue of previous appropriation
by law That trlfilng portion of it therefore which IS
within the District of Columbia will be under tha
safeguard OF the constitution, and all else will be at
the arbitrary disposal of the Secretary of the Trea-
sury.
1t was deemed necessary, no doubt, to vest in the
Secretary of the Treasury this vast and ala rmno dis
cretonary power. new and immense Government
bank is about TO be erected. How it would work in
parts could not be ancpa ted with cerain,v and
il was thought proper therefore to bestow discre-
ton commensurate with its novelty and compIeyitv.
and adapted TO any exgencies which might arise -
The tenth section OF the bill is that in which the now
or to create bank is particularly conferred u
Is short, anu i Will read IL 10 the Senate
"Sec 10. And be it further enacted That il shall
be awfn for the Secretary of the Treasury TO transfer
the money in the hands of ANY depositary hereby
constituted to the Treasury OF the United States to
the Min, at Philadelphia; to the Branch Mint al New
Orleans; or TO the offices of either of the receivers
general Of public moneys. by this act directed 10 be
appointed; to be there safely kept according to the
provisions of this act and also transfer moneys in
the hands OF any one deposllary constituted by this
act TO any other depository constituted by the same,
at his discretion, and the safety of the public mo-
neys and the convenience of the public service shall
seem to him to require. And for the purpose of paw
ments on all the public ACCOUNT II shall be lawful for
the said Secretary to draw any of the said depo-
staries he may think most conducive to the public
interests or to the convenience of the public creditors
or both"
It will be seen that It grants power perfectly
Defined to the Secretary of the Treasury to shift and
transfer the public money from deposary to deposit
tary he peasss. He expressly authorized 10 trans
transfer moneys ia the hands of eonsr-
tinted by the act TO any other depostary constituted by
at his discretion and the safety Of the public mo-
neys and the of public service shall seem
to him require There is specification of any con-
tngeney or contingencies on which he is TO act. All
is left to his discretion He is TO Judge when the pub
lie service land more indefinite terms could not have
been employed) shall seem to him require it, Ii has
been said that this nothing more than the customa-
~ power of transfer exercised by the Treasury De-
partment from the origin Of the Government. | deny
it; utterly deny II. 1t is totally different power
from that which exercised by the cautious Gala
tin and other Secretaries of the Treasury-a power
by the bye, which on more than one occasion, has
been eOnrevertea, and which infinitely more ques-
tionable than the power 10 establish Bank of the
United States The transfer was made by them rare
w. in large sums, and were left the banks TO remit
When payments were made, they were effected in The
notes Of banks with which the public money was de-
posted, or te which it was transferred The rates of
exchange were regulated by the state If the market
and under the responsibility of the banks But here
is power gwen to transfer the public Moneys with
1,r.,,t x~l0
to the discretion of the Secretary of the Treasury the
receivers general and other deposItares What
scope is allowed in the fxatisn of the rates of ex-
change, whether OF premium discount, to regulate
the whole domestic exchanges Of the country 10 ex-
ereise favoritsm? These former transfers were not
made for disbursement, but as preparatory 10 dis
bursement; and when disbursed il was generally in
bank notes. The transfers of this bill are immediate
payments, and payments, not in bank notes. bat
specie.
The last paragraph in the section provides that, for
the purpose OF payments on the public account il
snail De iawui LOT the Secretary 10 drap upon any Of
NE said deposHaries, as he may think most con dcire
TO the public interest TO the convenience of the
public creditors, or both. II will be seen that no limit
whatever IS imposed upon the amount or form of the
qTai or as 70 me dcposary upon which it is drawn.
he Is made the exclusive Judge of what 10 most
conducive to the public interests Now let rs pause
moment and trace the operation of the powers thus
vested The Government has revenue Of from twsn-
~ 10 thirty millions: The Secretary may draw it TO
any one or more points, as he peases. More than a
moety OF the revenue arising from customs is receiy
able at the port OF New York, to which point the Sec
rotary may draw all portions Of it, il he think il con-
dueive TO the public interests. man has TO receive
under an appropriation law $40 600, and applies to
Mr.. Secretary for payment Where will YOU receive
il 2 ne is asked. On New York. How? In drafts
from S. TO $500. Mr. Secretary will give him these
drafts accordingly, upon bank note paper, Impressed
like and Stimulating bank notes. having all suitable
emblazonry, signed by my friend The Treasurer,
whose excellent practical sense and sound and solid
Judgment, he had been at the head of the Treasury
instead Of Mr.. Levi Woodbury., when the suspension
OF specie payments took place, would have relieved or
pitigated the pecunisry embarrassmens of the Gov
eminent and the people) countersgned by the Comp
troller, and filled upiR the usual way of bank notes
Here IS one Of them, said Mr.. Clay. He here held
up 10 the gaze Of the Senate, Treasury note having
all the aPpcaranceo of bank note coored, engraved,
and executed like any other bank note for $50 Ths
continued Dir. Clay, is a Government post nore put
into crculatien, paid ou as money and prepared and
sent forth, gradually 10 sccustom the people Of this
country TO Government paper.
have supposed loco to be received in the mode
stated by person entitled to receive under an appre
prationla law Now letus suppose what we iii do whit
Anywhere 10 the south or west, il will command pre-
MUM OF TO per cent. Nowherein the United States
will IT be under par Do you suppose that the holder
Of these crafts would be fool enough 10 convert them
into specie to be carried and transported At his risk
Do You think that he would not prefer that his money
he IN fho 4 -