The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-06
(coScLUDEp,)

livered in the Senate Of the United States, Janua-
ny 81, 1888
(coScLUDED)
Second He would now carry the comparison to the
expenses Of the antagonist systems.
And 6rst Of the expenses under that proposed by
the bill They were the erection OF the two Offices al
Charleston and ST. Louis Il had been seen, however
that the erection OF Office at Charleston would be
probably avoided that the Government now owned .
customhouse at that place. and that rooms for an office
for the receiver general of public moneys there might be
procured in that building that the necessary vaults
would be required to be constructed, and the rooms
fitted up and prepared for this use, which would be the
whole expense at that point for erections The esti-
mate OF the Department, for these purposes, was two
thousand dollars For tho expenses Of site, the
erection OF the necessary building, and the constrnc
ton Of vaults and safes within IT, at ST. Lonis, the De-
partment supposed expense OF from four thousand
hive hundred to five thousand dollars would be incurred
From inquiry made Of gentlemen intimately and per-
sonalb acquainted with the prices Of property and
building materials at that place. he presumed the ex-
pense might be above the estimate Of the Department
II was said that the cost OF suitable site, proper
location within the business part OF the town. would be
some three four thousand dollars at the least Ia
this event, the estimate would be much low, and
just 10 the Secretary Of the Treasury say that
the estimate Of the Department accompanied with
declaration that local information was possessed,
such aswas required to approximate towards perfect
hundred to thousand dollars He would suppose
they too low by three thousand dollars and that
expenditure OF ten thousand dollars would be in
Cured for these erections at the points He had
been particular and detailed upon this item Of the
proposed expenditures, because he well advised
that the most perseverng efforts had been made, and
were constantly making, to represent the intention
be to erect palaces, and splendid cdhces for these
humble officers He had no other to give to
these mistakes than TO present the estimates OF the
proper department of the Government--of that depart
ment which was charged by the bill with the erection
not only but with the direction Of the plans upon which
they were to be erected thus showing perfectly
mere intention can be shown, the views OF the Govern
ment to the scale Of extravaganza economy de-
signed by II IN this particular; and to say that Congress
the only branch of the Government which could be
looked to for the means TO make any erections what
soeyer, and that its appropriations the
pense, and consequently the extravaganza economy
OF the executors Of the law.
The next, and only other item Of expense, under the
BILL would be the pay of the officers and clerks en-
ployed The number of additional officers whose sp-
pontmcnts were provided for was four, aud he would
that their combined salaries would not be less
than eight, more than twelve, thousand dollars,
They to be placed in responsible trusts, aud oogM
to be citizens Of elevated standing and tried moral in
tegry. He could suppose, therefore, that any
would wish to assign them salaries Of less than two
thousand dollars EACH and he did not Think that the
salary Of any OF them should exceed three thou
sand dollars For the sake Of the argument he would
call this expense twelve thousand dollars.
II might be necessary to employ from six TO twelve
additional clerks under the various provisions OF the
bill Their combined pay might amount 10 from six to
ten thousand dollars He thought the estimate both
as to the number OF clerks. and the amount Of
pensalion, very high Both, however were his own, as
he had asked no estimate from the Department upon
this point, and he willing to assume the highest of
his suggestions be the standard Of expense for
these two objects.
These last are regular annual expenses, and are,
therefore, to be considered the constant charge upon
the public Treasury of the system proposed The cost
OF the erectons is single expense, which, being once
incurred and paid, is done with.
What then, the expenses of the State bank
deposite SYSTEM If the deposes are open and gene
raj and the banks have the Of the public money
as compensation for their agency, the expense is
nothing directly The use pays for the keeping as u
most assuredy should when the money not IN fact
kept, but used He should have occasion, however,
very soon hint atthe indirect expenses to the United
States OF such system Of bank deposites.
But suppose system of special deposltcs be estab-
lished, and the banks be eecualy prohibited from the
use for any purpose, of the money OF the people IN
their keeping how then will stand the question Of
pense A commission upon the money deposited mus,
be paid 10 the banks for its trouble and rsk He was
wholly unable say what that commission ought to be,
or what Congress would be compelled to make it, TO
induce the banks to accept the trust He had found,
mission with the ordinary amounts Of revenue collected
under the existing laws, and with the estimate OF the
revenue for the current year, that one-eghih oil one
per cent would amount to from twenty-five to twenty
eight thousand dollars, the constant and current ex
penses Of special deposite system.
How then, stands the comparison 1t had been
seen that the annual expenses Of the system proposed
by the bill would, in the payment Of officers and clerks
vary from fourteen TO twenty-five thousand dollars and
that tho last would be the highest which those
expenditures could rise under that system, Congress
TO adopt it as reported by the committee The expen-
diures for eleclions might be added, if gentlemen
chose and the average made, upon any given number
Of years which, in the Judgment Of any member OF
the Senate, would afford fair trial to any financial
system dapted to the operations OF National Irea-
sury and conforming as strictly to the great mass Of
private and corporate interests the country the
constitutional powers OF Congress would permit that
conformation be made He could not see therefore,
that any system, formed upon the basis OF special de
posites in banks could, in point Of expense possess
advantages the bill under discussion He had not
forgotten that that bill adopted partial system OF
special depos.es, and that it contemplated payment
Of commission to the banks, which should keep the
public money pursuant to lis provisions but he assun-
ed that the difference OF amount in the above estimate
for the respective systems, than sufficient to
cover any commissions which fair execution OF the
provisions Of he bill would call Of the public rea-
sury, to be paid to the banks, The most important
points in the country both as to the collection and dis
bursement Of the public monev, provided Tor, IN
dependcntly Of the provisions Of special deposite.
The commissions therefore, could be made applicable
to but fraction Of the whole revenue and, at
any contemplated rate, the whole amount could never
exceed few thousand dollars
He had made reference the indirect expenses oil an
open and general State bank depostc SYSTEM where the
services and risks Of tho banks compensatory the
Of the public money Need he at this time and ~ the
present condition Of the State banks, and Of the public
funds, define his meaning in that reference Why was
the special conyocaon Of Congress rendered necessa
~ in Srptenber last Was il moi the suspension OF