Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-07


the future. By The curtalmen Of paper ISSUES; ny
curbng the Guine and adventurous spirit OF specula
ton; and by the honorable application of all available
means 10 The ful6men Of obligations, confidence has
restored both at home and abroad and ease aud Ia
cility secured TO all the operations Of trade.
The agency of the Government in producing these
results has been as efficient lis powers and means
permitted. BY Withholding from the States the depo
site of the fourth nstanen and leaving several millions
long credits with the banks principally IN one section
of the country, and Immediately beneficial 10 1t;
and at The same time aiding the banks and commercial
communities in other sections, by postp0nng The pay.
of bonds for duties TO the amount OF between four
and FIVE millions Of dollars by issue Of Treasury
notes. means TO enable the Government Ia meet The
consequences of their indugences; but uordng at the
same time facilities for remittance and exchange; aud
by steadily declining TO employ as general repositories
of the public revenues receive the notes OF all banks
which refused to redeem them with specie: by these
measures aided by the favorable action OF OF the
banks and by the support and operation of large
portion of the community, we have witnessed an early
resumption Of specie payments IN our great commercial!
capital. promptly followed IN almost every part OF the
United States. This result has been alike saluary 10
the true interests Of agriculture commerce, and manu-
actures to public morals respect for the laws and that
confidence between and man which IS so essential
in all Our social relations.
The contrast between the suspension Of 1914 and that
of 1887 is most striking The short duration Of the lat
le the prompt restoration of business; the evident be-
neiits resulting from adherence by the Government
TO the constitutional standard Of value, instead OF
toning the suspension by the receipt ofrredeemahle pa
per- and the advantages derived from the large amount
OF specie introduced into the country previous 10 lc37,
afford valuable illustration oflhe true policy Of the Go.
vernment in such crisis the comparison fail 10
remove the impression that National Bank is necessary
in such emergencies. Not only were specie payments
resumed without its aid but exchanges have also been
more rapidly restored than when 1t existed thereby
showing that private capital enterprise, and prudence,
are fully adequate 10 these ends. On all these points,
experience 10 have confirmed the views heretofore
submitted 10 Congress. We have been saved The NOR
caon of seeing the distresses of the community for
the third time seized TO fasen upon the country so
dangerous inslulon and we may also hope that The
business Of individuals will hereafter be relieved from
the injurious effects of continued agitation OF that DIS
lurbing subject. The limited influence ut National
Bank in averting arrangement in the exchanges OF The
country in compelling the resumption OF specie pay
mens not less apparent than It's tendency TO IN
nodnate speculation by sudden expansions and
copacons its disposition ocreae panic and einbarTass'
mpn for the promotion Of lis designs; It's interior
ence with politics. and It's far greater power for evil than
for good either in regard 10 the local institutions The
operations Of Government itself What was IN these
respects, but apprehension or opinion when national!
bank first established, stands confirmed by hu.
initiating experience. The scenes through which we
have passed concluslvely prove how little our commerce,
rric uturp manufactures finances, require such
institution, and what dangers attendant on lis power
"a power trust, never be conferred by the Aneri
people upon their Government and still less upon
individuals not responsible to them for lis unavoidable
abuses
My conviction OF the necessity Of further legislative
provisions for the safe keeping and disbursement of The
public moneys, and my opinion in regard 10 the mea.
best adapted to the pIsment OF those Objects,
have been already submitted TO you These have been
stIenn ,hened by recent events and in the full cnnvc
ton that time and experience must still further demon
strae their proprety. feel II my duty, with respectful
Difference TO the conflicting views OF Others again TO IN
wife your attention 10 them.
With the exception Of limited sums deposited in The
few banks still employed under the act Of lcJ6, the
received for duties and, with very lnconsidera
BILE EXCEPTIONS those accrung from lands, also have,
since the general suspension of specie payments Ivy the
depositc banks been kept and dsbnrsed by the Teasu
rer under his general legal powers, subject to the super
niendence Of The Secretary Of the Treasury The pro.
priety Of defining more specifically, and TT regulating by
law the exercise of this wide scope Of Executive dlscre-
ton, has been already submitted TO Congress
change in the office Of collector at Of prin
cipal porIs has brought TO light drialcalion III the
graveSt character the particulars Of which will he LAID
before you in special report from the Secretary of the
Treasury BY report and the accompanying documens
i'll be seen that the weekly returns Of the deiaultng
officer apparently exhibited, throughout, iaIlha ad'
musraon OF the affairs entrusted to his manage
IT, however now appears that he commenced abstract.
ing the public moneys shortly after his appointment,
and continued to do So progressively increasing The
amount for the term OF more than seven years. embrac'
ing 4 portion OF the period during which lie pubIic
MONEYS were deposited in the Bank Of the y. 5 the
whole If tina, of the State Bank Dcposite System, and
concluding only his retirement from ollie. alter that
system had substantially failed, in consequence OF the
suspension Of specie payments
| lie way in which this dealcalion was 81 long con
ceaed, and the steps taken 10 indemnify the United
States as far practicable, against loss will also be
presented 10 YOU The is hch ImperalIveIy
claims the ate OF Congress- and furnishes the strong
est motive for the establishment Of a more severe and
secure system for the safe keeping and disbursement oi
the public moneys than any that has heretofore existed
II seems proper, at all events, that by early enact.
ment similar that OF other countries, the application
Of public money by officer Of Government 10 private
uses should be made felony and visited with severe
and irnomnous punishment. This is already, in effect
The aw in respect to the mint and has been productive
of the sauiary results Whatever system adopt
ed such an enactment would be wise as an independ
eut measure; since much Of the public moneys must
in their collection and ultimate disbursement pass twice
,hroug, the hands Of public officers in whatever man
ner they are intermedialeIy kept The Government II
must be admitted has been from lis com
paralivcy fortunate in this respect But The appointing
power cannot always be well advised in lis selections and
the experience Of every country has shown that public
officers are at all times proof against temptation II
is duty, therefore, which the Government owes, as
we'll the interests committed to It's as to the 9th
themselves to provide every guard against tranges
suns of this character that is consistent with reason and
humanity. Congress cannot be too jealous OF the con
due, of those who are entrusted with the public money
and shall all times be disposed 10 encourage watch
full discharge OF this duty. II direct operation
on the part of Congress, in the supervision of the con-
duct of the officers entrusted with the custody and APP
plica,ion of the public money is deemed desirable, II
will give pleasure 10 assist in the establishment oil
any udcious and constitutional plan by which that OBJ
ject may be accomplished. You will, in your wisdom
determine upon The propriety of adopting such plan
and upon the necessary 10 lis etectua executon
When The late Bank. Of the United States was incorpo
rated and made the depository Of The public moneys
rgh, reserved 10 Congress TO inspect al ills pleasure
BY committee of that body the books aud The proceed
ings Of The bank.
n one OF the States, whose banking institutions are
supposed 10 rank amongst the first in point Of stability
they subjected to constant examination by commits
soners appointed for that purpose and much OF the sue
cess of our banking system is attributed 10 this wa'cn
supervision. The same course has aso in view OF Ills