Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-03-23

mass Of the funds on which they transact
The argument supposes thhl
he money collected for taxes must DC pre-
served in identity; but that is imposs'o.e'
,flen, to do. May not COLLECTOR give Tue
small change which he has received 'ro"
,ne tax payer to another taxpayer 10 ena'
bic hun TO effect his payment! May ne
no, change gold for silver. or u'ce rersa' or
both if he be distant collector. To OBTAIN
nm undoub,ed remittance TO the pubic
Treasury? What. Mr.. President. is the
nr,coss If making deposiies with banks!
The do ,osi,e is made. and credit is en-
,crcd for it's amount to the Government.
That credit is supposed to be the exac'
equivalent Of the amount deposNeo' feauy
aud forthcoming to the Government when.
ever it is wanted for the purposes OF dis
bursemcnt. 1t is imma'erlal TO the uoV
crnmcn, whether it receives back again the
identical money put IN, or other money o'
equal value. All that 1t wants is what u
mt in the bank, or its equivalent ana
that, in ordinary times, with such prudent
banks as alone ought to be selected, II Is
sure of getting. Again the Treasury has
frequently to make remillances to foreign
countries. to meet the expenditure ncccs
sary there for our naval squadrons, ana
other purposes. They are made TO the
bankers, to the Earrings or the Ro,hsch'lds,
in the form of bills Of exchange purchased
IN the market by the agents OF the Cavern
ment here, with money drawn out OF the
Treasury. Here is one conversion OF the
money received from the tax-gatherer into
the Treasury. The bills are transmitted
to the bankers. honnrcd. paid, and the
amount credited by them to the Unlled
States. Are the bankers bound 10 retain
the proceeds OF the bills in identity! Are
thew bound TO do more than credit the
Government, for an equal amount, for which
thew stand responsible whenever il Is wan
ted? If they should happen to use any
portion of those very proceeds Of bills re-
mit,ed 10 them in their banking operations.
would it be dra wing money from the Trea-
sury. contrary TO the provisions OF the
| Constitution
The Senator from South Carolina con-
tends that there is no constitutional power
to contract with the twenty five selected
banks. as proposed in the substitute: yet
the dcposite act Of 1886 which obtained
the hearty appreciation of that Senator
contained similar provision; and the very
bill under consideration, so warmly supper
ted by him. provides. under certain con,ln
gencies. for contracts to be made witt
State banks. TO receive deposltes Of The
public money upon compensation. III
objects TO the substitute, that ii cOnvcrl
twenty-five State banks into a system o
fedora institutions: but the employment o
State institutions by the federal authorit,
no more make them federal, than the en-
plovment of federal institutions by th
States converts them into State institutions
This mutual aid, and this reciprocal en-
ploymcIt of the several institutions OF tn
general and particular Governments. is on
, Of the results and beauties of our admirable
though complex system of government
, Tie General Government has the use O
, the capital. court houses. aud penilenlnries
: in the several States. d. they therefor
, cease to apcrta'n to the Srarcs' II ia I
] he borne IN mind that. although the S at
banks may occasionally be used by til
federal authority. their legal rcspnnsblln
to the several STATES remains unmpatet
They continue To be accountable 10 then
aud their existence can only be terminate
, or prolonged by the State authority. An
being governed. as they are, by corporal
authority cmana'ing from. end amenabl
. TO, S'n,e Jurisdiction. and not under III
control of the Ex cu'Ivc Of the Unite
{ States, constitutes at once a greater secu
% rity for The public money, and more saf,t
q to the public liberty. II has been argue
7 that separation Of the Government fror
p the banks will diminish the Excculiv
. power. 1t must be admitted that the Gu:
q ,,dy Of the public money in varcns bank
r subject to HE control Of State anthurl',
/ furnishes some check upon the possib
I abuses of the Executive Government. :
Blu, the argument maintains that The Exc
u culve has least power when it has mo,
p complete possession of the public Trea,ur,
The Senator from South Carolina con,cnt
that the separation IN question beIn
4 once effected, the relation of the F-deri
Q Government and the State banks will b
. an,agoni>t,cal. ! believe so. Mr.. Pres
: dent. That is the very thing ] wish
; prevent. ] want them to live in peac,
, harmony, and friendship. il they are az
f tagonlsis, how is il possible that he Stat
j banks can maintain their existence aguin
: the tremendous influence of this Cover
Y men'' Especially, if this Governmer
b should be backed by such q vast Treasur
@ bank as verify believe this bill is ntende
. to create? And what becnmes of the a
gnment urged by the Senator from Sou,
d Carolina, and the abolition resolution
. offered by him at an early period Of III
{ session, asserting that The General Go,
eminent is bound to protect the domesl
r institutions Of the several States?
o The substitute is not, think. what tn
C welfare OF the country requires. 1t ina
2 serve :he purpose of good half way hous,
o Its accommodations appear fair, and, wi,
r the feelings of wearied traveller, one ma
, be tempted to stop awhile and refres
0 himself there. | shall vote for it as n
. amendment to the bill, because | believe
/, the least Of two evils, # it should, indec,