Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-27
CONSEQUENCES OF "THE DIVORCE

from TIC .id8tSoH}iH.
THE SITUATION OF TIE PUBLIC MONEY At THIS
TINE, SCATTERED ALL oAER the UNITED STATES
BY TIN ORDER OF AiH. SECRETARY WoonnukY
~ DtfIANCEu OF THE PUBLIC WILL AND ~ DIRECT
VIOLATION or 4 POSITIVE LAW or CoNGREss.
Congress having five tunes rejected the Sub-Ifea-
sufy seheHc, which had for is object tainong other
thInas) the keeping Of the public money hy Executive
officers, appointed by aud liable at any moment 10
be dismissed by the President, nearly every body
supposed, when Congress adjourned, that, when the
banks resumed specie payments, the deposlte Law Of
lS36 would compel the Secretary 20 revoke his ell
cnlar, issued shortly utter The banks suspended, re
curing the Receivers AID Collectors To keep the
money, and That il irOuId be deposited in b0Hk 10 the
credit OF the Treasury, AS ii had been previously.
BHtwlat must be The astonIslmcut Of Congress " hen
they meet! What must be the indignation Of lie
People ofthc United States, wheu they herr that the
public money IS scattered over the country, in the
hands OF Receivers and Collectors, and that not a sin-
Gle depositc bank has been selected, nor is il III
tended that one shall be selected
Who can tel what these Receivers and Collectors
are doing with the public money Whal is TO pre-
vent them from using il! What check has the Gov
eminent over them under this beautiful fnal cal sys-
ten Of Mr.. Secretary Woodbury.! They make 1heir
own returns to the Treasury Department, and state
what they please in them. How can the Secreta-
~ know that the money they represent to be in
their hands is actually Hefr The banks under this
system have nothing 10 do with the Government, and
u course IIdNc m fCiH}HS 10 ~. IL Inc Col
lectors dcposltc the money in bank, they have ii
placed there To THEN Own private credit, and can
check for ii II any time for Htjr o1rH prirafe purposes.
lTnder the depusile law Of 1896, the Collectors and
Receivers were required to dcpositc the revenue
they collected IN bank, every week, to the credit Of
The TrcasUryot the United States ard. Of course,
when thus deposited. II could rot be touched BY any
one uiLhou The authority Il 4 Treasury drad. The
banks were required IL make regular returns every
week of the deposltes made by the Collectors and Re
ceiYcrs and, by louhIng al llese bank returns, the
Secretary could always detect any delinquency ON
the part Of the Collectors and Receivers. But hav-
lns :. separated Baak and .Statc," 90 use the un-
meaning slang ofthe day. lie has separated the pub
lie money from all sorts Of sategua.d DIS over IT.. The
c Electors can at aty time use The pubic money
without the Government knowing any ihing aboutii ;
and, if II should be mlsappliod or embeZzIed- where
is the security The Collector At New ! ofk col
lects, during The year, about , 1000, 900 dollars, and
lie gives security in perhaps fifty or one hundred
thousand dollars, the penalty OF ms bond
Tie banks, under the deposite law, gave any Sc
enfIty that was required, besides the security oi The
whole amount Of their capitals. The Government
WIS perfectly secure, inl will not lose by theii! IA
sInaie dollar, unless by Que OF the Secretary ; iaMhy
banks At Boston.
Bun lbls grclt invention of modern finance, which
Is to lmmortalze its wise authors-' the Sfparaiton
of BagE amt Satc,"-ubg. uhat a perfect Jarce Il "a!
/, II supposcI that the People are to be eiefnaiiS
nlade the dupcs of dpa6ngs, and TO be deceived " Tue
sound OF catcb phrases! c
The whole amount of Ibis new discovery III IL
nance, {" separating Banh aad STATE" consists IN &c