The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-15
TWO LEGGED TREASURY AND STATE
BANKS
From The Oaondaga IN. W Standard, IA Van Buren,
DaDer1


Neto York Dedication We believe we have not
alluded to the defacaon of Samuel Swartwout, late
Collector Of the port Of New York, for the immense
sum Of IL or IA hundred thousand dollars the crcum-
Of which transpred in the first week Of the last
month. Mr. Swartwout is now in Europe having
sailed for England, in the Great WESTERN in August,
in the mot public manner, without suspicion being
raised Of the actual state Of his affairs the for
his leaving the country. From the disclosures which
have been made it is appehended that the whole Of this
enormous amount, will prove total loss to the Govern
ment except far the fortunes of his sureties Ben
jamin Brdsall and M M. Quackenboss, may reduce
the liabilities OF their principal.
1t certainly cannot have escaped the attention Of the
public, that unusually large number Of officers at
ached to the General Government, have, within few
years past been found in default for large Of the
public money, entrusted to their charge receiving
disbursing agents Though it must have been noticed
we confess, we have been surprised at the omnous ST.
ence OF portion OF the press upon the subject and
the apparent disposition Of large portion of the people
to consider the numerous deacations which have taken
place pretty much matters Of course scarcely calling
for censure of investigation. This would not be true
imagine it for the fact, that the cases to
which we refer, have strong bearing upon the leading
financial measure OF the administration. Indeed we
can appreciate the embanassments Of getting along
with proposition TO place twenty or thirty millions Of
dollars in the hands Of individuals for safe keeping
whilst within very recent period thirty forty
todans Of the public have proved defauers for
an aggregate of upwards Of two millions OF dollars.
With such evidence before to indicate the tenden-
ces of the ubTreasury scheme, it certainly is to
be wondered at, that the people disrust the measure
and would he better pleased see some other plan de-
vscd to collect aud dsburse the OF the nation
than the which indicates in trumpet tones the pro-
phetic vision of him who foreold that the proposed
scheme would "expose the public treasure to be plum
dered by an hundred hands, where could not reach
it" under The old system. 1t cannot be concealed or
forgotten, that under the State Bank depose system
the Government sustained no ultimate loss, whilst hun
dreds Of thousands have been distracted by uniahful
officers, whose duty has been to take charge of the
public moneys These facts ought not to be overlooked
They should be allowed their full weight by every
candid and rejecting enquirer There is considera-
ton oil PATRIOTISM OF regard for the public welfare or
for the cause Of elevated public morality that can be
consulted IN the requson that the people shall accept
the SubTreasury system at the hands of politicians
against the evidence Of their senses, and against
the increasing array Of examples to show insecurity
aud inadequacy. Men cannot be convinced against
their judgment-hal is, the community cannot though
office exPectans possess more ductility-and the expe
rence Of the country relation 10 the advantages of
using the banks for repositories, cannot be frttered
away by the cant Of the day. in the face Of the enor
nous enbarrassments which have attended the practice
oil trusting the public money TO the keeping Of indvi-
duals The banks do not run away. They cannot take
steam ship passage TO Liverpool and place the Atlantic
between them and their creditors. before il shall be
known that they have flched the public purse Some
times bank officer gets away, but the stockholders
pocket the loss and even that happens but rarely for
the system of banking employs so many checks and
balances and bank officers, clerks and servants are so
many spies upon each Others conduct that the game is
too hazardous to be often attempted Therefore we
cannot forget, and the people do not forget that the
State Bank Opposite system answered very good pur-
pose, whilst the Subreasuy scheme so far as has
been red has resulted IN such disastrous pecuaiions
frauds and dealcatons that we have ceased 10 be star
tied by any fresh Of unahulness on tho
part of public officers
In the employment Of the banks with reasonable pre-
cautions, the Government may always be safe-at least
comparatively We have proved this by the system
OF finance long practced in this State The banks have
received ondeposite and discussed millions OF canal tolls
salt and auction duties without the loss OF dollar TO the
public, and there is not prominent man in the State
who would risk his reputation by proposing, as inca.