The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-11-14
THE sUB.TREAsURY-T KEEPING OF
THE PUBLIC MoNEY-THE STATE

lie Oh h. lREASuk1-l lie hfs,fiNu or
THE PUBLIC MoNEY-THE STATE
BANK DEPosITE SYSTEM.
We can hardly believe it possible that the
Sub-Treasury scheme viii ever be brought
forward again. Mr.. Van Buren, has album
dant evidence that :" the sober second thought
Of the people" is against it and he has said,
the national win is the supreme law of the
Republic" and should be faithfully obeyed
by the public servant"
The national will has, in our opinion, been
expressed in too distinct terms to be mistaken
now, by any one, in respect to the Sub-Trea-
sury.
The President too, has ample proofs in the
sober second thought the people" have re-
Gently expressed, that the result Of the cleo
ton in his own State last fall, (which he doubt.
ed in his annual message,) was produced '.by
conflict Of opinion in respect 10 question in
the administration Of The General Gorern-
ment." II therefore appears TO us impossible
that the measure which stands thus condemned
can with the least degree Of propriety ever
be again recommended or brought forward.
The b-Treasury then as well as Ma
tional Bank are entirely out Of the ques-
ton. Tho former stands condemned by the
people the latter the President stands pledged
to oppose with Incorporating hostility"
The next question then is, will Congress
permit the peoples money to be kept as it has
been for year past and now is, "iaLls to be
piundered bya hundred hands 2" They can
not do so. They must legislate for the safe
keeping, transfer and disbursement Of the mo-
ney Of their constituents.
How is this to be done, and combine secu-
rity, convenience and economy7 We answer,
by employing State Banks. Let that be done
with reference solely 10 The convenience Of Tie
Treasury Department in conducting its fiscal
affairs. Employ no more than are required
for that specific object and use them the same
as individuals do. Permit no partialities, pc
litical or other influences to operate in their
selection. Select no more than are actually
necessary to accomplish the object in view.
We are satisfied that less than twenty will
suffice. We believe that banks in the follow
ing places will be all that would be found ne
cessary, viz: Boston one, New York three,
Philadelphia one, Baltimore one, Charleston
one, Mobile one, New Orleans two, Natchez
one, Cincinnati one, St. Louis one, Illinois
one, Indiana one, and Detroit one making
sixteen in all. So far as the War and Navy
Department require the use of banks for the
convenience OF their disbursing agents, beyond
those employed by the Treasury Department,
they can be appointed by the heads Of those
Departments,
We have positive assurances that there are
banks in each of those places, of the highest
character, which stand ready, if appointed de-
positories Of the public money, to enter into
such arrangements with each other, whereby
the notes of each and all will be received in
Payment of public dues, the same as those OF
the Bank OF the United States and Branches
formerly We're That would give the public
all the convenience it ever derived from that
institution. ~. A.. =.
Establish this system, place competent
individual at the head Of the Treasury De-
partment to superintend and carry it out, and
our life on it, twill work well.
We think, when Congress learns, after
meeting, the manner in which the public
money is left scattered over the country, and
its present insecurity, that body will not long
delay TO legislate in relation to it, and provide
for its future safety.