Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-22
all who watch with jealousy: and view with alarm, every


will now, Mr.. President, follow the Senator from n.
York, (Mr. Wrght) in the remarks he made on The
pnraye safety Of the Two systems proposed for keeping
and dsbursug the public moneys. Although exper-
ence The only safe abiter, has long since settled this
question: The Honorable Senator argued it if it
still open 10 doobt, md made am free TO admit
ceedngly ingenious and plausible argument. He nst
uted parallel between the Two systems in regard to
The great leading points which their safety supposed
depend and in each instance brought substantial
equality. First officers, he said lie would be fair 10
presume Ist the officers of the Government and The
officers Of The Banks wosld be equally trustworthy
Them ,uret;c he said both the Banks and The Co.
vernmenl officers equally REQUIRED give sureties if
deemed necessary So, likewise, as to Ua1sts, the Gu
occrs he said to be provided with uaus
well The banks. The only particvlav, then, in
which the banks, as he alleged, cord be Supposed 10
present better guarantee for the safety Of the public
funds u.s. that their capital stock is pledged for the REIN
bursement Of the public moneys committed 10 them but
this advantage in favor Of the banks, he very adroy
balanced by what he represented TO be the risk Of min
Cling the Government funds with those OF trading
porations Now, all this very fair and plausible the
surface. But wba is the ass-wha is the testimony of
erpsrienceP
While the honorable genllemas runnins this pa
rael in theory between the two systems, there do
cument lying the table Of the other House which
had run the parallel the foundations of
practice arde 10 recent report ct the Secretary Of
the Treasury, i'm 10 cell Of that House at the
Extra Session, made on the motion Of an honorable
friend nf mine {Mr Garland of Virginia) containing
list Of all The receivers, collectors, repositories
of the public money, who are in default TO the CO.
Vernmnent with the amount CT their respective defaults
NC" What, Sir, does this document which now have
before me, show That Ike whole amount of balances
due from banks which deemed vailahle is little
than naon Of dollars, 04G, GAO j and these
balances go back period long past, VIXEN the extra
ordinary embarrassments consequent the involv
I'd banks and individuals in difficulties beyond any for
ner subsequent e1amp In relation 10 The banks,
which have been recently employed repositories, it
appears that they have either paid Up all they owed The
Government, are in the Course OF paying It up rs called
by the wants Of the public service, without any ap-
rellensiun of default their part, availing them
selves Of The indulgence of the act passed al the late
Session of Congress, have either secured expect
I'd to secure satisfactorily the payment OF the whole
balances due from them, according 10 the terms of
that acl. Only eleven of them, it appears, out Of
near ninety employed Repositories, have asked
indulgence, under the act here referred to- and but
sngle one Of eH, has been ordered 10 be sued Now,
Sir when we look 10 the list Of individual collectors and
receiyers-whul do we seea An aggregate default Of
about three millions and thosgh Of the more
balances appearing on that s may be reduced by
future collections yet from the long standing of most Of
them, there is reason 10 believe that the aggregate
amount Of the entire list will be affected in any sensi
BILE degree by these parllnl rpcoveres is to De re-
marked loo that this list does not include discussing Of
fears s'whose Indebtedness is stated by the Secretary
Ito be very great, and the actual losses by whom,
showed during The late session Of Congress- from re-
port of Mr. Crawford 10 have'greatly exceeded ANIL
lion and half of dollars fror. r79 1872 and BY this
lime have grown ap, in all probability, TO another ag.
yrerale rum Of three S.liOns Neither does this list
include officers of the Post Office Department among
whom it was shown by official documents, at the last
annual Session of Congress there were as many us
eighteen hundred and hIry.two defaullsrs! ~ 10 TO-
be observed also, TINT this list is confined 10 public
agents. "who out Of office on the 18th day Of Octo.
| Der, 1887 -
Now, Sir, if the Honorable Senator from New York
had taken the trouble TO look at this document before
| l. La Eo,o ooolht fha
labor of great deal of supefuous ingenuity In con.
tasting the ingenuity Of his argument with the blunt
contradiction of facts which this document presents,
strongly reminded OF an anecdote have often heard
Of the late venerable Bishop Madison Of Virginia That
excellent preIate also profound philosopher, and
much addicted 10 philosophizing On one OCCASION he
undertook 10 explain why the SHADE OF lamp almost
IN contact with the fame Of candle beneath, was not,
in any degree heated by it, Phis lie did By learned
dissertation on the laws Of caloc and al the other sci
en,fc data which could be brought TO bear on the SUBJ
jrc.. Having completely satisfied himself. and the adc
mng audience which surrounded him, OF The truth OF
his theory he could not avoid ~ the consciousness OF
his triumph putting his hand the lamp shade which
had been the subject Of his disquston, when eSca.
nation Of acute pain disclosed the fact that his hand
had been severely burnt in the application Nature thus
contradiced the philosopher and so sub6crn acs VIII
sometimes COMPUTE the most astute ogician cannot
but think that If the honorable Senator from New fofK,
at the close Of his very ingenious argument had laid his
hand upon this document he must have et MIS- hnSsrss
al least little scorched.
Has the Honorable Senator forgotten The emphatic tes
,mony deduced from careful collation. Of facts borne
hy The present Secretary of the Treasury only tIes
yenrs 10 the superior sofey OF banks depustorlrs
Of the public money, Let me then refresh his recoec
lion by rrnding him and the Senate, an extract from
The able report of,hut officer, made TO Congress- in Dec
1884 the system Of keeping and discussing the pub
lie money: il is singular actr says the Secretary,
in praise of bs desert lion of public debtors, the
iecd bankS that there is not due dePosites r"
the whole OF them which have now stopped payment,
from the establishment Of the Constitution 10 the pre-.
sent moment much beyond ,cat Is noo due TO the
United States ronr one mercantile firm that slapped pay
neni in 1895 1896 and of whom ample security was re-
CURED and supposed to be taken under the responsible
ty Of an oath II include the whole present dues TO-
The government from dscredted banks at all times and
Of all kinds whether deposores or MOI and embrace
even counterfeit bills and every other species oil unavo-
able funds in the Treasury, they 1eH no! eaeea 'cha IS
due from t,oo such firms" BIZ then continues: ell our
former small losses by them, (tte banks) IN Keeping
and payiog over The public evenue 'der circumstances
50 yern udv7se are compared with large losses eheE
in Collecting dsbursing that rerenuc their present sale
y seems be great as IS consistent win the usuaf
operations Of The paper system or with the credit which
must ALWAYS be entrusted by Government IN some way
or other TO agents. of kind in keeping the public
money In considering their safety, 1t should be con.
s,an,ly recollected TINT the owners and managers OF
banks when properly regulated by legislative provisions
in their charters ore like other individuals, interested
10 transact business securely are desarous OF masHg
and not losing money and that these circumstances
with the preference in OF failure, belonging 10 de-
uositors and holders Of their bills the stockholders
united with the security is priority, given 10 the Co
yernmen,, enAss them, in point Of safety. generally,
much superior indsidai agents Of se Cntted States
If there be uny ac inconestiby established IN our
history and by TIE experience Of all other Governments
the sasty of banks repositories over anS
individual custody TIE reason of it is obvious The
more complex organization Of banks, the number 1 o., OF
their officers acting mutual ctesKs on eae o'e, Wv
d,ilv snnpryison 10 which they subjected, their
forms of doing business all furnish securities which can
be had IT, case the isolated possession OF money
by an Individual, whatever responsibilities ne may oa
hound by And fa loss ofhe moneys committed 10 them
sbond occur either BY accident nd, violence the
caDa Of The band stands pledged for the security Of the
SuP'N. srL:S all only kind of securllY