The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-22
ADDRESS or THE HON. &c. CLARK
ToAs Republican Electors Of Chenango
County, ~ Y.
(Continued.)

TSAs Republicans Electors 81 Chenango
County, N. Y.
(Continued.)
Secretary Of tAs Trrasary's Report, DsesmSer. 1850
.This Deparment takes pleasure in stating. that tho
uublic money continues TO 10 collected and Deposited
under the present system Of selected banks win great
ease and economy In eli and With greater IN some
than at any future period The transfers OF TO every
suarte, Of the coaa. Where needed ,o1 u,sSu,as
and have been made entirely free Of expense to the
Treasury The payments to creditors, officers, and
pensioners, have been punctusl and convenient and
the whole fiscal operations through the State banks
have, yet proved highly satisfactory Incidental TO
ths. the facilities that have been furnished the
mercial community in domestic exchanges. proba-
bly, never greater, or at 80 moderate rates
t"The system is now arranged so as probably TO re-
qOirs hereafter few changes, excepting two OF three
instances, concerning which . correspondence Is now
pending, unless, rs 10 not anticipated such onerous
conditions should be exaced by Congress, OF the pre-
sent safe and efficient repositories, as TO dcrange the
System, induce Of them TO withdraw. and compel
the Department TO ntrust the public funds TO other
agents, less cautious skilfol. and trustworthy"
Jsm<s r. Polls (ne1 Speaker Of the House of Repre-
ssmtatipes,) Speech on the Opposite Bank System,
February l0h, 1885.
Mr.. Polk, after showing that the State banks
were safe deposilories-tha The losses sustained by
them were inconsiderable- II was no longer
question OF doubt that they could perform all the ifs
cal duties which, as agents OF the Government, they
may be required 10 perform" Aner showing the
increased facility they possess over individual re-
ceivers in making transfers Of the public money, af
isr referring 70 The Subtreasury scheme Of Mr. Cor
don Of Virginia, (the in substance and princi
pie as the one under consderaiion0 in terms Of con-
domination, that by "hoarding the deposites in the
strong box OF the receiver, the amount of crcua-
ton would be injuriousy distributed, by which the
value Of all property would be affected" After re-
ferrng to the great losses Incurred by the Govern
k<s sus
was supposed TO have been taken-afier showing
that, between the responsibility of public re-
ceiver and Bank Corporation as banks do exis, and
are likely to exist under Stale authority; the latter,
upon the ground OF safety, are 10 &c preferred -
Alter referring to the Secretary Of the Treasury,
(Which he adOpis,) "that personal agency, in his
opinion ought to be avoided in all safe and practi
banks" He concludes By saying, that the Bin
then before the House, (ihe State Bank Opposite
BillD was the result Of careful and laborious
animation Of the subject Of the ,hen last session Of
Congress. II has undergone careful revision in
all its provisions and details. II is not desired TO
leave with the Executive any DISCRETIONARY
POWER, which can be restricted and defined by
law. AL parties in this House now agree that the
Bank Of the United States cannot be rechariered,
and that we ought TO provide other repositories and
agents to Ike p the public money. II this be so, l
have right TO call upon all parties Ia the House TO
unite with me in passing this Bill"
Gen. Jacksons Message, Dec. 1886.
Experience contnuc3 10 realize the expectations
entertained to the capacity Of the State banks to
perform the duties Of fiscal agents for the Government,
at the time of the removal of the deposites Il was al
legged by the advocates Of fhe Bank Of the United
States that tho State banks, whatever might be the
gulations Of the Treasury Department, could not make
the transfers required by the Government negotiate
the domestic exchanges Of the country II well
ascertancd that the real domestic exchanges performed
through discounts by the United States Bank and
twenty five branches least one-hird less than
n patfa nprod of t,me
and il comparison be instituted between the amount
Of service rendered by these institutions the broader
basis which has been used by the advocates Of The
United States Bank, in estimating what they consider
the domestic exchanges transacted by it, the result will
be still more favorable to the deposite banks
The whole amount Of public money transferred by
the Bank Of the United States in 1882, was $I6 O00
900 The amount transferred and actually bald by the
deposte banks In the year ending the first Of October
last, $50 500; the amount transferred and
paid between that period and the 9th of November was
SIS 1899 000 and the Of transfer warrants out
standing on tina, day, was $l44 600 making an ag-
gregate Of $50, 1885, 1874 These enormous sums Of
money first mentioned have been transferred with the
greatest Promptitude and regularity and the rates at
which the exchanges have been negotiated previously
the passage Of the depose act. generally below
those charged by the Bank Of the United States In
depeudenty Of these services which are far greater
than those rendered by the United States Bank and
twenty-five branches, number Of the deposite banks
have. with commendable zeal TO aid in the improve
ment Of the currency, imported from abroad, their
own expense, large sums Of the precious metals for
coinage and circulation"
Mr.. Secretary Woodbury's Report.
1.-THE money in the Treasury has been safely kept
during the year 1896 Until July last during the
two previous years. it placed in the State banks,
selected, according to the discretion Of this Department
on account Of their high standing and favorable posi-
ton for fiscal purposes and regulated in manner con-
sdered most secure to the Treasury and convenient
the community, well useful to all concerned.
u is source of high qualification to be able to add,
that while SO selected and employed, not single dol
lar was lost to the Government by any OF them,
single failure occurred 10 transfer promptly aud pay
satisfactorily, the public money inrusted to their
tody.
''Mor is it believed that the domestic exchanges Of
the country lower regular than dur
ing that period and the large amount Of them perform
cd by those depose banks in ordinary purchases dis
counts, equalling from hundred and fifty to two
hundred millions Of dollars yearly, third
than those Of the kind by the United States Bank,
while the fiscal agent Of the Government, eynced the
great ability and usefulness Of those banks this i'm
portant subject"
Thus it will be seen, that from the earliest period
Of the Government, State banks have had its un-
bounded confidence. They have been uniformly
employed, with the exception of the periods in whch
we had United States Banks, as repositories. Wash
ington jefferson, Gallatin, Madison, jackson, all
Republican statesmen, from the first to the last from
the foundation of the Government down TO the sus-
pension of specie payments in 1887, were the advo-
cafes of the State Bank opposite system Is it not
singular that the idea of Subreasury did not oc-
cur TO these men, or to Mr.. Wright, Mr. Benton,
and Mr.. Polk, at the time Of their messages and
speeches. So far was Senator Wright from think
ing of the practicabilty Of Sub-Teasury, that in
his above quoted speech, he considered the only
question to be discussed was whether we should use
the Slate banks as repositories, charter United