Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-08-16
Essas.s'E Ee's.
u L. DAIl1
REPORT
On The subject Of ksepi"g and dtsLurstng Tic PStdc
RtrtHuCS


"ihe mode 81 keeping and discussing the public reye
nup, : SIX leave IN report
! The Committee conscious OF the importance OF
eff npon III" financial of .hp G'nrrni Go
IL subj CT Submitted 10 e well in reference I, It's
vrrnIuent, 10 influence upon The currency and
The banking and commercial interests al The haln. and
| they would therefore besI"w upon oil the c"nsreFa
lion winch lis importance Demands The comnIliee do
propose III discuss any other modes OF keeping snd
dbursng The public revenue. than i,nSe which iare
recently been submitted By hsir respective friends 10
The cnnsiGe ration al Congress and The country jlse
! modes arr. Isl. a National Bank; "a. State Bank
D-pnsile s. ST., m; and Sd The Independent l nsury
| System
with regard to The first Of tho modes above named,
the deem that The decision ii the people.
prnedy end SOLE unIy expressed, a.ans, the c"nsu
innaIliy well as the pxpediency ni National Bank
renders ctssary Tor i' 10 consider ihe question:
whrIhpr not such an Institution should be employed
drpusI;p Of lhr public Treasury In the opInIon
Of the committee The Irouf furnished BY the history of
the late Bank "f the L ), " lhs immense power OF
that nsiiuIun b"d d. iiaucr Of the Government lis
reckless drst gard OF the rights Of the people. ard The
interest "i ihe immunity i's Inherent hostility Ia pu
pnar government manifested by lts hrce struggle
with The people for pruIunga ion ot It's rntstence. end
thu nal " c"ns existing against utterly
forbid the establishment o' such or any s'nar nstlu
ii"n. irs employ mrnt as agent in The fiscal opera
tiuns al the Government.
In reference H. thr 81 c"nd mcdP Of keCprg ard dis
tursrg ine public suggested above, the Safe
Bank d. pnsirp System lie Commute consider its com
prie and total failure. arcr to!r trial under the most
favorable nuspict sufficient argum nj against its
adnptirn In III. opinion The COMMITTEE, il is more
objectionable aud lar less elici. NJ than Natmra! Bank.
II therefore only renaps Tor The committee consider
the last mode ct Keeping and disturstng he public
above named, VIZ: The lYDErIEUEST IRA
srEY.
Ire committee are aware that since The Independent
Treasur, :, submitted by the Pre- sid, the
consideration c Congress d'slnc Il finance
at the xrru l-37 the subj has hrn Tho
Icuel, aud r"h"ratiy discussed ~ That h"dy, in mcst
OF the Stale Lfgsaiurtsrf i- Urinn, ond hy The pub
lie press, any nl,Inpl on Their part 10 thhgh'tn The
H"sr reference 10 its principles details vii hardly
H. rntd u, cr>sary Yet they believe that they could
MT wiIh poprIriy present Ia Tie House the conclusions
10 wheel, They have arrived in relation I" the subject
SUBMITTED 10 irm, without stating BIN NY The tas"ns
Wlrch have led them 10 such conclusions In tie belief
of ne committee. there bu two prominent aspects
in which The subject mny be viewed which are, fist as
n Fmnncini md secnndy Poiiticoi measure.
lst As n Finonciai .Nasu,C. In order 10 express
81, afly their his p"rt, the committee deem il
inlo short and concise explanation
OF The plan OF Inc ind' pendrni Treasury System
The schrme Of an lntfpcI dnt Treasury, embraced
in The several puts upon that subject, eTanapg from
the C,mmt Flnurce in The S.nate, aud on Ways
NJ he House If r. ptse natives Uf the Con.
grfss u the s, and .mhoG,d in the several halls
=, ndtng before he last Congress having "r their "b-ct
the subs Of Tho coninn The simple but
imp,,on proposition. In sDa'0e Hc fSCai ronrES ~
Me G,nUa, G.7,rhmtrf jrnm on e""nttfi"n nth ne
L"nk'ny e"p"r4nons II ii, eo""hy J" "'',r words II
prrpos, $ that public hp received, kept and
d,sburs, by the officers ." lhr Government appointed
by HE Exrfu,Ive. ard amtnnbir I" the President to the
laws he PEI pir r the inhiu' performance 'he'r
du,ips " nh this IL Yrnpos, 10 appoint kr-
crIv,rs G.Erra at Tie r. venue. AT The most important
p"in,s where he customs are received, with REQUISITE
uunt ii c'rfs To d" ne business and 70 cnDsinn'e
oil receiving tcf Sub Tioaurtrs or Dfpns,nries
Those iiic.rs who receive and Keep he revenue, arc
,dnr,d give The most ample bonds r The faithful
discharge al hfr duties and ore 10 he snlctsd to IN"
disabilities orleures and pun'shmenls o seons tor their
vi"Ia'inn
fl is further proposed establish OF The important
pn,us whore customs rec.Ivtd suitable buildings
nh safes aud other necessary appendagcs. places r
ME depn>e ard safe keeping 81 The revenues The
mnt ~ lis branches also 10 constitute part OF The
system II luther proposes that The public revenues
sha lie receivable oEly IN gnld and sirfr. ""d N no
Other description II currency. And with view 'ok keep
the fs al Concerns oi The nation enr y separate IRON
those ind viduals and c"p"rarns. il prohibits those
tfc,fs having ht custody 1T The public monies. iron
ustru ,trmst Ives leaning 10 Others ahy sums or sur
plus, Is incl, NAV their hands. Such. hrn ty
are nu'lECs uf the Independent rtasufy system, Us
the committee understand H.
The ~, ST important Change which il proposes in The
old s,. m s u class ni agents 10 be- entrusted With
The cnSoGy oi The public lc'rnus ara IN Inc knn Of
cmrrnc, re, ,vabe i"r pu:,c dues During the exist
enc. f The llnt SIars Bank, ard during the period
in Which Tie Banks were rmpyfdn ne drp".'iores
The ,Gir,rs 81 the Government rtc"rd The revenues
arG poid Tim nui again, the Banks ktW them Under
he rG urrri Treasury sysi' III The ctctis :" the Go
v,ruurr, viii Iercirc Ee,p and ToyGut hi public money
m, chang. prrpus,d viii take from corporations not
oripnaIirp c"nstIluionulg IN the legislation al on
prrss md ncl not anenabe 10 ne General Govern
m, NJ the cus, DIV u The nufs and place ih' III IN
III. hands q. class of tcprs creciy responsible 10 the
Gov,trrrnt and lie people The committee believe
tha, an AZ unnnance with ihr plan and principles Of The
prnro.pd ,sem, must convince all candd minds oil lis
.ur.rior smrItci'y over oil other systems
With :rnard satty the COMMITTEE believe. mat
the Il, Ks md penalties Imposed upon The 'thrcts IN
trusted with the reception. cus"oy ana disbursement u
The ruhhc rurys. HsrhIrg her persons ahc properly
and afr crinu their reputation, VIII prove more tlrIrn
linn The rrrvisin,s ni The present laws relating 10 the
COLI c,nn nd keeping Of ihe revenue II any further
,,suuny necessary IN order 10 prove that the pun
lie rrosp was far safe in The hands OF IndIvcu'!s
,bnn in Iht prssessiun OF c"rpoa'!"ns the committee
uud ruiut 10 The funairg well authenticated facts
W. that since lsl4 the Government has lost nearly
s13DtU O. interest inclnd by banks, and by The DE-
pr, rial,on " bank received IN payment u the
,ub,,c revenues; that from Isl7 10 1884 there were
dr,s;,, in ,hr banks $50 GO Geo GuiInrs on which
/ I,ss ,f 25i d2 t'Ilsrs was sustained, which VIII
| urntahly hr much rcrrnstd hen he ultimate LOSSES
| g,rw,rg ont IL the late suspension of specie pay
| sr.r,s sre nsrprlantd-iha from The orparzati"B
NJ III. Government IL 1897 nearly $40 t!3 GtO 600 have
passed through the hands Of lis officers, On "hch loss
oflrlIp over 81 900 Geo only has been sustainfd-an
th,, about S-u TOO GGn hos been coined at the min',
which la o. sum been exclusively in The keeping Of
the fic.Is Of that establishment not enc cert ni which
has l., nst The recent dea'cat'ons IN Ne" YORK are
| exclude from HE above statement The committee,
therefore Garnet doubt he suIermr safely Of The lnde
p,rdrrt Treasury system ever al oilers to" receiving,
| keeping and dlsburs,rg, The rusiic II venues
Cd. rs Poluieai Measure The grea, 'tcl Of the
lucru. 1tasrry system, Which IN 'aci lis most
nu TAM and distinguished Failure, is The separation o
n. fiscal concerns uf ihp Government. from all c. nnec
lion wnh The private interests If Banks mud individuals
Were ht re- NJ o'hr advantages /" lie derived from IL,
The committee consider. ihut f!sconEecnn OF the 90
nj from he Banks would tr sufncfnt 10 Justify,
and II duce ssry snis h'tned and pa"lc ell z 10 's
ndr,iru If necessary 10 Hdduce testimony IN
su,nnr, Of ihr ~ s n, sufficient hr opinion Of he
,'muee Is 10 be- found the hs:agv II The last three
v,s,s Ia p,ndrcr ronvcl!nn in hr moot doubling nina
! Tine Lisury If that period exhibits ihr astounding
suec,sce 81 government in time III pr"ioro Ptocf,
and n crunrry 700, aboundng in all he elements e.