Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-01-10

vi tne treasury, aud cODcurEed IN by In
Committee Oh Finance OF this body, ,her
are hardly any banks which are conpeten
TO be employed as Repositories under th
provisions of that act. By that law, ii i
said, no bank Can he legally employed a,
depository OF the public moneys, in the man
ner, and on The terms contemplated by il,
which may have at any time since Ist July
1886, issued notes OF less denomination
than five dollars. This being The case will
nearly all The banks The consequence has
been that the Treasury Department, ha,
been lett almost entirely to lis own ,liscre.
ton as TO The manner OF Keeping the public
money; and, in tie exercise OF this ,lisrrc
lion, II has continued, for the most part
stu, to employ banks as repositories, sty ling
Them, however, special ins,cad of genera
repositories, as they would be under the uci
OF June, 1896. II appears from The annual
report OF the Secretary, now te.otc me, that
there are al present sixteen banks (includ
ing the Bank OF the United S,a,esy go en-
pi"yed, al The disci elton Of the Department
over and above the four which still remain
| general repositories, under the provisions Of
the law OF June, 1886. The public moneys
deposited IN these sixteen banks are tescrib.
Ell by the Secretary as placed there on enc
ciat opposite; but epprehend these special
| deposiles vary, in no essential respect, from
Inc general deposi,cs made in banks under
| me provisions OF the net OF 1886 ] have
therefore, added TO the resolution respecting
! the transactions with the Bank of the Unit,
gu states, another calling upon the Secre,s-
ny Tor precise information as to the nature % {
his arrangements with the W hole of tho six
Teen banks in which public moneys have
neen placed on special deposite, requiring
MN 10 state IN what kinds Of money these
sPectat depoSlfes have been made whether
thcy have been held in The identical moneys
originally deposited and whether The drai,s
drawn Upon these deposiles have been paid
out OF, and The balances remaining exisi in.
Inc very moneys originally deposited and
none other. The answer 10 these queries
VIII serve 10 test the true character OF the
SecTeiaIys special deposites, and unless am
gFesuY deceived, vii! prove them 10 be no
thing but detusve play upon wards
10 rerlsWing the list Of he differen; pub
lie Repositories. conia ned 10 the annual re.
port of tho Secretary oil the Treasury, this
singular and striking stale of Ihngs apnsaIs:
tina; while the sub-Treasury system is still
urged upon US, and the Secretary of the
ireaeury has, in the existing condition Of
'nings, iui' discretion TO direct the keepiny
OF inc public moneys as he thinks best. OF
PUBIC moneys in the possession of all The
nIiterent repositories, amounting TO "a 59s.-
SUI, The sum OF 81, $40 sos is deposited in
hanks, 81 800 1927 in tho four nints. and
So9S' olo only al present in the hands of
collectors and receivers. Gould there ba
! stronger testimony than this involuntary
| tribute on the part CT the Secretary OF The
Treasury to The superior safety and conys-
nience Of banks as public depo.iiories? OF
the sum Of $3.50 Cos deposited in banks.
1926, ID only ia deposited in banks employ-
ed under the provisions Of the act Of 1895.
The balance, to wit, 50 534 ,45l, is depn,i,.
ed in banks employed at the discretion If
the Treasury Department, and, OF ib At
Sl,73S, 4S8 in the Bank OF the United States
alone.
The practice Of The Executive then. even
while protesting 10 have adopted The sub
| Treasury sy stem affords The most i'm piicit
recognition OF The superior value and advan-
fages OF banks repositories and fiscal n
gents They deprecate, il is true, con.
neXIon with banks but il is legal conncx.
ion sanctioned and regulated by law, il
seems, which they depreCa!e, not one de-
| pending on Executive discretion Not on.
| ly The practice vi The Administration, but
the express language both OF The President
and Secretary OF the Treasury, recognises
the high, aad, in The present condition of The
commercial world, | nigh, add, almost in
dispcDsable utility OF bank agency in The
| FISCAL operations of the Governments; but
| they arc for leaving the employment Of
banks to the ,0N and discretion Of The ud
minstrators OF the Government. The Soc>
rotary OF the Treasury, while reasoning in
favor OF bis sub-Treasnry scheme, saws :;
AN appropriate and occasional use would
still be made OF the banks 10y he Treasury
| as rs done by others, whcneYer convenience
should require IT. But neither party would
| be forced INTO species OF ysssa!age "a con-
slant, necessary, and dependent conneXInn -
! &c. ihe President, in his message. lsklnp
up the same idea, says: Banks, Ike other
oiaie es'abishm enie, may re used or no,
| IN conducting the affairs Of Ire Government
"a public policy aud the general interests oi
The Union may seem 10 require. The ONLY
J sale or proper principle upon which their in
/ tercCufse with The Govern mcHl can tie rer,
uiaied is That which regulates their inter
course with The private ciiizsn-lhe confer.
] ring 81 mutual benefits. hen The Gov.
eminent can accomplish financial opera.
ton better with the aid Of banks than with
out, ii should be al liberty TO seek ihsI aid
as II would the services of private banker
or other capitalists or agents. riyipu the
preference TO those who IS IA serve il on III,
beet terms" 1t seems, chen, that ne Sec
rotary ct The Treasury and the President are
10y no means against the einplyyuept -
banks, hu; they ate against iyiny mn III,
hands OF Executive discretion in tleir en-,
Pioy mcnt " y n appropriate and Occasions
use may be made Of Them by ,ha Treasury
says The Secretary, "wheneyer conyetienr
should require II. They may he used q
not, repeats Tie President, Gas uiiblic roI
- | ttc q. '.