Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-04-30
THE sIJB.TRElAsURY

s a 81 }t
i not been permitted to vote.
THE SUB-TRE AsURY.
James K. Polk the late Speaker Of the
House Of Representatiyes.it VII be recollee.-
ted Is now candidate for the oiice.of Cover
nor Of Tennessee. He has beenln Congress
fourteen years and, having been defeated at
THE late Congressional election il bis own dis
trict, 80 ardently does lie desire Office Of some
mature, be has descended from the high station
Of She. Speaker choicein Congress to become
a noisy demagogne on the stump. He Is now
wasting his time, health and money, il making
electoneering speeches from one end of;the
i State Of Tennessee to the other. and endeay-
oriing, by the high station he once held by
his private worth !; by the influence of his own
eloquence to make the people believe that Nj,
Adams Administration was an ertra84gant
one by the expenditure Of thirteen million Of
dollars; and that Mr.. Van Buren's adIninistra-
ton is economical BY the expenditure of nearly.
forty million ;-that a sub-treasury is better
: than National Bank for the regulation Of the
currency and that special deposites in the
State Banks is not.haIf SO good plan Tor the
safe keeping of the public revenue, as ,depos-
ties in the pockets of Tom, Dick and Harry
who may, by. the administration be appointed
. sub-freasurers. Mr. Polk was once violently
opposed to the sub-treasury scheme, and made
a very good speech against it in 1884 or 5 in
Congress. Believing that an extract from that
e inconsistency Of Mr.. Polk, and not only Of him,
r but the whole of the administration from Mr..
s Van Buren,, down to the meanest partizan in
e the ranks, we here insert it.
;, Ertract from tie Speech oftke Hon. James
X. Polk in opposition 10 The Sub. Treas
arg scheme in reduced By Gen. Gordon,
: Of Virginia.
:. That amendment provides that the
collectors of the public. revenue shall be
/ the agents Of the Treasurer to keep and
!. disburse the same, and that they shall re-.
ceiVe- an annual compensation for their
d services. The Secretary in his report has
u not overlooked the description of person.
al agency here proposed, but has submit
;. ted his views TO Congress in relation to it.
He states that this kind of personal agen-
a cy is, IN his opinion, to be avoided in all
practicable and safe cases under our. pres
Ie emf system Of selected banks, because ii
;. would render the system less convenient,
n less secure, and more complex, ifnot more
n expensive. Unless the States and the
United States should both deem it proper
is gradually, and in the end entirely, 10 dis.
/. penSe with the paper system, and which
" result is not anticipated, the Government
10 cannot escape occasional losses from thai
i. quarter, and can never hope to escape al
,v losses from banks as fiscal agents, eXcep
4 by the employment in their place of othe
or and individual agents who will probably
- be found less responsible, safe, convenient
So or economical. A,-corporation may b
h. safer than any individual agent, howeve
mr. responsible he may be, because it consist
he of an association of individuals who hav
,cr thrown together their aggregated wealth
and who are bound in their corporal
harter to the extent of their whole capi
tai for the deposite. In addition to thu
!. the Secretary. of the Treasury may requir
-, as heavy collateral security in addition t
pa their capital stock paid in, from such
"a corporation, as he could from an indvidu
nas al collector or receiver, which makes tn
Yot Government deposites safer IN the hand
oco of bank than it could be with an ind
or' yidual. 1t may be well questioned whctt
nee er the heaviest security, which the mo;
lch wealthy individual could give, could max
ew the public deposites safe at the point
bev large collection. In the city of Ne
ave York half the revenue is collected. Seve
ov al millions of public money may be in ii
hands Of receiver at one time, and, if /
be corr lpt, or shall engage in speculate
ise or trade, and meet with a reverse of 70
hPt tune, the loss sustained by the GoVernmel
Gus would be inevitable. With ample secu
ers' ity, as it was supposed, the COVERINGS
lem lost million or more in the Tea cases
ang few years ago. The losses in three cas-,
any alone, as stated in 1927 and. 1923, whe
ndi- twas surpassed ample care had been take
.thv to secure the debt, amounted to near tW
ions millions. As, then, between therespons
ired bility of public receiver and bank corp,
,;no rations, as banks do exist, and are like
ne TO exist under State authority, the latte
upon the ground of safety to the Publ
are to be preferred. Banks, when the
are safe, recommend themselves to Il
ON. service Of the Treasury for other reason
Is, The increased facility they possess on
) he individual collectors or receivers in nnalir
COL. transfers Of public money 10 distant poin
has for disbursement without charge to Il
+. Public. Indeed, this IS service viii,
: OF individuals, TO the extent of our revenu
could not perform. Il may happen.
/ Be the fuctuatioii of the amount Of revenl
oeo and expenditures, that there win be at son
times surplus IN The Treasury. whic
moi though tnnay 30 temporary, IL Ii be wit
MOI drawn from circulation, and placed III Il
for. strong box of a receiver, Tie amount
oted circulation win Be injurious y disturbed
zen boarding the deposite; By which the pal
oled Ct. every an clesof merchandise and 81
sver perty would be affected. So that. Inn
has much as cannot anticipate 81 esIims
snes what the exact amount Of revenue Or 6
at pendlture may be from year to year. the
the may occt an scess n tie Treasury s
q 81 lmmedial called lof "a Sc disb6fss
81. Whlchsit would Be very nc0nvenisnt
ard, abstract from trade and Circulation
hey alsl Tie deposiie ii bank Tie 81,
With aY use n keeping ITSELF ready. ST 4
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