The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-04-18

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one Of them IL nov doing Whist ihe Cen
eTai Government has done Cor the last
fifty yesrs-ihey are receiving their TAX
60 and public dues either in specie or
the notes Of speeie-Pay ing banks. cam
not conceive lie prnpriety. policy. or
wisdom Of The United Stsies Government,
in iIs gigantic strength. usurping and sp-
proprialing 10 itself and its federal officers
The gold and silver coin Of fhe nation. 10
the exclusion and manifest injury Of The
states and the people.
The safety Of The public money aflfr
il il collected. 10 always great beside
r0fum. From The foundation Of the Gov.
eminent. down 10 The present. time. The
public money has been dePnsIied I'M
banks IS places Of greatest safety and So
euriiy. The President proposes 10 make
Eo more deposiies Of The public money
in banks. but 10 commit il N the custody
and keeping Of individuals and oficersA
appointed By himself. Is The public mo-
ney safest IN tie custody Of banks. or
individuals +! that is the question. h is
said banks have no souls that is true;
and, il is equally true, they have no legsl
bnl some Of them hare sound. subslan-
iisl bodies they have local habiiaiinn
and a name. All the stockholders Of a
bank are pledges aud securities for the
safety Of the public money deposited
therein and. Of course. they keep an ca
giles eye upon the bank officers who
are inuusled with il. From the year
1917 up 10 lS33. the public money. 0.
mounting 10 many millions of dollars,
was collected, deposited in. and dis5urs-
ed by The United States Bank and not
one dollar was ever lost by The Gayern-
ment in that institution. The State banks
| do not consider so safe but still. they
are more safe deposilories than individu-
ais. During September last | was in the
city OF New York, and called 10 see some
merchants from my own state who stop
ped al the Pearl-Sneel House. Seeing
there so many business men aud inirlli-
gent merchants all al one house, and col
lecied from all the states in the Union
TO purchase goods, said 10 friend and
merchant, 81 presume there is more
money now in the Pearl-sireet House
than there is in al the other hotels in
the city," He said. "No there was
tprobably less. The merchants, as soon
as they arrive in the city. 90 directly 10
The bank and deposi,e their money Cor
safe keeping. and draw as they need H."
Now. why did no, these vigiisnt msreh-
ants deposite their thousands of private
treasure with their host. the landlord I
Simply because il was more safe in The
bank.
The enormous defalcstions which have
occurred during the last few years, but
which have come 10 the light and know-
ledge Of The public within a few mon,hs
past, demonstrate the fsllacy and danger.
OF inuusiipg individuals with the cas,ady
oflargs sums Of the public money. Sad
fexperience has clearly shown that The
public treasure is insecure. and commit.
led 10 earthen vessels. when in the hands
of sub-lreasurers. Samuel Swartwo ui.
collector in The city Of New York, 10
NOV ascer,ained to be delaul,er 10 The
astonishing amount OF mare than, fioelUe
hundred thousand dollars Of The public
money. This money he never paid into
bank, but purloined il. aud ran off in a
steamship 70 England. This defaulling
collector has besa in arrears TO the Gov
ernment for several years. and his debt
permitted to grow larger and larger, an.
Ill he abscoaded. wilhou, the administsa.
ton taking one siroag decided step 10
deiecl the fraud, aud compel OF secars
payment: and thus The taxpayers have
again 10 pay 100000 dollars 10 sup-
ply thai deficiency ia the Treasury,
occasioaed BY his fraudulent defalcatina
and The gross negligence d the Secses.-
~ Of the Treasury.
William Psice, The district attorney
for the United States in the city Of N.
York. collected an Immense amount of
public money, and he. too, has run away
in steamship. and gore 10 .,ha, coun.
try (Englandl from WHICH no sub-nea.
surer returns. lie the land pf lices. also.
there are large delalcs,ions among ,he
receivers Of public money. and snme Of
them were continued in ofliee long af.er
j. was rei ks0srn they we're defaul,ers.
These frequent defslcstions aud heavy
losses should make rejecting men pause.
and consider that i. is unsafe and DANCE
rous 10 inirusi the custody OF The public
money 10 the keeping Of individuals.-
These experiments may be sport 10 col
leetors, bu. they are dreadful TO tax. paw
ers. To pay reasonable taxes TO sup.
port good Government, such as ours 10
when well administered. Is patriotic and
praisewor,hy; but 10 pay taxes and con-
'r'bulions 10 supper, knaves. and robbers.
and swindlefs, is an abominslion 10 The
sight Of all honest men.
The sub-treasury scheme is dangerous
7 L. IN