Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-07-25

IL and he is unwilling to refuse. We trust thu
he county generally will rally around him
j one unbroken body. He is a State RICH
y Democrat, born and nurtured under the urine
) piles OF Jefferson ard Madison. Besides he
, no Director in Bank, nor does he favor wit
" he shadow ofapprovaI, the Post Note issues {
the Mississippi Banks
d EXTRACTS FROM THE SPEECH OF MR.. POLK. O
G TENNESSEE,
= "N hist am up, it may be well TO notice
some other propositions Of amendment, whicI
me House have been notified will be made tC
this bill, especially as may not have another
: opportunity 10 address the House. A gentle
man from Virginia (Mr. Gordon) has sionifef
his intention to move the amendment to this hin
winch ne presented and had printed by order
Oh 'he house some days ago. That amend
'nent provides the collectors of the public rev.
enue; when the amounts collected are small,
shall be the agents oil the Treasurer. to keep
ana disburSe the same;' and that they shall re-
IeeiVe an annual compensation. 1t provides.
IlurtheF, that, at places where the amount col
IIected shall be large, receivers shall be appoin
TED, TO be agents ofthe Treasurer, TO keep and
Idlsburse the public moneys and that thew
snail be pad an annual compensation for their
services The Secretary of The Treasury, in
his report, has not overlooked the descrin,ion
OF personal agency here proposed, bat has sub.
mItted TO Congress his views in relation TO it
ne states mat this kind Of personal agency is. |
IN ms opinion, to be avoided in all practicabIeI
ana sale cases, under our present system of Sc
ec'ed banks; because it would render the svs-
ZEN less convenient, less secure, and more com
pieH, II not more expensive GJnIess
Inc States and the United States. should both
deem 1t proper gradually, and in the end en-
treIy, to dispense with the paper system, and
whlch result is not anticipated, the Govern.
'neht cannot escape occasional losses from that
quarter ana can never hope to escape all losses
rom banks as fiscal agents, except by the EN-.
Ployment IN their place, Of other and indiyidu-
al agents, who will probably be found less res
PohslDle, sale, convenient, or economical He
comedies That 1t would be practicable to employ
such agents, but not recommend it, for the rea-
sons stated IN the paragraphs of the reportIt
Whlch nave read, and because it would nor.
IN the present condition of things, be SO e)ici.
bic system as the present one.''
"A corporation may be safer than onv indi
Viduai agent, however responsible he NAV he
because 1t consists Of an association of jpd,y;J,
as loho haze Mrown together their acgreraied
meafh, and who are bound in their corSoyoL.
character, TO the eG'eM IF their whoIe co,jtoj
S0cG, Jor the dePoSlte. In addition TO his The
secretary oil the Treasury may reoure as hon. s
Wy collateral security, in addition TO their can;
TAI PAID IN, from such corporation. as conI1I
from an individual collector or receiver wb;ob
makes Inc Government deposites safer in The ,
8aleaS O bank than ii could be with an ind;yid
pdh "' '""'''"'
~ may be well questioned whether the heav. II
'e@ security wh'ch the most wcalthy ;ndipjduoI
;o"f" gre, could make the public deposiie safe n,
ne point Of large collection. SIN the civ odJ
New York half the revenue is collected. Sew.
eral millions Of public money NAV be in tbel
hands OF receiver at one time; and if he T. Il
corrupt, or shall engage in speculation or trodr
'lu meet with a reverse Of fortune, the lossli
w. 3y Government would be inevitable. 10
49, "'llple security as 1t was supposed, the
government lost million or more in the tea f.
asses lew years ago. The losses in three i
uses uses alone' as already stated, in 1927 and a
oZo' When 1t was supposed ample care had y
'oon lahch 10 secure the debt, amounted to near II
wo hllilonS. AS, then, 6et,Ceen the responsi-
t@ty O Il Pu6ltc receiUer and bank corp9rations -
S banks DO exist and are likely to exist, un. Z
or 0Lote authority, the latter, upon the Ground
SGtety TO tile Public, are 10 be preferred, p
"banks, when they are safe, recommend i
lehlseiVes TO the service Of the Treasury for
Their reasons. ~
ST. The increased facility they possess orr, c,
a'ctd"aI collectors or receivers, in MAKING
ansters of public money to distant points CoTr q,
sbursements, withou: charge to the Public i,
deed, this is service which individuals. 70
G extent ofour large revenues, could not per. -
rm 70 oil
w. 1t may happen, in The hucuation of the 81
mount OF revenue and expenditures that there " "
u be at some times considerable surplus in ~
Q treasury; which, though it may be Tempo.
IH II 1t be Withdrawn from circulation, and o
lcea IN the strong box Of receiver, the a. We
'g"S q circulation wW be iyuiously disturbed pr
"o"a'ng The depoSite, by which the value of
"iy article Of merchandise and property Ba
'ulo DC effected. So that, inasmuch as we err
ulo' anticipate or estimate what the exact
loon' OF revenue or expenditure may be from 81
~ 70 year, there may occur an excess of rev. ho
10 ~ 'ne treasury, not Immediately called an
10 DC disoursed, which IL would be yeyv,ncou- or,