The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1839-10-10

as repositories OF the public money, mol on
the ground that they were regarded as
affording degree OF security against loss,
but on the ground that their proprietors
and conductors were numbered among the
personal favorltes and partlsans of the Adj
mlnIstration. Banks selected to be the
keepers of the public treasure, ON this
principle, might well have been expected
To fail while, on the other hand, il must
be admitted by the most ardent friend of
the Sub-tre sury, that there is not State
IN the Union which does not possess banks,
which, If proper discretion had been used
IN the selection, might have been employ
cd Tor the purpose with the utmost safety,
or at least with very little hazard of loss.
Has IT ever been pretended that our large
capitalists find any difficulty IN selecting
banks for their repositories, IN which TO
place their funds IN perfect safety Has
any one ever heard of any large capitalists,
Of sound judgement, having lost their mo-
ney by It's being deposited IN the lnstitu-
lions in which the Government has been
50 heavy loser II, then, the Govern
ment has been a severe loser, by the fail.
ure of banks entrusted BY i as its deposit
tories, merely because they selected those
institutions which ought not to have been
trusted, and which prudent and well-in.
formed men, IN the management Of their
own affairs, would not have trusted, and in
fact did not trust-this fact does not afford
any argument against the system of depos-
lie Itself, but merely against the manner
IN which the system has been executed
And II appears to be, in part, for the pur-
pose Of covering the disgrace Of the shame
tul abuse Of the trust Of selecting the Gov
eminent repositories. that the expedlent
Of regulating all bank repositories is now
reSorted to.
The objection that, at the late general
suspension ot specie payments, banks Of
undoubted credit and ability to pay their
debts. suspended for a while the pay ment
OF specie, in common with every portion
loi the community, cannot be considered
Las Of much weight. That suspension
arose from unexpected and extraordinary
causes, which are not likely TO occur again,
+ and, therefore, any argument founded up
/ on II Is not applicable 10 the present case.
( We shall have occasion to allude 10 this
point IN another view Of the subject. Il
rs sufficient, for the present, TO remark
that, great as the evil Is Of general sus-
pension ot specie payments, it is doubtful.
whether the fortunes Of the Government,
, ia such case, ought To be separated from
those OF the Puoile, whose interests are
under the guardianship and ought to be
under the elective protection Of the Gov.
! ernmeat The efforts Of the Government
should be directed to the prevention Of the
calamity altogether, instead Of being llmi-
ted to the objects proposed IN the scheme.
But ii II oe true that the funds and prope =
I, y of the Government are more sacred.
and ought 70 be guarded with greater pre-
cautions, than those Of individuals, in a case
affecting IN common The property and e.
tate 81 every Individual in the community.
even this ogyect might be attained, IN the
conditions on winch the banks should b.
made repositories Of the Government.
without abandoning all the advantages
~atca might result from the use Of these
institutions IN the management Of the pub.
lie revenue.
But the mast conclusive aud most per-
hnent answer 10 the argument in favor Of
the sub-Ireasurs, founded on the alleged
insecurity of deposlte banks, is that when
{, trlumpAantly given 10 the history ii the
tao Banks Of the United States, which ior
Penod Of nearly forty wears had the
wuple custody OF the revenues Of the [ NJ
ted States, collecting, transferring from
pace to place, and disbursing all the fund,
II the Government, without loss, without
refusal " delay 81 payment IN any Instance,
without cmbarTass ment or difficulty OF any
am1, and without charge. FIT be true thai
tire local banks are unsafe repositories u
the funds Of the Government, Tie conclu-
sNe answer to the objection IS, that eyen
the hazard Is fully oblrted By the estab.
llshment Of a National Bank. That thl-
would be an etiectual remedy, Is proved
net only by long experience, but BY other
considerations, which are obvious on a mo-
meBts reflection. That an institution. es-
tabhshed by express legislation Of the Go
vernmest Of the United States, with ex-
press reference TO It's having the custody
OF the public tuuds, and with all the preeau.
tpnay enactmehts, and all the control re.
served 10 the Government, necessary 10
give II the utmost degree Of security
wlth any desired amount Of capital derived
from private subscription, all of which
would be pledged for the payment. in the
first instance, Of the claims Of the Govern
ment ut every klnd--that such an Institu.
uJn must afford every desirable degree Of
safety tor the public money, no reasonable
and Confederate person viii pretend toi
doubt. That the funds Of the Government
entrusted to the charge Of such an in-titu.
ton nol only were, under the adtnlnlstra-
ton Of the t@o Banks Of the United States
which are now passed away, but that from
thg nature Of the case they must be, in any
similar institution Iudiciously framed I'm.
der the Legislation Of the United States.