Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-08

hanks cp0s"Trs. styling them, however, specdt IN
s"ad OF general der"siiorts, as they would We "h"ti we
az: Of jane lH3G 1t aprrar from The annual report VI
the Secretary before me- that there are al present
s.sitcn banks Gncudrg The Bank OF he u SGtesj So
cmpi0ycd ct tir discretion Of the Department, over ana
above The four ch Ill. remain general !rpoS''otIrs'
und, the pr0viaGfs Gf Nc law ot Jurr, lc"u Inc
public ,uGn,ys drposil,d in these sixteen banks are
described by The Secretary placed there on T''"'
deposir: Ut 0ppchcnG hcse SPtriGi derosrs vary
in II" essential respect from the seHer" GeTos'''S mace
tauks under he provisions Ui The acs c 1850 ihu'e,
therefore, added To the r..sufur respecting the Trans
nc:ions with the Bank If The u. 5 another calling upon
The Secretary tor pitCjse Information Hs /" the nature G"
his gem, MIS- with the whoEe OF the sixteen haIh'
in which public moneys have been p:crG on EPtcf"' ae
pcsiic requiring bin To state III what kinds u money
hrse .pccaI dpOsjtrS have been "ace; whether 'hey
have been h"id in Iite identical moneys originally de
posi,fd and whehrr he drafts drawn upon THESE cepo
cites hEvc been paid ont O. and The balances remaining
exist iU he vr:y sanarys originally G""siled ann none
other The 10 these queries viii serve 10 test
lhe true character o: tr Srcrriays peci"t dp"s'teS
and unless am giealIy deceived, will prove item 10
be ruI'ing but dclusve play ur"n words
In rFTrynr the list OF The different public crpnsG-
Iirs, contained in !hr Annual Report OF The Secretary
g.: The Treasury hs singular and striking state OF
tiirgs appears: that while Tie SUB Treasury System Is
s:j urged upon US, and The Secretary Of The Treasury
has III Is existing condition. Of thnge full discretion
To direct the keeping Of the public moneys ns c ''!EEs
best o.! an aEgrrnae of public moneys In tic posses
81 SO 800 tir oi 81 80 GO Is deposited in ba"ks,
II j!h 80 ~ the four UNITS, and S&S SIC only nj pIe
srm, in the hands Of collectors and receivers COULD
there be stronger testimony shan THIS involuntary III
butte the part al the Secretary % tie Treasury lohe
suycfnr SAFELY amd convenience nt banks az pubic De
pusi,nriss; o! III" SUM o: ::E'Juto Gep"sitfh III
banks, S2!'5lll only is deposited III banks employed
under the pJnvis"ns of the ac Of !-:G The balance.
to wit 50 D. iIl IS deposited III banks employed at
i discretion II the Treasury Department. anG OF That;
= a. .-- in the Bank Of tie u =. alone.
Tie ,Tacice Of tac Executive, iicn, even "!i'r pro.
f. ssnc 10 have adopted the Sub Treasury systc'm at.
frd- the :"S' in Ic cCrgnon Of 'he superior value
and advantages r hatks Repositories and fiscal agents
They GcyteCa'9, il is true C"nrr&i"n WITH banks;
hut /, !r.Gi connection, sanctioned and regulated by
Iar il st ms whi; L.ry tcpccaic, rot one G"penang
on Executive pisCRLTIoS. Not only The practice OF The
Administrators" hu' tr express language bo'h OF lhe RE
sitter: ard Secretary q the Treasury, recognises the
birl and in the present condition al The commercial
w"ri minEl add. almost lnd Persabr utility OF bank
agency in he fiscal operations Of The Government; hu,
they are f.. having III" employ mcnl q! rahHS 10 lie m"
and disc, tiiLR Of the administrators OF The Government
The Secretary 81 ie Treasury While reasoning in favor
OF his Sub Treasury scheme, says fh appI"prI9lc ana
OF sona vtc sill Or made 81 the banks by The rca
srry as is GCuC by Others h@Tcvef cGnvtnshce should
7, q:e l. i!n ncIihe! party would be forced M" o
saCs U vaF.3l ga constant, necessary, ana DEPEND
=, IL ru.:, xru." &c. Tie President, III his messng".
lsRrr UP tie idea, says: B&hks Ike ether Stale
f.. isuit MS, may be used or not, ~ conducting The
ai!.S Il IL" Government, as pGt!!c I!icy al" Tue I'
ucr; interests tie Union may seem 20 require. ! LIE
o;,!, proper principle upon Which ih'r inter
c.'I.. with The Government cen lie regulated Is that
Ci r. uats their intercourse with the private ell
q n the nicTrng If mutual benefits When the Co
ycfu.nenl can accomplish n financial OPERATION better
,I The aid Of banks iLon without it should be at liberty
to ek that U, ou!G the services Of private bank
er r Other capitalists agents, giving the preference
TO those " hn will serve il Oh the best terms /, seems
lien ha, tie Secretary Of the Treasury and tie Prcsi
dent are by means, against The employment Of banks
b., thcy against tying uP the hunds OF Executive
discretion in i!eI: employ mrnt. An appropriate and
Occasun; may he made Ui them by the Treasury,
"a; IS tie Secretary, whenever convenience should
cure IL" They may lie usrd rot, repeats the
Pies dent public policy atn ia" general interests Of
lit uri"n may sEr 20 require; and THE Government
s kC i, al HtyfY 10 seek their aid i would the
sea- Gee Of a private La:Eer. &c. Who, would ask,
urd,r ts system world bc the ud.e " h. convent.
,ncr 30 use ilc rguage Of he Secretary. or public
pocy GccUiGns ihaI d the iresdrhi. required the
u.r Of bark: OF necessity, the EHtahfE-thr Depart.
r.ru, c!:a;ccd with conducting he financial operations
Of he Government.
Nov. VIII due Difference, must be permitted 10 say,
Mr President. hat II all The systems yet suggested Tor
curdurg ihr finances ot 1t country, hIs 20 my mind
is traun with The Grcpcs, dange;s 10 the public iber.
~ V hat Sir hanks 10 be "usid or n0t' fiscal
Hrruis sccurGing The President and Secretary OF the
Iagury .ay Lr,rTmc II To be u:e!nl. polite or con
ysucrl 10 60 so The consequence would necessarily
be 20 ruI all tie mCrCvCd inGi'Uilns 0i lie country un
de
r,e oc lac L,rg established, regulating the employ
:eul vi ba! ks limit fixed 10 HE number = hlcl might
t employed. erus prescribed, on winch i!ry should
Lp eunv,C-ns che III. h! be employed to day and ano
;h,T 10 morrow those already employed might he dis
MSS and new mic !ht service 81 lii. Govern.
M. nj nj HE sole III All! pleasure 81 III" EAccuTe-
a! wom!d i!s BE- but 10 convert HE whole community
Of iass into suors .cr Executive favor, and 10 subject
them 10 the Larnnicn uf Executive p"w1: Under his
M i! ,.:r ia, civr "!!!rG u, he Sub Treasury
al. ed
lry = i all iis GesUiaGg exact I" sPC, runs upon
the banks. &c white. IN another. banks w":'d he Ee
Iayritd agents Of the GoverEm Mt, ard through Them
every iacili. be gwen ~ e operations OF industry and
trade What would his Ec. agan ask, but tc create
IN tie hands al he Executive power absolutely drs.
10 The pacmniary ounce ms al The rt"pe: II World
oIye 10 ihr Executive not mt that "r!cEnslT" cuslG'
DIV and entire cnn.ic ut the pubic moneys; which IS The
rrc III end Of the Sub Treasury scheme; but Ii would IN
vest item with Il swrrpirg Grnn!cn over tie whole OF
tie none, cd institutions 81 The Country so fearful
an accumulation o! power III 'hc hands 81 department
% Tie Government, ~hOse pat Gn"Gc ana influence nave
ALREADY proved on Cycrnaic for the Rfrrfs' natives OF
.ic People md the States, ami, sometime. ear, Cr the
rnrlp nd Vie States ihf Gsclvts Ter ure viii never
Gu: s,n No. fbnnta the safest dcp""o''es aud
hes. fiscal agents III tie G"vrr"m nj. as D'iieTe mem
10 te and The p!gclice, aTd III g'ial urgt+ tue
iaruuagr 81 the Administration admit lErn To be, let
their cmrry M -. be regulated iE ,GT; let the urGtrr
lie employed be- limited By !air; lei Use terms ana con-
i!uns which they are u Ur eMpnysH: 'hc manner
OF iltiI selection: ana Tie services eF 1'e ~ p'''
be- all defined By iar; lei the power ut the Executive
over ,hr be- strictly guarded by legislative declaration
u, the sole causes for which. w'n once em?!oyrd hcy
shall be L!scrBInUtG and requiring, ~ every such ease
prnr, rrrn., Congress OF ,h" special reasons OF
the Gi>ccriinuaucr- grave ard important iusl
as iie care and cement Of The public teasnTr-on',
too 20 peculiarly the province Of the Legislative drPa''
mont to >ne.y:se und which, in ali countries. Is eit u
be So infinitely connected with the public ber'y-l.t
Us leave nothing 10 Executive discretion which can be
Gt i,rG at grgU.aitd b. law.
The progress Of his great financial controversy mas;
- :, s.rus lc ,u. Sr President al length brought MS 20
this single ssuca grave and poren'ous one II most Is
surediy is but yet simple and Gisembar aSsed That The
State hanks o:e 10 be employed fiscal agents &" The
Government, is, have shown. admitted both hy lie
n-sc,ice and anruare Of The Administration The only
rr.s,o Is how, and in what manner, they 10 be
employed Are they 10 lie employee at Tie sole wall and
p, ASSURE Of Ihe EG:cgre o. are they TO &c employed
under the sanction limitations and responsibility OF iauF