Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-17

THE WAY To MAKE ANOTHER
SWARTWOUT.

The new and dangerous system of
Mr.. Van Buren-a system compounded
Of the Sub-Treasury scheme and a dis ;.
crctionory employment Of banks, both
aiming at fearful enlargement Of the
Executive power, has been exposed in
most mastery manner by Mr.. Senator
Rves in his late speech to the people
Of Louisa county, Virginia. We quote
the following passage
"By the Sub-Treasury project the FIX.
ecu'ive acquires the possession and con
troll Of the public moneys-by the dis
crctionary employment of Banks, in the
keeping and administration of The public
moneys, the Executive obtains n control
over the moueycd institutions of the
country. AT first view these two schemes
might seem to be incompatible. Hut by
the simple conrivance of depositing the
public moneys in Bank to Me credit OF
The collector on receiDer, who is the Sub
Treasurer, both objects are at once re-
concilcd and become, indeed, mutually
auxiliary TO each other. The Sub Trea-
surer or Executive agent has still per-
feet control and virtual custody Of the
money, because, Standing TO his credit
in the Bank, he can draw it out at any
time by his check, and reduce it into
his own personal possession and, at the
Same time, having the full and unlimited
discretion TO leave it in Bank or draw it
~ -fn 4 hn ~ all,
transfer it to some other, according to
his own interest or caprice, or the direc-
tions Of his official head--the inportan,
object of Executive influence and con-
troll over the moncyed institutions Of the
country is attained Now, fellow citi-
zcns, this system Of complicated evil and
insecurity, and of accumulated and cor
rupting Executive influence is the very
system, which il, at this moment in full
operation at New York, the great cen
trai depo, Of the public moneys, where,
ms we are told by tho Secretary of the
Treasury, smear two thirds of the whole
amount of the public revenue, arising
from duties, is collected" Its workings
are fully developed by the examination
aad testimony of the Collector himself,
(Mr. Jesse HoyO contained in docu-
ment most instructive for its facts, (the
Report of the investigating Committee
on the Swarwout delalcation) which |
sincerely wish could be in the hands of
every citizen Of this wide spread Repub-
lie. Now, fellow citizens, you could
hardly believe it, if it were not vouched
by the eXtortod and reluctant testimony
Of the party himself, that all this immens
portion Of the public treasure, amounting
annually to some fifteen millions Of dol
lars, is kept by MIR. IIoyt as part of
his private funds lie employs two
Banks the Bank Of tho State Of New
York, and the City Bank of n. York, }
Gas his own agents." (to use his own Ian
guage,) and not as 'ihe agents Of the
Government" lie dcposites the i'm.
mcnse sums Of public money collected
by him to his individual account in those
Banks, and not even TO his credit as col.
Ieetor, making "no distinctions what
ever" as he says, "in such dcposte:
between the public money, his own pri
vate funds, or the funds of his clients, ,
for Mr.. lloyt unIies IN himself the tripl,
capacity Of lawyer, collector and privat,
citizen. What, then, is to prevent Mr.
Hoy,, a, any time, from drawing out b,
his own private check, not million an,
IA quarter Of dollurs, after the example o
his predecessor, but Too or more million
Of The public money, according to ,h'
state Of this "priraic nccount' Of his, ant
invest it in his private spcculaiIons, or
pend IL upon some great political conies
iapol,ing The fate cf his patrons, or iahe :
"trip Of pleasure with IL across The Atlantic
Nothing - absolutely nothing but iha
official integrity, which the Prcsiden
himself has told Us, md which the recen
experience Of the country but too mourn
fully confirms, sis mol, al all times proc
against temptation. Yet such is the no
table Executive system Tor the safe
keeping of the public moneys Of thi
great, hard working aud sensible naic
of GUS"