Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-10-07


cone LupEp,
But this new and most dangerous system, of the
Presidcn-a system compounded Of the sub treasu.
~ scheme and discretionary employ ment of Bank.
both aiming NJ fearful onlarr cmcn, Of the Execu.
i've power deserves farther development. By the
sub treasury project the Executive acquires The
possession aud control oi the public monieS-by III,
discretionary employment Of Banks IN The keeping
ana administration ot the pnblic monies, the Ereca.
IRE obtains control Over the poncyed institutions oil
the country. Al iiist view these schemes mig ht
seem to he incompatible. But by the simple ronii.
vance of depositing the public monies in Bank 10
me creaH Of Inc collector on recCirsr who is the sub
treasurer, both objects are M once rcconcicd aud
become, indeed, mutual, auxiliary To each other
| The sub Treasurer or Executive agent has still n
perfect control aud virtual custody of the money
cause, standing 10 his crtda in the Bank. he can
draw 1t out al any time by his check. aud reduce II
INTO ms own personal possession; and, the same
time, having the in and unlimited discretion 10 leave
II 10 BANK or 10 draw II onto continue II IN the
same Bank or to tnpsier ii Ia some other, accord
ing to his own interest caprice, the directions
OF his official head.-ihe important object ui Efse
IRE influence and control over The noHfgc3 iHStiu-
HoHs OF the Country Is attained Nav, fellow cid-
zens' tins s,sIem o complicated e, and insecurity.
aud "i accumulated and corrnpung Executive III
huence, Is the very system. which at this moment
IN full operation III n. loik the great ccnrrd DE
POI OF me pubic monies, where, are told by the
secretary OF the Treasury. near two thirds OF the
whole amount oil The public revenue, arising from
duties, Is colccledh lis wo,kinrs are fully de,elo
ped and exposed by the examination and testimony
OF the Collector himself tMt Jesse lIoyt.) con.
tanned ~ document most instructive for IFS facts
(ihe Report OF the investigating committee on the
o"ail"onl dcl,leaion,) which sincerely wish could
Ic ~ the hands 81 every citizen Of This wide spread
Republic. Now. fellow citizens, YOU could hardly
believe H. TIT were not vouchcd by the cxloted and
reluctant testimony III The party himself, that all
this immense portion of,he public treasure, nmount-
ing annually TO some fifteen millions ofd0iidrs. iskept
ny Nh. lioyt as part of his prirdie )ahdS lie
employs two Banks, lthe Bank oflhc State of New
YORK. AMI the CITY Bank of New York; AS his
own agents. Ito use his own laneuage,) and not AS
y the agents OF the government" lie deposIles the
immense sums OF public money collected by hn, To
ms i"d'Ududt account in those Banks, aud not
10 ms credit ms collector, making " no distinction
whatever" as lie says " IN such deposiIrs between
the public money, his own private funds OF the
funds of his clients" fof Mr. loy unites in himself
the triple capacity Of lawyer. collector and private
citizen. What, then Is 10 prevent Mr. How, nj any
time, from drawing out. by his private check,
NOT mi''lon and quarter OF dollars AFTER tho eh-
ample of his predecessor, but two or thfee mote
millions "i the public money, according to the state
OF tins prHdfe accou;f' Of his and invest IN hls
private specnlalions, expend il npon some great po-
huca contest involving the fate Of his patrons,
take uip OF pleasure with IL across The Atlantic
NothIng-ahsoucl, nothing but that Official nteg
lily, which the President hiu,selfhss told us. and
"bch me recent experience ol the country hui to-
moufnlulIy confirms. :" IS not, at all tunes, proof
against temptations" Yet such is the notable Exec-
utive system for The safe keeping Of the public
mes OF this great, hard-working and sensible nation
ut ours ! In regard the other branch Of the sys-
tenn which makes the peoples money, or speaking in
a more practical sense, the +" streams 1f Executive
bounty flow from one Bank nto another, turned
by The nod" Of Nh. How as the Treasury vee-roy.
and which enables him u sneak Of the Banks used
Tor the deposIie of the public monies rs has De-
posne Banks" las agents, &c" il il has not yet
developed lis balelul political influence Oh the mo.
neynd institutions which surround him, most
suredly the day IS not far distant when II will be
seen anu lelt IN allthe maturity Of its mschei>.
Seeing, fellow. elfizens the vide spread devasta-
ion OF the public funds by The nideI OF Excc0.
tive agents, to " hose custody they were commtrd,
aud especially the immease stake Of the national
treasure left absolutely Al the mercy Of IN
he city Of New York. fell that some one should as
sumo the responsibility oproposng apractical remedy
Tor so loose " dangerous Of things The expei.
ence OF our own State having been fll of instruction
on tins subject, thought IL ncumbent on me- ii No
one else did, To bring forward such plan. lou all
recolleet, gentlemen, lie successive and morl1 ms
de'a'cations oi two OF our State TIeasurcrs men IN
whose piobity the most unlimited confidence bad
been reposcd but who were unable, as so many
others have been, TO resist the temptation Arising
from the possession control Of large sums OF pub
lie money. These occurrences, involving both
heavy pecunIary loss TO the State ard melancholy
sacrifice Of individual character and happiness, call.
ed upon the Legislature 10 apply remedy aud the
wisdom and experience Of nnr ablest practical men
were tasked III desislng II. system was AT length
matuted and adopted. which, in ten years OF success
iuI experience, has been found 10 confer the most
absolute security, and believed be as peri
the ingenuity OF man devise. The fundamental
and peTading rrinc pie OF II is, that public MONIES
should under no circumstances pass into The hands
OIL or be touched al all, by the Treasurer but lhnt
they should be paid directly into Bank the credit
Of The Commonwealth, aud upon the production Of
the cashiers receipt for lie payment, the Tieasu-
rer grants discharged to the public debtor. So
payments by the Treasurer HE TO be paid is first
asce, tanned and settled by tie auditor Of public
counts, who draws bis warrant for the amount upon
the Treasurer, and the Treasurer then endorses
he Udrrdnt an order Of payne addressed 10 the
cashier OF the Bank where the public monies
deposited, by whom the money is actually pad TO
the public crednor'Ihus, both in the receipts ard
payments OF the public money, not dollar Is ever
touched by, lett under the individual control of,
The Treasurer.
This was tic system, gentlemen, which, under the
high authority OF The erper,encs Of Virginia respect
fully rendered to The ieuds Of the administration
Aiuidng practical and efficient security TOT the
public mones. The Bill which ! offered pursuing
the very language OF s5iute, with such modifiea
tons dil, renee OF circumstances required, pro-
rvided that ia. public dues, instead of being paid
INTO the hands Of the Executive agents, should,
wherever Practicable be raid directly into the Banks
employed as repositories OF the pubic monies. and
there placed at the credHof The Treasurer IF
The United States. Benny paid directly into Bank
they would be secured against he RISKS which expo
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