Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-01-10

united 10 say, Mr.. President, that of ali IN,
syslems yet suggested for conducting tho Fl
nances OF the country, this, 10 my mind. !,
iraught with The deepest dangers 10 the pub
lie liberty. What, sir banks to be "useo
or NOT as fiscal agents, according as the
President and Secretary of the Treasury
may determine il 10 he useful, polite. or
convenient TO do SO! The CONSEQUENCE.
would necessarily he 10 put ell The money e.,
'hs,''n'iohs ct the country under The power
ana al the devotion of the Executiye No
rule cfia,o being established regulating tbs
employment OF hanlls-no limi, fixed n Ibe
number which nigh, he employed. or terms
prescribed on which they should be en- pIoy
CD rs one might he employ ed to-day. md
ano'hcr tomorrow as those already EN-
| rloj ed might be dismissed, md new mo.
taken into the service of the Government,
al The sole will and pleasure of The iIxecp,
've-what would this be- but TO convert The
whole community Of banks into suitors f3r
Executive !ayor, and 10 subject them 10 the
dominion OF Executive power? Under th;,
system, il the Executive so wilIed Il the
SUD treasury scheme might be carried out
IN one section of the country. with all 10
aeso!ating eXactions Of specie, runs upon tho
o'hNs, &C; while, in another, banks wouJd
oe !he Iv0red agents Of the Government
o"u through tbetn every facility be given TO
The operations of Industry and trade. what
would THIS be, again ask, but 10 create in
INC hands OF the Executive a power abso-
iu'eiy aesposIc over the pecuniary concerns
OF tho Poople: Ii would give 10 the Exec,
u'i,e mel merely that Exclusive custody
anu sniire control OF the public moneys''
which is tho great end OF the sub Treasvrv
scheme, but il would invest them with .
sweeping doniniOn over the whole NJ III,
Moheyed Institutions OF the country. tn
10 Ieariui an accumulation Of now cr in the
haads OF Department of the Government
whose patronage nnd influence have already
proved an oVarinatch Tor the Representatives
OF the People aud the Slales, and. I some-
,thes lear, Tor the People and the States
,G"hseiVes, j, Tor one, will never consent
NO. SIR IL banks are the safest Repositories
a"u oes hscai agents Of the Govern mept. as
l oetiefe them 10 bo, and as The practice and
In great degree the Ian guage, tha Adm,n..
is'rat'on admit them TO be, let their smpiov-
msht ne regulated by lG,u Lot The number 10
oe employed be limited BY Iap; let the ,erms
auo c"nditionG ON which they are 10 be em
pioyea. ibe manner OF THAR selection. md tho
services they ste to psrfor N be oil defined by
td.r; lei the power OF tic 2 xecutivs over Iben
BE- strictly guarded by lssislatiy. dscIsr.
ation OF he sole causes for which, when once
employed, they shall be Discontinued. and
requiring, In every such case, prompt res
pof' 10 congress OF the special reasons Of th.
u'Nan'lhuancc. Int grave and i'm portraits
trust as the care and management Of III.
public treasure-e enc, too, so nscuIiarIv The
province Of the Legislative department IN
supervise, and which, in all countries. 10 fsIt
u, u, oe so intimately connected with the pub
nc 'Derty-lst US leave nothing to Exacu-
i've discretion, which can be defined md
regulated by law
Tho progress Of this great insD cisl con.
troVersv has, as ii seems 10 me, MIR. pres;.
aeh', al length brought Va 10 this single IL.
sue-a grave and por;snious one j, poost az.
eG!ea.y is, put YET simple and dissmbsrrssa.
ed. That The STATE banks are 70 be om,lnv-
ed as fiscal sgeDfS OF the Government Is
nave shown, admitted both by the prsc,ice
ana language OF the Administration Tho
only question is, how end in VIVA, manner
'hey are To be employed. Are thew 10 be
employed Of The sole " ii and pleasure NJ the
E1ecW'oe, or are they 10 be employ ed under
'be sanction, limitations and resnona;b;I;,v
OF t9'0 ihe sub Treasury scheme. though
t'h recommended, and even earnestly re.
commended IN nsme, and intended, possibly.
'o f'eSseu IN lac', Is virtually Abandoned
IN argument. The objections tsksn In j,
by It's opponents have, one by ore hson
practically admitted, nol ouiy by the nnhiic
reason, which has emphGlically pronounced
us condemnation Of the scheme but bv IN.
administration itself The great and vitnI
prihcIpie OF the system is ,ho collect;o, 81
inc revenue IN bard muney. This. accord.
Ingiy, was put forward most prorninen,l,, :,
inc fncssage o.! the President q, the eytrs
session ci Congress, and wgs urged bv him,
WIN ,"h peculiar e"rnesiness. The legislative
oiScussion, during That session, il will be re-
corrected by all OF us, turned mainly ON that
fundamental principle OF the sya,em. II
was round 20 be unienabie in The ocen field
OF argument, and accordingly we have heard
nothing more OF ii in either Of the i,yn sub.
scqu"n' messages OF the President. or ennu,
al reports OF the Secretary Of tho Treasu.
rs.
ne next great question on whicb issue
was J1ned between the adyocalns ard ,bo
! opponents ni ibe sub J'rcosury schetos WINS
I 'ha comparative safety Of The banks and M
Po"i'c oincers, rs repositories of the pubjic
money Notwithstanding the triumvbant
/ apPPaI we made TO tha past experience of iha
Government on this head, and tho YES, A.
mount on losses which wa showed nv al,
authentic records of tho Treasury had hse,
sustained from GsiauIting public officers i
| was siili conicnded that banks were Isss =, .,
,hah '"a'VidnaI agents, and reports were cal.
lea i'fih from The Secretary Of tho Tressn.
/ ry, explaining away the onclpsiye ,e.i;r,o-
! ~ OF ms former reports, and mall loo ~
hy cet'aln TecondIlc calculations of ;r,o,o.,
SHu "i alleged depreciation. hearv loss :,
figures (lhough not in facO aca;,s, ,ho
""hNS, lo offset The enormous dsf,,,I,, -
PH"Ic officers. But whn, does The Sac-.,o.