Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-08-10

81
whatever, would again have been en-
trusted to those who had so faithfully
guarded il Instead of this, it is pro
posed, as measure OF prudence, Il
place the whole receipts of the treasury
amounting to more than~thirty millions
IN the care of men selected, as Office
holders have already been, under thu
rule of the present party, from tn,
class OF active partisans of the Pres
ident.
1t the people could ever have hesita
ted, In their opinion of such plan, thc
late developments from the Treasury
department would have left no room fol
doubt A single collector has absorbed
within the past year, million and Z
quarter of dollars; and The officer ap
pointed to prosecute this faithIess collec
tor and his surities. has followed in his
footsteps, with a hundred thousand
more. Look, too, at the report of thc
Secretary, on the affairs Of the Land
Offices, and see how we'll the Receivers
understood the railying cry OF their
chief, ITO the victors belong the spoils
of victory" And whoever will exam
me the statements of defalcations, as
detailed in official documents, will con-
clude. that the present debt of the Uni
ted States could be discharged by a
smaller sum than the aggregate due
from the collectors of the revenue. Is
this system likely 10 answer the safety
of the public treasure? The exper ience
of the world has proved, that govern
ments are seldom served as faithfully as
A IL
in the skill and honesty of an agent in
sures some circumspection in selecting,
AMI some vigilance in watching him.
And it may be fairly presumed, that men
whose principle business in life is the ac-
cumulation of wealth, have long since
discovered and adopted the safest sys-
tenn for preserving it. Such men, with
scarcely an exception, entrust their
money to the custody of Banks, rather
than of agents, or even of themselves.
Those are the persons whose example a
government should initiate.
Secondly. The cost Of the system is
so great as TO be serious incumbrance
on the Treasury. If it be conceded
that individuals would or could be selec-
ted, faithful TO such trust, some secu-
rlty must be devised against the temp
tatlon to robbery. Every keeper must
be provided with strong house, a Sc
cure vault, and an impregnable chest.
Even Banks, with all their securities,
have been sometimes entered by bur-
glers. And with ali the strength which
bolts and bars could furnish, guards of
soldiery might occasionally be required.
1t is difficult, indeed, to calculate all the
cost of so unwieldy a machine. In
France, the only country where this
system has prevailed of late years, and
where statistics are made public, the
cos. of collecting the revenue amounts
to near twenty-five per cent. of the
whole receipts. Our system, while the
Bank of the United States existed, cost
not fifth of that sum. BeSides-mon-
ey is not expended in the different parts
Of the country, in any proportion to its
receipts by collectors. A single land of
fee may collect, in one year, more than
is spent in five, in the whole region west
Of the AlIeghenies. Without the aid of
Banks, to transfer these sums to the
points where wanted, by means of cred
is, a sea voyage to an Atlantic port, or
he marco of caravan of wagons thro'
he mountains, is the absurd alternative
% which this system reduces the gov
ernment-with all the cost of guards
md insurance, and all the inconvenience
IF delay.
Thirdly. How is the currency to be
affected by the sub-treasury? For the
of an extended commerce, the
precious metals are clearly inadequate.
indeed, currency composed of no other
material would be too inconveni and
Unsafe for ordinary ncighborhood trans
actions And the experience Of those
nations which are most commercial, and
which have, therefore, improved most
had led them to the conclusion
hat the wants of trading community
,an be supplied in no other way than by
Bills of exchange for remit
ances, and bank noteo for ordinary cir
.uIation, are now universally in use a
nong enlightened nations. And in a
where no individuals are sufii
,ientlv wealthy to undertake this bust
less on a scale commensurate with its
commerce, agriculture and manu- ac-
ures. as is assurediv the case in the Uni
ed States, joint stock associations, con-
lucted with the prudence Tor which cap
talists are proverbial, and restrained BY
proper legislation, have been regarded
" all our statesmen, as furnishing the
Jest banking facilities that are within
,ur reach. State Banks, indeed, have
been too reckless for their
,wn advantage, or the souudness of
heir issues. But, with National Bank |
o check them, conducted with the wis
lom which distinguished the last, they
urnish a circulating medium superior
o any which the world has ever known.
Even in the absence of such great
and even if we could be SO
blind as to attempt currency exclusive
y metallic, by the destruction OF the
State Banks, who does not see that every
,illage would furnish support to a brood
IF brokers, fatsening on the necessities
IF the community? Bills of exchange
If every size would be sold at enor-
nous rates of advance, and even then.
vauld MT nrprent all the Snecie IN cir