The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-02

troll Of the pubic moneys. Executive discretion should
be restrained aud limited ia tho strlcest possible
ner". Yet, Mr.. Van Buren,, strangely forgetting these
great msxims Of his kspublcsn predecessors gravely
asked 10 be pacd in this delicate aad important
branch Of the public interests, from all legislative
strant, and 10 DO left az hbsrfy" to "use Banks or
Hof as the fiscal agents Of tho Government, according
he or his Secretary Of the Treasury might determine
ito be "nssfnt polite or eonpsnisni to do So.
What would this be, gentlemen, but TO place all the
institutions oil the country the absolute dis
erection OF the Executive No rule Of iaU being esta-
bshed on the SUBJECT, prescribing the number OF Banks
to be employed, the Of the services he per-
formed by them, defining the OF hei selection
or specifying The for which alone when
poyed they should be discontinued fiscal agents. the
President would be ''left liberty" 10 employ them
when or where, IN What number manner he pleased,
TO impose what conditions he chose Diminishing
day, employing another tomorrow and thus welding
tho public moneys alternately lure terror TO the
Banks bring them at last into virtual subsection. and
close alliance with the Etscutire, Could there be
more striking Illustration or Q more seasonsble
ing oihe formidable character Of this sweeping discre
tionary power the moneytd institutions OF the
country, which the President modesy craved for him
SELF than in the oninous alliance which, in spite Of the
most protrscted and embitered hostes, aud the most
solemn Of uncompromsing'' enmity, on one side
at least, its exercise had just effected between the adj
mnlstatioa and the most powerful banking institution
IN the Union. Ii for the sake of this moral deeply
interesting the public berties and the best com
mentay could offer on the ard alarming doc
trines Of the Presidents message, that felt myself
especially called to hold up this startling and
raj alliance TO the sober and earnest reflection OF the
country
But this new and most dangerous system of the
President--a system compounded OF the Sub-Trea-
sury scheme and discretionary employment Of
Banks both aiming at a fearful enlargement OF the
Executive power, deserves further development.
BY the Sub Treasury project the Executive acquires
the possession and control Of the public moneysby
| the discretionary employment OF Banks, in the
keeping and administration OF the public moneys,
the Executive obtains control over the moncyed
institutions Of the country. Al first view these Two
schemes might seem 10 be incompatible. But by
the simple conrivance of depositing the public
neys in Bank TO the credit Of he collector receiver,
who Is the Sub Treasurer, both objects at once,
reconciled and become, indeed, mutually auxiliary
to each o,her. The Sub Treasurer or Executive
agent has still perfect control and virtual custody
Of the money because, standing to his credit in The
Bank he can draw 1t out al any time by his check,
and reduce il into his personal possession and,
at the same time having the full and unlimited dis
erection 10 leave il in Bank draw it Quito
nue il in the same Bank or transfer it'd other,
according TO his own interest or caprice, or the di
rections of his official headthe important object Of
Executive influence and control over the moneyed
institutions OF the country Is attained Now, fellow
citizens, this system Of complicated evil and inse-
curity, and of accumulated and corruptng Execu-
live influence is the very system, which is, at this
moment In full operation at New York, the great
central depot of the public moneys where, as
,old BY the Secretary Of the Treasury, "near two.
thirds of the whole amoant Of The public revenue
IrSi 6 from duties, is collected" It, workings
fully developed and exposed by the examn -tion and
testimony Of the Collector himself Mr. jesse Ioyt)
contained in a document most instructive for its
facts, Qhe Report Of the investigating Committee on
the Swartwout defacation) which sincerely wish
could be in the hands of every citizen of this wide
spread Republic Now, fellow citizens, you could
hardly believe IL if itwere not vouched by the
fprp am rel nj The m
hat all this immense portion OF the public treasure,
amounting annually to some fifteen millions Of dol
lars, is kept by Mr.. Hoyt part of his private
funds! He employs two Banks, (the Bank Of The
York; I" as his own agents" Ito use his own Ian
guagc,) and not as " the agents of the Government"
He deposites the immense sums of public money
collected by him TO ms individual account in those
Banks, and even his credit as collector max
ing" no distinction whatever" as he says, q in such
ieposites between the public money his own private
funds, or the funds Of his clients" for Mr.. Hoyt
unes in himself the triple capacity of lawyer, col
ector and private citizen What, then, is to pre-
vent MIR. Hoyt, at any time, from drawing out by
his own private check, not million and quarter
Of dollars after the example of his predecessor, but
two or three or more millions Of the public money,
4 according to the state OF this pirate account OF
his and invest it 10 his private speculations expend
| IL upon some great political contest involving the
fate Of his patrons, or take trip Of pleasure with it
but that official integrity, which the President him
self has told u.s. and which the experience of
the country but too nournfully confirms rs not at
all times proof against temptation" Yet such is the
notable Executive system for the safe-keeping Of the
public moneys OF this great Woodworking and sensi-
Bile nation OF ours In regard to the other branch
of the system, which makes the peoples money, or
speaking in practical sense, the "s,reams of
Executive bounty" flow from one Bank into another,
turned by The nod" of Mr.. Hoyt as the Treasury
yiceroy, and which enables him to speak Of the
Banks used for the deposi,e Of the public moneys as
his Deposile Banks" " his agents." &C., if It has
not yet developed its balefui political influence on
the moneyed institutions which surround him, most
assnredly the day is not far distant, when it will be
seen and fell in all the maturity of its mischiefs.
.See his annual Messages to Congress of Decem-
Der, 1884, and December, 1885.