Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-01-25

| taXatlon and the accumulation OF a sur
plus revenue, and while an excuse IS at-
forded, the means are furnished for those
excessive issues which lead TO extraya
/ CANT trading and speculation, and are the
iorerunners of vast de BIT abroad. and 6
suspension of the banks at home.
impressed. therefore, as | am with the
Propriety of the funds of the govern
ment being Withdrawn from the private
use OF either banks or individuals. and
4 the public money kept by duly appoint
/ ed public agents; and believing, as do
that such also is the judgment which dis
cussion, reflection and experience have
| produced on the public mind, leave the
subject with YOU 1t is al all events es
sential TO the interests of the community
and the business of the government, that
decision should be made
Most o. the arguments that dissuade
US from employing banks in the custody
and disbursement Of the public money,
apply with equal force to the receipt OF
their notes for public dues. Tae differ
ence IS only in form. Ia one instance,
the government is creditor for It's de-
posites, and in the other for the notes i
holds. They afford the same opportuni-
ty for using the public moneys, and
equally lead TO all the evils attendant up
on it, since a bank can as safely extend
its discounts on a deposite of It's notes
in the hands Of public officer, as on
one made in its own vaults On the
other hand, it would give TO the govern
ment no greater security-for in case OF
failure, the claim Of the noteholder would
be no better than that of q depositor.
am aware that the danger Of incon-
venience 10 the public and unreasonable
pressure upon sound banks, have been
urged as objections to requiring the pay
ment of the revenue in gold and silver.
/ These objections have been greatly ex-
aggerated. From the best estimates,
we may fix the amount Of specie in the
country at eighty-live millions of dollars
and the portion Of that which would be
employed at one time in the receipts ard
disbursements Of the government, even
il the proposed change was made at
once, would not, it is now, after fuller
investigation, believed, exceed four or
five millions. If the change were gra-
dual, several years would eIapse before
that sum would be required, with annual
opportunities in the mean time alter the
law, should experience pror2it to Be op-
pressive or inconvenient. The portions
of the community on whose business the
change would Immediately operate, are
comparatively small, nor IS il believed
that It's effects would be in the least I'M
just or injurious to them.
In the payment of duties, which con
stitute by far the greater portion of the
revenue, very large portion is derived
from foreign commission houses and
agents Of foreign manufactures. who sell
the goods consigned TO them, gene rail- V
at auction, and after paying the duties
out of the avails, remit the rest abroad
in specie or its equivalent. That the
amount of duties should IN such cases B.
also retained in specie, can hardly Be
made matter Of complaint. Our own
importing merchants, by whom the resi-
due of the duties IS paid, are mol only
peculiarly interested IN maintaining a
sound currency, which the measure in
question will especially promote, but are
from the nature of their dealings. besf
able to know when specie will BE- needed
aud 10 procure it with the least Difficult
tv or sacrifice. Residing too almost
universally in places where the revenue
is received, and where the drafts used by
the government for It's disbursements
must concentrate, they have every oP-
portunity to obtain and use them in place
of specie, should it be for their interest
or convenience. Of the number or
these drafts, and the facilities they NAV
afford, as well as OF the rapidity with
which the public funds are drawn and
disbarsed. an idea may be formed from
the fact. that Of nearly twenty millions
of dollars paid to collectors and receiv-
.ers during the present year, the average
amount in their hands at any one time
has not exceeded a million and a half;
and Of the fifteen millions received BY
the collector of New York alone during
the present year, the average amount
held by him. subject to draft during each
week, has been less than half million.
The ease and safety of the operations
OF the Treasury in keeping the public
money. are promoted by The application
of its own drafts 10 the payment OF tie
public dues. The objection arising from
having them too long outstanding might
be obvlated, and they yet made TO afford
TO merchants and banks holding them an
equivalent for specie, aud in that way
greatly lessen the amount actually re
qnired. StiifSIess Inconvenience will at
tend the requirement OF specie IN ppr-
chases Of public lands Such purchases
except when made on Speculation. IN
general. are bat single TRANSACTIONS,
rareIy repeated b. the same person; and
ii IS a fact. that for the last year and a
half, during which the notes of sound
banks have bean received, more than a
noiety Of these payments has bsen
voluntarily made II specie, being ar
ger proportion than would have been
required in three years under the gra-
duaflon proposed. Il is moreover a
principle, than which none is better set
Ilied By experience. than the supply OF
The precious metals will always be found
adequate TO the uses for which they are
required They abound in those coan-
tries u here no other currency is
u ~