Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-01-18

TIE aggregate amount Of losses sustained N the
COLLECTION cannot. 1t Is behcved. exceed sixty
thousand dollars. The driaeation Of the late
collector ai tina, cily. Of The extent and crcum.
stances of Shlch Congress has been folly inform
ed rnn through ~ the modes al Aeep,ng the pub
be money that have been hitherto IN the use. and
was di>lingu shed hy nm aggravated disregard of
duty, Tint bIpke through the restraints 81 every
system. and cannot. therefore, b. ussfuly refer.
RID 10 as test of the cumpaal,vr safety OF ei.
Their Additional inflammation wli also be furnish
ed by DE report of the Secretary Of the Tressu.
~. ia reply 10 cal made Upon that officer by
The House OF Representative ut the la, session.
requiring dc,alled information ou the subject Of
defaults by public otii or agents under each
Administration. from l7S9 10 1897. THIS docu-
ment Sill be submitted to YOU IN few days.
TIN general results, independent Of The Post
Office, Which is kept separately. and val be Stat.
ed BY asell,l so lar thry bear upon ihs subject,
are, that ihe losses which have BEEN and ara ike.
II to be, sustained. b, any ,ass Of agents, have
been the greatest by banks, including. AZ re.
qulred 10 the resolution, their deprecated paper
received lar public dues; thai the mex, largest
have been by dIsburNlng efliccrs. and The least by
collectors aud receivers. Ii tho losses on duty
bonds are included, they alone vii be Ihreeiold
those by both collectors aud receivers. Our
whole experience, therefore, furnishes ihc strong
est evidence that the dcsued legislation Of Con.
gtess Is alone wanting TO insure, ~ those opera.
llons, The hshes, degree Of security aud facility.
Such, also, appears 10 have been he cxperients
of other nations. From the results a lnqnlf.es
made by the Secretary Of the Treasury IN regard
% tho practice among thcm. | am enabled TO
state, tha, ~ twenty Two out Of lweniy.seven 70
trlgn Governments. from which undouhicd lnfof.
malion has been obtained, the public moneys are
kept IA charge Of public officers. This concur.
renee OF opinion IN favor Of that system Is per.
lmps rs great az exists on any question ol inter
nal administration.
In the modes of business and official restraint,
on discussing officers, No legal chungc was pro.
duced by tho suspension Of sprce paymcots.-
The report Inst referred 10 will be found 10 con-
tam, also much useful Information in relation 10
hs subject.
have heretofore assigned TO Couafass NJ
reasons for believing that The establishment oil
an Independent National Treasury. M contrmna.
led by tho constitution, Is necessary 10 The saro
action Of Tho Federal Government The sns.
pension OF specie payment. IA 1897, BY the
banks having the custody Of The public money,
showed IN 50 alarming degree our dependence
m those institutions or the performance Of du.
lies req tred by Law, thu then recommended Tho
'nIlro dissolution Of that connexlon This re.
communication has been subjected, as desired il
should be, 10 severe scrutiny and animated dis.
rassinn, and allow myself to believe TINT, not.
the natural dnersiucs Of opinion
which may be anticipated on subjects involving
such important conscientious, II has secured m
rs favor A. general concurrence of public sen.
Itncnl as could be expected on one Of such nar
ntude.
Recent events have also continued 10 deyciops
now oblecuoes to such q counexun. Srld m ia
my bnnh' under Tho existing system ard pmciicc,
'ole 10 meet on demand all ~ liabilities iur De-
'os''es aud notes ~ circulation. f. ruaialainI
Pocie payments, and itansncts u profitable husi-
'r's unlyb tho confidence Of the public in it,
Dlvency; and whenever this il DESTROYED, tho
emapd. d ~ depes'ors and nucholde,s-ptes.
ed more rapidly Than It can make collections
rom lis deblora--lorce II To STOP payment This
as OF confidence with ne consequences occur.
ed N s37, md Alluded the apology Of The
'ank. f'r lhrir suspension The rrblc then &C.
urseed ~ the validity of the txcu.e; and While
po State Legislature DID net exact frtm them
her forfeited thuftcrs, Congress. in accordance
an Tho recommendation Of the Ixeculrvr nj.
'"cd Them time to puy over The public money
iry hrld, although compelled 10 -.sue Treasury
oles 70 supply the deficiency tia. crrsfed.
u now APPEAR thJt there are olher motives tsn
want 81 pubac confidence uGder Rh CID tie hanks
az - iMtty thEse.yca Ih q refusal To meet their
iiSatons Scarcely were the country aud Gov.
."hent renewed, IN drgfe', from Tie difficulties,
rra''"htd by the general suspgnHan Of 1881. when
PAriidi one arcWfing Hiitln fIiy months If the
1mrF pnGIUCcG neRani sercti, ri,ttrrq~. rcntz
I"ngh II bld 80 palHtAn N such circumstances a,
sfc alleged ~ !lstitcaljin Of that which Ind prc-
"e'iy tsten pace. There was nothing in The can
'H,h o. lic country % eHdangpr wei lnansped
'HR 10 institution commerce was demnnnd t., no
'tiRh Wdf every bauch uf manufletnran t1dr,-
was ci"""fi with rich rewards and The aipre
dh "@uAi abundance 81 our h3rvesi.. aNer SUNNY.
4 onf domestic wants, had left oar aranayies and
''s thinseS hl'd VITA snriijs lor txpouauan Il
No le nadst oi ths, ttat au iue,lrcnlaha aud de.
etAled paper currency x entaLled ulua Tue pco.
e ~ q itTse puFuon ~ lbe bank. IAey are not
Hchlo y ~ uie exhibition Of . nss Of las cor-
renee. "r 81 sud- y pressure froin ther ienbsi
- I" mug notdefs' but they excuse themselves Nv
'"S'S u'at Ii't cdfEtnt oi bu, Ine.s and exchange
''' "e'sh VH'htr'ts which draws The piecous
gi1sifdtn nelr vaults, would require, "A order to
eyl 20, iIgLrf cut,ament al tbe,r taaHs 10 COM
,at'tly snaii pfllon OF tic cutnmuufv, Than il
. b. convenient lnr !Ieu % bear O. perhaps sase
y nie banks TO exact. The Plea las ceased 10 BE
ne II necessity. Convenience md policy ire now
eeneI sdihciJht 10 warrant these institutions in dis
.sdrdulg lie'r solemn obligations. Sneh canduct
mol merely an injury 10 ludlvidus creditors bat il
wong 80 'he Whole community. iian, whose lber-
ity they hod uost valuable prisieces--Mbose
sue hey ''o'alti whose bnslaeSs ,cy deranse,
% u'e '''1e Oh whose properly they render unS;a-
h aud Insecure Ii mrs, b. EVIDENT that This npr,
round Tor 3ank suspensions, n reference Il, vhi,b
e'r acton IS not only disconnected with but Who'll
independent o. uia1 Vi the public, gives char.
,'ef 70 'i'ef ssptnsiohs n,are alarming than any