The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-24


ton, are formed. It is made the interest OF
banking institutions and their stockholders
throughout the Union, to use their exertions
for the increase oftaxation and the accumu-
lation of a surplus revenue, and while an
excuse is afforded, the means are furnished
for those excessive issues which lead to ex-
travagant trading and speculation, and are
the torerunners of vast debt abroad, and
: a suspension of the banks at home.
Impressed, therefore, as | am, with the
propriety of the funds of the government
beig withdrawn from the private use OF either
hanks or individuals, and the public money
! kept by duly appointed public agents; and
: believing, as do, that such also is the judg-
} ment which discussion, reflection and expe-
rience have produced on the public mind, /
leave the subject with you. tits at all events
essential to the interests of the community
and the business of the government, that a
, decision should be made.
t Most of 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. The difference is only in
form. In one instance, the government
is creditor for IFS deposites, and in the
other for the notes it holds. They afford
the same opportunity for using the public
: moneys, and equally lead to all the evils
attendant upon it, since bank can as safe
ly extend its discounts on deposte of its
notes in the hands of public officer, as on
; one made in its own vaults. On the other
hand, it would give to the government no
greater security, for, in case Of failure, the
claim of the noteholder would be no better
f than that of depositor.
am aware that the danger Of inconvenl-
ence to the public, and unreasonable pres
sure upon sound banks, have been urged as
} objections to requiring the payment Of the
I revenue in gold and silver. These Obiec-
tons have been greatly exaggerated. From
J the best estimates, we may fix the amount
! of specie in the country at eighty-five mil
lions Of dollars, and the portion Of that which
would be employed at one time in the re-
ceipts and disbursements of the Govern
} ment, even if the proposed change were
made at once, would not, it is now, af-
ter fuller investigation, believed, exceed
four or five millions. If the change were
gradual, several years would elapse before
that sum would be required, with annual
opportunities in the meantime 10 alter the
f law. should experience prove it to be OPP
) pressive or inconvenient. The portions of
the community on whose business the change
would Immediately operate, are comparative
ly small, nor is it believed that its effects
, would be in the least unjust or injurious to
} them.
In the payment of duties, which constitute
by far the greater portion of the revenue, a
very large portion is derived from foreign
commission houses and agents of foreign
manufacturers who sell the goods consigned
10 them, generally at auction, and aftor pay
ing the duties out of the avails, remit the
rest abroad in specie or il equivalent. That
the amount of duties should, in such cases,
be also retained in specie, can hardly be
made matter of complaint. Our own i'm
porting merchants, by whom the residue of
the duties is paid, are not only peculiarly in
terested in maintaining sound currency,
which the measure in question will especial
ly promote. but are from the nature Of their
dealings, best able TO know when specie will
be needed, and TO procure it with the least
difficulty or sacrifice Residing, TOO, almost
universally in places where the reveue is re-
Government for IFS disbursements must con-
centrate, they have every opportunity TO OBJ
tain and use them in place ofspecie, should
it be for their interest or convenience. or
the number of these drafts, and the facilities
they may afford, as we'll as of the rapidty
with which the public funds are drawn and
discussed, an idea may be formed from the
fact that ofnearly twenty millions ofdollars
paid to Collectors and receivers during the
present year, the average amount in their
hands at any one time has not exceeded al
million and 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 oil
the Treasury in keeping the public money,
are promoted by the application its own
draft TO the public dues. The objection
arising from having them too long outstand-
ing, might be obyated, and they yet made
to afford to merchants and banks holding
them an equivalent for specie, and that way
greatly lessen the amount actually required.
Still less inconvenience will attend the re-
quirement of specie in purchases Of public
lands. Such purchases, except when made
on speculation, in general, but single trans
actions. rarely repeated BY the same person;
and il is fact, that for the last year and
half, during which the notes of sound banks
have been received, more than moiety Of
these payments has been voluntarily made
in specie, being larger proportion than
would have been required in three years
under the graduation proposed.
It's moreover principal than which none
is better settled by experience, that the sup
ply of the precious metals will always be adj
equate TO the uses for which they are requir-
ed. They abound in those countries where
no other currency is allowed. In our own
States, where small notes are excluded,
cold and silver snpplY fheir place When 5