, 1840-03-21
RowLING-GREEN, MO. SATURDAY, MA
one of the first men in the country to assist
in putting him TO instant death. But,
"He must have optics sharp, I ween.
Lhn saa .rL.A ~. nni a a ha eaen

"He must have optics sharp, l ween,
Who sees what Is not TO be seen"
This, ! think, has been the case with the
Senator from Kentucky.
Now, sir. what is a bank! According TO
the usual acceptation Of the world in our coun-
try, it performs three offices. 1t receives
deposites, it loans money upon discounts. and
it issues a paper currency. acknowledge
that, in order to constitute a bank, it, is not
necessary that it should perform all these
three functions. There are banks of dis
coSnt IND deSesst ~:aare,S. and Here kre az
SO banks of deposite and issue only; and
this latter class of banks are the most secure
Of any in tie world, when the deposites are
confined to the precious metals, and the Is
sues, in the form of certificates, do not ex-
coed the sums actually deposited. Such
was the Bank Of Amsterdam, and such is
now the Bank Of Hamburg. IL would be
difficult TO form an idea of n bank of issue
alone, without deposites or discounts, al
though ! know, from the utter inability Of the
Bank Of England to regulate the paper cur
renry of that kingdom, the question has been
seriously considered whether one bank OF Is
sue ought not to be established, and all 9TH
er banks be prohibited from emitting paper
currency. 1t is certain that, at the present
moment, Il bank OF issue. purely as a bank oil
issue, does not exist on the face OF the earth.
Now, sir, this bill does not authorize the
public depositarIes to receive money from
individuals on deposite: and i, not only does
not authorize them to loan the public money
entrusted to their care, but il makes such an
act of felony, punishable by fine and impris-
onment. This bill, then, clearly does not
create a bank either of deposite or dis
count, and the Senator has not commended
for any such proposition. He has confined
himself 10 prove that it will create a bank
of issue: and | shall examine this proposition
a little more in detail.
And, in the first place. if there be a bank
lurking in the bill. then we have had a Treas
ury bank in full operation ever since the orr
gin OF the Government, without having the
least idea of its existence until the Senator
from kentucky made the discovery. There
has been no period Of tune, since General
Washington was first i~naugursted in 1888,
until the present day, when the Treasurer OF
the u. S. did not draw his warrants, Ell
Their on banks or receiving officers, IN iavor
of disbursing officers or creditors OF the
Government. Without this power the Treas
ury DEPARTMENT could not exist. Debts
could not be paid TO individuals, neither
could the public revenue be applied 10 nc
comp!ish the objects contemplated by The
Constitution. There is no other conceIva-
bic mode of conducting this branch OF the
public business. The bill makes no change
whltever in this ancient and necessary prac
tice. except 10 iTpose an important llmIta-
ton upon it which has never heretofore eS-
isted: and yet. according TO the Senator
from Kentucky. il creates a bank OF Issue
and the drafts drawn by the Treasurer on
the public depositaries. in favor OF creditors
and disbursing officers, are 10 be the paper
currency which it will throw into circulation.
| This il the SUN and substance of his whole
argu nent on this point. He might. with the
same reason, contend that, 1t an individual
in extensive business had deposites IN seve'
raj banks. and was in the habit OF paying lIs
debts and cd advancing money TO his agents by
drawing drafts upon these banks, therefore
he himself had established 4 bank Of issue
The cases are precisely analogous.
In what part Of this bill has the Senator
discovered the charter of his bank? lie
has referred 10 one, and only one clause, Tor
the purpose Of proving its existence. This
is TO be found in the tenth section OF the
bill, and. az il is very brief, ] shall read it TO
the Senate. 1t is as follows:
Sand for the purpose Of payments on the
public account, it shall be lawful for the
| Treasurer of the United States TO draw upon
any Of the said depositaries, as he may think
most conducive to the public interest, OF
to the convenience Of the public creditors,
or BOTH"
There, sir, is the charter; and what is II
but a mere recognition Of the power which
ii have Just been describing, and whalch
has existed, and must necessarily have exist
ed. ever since the origin Of ths Government
Ii REQUIRES the Treasurer Of the U. States
to consult both the public interest and the
convenience of the public creditor, or both
in selecting the depositary on which to draw
his warrant. This he has always done. In
the first place he must select a deposltary
with whom there is an amount OF money
sufficient to meet the draft; and among suct
depositaries he must, unless the public interes'
forbids, draw upon that one where IT will be
most convenient for the public creditor to