Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-04-02


A. even tho u. States Consul who iivss
u Frankfort on shs Maine, does not seem
himsev 10 think that the insututions uf thai
"smsll foreign government are 4 suitable
pattern" F." for larger states the writer will
leave u without further remaTk--smd proceed
20 give slight sketch aud synopsis Of the
bill which has been lately hurried through
the Senate of the United States, culied the
Independent Treasury bill--and which has
no doubt been hsstened through thst body
for fear its passage might be defsstsd by the
arrival Of newly elected Senators. or by in
structions received from State legislatures
more especially as Mr.. Silss Wright, ono of
its prime movers snd chief supporters in vot
ing for II, knew himself to b. scling directly
eontrary TO the declared sentiments Of three
quarters of his constituents. The draft OF
this bill 10 exceedingly cunningly worded and
carefully drawn up. Its most dangerous
features are insinusted with u seeming care
lessness into sections Of apparently trifine
importunce--but which will place powsr IN
the hands Of President but little dreomed
Of by tho great body of the people. As has
been before stated the control of the curren-
cy Of country, especially Of one 90 CONNER
cial In lis character as the u. States, is much
more dangerous to the liberties Of the people
than even the holding OF the sword. The
writer will now endeavor 10 explain some o.
the leading features OF the sub Treasury bill
which CONSISTS Of % sections, most Of which
bowevsr are Of but little Importance, and are
evidently intended To blind the reader, and
to prevent his perceiving the secret spring.
OF the machine, from their being enveloped
in SO much chatf:
SECTION lst- Provides, That secure fire
proof vaults md safes shall be prepared iD
the new Treasury building, now erecting ai
Washington, which with suitable rooms at
tsehed shall be the Treasury Of the United
States-to be under the control Of the Trea-
surer Of the United States. who shall Keep
oil the public monies that shall come into hi
hands.
SECTION I'd Provides, that the u. States
Mint in Philadelphi,. md the Branch Min
i1 New Orleans. shall be places Of deposi'e
tor the public monies at those cities--akd
the treasurers Of said Mints are 10 have the
custody Of The same.
SgcrIoN 3d-Provides, that vaults shall b.,
made in the Custom Houses at New York
and Boston, and the public monies deposited
there shall BE- placed in the custody Of Re.
ceiyers General-to be appointed from time
to time.
SgcrIoN 4ih-Propides. that vaults and
offices shall be provided at st. Louis and
Charleston, and Receivers General are to b..
appointed.
SECTION 5,h-Provides, that the four Re
ceivers General at New York, Boston, ST.
Louis and Charleston. shall be appointed by
the President, with the consent of the Senate.
SEcrIoS 6th--prohibits the using or loan.
ing Of the public money by any of the Re-
ceivers General, Treasurers, &c. and places
them oil under the directions OF the Treasury
department.
SECTION 7th-begins to disclose the cioren
foot, and places all the Sub. Treasury officers
al the Disposal Of The PRESIDENT, who is
authorized through his "UrIr," the Secretary
cfhe Treasury, To require such bonds Of the
sub treasurers as he thinks fit, and from time
10 hms reneic, strengthen and increase the Of
.eciaI bonds !" "any law in reference to any
ofthe Official bonds of any Of the said officers
tn the contrary Notwithstanding" This as
will be at once seen gives the President en-
tire control over all the keepers Of the pub.
lie money, and Of course over the money it.
self
SEcrION Sth-Prorides something farther
sbont bonds, and other fol de roi.
SECTION 9th-Requires all the subordinate
receivers Of public monies TO pay the same
into the Great Receiving Offices, as often a.
the Secretary Of the Treasury, or the Posi-
Master General may direct.
SEcrIoN l0th-The plot thickens fast, and
IL Is enucted-"Thst it shall be lawful for the
Secretary Of the Treasury to TRANsrsR the
moneys in the hands of any depository hereby
constituted, TO the Treasury Of the Uniied
STATES; TO the Mini at Phadel phia; to thu
Branch Mint at New Orleans; or to the off
ees Of either Of the receivers general OF pub
lie moneys, by this act directed to be appoint
cd; 10 be there fly kept, according to the
provisions of this act; and also to TRANSFER
naoncys in the hands of any one depository
constituted by this act To any other deposito-
ry the safty of the public moneys and the
convenience of The public service shall SEEM to
him To require which authority to iranste,
the moneys belonging to the Post Office De.
parfment is also hereby conferred upon the
Post .Moster General 50 far as its exercise by
him may be consistent with the provisions OF
existing laws; and every depository consti.
tuted by this act shall keep his account Of the
money paid to or deposited with him belong.
ing TO the Post Office Department separate
and distinct from the account kept by him Of
other public monies so paid or deposited
fh"e 'o' tHe Pu'Posc VI phytUcutS OIL tue puO-
lie account, it shall be laicfM for the 7rea.
snTer Of fhe United STATES to draw upon ANY
Of said repositories, as he may think most
conducive to The public Interests, or to the
convenience Of the public creditors. or both"
1t will be seen that the President through
bis offcers,by the powers granted him in this
section, can transfer all the public moneys or
any part Of them from New York to 81. Lou
ia, or to New Orleans, or from any one point
TO another, that "the public serricc shall SEEM
10 him 10 require" ERRArA- ''pubiic SER
pice" read PREsIDENr's SERVICE, thus giving
him the complete control Of the exchanges
while he has at the same time power to draw
through his treasurer on sny Of these depos
tories he may think proper in payment Of de-
msnds on the public. Arcbimedas, the an.
eient Mathematician, said, that If he could
find fulcrum on which to rest a lever, he
would raise the world. The writer of this
article believes that Mr.. Van Buren, must b.
very weak indeed ,ifwith the powers conferred
on him in this ono section of the Sub-Trca
sury bill alons, 10 cannot manage to rule
in the U. States as long as he chooses, and
then appoint his successor-providod he is
allowed year or two to get the machine in
complete operation. BY this one clause the
whole banking system Of the United States,
will be placed as effectunlly under the con.
troll ri the Executive, as il sco,ld haze been
Ind Mr.Van Buren, & CO. succeeded in 1898. .ir
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