Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-24

were not permitted handle dollar, The du- |
ties being paid by the payers directly into
Bank, TO the credii Of the Government This |
is not the case with the Receivers OF Public |
Money for Lands, who actually took the
money and aferwar I'd deposited il in Bank at
their own discretion. This fact, explains
why, when there were but few Of the Col.
lectors Of 1867 who proved delaulters. a
very large proportion Of the Receivers did
so. The facility and the temptation afford
ed to the latter was comparatively far great
or. The bearing Of these facts upon the
proposition to place and continue the Public
Moneys exclusively in the hands OF Public
Officers. is obvious.
What the President would infer from 'the
losses on duty bonds" is no, clear. The
Government gives credit on cerlain import
duties the importers, in some instances.
have proved unable TO pay their bonds. This
is bankruptcy, but it has no neighboIhood 10
defalcations. 1t may afford an argument
against granting credits, but surely none
either for or against any plan Of keeping the
Public Money unless il show the unsafe
ness OF individual security.
The President states that twenty-five out
of twenty-seven foreign governments from
which authentic information has been OBJ
tanned. keep their public moneys in charge
of public officers. This is doubtless correct
so far as il goes but we can add some addi-
iional facts. which will materially qualify it
and shed some light on the general subject
IN almost all foreign countries, Offices Of
honor and trust are conferred mainly on the
wealthy g. ilustrous---tbose whose position
and standing. apart fIom Office, would seem
10 render it morally impossible that they
should belray their trusts. And yet pecula.
ton is not unknown among them. To pre-
vent this. some Of them-France, for in
stance-exacls other revenue officers the de-
post by each of a Eeavy sum Of money with
the Government (styled "eautionnemenl'j
This money remains with the Government
from the day the revenue officer enters into
the possession of his Office until he leaves il
the Government paying him low inter-
est thereon. Ofcourse, none but the wealthy
can aspire to such poss-a state OF things
very unlike our own. and which would moi
be tolerated here. Similar expedients--oft
en- cumbrous, expensive and vexatious--are
found necessary in other countries 10 prevent
official pecuation of which are even
alluded TO by the President Now, compare
these with the positive and notorious facts,
that through forty years almost the entire
Revenues of our Government-amounting
in the aggregate TO nearly four hundred
millions were deposited in, kept by, end
disbnrsed from two successive National
Banks. without farlhing Of expense or loss
TO the Nation, though transferred from any
point where collected to any point where re-
quiTed TO be paid--without trouble, anxiety
or insecurity-and We shall be partially pre-
pared to estimate the value of the Indepen.
dent Treasury as discovery Of improve
ment in Finance. M MHrt
But the Presidents last quoted fact is i'm
perfect or mistake IN another respect. He
would seem to represent that twenty-five Of
twenty-seven governments have systems Of
Finance identical in all their leading fea-
lures with his protected independent Treasu.
ry.' AT least, this is the idea which the
mass OF readers will imbibe from his asseI-
ton. Yet this is very far from the truth
France entrusls her revenue TO the custody
Of public officers, ut--anti-commercial and
full OF specie as she is---she does not exact
the collection and payment Of her revenue
specifically in coin. So with Russia, and
with most other countries. We desire,
Therefore, TO place another fact in opposition
to thar stated by the Presdent-viz Of the
TWENTY-FIVE governments adduced in evidence
by him, it would be impossible TO instance
three which--the common currency of then
several countries being convertible paper
yet forbid the reception by theii revenue Off
GERS ofihat paper in payment OF imposts, and
exac, such payment in gold and silver exclu
sively. In this respect, we believe the prop
osilon now earnestly urged upon the Amer
lean People 10 be utterly unprecedented. and
certain il successful. TO prove oppressive
and disastrous in its operation. a,
!, What is that proposition Il is, in sub
stance
r. /. TO divorce" the Government from al
connexion with Banks. and keep its reve
nues exclusively and rigidly in the hand;
of its own functionaries as -a, d
g.. To collect those revenues exclusively
specifically, in gold and silver coin, anc
, keep them in such coin until their disburse
ment
!, These two propositions constitute the In
! dependent Treasury proieet-the former al
7 is unanswerably asserted by the President
. of no possible avail of efficacy without tn,
latter, These, the People Of the Unitet
+ States are now called 10 sanction and eslab
J lish as, the basis Of their system Of Nationa
: Finance To these propositions we object
Z and, since we find j impossible inthe brle
, space TO which we are confined, TO travers
I'll At. L. L.. =. IL