The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-05-14

FROM THE lETTERs or
Hon. james Garland, DIVA
e To his Constituents.

iaoie schfme IS that % will endanger the
safety OF the public money. Il would
seem 10 me. isllow.eihzens, Thai facts
alone were sufficient 10 sustain the truth
81 this objection. The account Of Losses
by individual and bank sgsncy. stands
thus:
lndisidusp sgeney-by dis
bsrsing agenls, 1880. 900
By Collectors ADD Receive 's9
ers. 70 October. 1887, 2.I7s. O2e
ss.42s.O22
BY Banks. . repositories. ~. !.
about. $50. OOO
Excess oflnss By indiyidu-,
al over bank agency. IS. 67s. O22
To this nay be added about $500. 600
for individual def.lcslions since October,
1887, and deducled shout, 500. 600 col.
lec,sd or secured, leaving a rel, balance
Of IS, 27s. 022 in favor oI bank deposiio-
ries. These are The simple amounts as
gathered from he Treasury reports. I'M
islsitied and unsophisiicaled by The mo-
dern system Of ma gnjying and diminish
ing arilhmeiicsi rhetoric.
In reference 10 this subject I find in
The lasi annual message q he ''Pres,den,
The following deceptive and delusiye stale
ma M. ini4l-..i-s<. ut was etmenliy led
by the one-sidrd rspor, OF she Secretary
Of the Treasury; moi BY a mls.lalfmeni
Of fact. bul by Suppression Of fscl---a
suppression which leads 10 false conclu-
zion Of fact. The message says:
The general results. (,Ddependeni Of
the Post Office, which is kept separately,
aud will be slated BY iiself. so far as
they bear upon this subject, are, that The
losses which have been and are likely 10
be sustained. by any class Of agents, have
been The greatest BY banks. including, a.
required in The resolution, their dcpreci-
aied psper received for public dues; thai
The next largest have been by jisbursing
officers, and The least BY collectors aud re-
ccIrers." Ia. .....s
In opposition 10 This statement Of the
message. | place The following extract
from The report Of The Secretary Of the
Treasury. made in reference to this iden-
tical question in 1894. l,is: ~ /.
lois gratifying TO reflect, however,
that the credit given by government.
whether to bank paper or bank agents,
has been accompanied by smaller losses
in tie experience under the system oi
Stale banks. in ibis country a, their Dorsi
periods and under their sereresi eaiami-
Ties, than any other kind Of credit The go-l
vernmen' has ever gwen in relation 10 its
pecuniary transactions. Hence, unless.
the states and the United States should
both deem il proper. gradually. aud in
the end entirely, TO dispense with the
paper system. and which even, is moi an.
Hcipated, the government cannot escape
occasional losses from thai quarter, And
can never hope 10 escape all losses from
banks as fiscal agents, except by The en-
ploymeu, in their place of other aud in-
diyidual agents. who will probably. be
found less responsible. safe, Convenient,
and economical" - S., e
And. as most conclusive and ,rium-
phan, refu,aiion Of il, | quote the follow
ing extract OF a letter from General Jack
son to William ]. Duane. late Secretary
of the Treasury, dated Boston, June %,
1888:
II is unjust TO the state banks" (says
he) TO attribute 10 them The embarrass,
.ments Of The government and country.
which led TO the suspension OF specie
symen,s, and a deprecated paper cur
.rency; all those evils are attributable 10
other causes. -
In consequence Of combinations a
mong men Of wealth, opposed to the war.
the requisite loans Of money could not be
pr0curel--disasters overlook our arms.
for the want Of necessary supplies Of
funds; aud Others were threatened. Ii.
patriotism ever acMaled banks. i. was
fell in the operations Of many Of The 10
cal banks ., that gloomy period. Al the
hazard OF heir existence, they furnished
lie means Of raisiag armies and main
iainiag them 10 The ieldi and il was in