The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-04

narrow the field oil credit there. Does not |
this speak volumes 10 the patriot Can |
system be beneficial, wise, OF just, which |
creates greater anxiety for interests depen- |
dent on foreign credit, than for the general |
prosperity Of our own county and the pro.
fitaba exportgtion of the surplus produce Of
our labor!
The circumstances 10 which have thus |
nlverted appear to me to afford weighty
reasons, developed by late events, 10 be adj
ded to those which have on former occa-
, sions offered, when submitting to your bet.
ter knowledge and discornmeut the propri
city of separating the custody Of the public
money from banking institutions. Nor has
anything occurred to lessen. in my opinion,
the force of what has been heretofore urged.
The only ground on which that custody can
be desired by the banks, is profitable use
which they may make Of the money. Such
use would be regarded in individuals as a
breach of trust, or crime of great magni-
tude, and yet it NAV be reasonably doubted
whether, first and last, it is not attended with
more mischieyous consequences, when per
mit,ed to the former than to the latter. The
practice Of permitting the public money to
be used by its keepers as mere, is believed
10 be peculiar to this country, and 10 exist
scarcely any where else. To procure it
he.e, improper influences are appealed TO;
unwise connexions arc established between
the Government and vast numbers OF pow
erCul state institutions; other motives than
the public good are brought TO bear both on
the Executive and Legislative departments,
and selfish combinations, leading 10 special
LEGISLATION, are formed. 1t is made the i'll
terest of banking institutions and their stock
holders throughout the Union to use tier
exertions for the increase of taxation and
the accumulation of surplus revenue; and
while any excuse is afforded, the means are
furnished for those excessive issues which
lead to cxtavagant trading and speculation.
and arc the forcrunners of vast debt a.
broad, and Il suspension of the banks at
home.
Impressed, therefore. las am. with the pro
priety of the funds Of the Govt being with
drawn from the private use Of either banks
or individuals, and the public money kept
by duly appointed public agents; and be-
lieying, as do, that such also is the iudg-
ment which discussion, reflection, and eX-
perieuco have produced on the public mind,
/ leave the subject with you. It is, at all
events, essential to the interests OF the COM
muuity and the business Of the Government,
,ha, decision should he made.
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 il
form. In ono instance the Government is
n creditor for its deposltes, and in the 9th
er for the notes it holds. They afford the
same opportunity fer using the public mon
cys, and equally lead to all the evils attend
ant upon il, since bank can as safely eX
lend lis discounts on GepOsitc Of its notes
in the hands OF public officer as one made
in its own "auls. On the o.her hand, j
would give to the Government no create
security: for, in case oi failure, the claim
of the noteholder would be no better thai
that of deposlor.
am aware that the danger Of inconven
ience 10 the public, and unreasonable press
ure upon the sound banks have been urge(
as objections to requiring the payment o
The revenue in gold and silver. These Oh
icciions have been greatly eXaggeraed.-
From the best estimates we may safely II!
the amount OF specie in the country a
cightv-fvo millions of dollars, and The por
ton Of that which would be employed a
any one time in the receipts and disburse
mcnts Of the Government, even If the
proposed change were made at once, woul
not, II is believed now, after fuller investl
CATION, exceed four or five millions. Il tn
change were gradual, several years won
eIapse before that sum would be required
with annual opportunities in the mean Tim
to alter the law should experience prove
80 be oppressive or inconvenlent. The Por
tions Of the community on whose busmes
the change would Immediately operate, ar
comparaliyely small, nor is it belle 'ed tha
It's effect would be in the least unjust or in
furious to them.
In the payment of duties, which constI
tute by far the greater portion OF the reve
nue., very large proportion is derived from
foreign commission houses and agents o
foreign manufacturers, who sell the good
consigned to them, generally at anclion,an'
after paving the duties out OF the avals, re
nit the rest abroad in specie or It's eqnIva
lent. That the amount of duties should, II
.,,..h c,oos ha ra,ained i'm snccip can hard