, 1840-03-28

TO oi ilpppcanoe.
Now, sir, great chrn-es have taken place
IN public opinion since SepIembsr, 1897.
TIE prominent arguments then urged upon
itis ilonr against the independent treasury
bill have nearly all vanished away. We
now hear no more of a system Of well regn-
lated specie paying stale banks 10 ACT as
government deposit ares. Thu halfway
! house has been abandoned. The accninmn-
dalIuns there are M longer good. II Is IN a
~ruinouS condition, and can IL, longer shelter
those whp iurm-rlv took refuge in IT. Tnp
banks have blown up twice wirhin little
more th1n twn wears, ani thu blown this ar
sumeDi of their frIenis sky li-h. M
Statesman, after "ur recent experience.
would now thInk of p%!Icin. the peoples
treasure with the banks on general deposit
for sa~ie-keeping.
Far different is the independent treasury.
II presents every guaranty which can be al
iorded for the safety and security ot the pub
lie money. Ii wall he in the custody ot OH
GERS appointed by the gove:n.npnr. respons'-
bile 10 the government. and punishable ~ lei
ons for every violation al their trust In the
day OF danger. when The country Is rnvu'veI
in war. the money will always he ready; and
at such a crisis the banks would almost Ger
tainIy suspend specie payments. Besides,
they are mece state Institutions, over which
we have no control; AM they may, when
they Please. convert our money INTO rags,
aud then pilce us ut def ,ncs. They are
beyond the reach cf pll:Shnant under our
authority. Tne federal government. cannot
Justly he considered independent it we must
resort 10 state banks, or ttanv other power
except our own. iDr the purpose OF keeping
the m,n"y raised from the people by TAXA
non until it can he applied To execute the
great powers conferred upon Us by the con
S,IiutiIn.
Again: Pubic opinion has annihIa'ed
another Argument against the independent
treasury. The senator from Srmih CAROL
n. (lL-. PrtS,DaJ IN Much 1888, in his ten
Ic.ness towards The state banks, and for the
purpose Of ena5linr them to RESUME specie
payments, proposed TINT We shoI'd, i"r Il
limited pcriad, receive their IRE, Teen ,ti'c pa.
por in the payment Of du IS TO the govern
mert. Much eloglencc WAS ASP formerly
wasted upon the extreme cruelty oil havIn
one currency Cor the government and another
for the people. Tnink Gpdi we hear no
more al Ftii tI'iS. ' IEa>''il h'" -
lh1,, under any circu instances, the govern
meat ought L. receive IL 'rcCIIied bank pr
DER. Sdch fntIcicS have proved TOO hight
Tor earth. TIry have IiSen To the nom,
where it is said The crude notions of Sp"cn-
.la,ive politicians are still floating about, and
have a local ha5i;a,Inn AMI name.
The senator charges US with having en-
p!Dyed the state banks as dep ,>IIories. and
having commanded ihc!f conduct IN the hiLli-
est terms. TINS WAS Il gfIevouS S,n, and
~IrievouSlv hive we answered *. lac Git-
ference between INN and Us Is this: that, al
ter they had shown themselves To he utterly
unworthy OF our confidence, we Abandoned
them: bat at that m,mant he 81 ,Sprd them
10 AS bosom. Admitting that there has been
inconsistency on both sides. the state OF the
iict IS this: we adopted the state banks; they
BETRAYED us. and we cast them oil forever.
The npppsiiIna denounced this system III The
beginning, and proph">ied il would pave a
failure; but 1T the very moment w.'rn the
prediction WIS verified. they embraced these
caStlwavs Themselves with all rlie ardnr of
lovers. These banks. as d"pn"i"rirS at the
public nancy. are now rerultIied hy all p lr-
ties. Their day has p SD. anl we sh all
here little more of the u IN conncXIIu with
this subject.
All men are wise after the fact; but, TO
look back. it has often occurred TO me ns
wonderful hnw we could ever have crnided
in the state banks as safe general depuslro.
ries of the public treasure. Oar system oi
bankins is the very worst and the most
irresponsible thrt has ever existed "n The
face of the elrth. Tn, chIfterS III these
banks impose any "iii :i.nt restraints
u;r,n the first instinct of Their nature. Which
is 10 make us mnch money iur their stock
holders as possible. They will, there'"rr.
always expand their credits and their Issues
in The day OF deIusive prosperity without re-
garding the approaching storm. the i'm.
mense deposites Of the government increased
this fatal tendency, whilst the public money
was freely loaned, and lis security placed ut
hazard, for the benefit Of their stockholders,
bat for the ;uin of The country. The WON
der perhaps ought rather Id be that they held
out so long. than that they should have Fl
nallv exploded.
10 1896, the immense amount of these
deposites had stimulite them almost to mad