Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-08-06
THE INDEPENDENT TREASURY.

4
page. As this is the leading measure Of
the present administration, let every one
who would vote understandihgly on the
subject read it attentiveIy. Its object is
to confne the financial transactions ol
government to constitutional limits, and
dissolve the connection between bank and
state, through which foreigners have been
enabled to control the business of the
country, and embarrass the government.
Gen. jackson commenced this reform Of
the Hamilton system, by vetoing the Uni
ted States Bank. He appealed to the
people for the correctness Of this act,
and most triumphantly did they sustain
him. II remained for Mr.. Van Buren to
carry out this reform by recommending
the independent treasury system. 1t is
now a law, and the question is, shall it be
approved by the reelection of Martin
Van Buren, or shall United States Bank,
or the State banks, which have violated
the trust reposed in them, be preferred,
by the election Of VIM. H. Harrison9 Let
the people dicide.
II is said by the wings, that this law
puts the public money in the hands Of
the President. Neither the President
nor any other person can by this law draw
one cent from the treasury, without an
appropriation by Congress. "But," it is
said, che has the appointment Of the
treasurers." The President and Senate
have always appointed the treasurers; It
is made their duty by the constitution,
and so long as that instrument exists un-
unaltered, the appointments will be made
in this way. This objection, therefore,
Is no more forcible against this than
against any other PLAN
Tho following plain view Of the sub.
iects is from the Globe.
THE INDEPENDENT TREASURY
WHAT II is.
The Constitution Of the United States
provides that "Ho money shall be drdpn
from the Treasury bat in pursuance of
appropriations made by laD."
The palpable meaning Of this is, that
the money collected Of the people BY tax
es and duties, should be paid into the
Treasury, and there roman until Con-
gress should appropriate il by law to
some public objects, when it might be
drawn out for those objects, and no 9TH
ers.
The main design was to prepeht the
application cfthe public money to pri-
Udte uses.
The Treasurer of the United States
and the various collectors, were men the
keepers of the public moneys.
But there was class of men in the
country who wanted to get hold of the
public money tor their private use, which
could not be done unless the Constitu-
tien could be evaded.
This class we're favored by ALExAN-
DER HAMILTON, the first Secretary of
the Treasury.
The object could not bs accomplish.
ed by permitting the Treasurer and col
lectors to lend out the public money
the violation the Constitution would be
too palpublO, and the people would un-
doFstand It.
An ingenious plan was therefore de-
vised 10 eSade the Constitution, get no-
ney out Of Me TFcGsVFy sDitkOUt an ap-
preparation, and mtks use Of IL for Pri-
VGte purposes.
This plan was 20 make banks its keep
ers.
Instead Of keeping il, they would ST.
lently lend II oat, the people would know
about n and the Constitution |
would become, ID that respect dead lot
ter, while the stockholders Of banks and |
the borrowers Of their deposlteS, would |
get rich BY usipg the money Of the peO-
pie!
So adroitly and quietly was the thing |
managed thai the whole county slid into |
this unconstitutional system without be- |
ing aware oGthe principles involved in it.
Tie Secretary Of the Treasury every |
year repOked that there were so many |
millions ID the Treasury, when, Ia fact,
there waslnol = dollar there, the whole
having been lent out to traders and spec.
ulatoTs, tnd the Government having no.
thing lift bat a credit on the books Of
the bauks.
In 1881, all these keepers Of the pub.
lie Moneys became defdulters, Having
lent out the public money, and not being
able to collect il, they refused to pay the
warrants 5fthe Treasurer, and acksoiDI-
edgsd thSwsclpss defaalisrs, one and al.
This throw the Government back upon
the origlnalplan Of the Constitution and
began u openthe eyes of tho people.
Il was now discovered that the idea Of
keeping the public money in banks was
all sham, that. In effect. Il waa not da-