Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-01-09

"Pay"en' "h'n offered, and nj the same time Pre-
venting me reissue OF them, which proved to b,
eNeeeulhey inchhvenient aud hazardous-whirl
nave already rendered Two additional acts of Con,
efess necessary, and which, in mone I'd crisis l,k
the p'csrn, not only endangeis all fiscal opc,ntops
ou would nave stopped some OF the most important
OF Wem, u not oovated in degree by reasonable M.
Engagements, made IN antic pFtion of diffrntty
The Department. therefore, IL now without any
resort, temporary or permanent, in case Of material
ueheiencies, and considering all the circumstance
before mentioned, with the dang erous liability Ia Law
Ia have the whole out standing treasury notes paid
!" NJ any moment for public dues, without pome,
remaining 10 issue others in their stead considering
also the present revuisons in the commercial wotj
which affects seriously the receipts from both
n"'',s anu lands The disasters which Detailing
me banks ana rendering collected funds in so me
cases wholly unavailable, and the advances neccssa-
~ to be seon made for the large payments OF pen
s"ns aud Treasury notes falling due in March, the
earnest attention In new legislation on this subject
sec"s 'iRh'y prudent, II not indispensable, ior the
ehrelnal s,oufiiy Of the public credit.
I"e manner 81 Keeping the public money, ,cih the
proper guards AGAINST losses,
bhring The present year, the public money has
oeen kept IN the following manner. Where suitable
nahNs conil be osiained, In conformity 10 tho aet OF
1une % 1876 u has been placed 10 them 10 prprr
III uep"slle'-N hen such could not be obtained
anu me amounts were lkcly To BIO pcrnens ny large
or were not collected by any public ofliceI the mon
ey has been placed IN banks, in special deposl,r
ehhef III TIE modified form, US explained last year,
ornnder particular snpnations IN writing. la other
cases, where II was small IN amount or likely 10 be
wanted Immediately Ior public use, il has remained
"iih those collecting II iill drawn Tor.
Only Two banks me now employ ed as general de-
posiiofle'. under The act OF June, 1886.
In respect TO The system AT present in use, il Is
not proposed TO add much To the comments. which
have been subaltted in its defects on former reports
lhe ianies among thn banks within the last few
DOntls have hose d,I
without iurihcf Legislation, tins sem Cannot be
m"oe anu II certainly Is NOT now The most SAT. aud
convenient one whether Congress intend To contin-
ne sy'tem OF banks, or adopt one independent Of
nahhs, or employ 4 mixed one composed OF both.
But II Is systen forced on the department, by the
preuai"s oi lie existing laws and The preseni con
diiion OF our banking institutions. IL is believed 10
be The bes onr possible. consistent with them
Under the present arrangements eventual losses
are supposed To have been sustained. which are
property attributable to this mode ii keeping the
public money. Any small cues, which atc likely
To happen, appear To be the result Of The usual
rishs incident to the mcte collection aud dsburse,
thent oil the money, without reference 10 The manner
OF keeping II, and ,hrse kuds OF RISKS insepeaa-
BILE nom any system heretofore 10 iurce on this sub
jecl whether CONSISTING Of an UniIed States Bank.
or State banks, ,ilher Of those mixed with iudi
vidual officers
An exclusive use Of bank corpnlaIions for collect
ne aud discussing. ell as keeping all the public
6eeis iorIhe AVA former purposes. winch
las prevailed from the Foundation OF the Govern
meut. Such an Innovation las been supposed by |
-ome, aud more especially IN The large sraporls.--
But II would tie"ir u iahical change the whole
hshty ol all our collection laws. Ii would subject
he Government IN most oil s fiscal concerns IL an
sntne aud hhnlllaliog dependence on nohe, ed cor
lu,hltons. Aud should The latter lhous h iuct eased
~ much IN r. wef, bot aspire ore To misuse H. vet
"ider door would thus be opened To sinister lnlu-
t,.l. Il
imae nsses. Recent ,yenls have eviuccd the dan.
tis OF these so srihinply Hs justly all Ia being
more n,tnsliul, aud IL render the luther consid-
ra'oa ol such plan unnecessary.
The chlct Il III enIiy nhde, old systems need only
re understood elrarl, 10 be duly appreciated. IL
las MOI been IN making large payments or large
r'ns'trs, when using Tor del o,Ies enh,r the State
anks or tie Unh'd Suites Bank. Receivers aud
oll,cofs have also ~ many places effected pay
mems with ptomrtItude and 10 great amounts. and
lnost every trouble IN transfers by them would be
bslaed ty the pnthuuty heretofore asked lot The
Treasurer, To receive money lor lands ia advance ut
olnis mutually Convenient 10 The purchaser aud The
Treasurer. But the greatest defect innny former
!, stem, Connected with This disturbing subject, has
mays been ni different character. II consists IN II
yHDl Of an absolute piohlbiiion 10 employ The pub
&c money tor any private purposes whatever. aud ia
he want Of severe p nalties 10 enforce such pio-
libiiiou md Of adequate ehrcks and guards posses
ng preventive operation On both the minds aud !
cis OF officers, sufficiently powerful TO diminish de-
acatiuns.
THIS defect has exposed the Treasury TO constant
osses tronI The foundation OF The Goveinmen and |
Under all systems hitherto ~ use. il can be cfiec-
ually renedied by no ohioal regulations these
ave neither the extent respect, nor force Of laws
'ut only by such ne1 Legislation, both penal and |
Irohibrtory, ~ has bren repeatedly recommended
~ Tins Department., aud experience in most 9th
y has shown 10 be Indispensable To check
Icculations IN the must effective manner.
The correctness OF the statement as to the exis- |
ence Of these losses under all systems and al ad
ministrations Of them, which have prevailed since
he present form OF Government went into operation,
has been shown generally from official records
IN repofis made 10 Congress within the lat two
years, and they will appear more in detail ia -
reply. soon TO he presented 10 resolution Of the
House at Representatives., calling FOR particulars
defaults in leach ADMINISTRATION" from
1889 to 1887.