Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-03


lcclors and receivers. 1.-THE losses on duty
bonds are included. thew alone will be three
Il fold those bv both collectors and receivers.
Our whole experience, therefore furnishes
the strongest evidence ihalthe desired legis-
lation Of Congress is alone wanting TO in.
sure in those operations the highest degree
of security and facility. Such also appears
to have been the experience of other nations.
From the results OF inquiries made by the
Secretary of the Treasury in regard TO the
practice among them, am enabled to state
that in twenty-five out Of twenty-seven for
eign Governments, from which undoubted
information has been obtained, the public
moneys are kept in charge Of public officers.
This concurrence oil opinion in favor OF that
system is perhaps as great as exists on any
question oil internal administration.
la the modes OF business and official res.
trains on discussing officers. no legal
change was produced by the suspension OF
specie payments. The report last referred
10 will be found to contain also much use
lul Information in relation TO this subject
have heretofore assigned 10 Congress
my reasons Tor believing that the establish
ment Of an independent National Treasury,
as contemplated by The Constitution, is nee
essary TO the snle action ol the Federal Gov.
ernmenl The suspension oil specie pay.
ments IN 1887, by the banks having the
custody OF The public money, showed IN so
alarming degree our dependence on those
institutions Tor Tue performance OF duties
/ required by law, that then recommended
me entire dissolution OF that connection.
ms recommendation has been subjected,
MS l desired u should be, TO severe scrutiny
ana animated discussion and allow my
sell 70 believe TINT notwithstanding the natuf-
aLoivers"ies OF opinion whicb may De an'ici-
paieI on aiisuoJecis involving such important.
considerations. II has secured IN ITS favor us
general concurrence oil public sentiment
rs eouid be expected on one oil SUCH magni-
tude.
heceni events have MISC continued TO de-
yeiope new OBJECTIONS TO such connection
Seldom is any bank under The existing sys'
lem ana practlce, able 10 meet, on Demand
al us iiaohi'ies Tor deposiies and notes IN
circulation. IL maintains specie payments,
ana ''ansacis proh'ao'e business. only by
the confidence OF the public 10 us solvency /;
ana whenever ihis is destroyed. the demands
OF lis deposiiors and noteholders--pressed
more rapidly than u can make collections
rom us deo,ors--iorce II TO stop payment.
This loss OF confidence with It's consequences
occurred IN 1887, and afforded the apology
o. Tue banks Tor ihelr suspension. The pub
nc then acquicsccd IN the validity Of the ey-
cuse; aud while the State Legislatures did
not exact from them their forfeited charters,
Congress, IN accordance with the recon-
mendaiion Of The Executive, allowed them
time 20 pay over the public money they
held. although compelled 10 issue Treasury
notes TO supply the deficiency thus created.
1t now appears tina, there are other mo.
lives than wan, Of public confidence IN
der which the banks seek to justify them.
selves in a refusal TO meet their obligations
Scarcely were the country and government,
relieved, in a degree. from the difficulties
occasioned by the general suspension of
/ 1887. when partial one, occurring within
thirty months ofthe former, producing new
and serious embarrassmrnis, though il
had no palliation in such circumstances
us were alleged in Justification OF that
which had previously taken Mace. There
was nothing in The condition Of The country
to endanpeTa well managed bankinr in.
s,i,ulion: commerce was deraneed bv no
foreign wnr: every branch Of m,nulac,ur.
ing industry was crowned with rich re-
wards and The more than usual abundance
OF our harves,s. ater SURVIVING our domes.
tic wants. had Ieft our eraneries and store
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