, 1840-03-14

AgeIn. All experience teaches US that
large sums of public money left in the hands
oil individuals will be misused and squander
ed: 1t will either be used by the individu'
al himself for his own purposes, or loaned to
lm~Portunate friends whom he may wish to
accommodate, and who are sure not to be
able TO return it when called for.
II is said Banks are irresponsible, there
lore not to be trusted. In my opinion, gen.
orally, they are more responsible than indl.
vlduals.-Thry nave more means with which
to pay, and if they fail to make payments
when required, they ale as much amenaDle
to the process of a court of justice as indI-
vIduais are; and in addition, they are to be
found with much more certainty, as 4 cor
poration aggregate can very seldom abscond.
or leave the country, which an individual
easily can, and often does do when he mis-
uses the public money.
We need all the checks which can rea-
sonably be imposed on our collecting and
disbursing officers. Banks have been found
10 furnish one highly beneficial upon both OF
these classes. BY a regulation between
the Treasury Department and each deposit
Bank, the latter has been required at short
periods 10 furnish its account current with
the Treasurer. and on the face Of it TO snow
all sums deposited to his credit, when such
deposits were made, and by whom. By
comparing this account with the ccoun
furnished by the respective officers them
selves, II can readily be discovered whether
they are m~isusing the public money or not.
BY the prosed change, and allowing the col
lector or receiver TO be himself the keeper,
until the money is wanted for use, you have
no cheek whatevc-, and the whole money
received by an officer may be ~squandered
before it is wanted for disbursement, without
any means Of detection.
| therefore, conclude the ub-TreasYry
Bill ought not TO be passed, il thore were no
other objections to il save that OF the pub
lie money being less secure. But there are
other weighty objections.
The only plausible reason which can be
assigned why we should discard Banks en-.
tirely and appoint Sub-Treasurers keepers OF
the public funds, must be, that the Banks are
unworthy Of confidence.
II that be so, does II necessarily follow
that you ought either not TO receive any
Sunk notes in discharge OF its due to the
Government. or if received that you should
order the Off GER with whom they are deposit
ed for safe-keepin-, Immediately to call upon
the Banks for specie 10 their amount. Ii Is
absurd to say we will not deposit with the
Bank, because we have no confidence IN IL,
and at the same time to allow our officers to
receive Bank totes and retain them in the
hands OF our officer up 10 the time we wish
to pay The money away.-There is less prob
ability that the Banks would redeem their
notes in specie when called on. than that
they would deny the payment of specie for
money received on deposit.
The practice then Of receiving nothing
but specie from-.debtors, or Of Immediately
converting the notes received into specie,
and locking that up until the time OF dis
bursement arrives must be resorted 10, in or
der to carry out your wishes.
This | apprehend would be ruinous TO So
ciety. A large portion of the specie that
otherwise circulate would be Withdrawn
from the use of every rcrson a considerable
Of each year.. This would elect the
prices of property. of labor, and OF every
thing else, and would render 1t next to I'M
for even i prudent man, who hap
pened to be in debt, ever 10 extrIcate HIM
self.
Beside this, the heavy draws Tor specie up
banks would compeIithem, in a short time
either to wind up or do 4 very precarlous
business. Whenever a'suspension Of specie
would take place, we would have
a deprecated paper currency, on which to do
the Business Of the country, and specie
would become an article Of merchandise.-
The man in ofire, or who had a job or con-
with the government would receive his
salary or his pay in specie, which he would
sell for bank paper, receiving a
Of some ten or fifteen per centum,
and with that paper pay his debts or pur-
chase such property as he might wish. This
is az this moment in operation. For
every hundred dollars paid me as a member
Of Congress, | can receive one hundred and
eight or nine dollars in bank notes, and with
hem pay the landlord who feeds or the tail
Or who clothes me.
1t has appeared to me, if we commence
entire operation which your resolution
,ontemplates, and 60 into this thorough hard
money system, we shall presently, in Ten
lessee, especially, be in a deplorable condi-
ooy ~ tic afacfs. all dehtS and tax