The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-01-10


uniting 10 your better knowledge and
dIsesramout the pfoPnety of-ssPeranng
the custody Ofthe public money from
Banking .iasti,ationS. Nor has any
thing oceurred to lessen, in my opinion,
ethe force of what hes been heretofore
urged. The only ground on which thai
custody can be desired BY the banks,
is the profitable use which they may
snake eftks money. Such use would
would be regarded in individuals as
Sbreaeh Of trust, or crima Of great
magnitude, and yet il may be reasona>
Sbly douhsSa whether, fret or lasl. tits
not attended with more Halschievous
consequences, when permitted TO the
FORMER than to the latter. The practice
OF permitting the public money to be
used by its keepers as hoIe, is believed
20 be peculiar TO this country, and to
exist scarcely nay where else' To
s<Procure it here, improper influences
are appealed to; unwIse connexions are
established between the Government
. andvasl numbers of powerful State in
sttutions; other motives than the pub
lie good aresbrought to bear both 90
. she Executive and Legislative depart
''mSRts, sad sssish combinations, Lead
ing 10 specialleg,slatioa. are formed.
a II is made the interest 6f banking in
-siilutlons and their stockholders through
out the Union TO use their sxertions for
S1he increase OF taxation and the accu-
mutation Of surplus revehue; aud,
while an excuse is sfiorded, the means
, are furnished for those excessive issues
which lead to extravsgant trading and
s speculation, and are the forerun,ers Of
a vast deb. abroad, and q suspension
ofthe banks at home. 4
: Impressed, therefore, as ] an, with
: the proprie,y Oflhe funds Of the Gov
. ernment being withdrawn from the pri-
vate use Of either banks or individuals,
sand the; public money kept by duly ap-
spointed public agents; and believing, ss
! do, that such also is the Judgement
which discussion, reflection aud expe.
rience have produced on tho public
mind, I leave tho subject with you.
IL is, at-all events, essential TO the in.:
~tere.ts OF the community and the bug
tiness OF the Government, that q decIs-
ion should be mads'
Most Of the arguments that dissuade
US from@employing banks IN the custody
and disbursement Of the public money
apply, with equal force, 10 the receipt ol
their notes tar 4ubhc dues. The diff
ference 10 only 10 foem.v ln-oRe instance
the Government, is creditor for it's deT]
.pos,tss, and in the other for the noles it
holds They afnd the Same opporlu-
nifty far using the public moneys, aud
equally Load 10 all tie evils attendant
upon it, since bank can as safely ex-
tend ITS discounts -oa deposiie Ofits
notes IN the bands Ola public eaicer as1
on oua made in Its own vanIis. On
the other hard, it would give TO the
no greater security; for, iR
case nf failure, the claim Of the. notes
holder would be no better, than that of
Q depositor. ....
ain aware that the danger Of incon-
-yenience 10 the public and unreasonable
pressure upon eouad banks have been
urged as objections 10 requiring the1
payment af the revenue in gold and1
eiIver. Those obieotions nave been
greatly exaggerated. From the beef
estim Ates VIC may safely fix the amount
Of specie in the country at eighty five
millions Of doIsrs, and the portion oil
thst whirh would be employed at any
'oae time in the receipts and disbufse-1
Inenls Of the Governnieui, even 1t the
proposed change were made at once.
wesA Loot, ,it 10 GOV, afier fuller ipves-
,iga,ton, believed, exceed fosr or five
millions. df,he change were gradual
several years would slspse before that
eum would be,tequired, with annual op I
in the meaa time time, to1
alter the law, should experience prove
1t TO be oPpsessHe or inconvenieut. The
portions ot the community on whose
business the change would Immediately
operate, are comparatively small; nor
is il believed ihst It's effect would be in
the ,ssst unjust or injurious to them.
l., the payment Of duties, which
cons,ituteby far the greater portion of
the reveaua, avery large proportion it
derived from foreign commission houses
land agents of foreign manufacturers.
who cell the goods consigned to them.
vgenerally, at auction, snd after paying |
sshe duties Out Of the awaits, remit the
cEest abroad 10 specie or iis equivalent.
That the amount Of duties should, IN
such cases, be alec retained in specie.
can hardly be made q matter Of com.]
,plAiat. Our own importing merchants
sby.whom the residue Of the duties is