The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-01-09

reasons, developed by late events, 10 De
added 10 those which 1 have on former &C.
caSions offered, when submitting 10 your
better knowledge and discernment the pro-
priety of separating the custody Of the pub
ljc money from banking institutions. Nor
has any thing occurred to lessen, in my
opinion, the force of what has been here
totore urged. The only ground ON which
that custody can be desired by the banks,
is the profitable use which they may make
of the money. Such use would be regard
cd IN individuals as breach of trust, or a
crime of great magnitude, and yet it may
be reasonably doubted whether, first and
last, it is not attended with more mischiev-
Gus consequences, when permitted tothe for
mer than to the latter. The practice of
permitting the public money TO be used by
its keepers as here, is believed to be pecu-
liar TO this country, and TO exist scarcely
any where else. To procure it here, I'M
proper influences are appealed to; unwise
connections are established between the
Government and vast numbers Of powerful
State institutions other motives than the
public good are brought to bear both on
the Executive and Legislative depart
ments, and selfish combinations, leading TO
special legislation, are formed. 1t is made
the interests of banking Institutions and
their stock. holders throughout the Union
to use their exertions for the increase of
taxation and the accumulation of a surplus
revenue and, while an excuse is afforded,
the means are furnished for those exces-
sive issues which lead to extrayagant trad
ing and speculation, and are the iorerun-
ners of vast debt abroad, and suspen-
sion OF the banks at home.
Impressed, therefore, as | am, with the
proprletv of the funds of the Government
being withdrawn from the private Use OF
either banks or individuals, and the public
money kept by duly appointed public
agents; and believing, as do, that such
also is the Judgment which discussion, re-
Election aud experience have produced on
the public mind, leave the subject with
you. 1t is, at all events, essential to the
interests of the Community and the busi
ness of the Government, that decision
should be made.
Most of the arguments that dissuadc Il:
from employing banks, in the custody anc
I disbursement Of the public money, apply
with equal force 10 the receipt of their note:
for public dues. The difference is only il
form. In one instance, the Government
Is creditor tor its deposites, and in the
other for the notes il holds. They aiiorc
the same opportunity for using The public
moneys, and equally lead TO all the evils
attendant upon 1t, since bank can as safe.
/ Il extend its discounts on a deposite Of it,
notes in the hands Of public officer, as OF
one made in its own vaults. On the othei
hand, it would give to the Government II,
greater security, for, in case Of failure, tn
clam Of the noteholder would be no bette
than that of a depositor.
| am aware that the danger Of inconye
nience to the public, and unreasonable
pressure upon sound banks, have been urg
ed as objections to requiring the paymeu
Of the revenue in gold and silver. Thest
objections have been greatly exaggerated
From the best estimates we may saiel
fix the amount Of specie in the country a
) eighty five millions OF dollars, and the POI
tion Of that which would be employed :
J any one time in the receipts and dlsbursC
ments OF the Government, even If the pro
posed change we're made at once, woul
not, it is now, after fuller Investigation, i.
heycd, exceed four or FIVE millions.
Z the change were gradual, several ycal
: would elapse before that sum would be r,
: lquired, with annual opportunities IN III
mean tunc to alter the law, should eXper
encc prove II 70 be oppressive or mc0mt
= uen,. The portions Of the community G
whose business the change would immed
! ately operate, are comparatively small, NJ
Is il believed that lis effect would be in ii
least unjust or injurious to them.
E In the payment Of duties, which const
tute By far the greater portion Of the re-
: enue, very large proportion is derive
from foreign commission houses and agen
! Of foreign manufacturers, who sell II
c goods consigned to them. generally, at au
= ton, and alter paying the duties out OF Il
: ayais, remit the rest abroad in specie or
0 equivalent. That .hc amount Of dut
K should, IN such cases, be also retained
specie, can co. be made a matter
: complaint. OApwnimpofting merchant
= BY whom the #iduc Of the duties is pa
: are not only peculiarly interested in mali
n tanning a sound currency, which the inca
ure ia question will especially promot
: bat are, from tic nature Of their dealing
r best able to know when specie viii be nee,
T ed, and to procure Il with the least did
a! Guilty Or sacrifice. Residing, too, almo
# universally III places whore the revenue
T. received, and v here the drafts used by Il
/. Government for it, disbursements nu
IS concentrate. they have every opportnI
7 70 obtain and use them in place Of sperl
) should il be for their interest or cJuy
d uieDce. OF the number Of these dran
z and the facilities they may afford,
b wei as Of the rapdily with which Il
J. public funds are drawn and dsburscd,
= idea NAV 30 formed from that fact that,
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