Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-04-27
P LIT | G. A L
ANOTHER VOICE FROM THE OLD
DEMOCRATIC RANKS.
A LETTER OF HON. HUGH L. WHITE
OF TENNESSEE ON THE SUB-TREAS.
URY, PUBLIC LANDS, &c. SC.
To The Honorable The General assembly
or flo CJcie or T'snnessee


10 The Honorable The General assembly
Of The Stale IF Tennessee.
GENTLEMEN: On the 29lh of November last.
in the city Of Washington, received copy of
sundry preambles mud six resolutions, which APP
pear to have been adopted by you on the 18th OF
that month, instructing your Senators, and ro-
guessing the representatives in the Congress OF
the United States how TO act on variety of sub
jects.
An answer to the resolutions would have been
Immediately given had not believed it my duty
to remain at the post assigned me by your prede
cesson, until some Of the matters specified in
them should I've presented to the Senate for its
ton. Although might entertain an opinion diff
ferent from that employed by your honorable boz
dy, and might be unwilling to surrender that opin-
ion yet If no case should he presented Tor the
notion of the Senate, in relation to which such
difference of opinion existed, ] could perceive
no good reason why should state what course [
,ycnld pursue, upon n subject, which might never
he presented for consideration Now, however,
bills are presented to the Senate upon some of
the subjects embraced in your resolution, and |
deem it my duty without father delay, to inform
you, that cannot obey the instructions contained
in some Of those resolutions, and respectfully TO
assign some of the reasons which influence my
conduct.
Tint may be the better understood, | will no.
ce each of The resolutions in the order in which
they were adopted.
First. As one of your Senators, am instruct
ed "o vote against the charerns by Congress Of
National Bank
This instruction corresponds with the opinion
have repeatedly expressed and acted on and I
could now feel no difficulty in conforming my
vote to your wishes on this subject.
Secondly | am instructed "to vote for, and
use all lair AMI proper exerons TO procure the
passage Of the measure brought forward in the
Congress of the United States, commonly called
tn. al, I,In
BILL &c. &c.
The following, with many other. reasons indu
ce mo to believe ought not to comply with the
instructions contained in this resolution.
1t has often happened and will generally he
| the case, that considerable time must elapse he
| tween the receipt 0fpnblc money from the debt
or to the United States, and its disbursement to
their creditors during this interval the money
will he much more sale in the custody of well
selected Banks than il can he in The hands of III.
dividuaIs s'lpposing them to be faithful.
Suppose any one of your honorable body had
one hundred thousand dollars of his own money,
which he did not intend to use for six nine
months and lived in the vicinity Of Bank OF re =
spectacle standing, would he keep the money in
| his own house. under his own care, or would he
deposit it in Bank for safe keeping until he wish
ed to use it? If he was prudent man. regard
ing his own interest," he certainly would deposit it.
Are we then justified in taxing less care of the
his own? Wnh great difference to your better
! judgment, think not.
| IL often happens that the receiving officers have
on hand much larger sums than that named in
the supposed cnse and the sum is increased
and the time it is to be kept between its receipt
and disbursement enlarged, the danger of loss,
when ia the hands OF AN individual, is increased
likewise.
Again. All experience teaches us that large
sums OF public money left in the hands of ind
Ixf mis- ~ Ia sod ,.taeA1
either be used by the individual himself for his
own purposes, or loaned to inportunne friends
whom he may wish TO accommodate, and who
are sure not to he able 10 return it when called
for.
1t is said Banks are irresponsible, therefore not
to lie trusted. In my opinion, generally, they
more responsible than individuals. They have
more means with which TO pay, and it they fail 10
make payments when required, they are as much
anenable to the process OF court of Justice ms
individuals are ; and in addition, they are to be
found with much more certainty, as a corporation
aggregate can very seldom abscond, or leave the
country which an individual easily can, md of
ten does do when he InisSes the public money.
We need all the checks which reasonably
he imposed on our collecting and discussing Of
fcers. Banks have been found to furnish one
highly beneficial upon both OF these classes. By
n regulation between the Treasury Department
f and each deposite Bank, the latter has been re-
rent with the Treasurer, and ON the face of il 10
show all sums deposited to his credit, when such
deposits were made, and by whom. BY compar-
ing this account with the accounts furnished by
the respective officers themselves, il readily be
discovered whether they misnsing the public
money or not By the proposed change, and al
lowing the collector or receiver TO lie himself the
keeper, until the money is wanted for use, you
have no check Whatever, aud The whole money
received by az oicer may I've squandered before
il is wanted for disbursement, without any means
, of detection.
I, therefore, conclude the Sub Treasury Bill
ought not 10 lie pass ii, ifthere other oh.
cctons 10 it save that Of the public money heing
less secure. But there arc other weighiy ob!ec.
tons.
The only plausible reason which can he assign
, cd why we should discard Banks entirely AMI np-
point Sub Treasures keepers of the pubic funds
must he, that the Banks are unworthy of conf
dpnce.
II that be so, does it necessarily follow that you
ought either not 10 receive any Bank notes in dis
charge of It's due TO the government, # received
tlInt you should order The officer with whom they
are deposited for safe Keeping, Immediately to call
upon the Banks for specie 10 their amount. IL is
absurd 10 say we will not deposit with the Bank
because we have no confidence in il, and at the
= same time To allow our officers 20 receive Bank
notes and retain them in the hands of our officer
> up to the time we wish to pay the money away
There Is less probability that the Banks would re-
deem their notes in snecie when rallied on, than
= that they would deny the payment of specie ior
y nancy received on deposit.
The practice then of receiving nothing but spe-
- Gle from debtors, or OF immednlely converting the
notes received into specie and locking that up
: dulil the time of disbursement arrives niusi he re-
+ sorted 10, in order to carry out your wishes.
~ This apprehend would he ruinous TO society
large portion of the specie that might otherwise
. circulate would be Withdrawn from the use oil
. every person considerable p rion OF each year
This would etec, the prices of property, of labor
and ofevery thing else, and would render il nexl
e 10 impossible for even prudent man, who hap
II pened to be in debt ever TO extricatr himself