Columbus Democrat., 1840-01-18

aHl cic9b iFaue, equally capable Of extending
lher c1hFqueuces through Oh the ram.fcaiioas
o. ai' me banking system and by that mcans in
o"eety obtaining, particularly when our banks
are used as dep0sitoues Of the public moneys. a
dangerous political influence 10 the United Siates.
nave deemed It my duty 10 bring the sublcc, 10
your notice, aud ask lol II your serious consdera.
ton.
Is an argument required beyond the exposi
ton Of these facts, TO show the inprnprcty Of us
lng our banking institutions as repositories of The
public money! Can we venture not only 10 en-.
counter the risk Of their individual and mutual
mismanagemcni, but, at the same time, TO place
our foreIgn and domestic policy entirely under
the control Of a foreign moneyed interest To
do so is 10 impair the Independence Of on Coy
0nmeni, as the present credit system has al.
ready impaired The Independence Of our banks.
u is to submit all its important operations whether
Of peace or war, to be controlled or thwarted at
first by our own banks, and then by power a.
broad greater than themselves. | cannot bring
! myself 10 DEPICT the humiliation TO which this
Government and people might be sooner or iater
reduced, i tho means for defending their rights
are TO he mnde dependent upon those who may
have Tie mos, powerful Of motives TO impair them
Nor is II only in reference to the effect of this
state Of things on the Independence Of our govern.
nent or our banks, that the subject presents itself
for consideration it is to be viewed also IN its
relations to the general trade Of our country.
Tho time is not long past when a deficiency Of
foreign crops was thought to afford profitable
market for the surplus OF our industry, but no.. we
await with ievcr'sh anxiety tho @..1cws Of the Eng
I,sh harvcs''not SO mncs., mn., from motives of commen
dahl Ia
uuo'o sympaey, out fearful lest It's anticipated
ll;iure should narrow the field of credit there. -
Docr not this speak volumes 10 the patriot Can
asystem 10 benefcent wise, or ius which ere.
ates greater anxiety for interests dependent on for
eign credit, than FIR the general prosperity oI
our own country, and the profitable expectation
Of tho surplus produce of our labor
Tho circumstances to which | have thus ad
verled appear to me 10 afford weighy reasons
developed BY luie events, TO DO added to those
which have on former occasions offered, when
submitting to your better knowledge aud dis
; cernmcn The propuoty of separating the custody
Of the public money from banking institutions
Nor has any thing occurred TO lessen, in my
opinion, the force OF what has been heretofore
: urged. The only ground OH which that custod,
can be desired by Ito banks, is the profitable
|
. use would be regurded in individuals as breach
Z Of trust, or crime Of great magnitude, and ye
e il may be reasonably doubted whether first anC
last, il is not attended with more nischovou'
d consequences. when permitted by the former thar
n by tho latter. The practice of permitting The
= public money To be used by It's keepers as hero, !,
y believed to be peculiar 10 this country, and TO
. exist scarcely any where else. To procure i
y here, improper influences arc appealed to IN
i wise connections are established between 'he
!. Government and vast numbers of powerful State
i institutions other motives than the public good
: are brought so bear both on the Executive and
T Legislative departments, and selfish combinations
= leading 10 special lcgslaon,are formed. 1t made
f tho interest OF banking institutions 4 their sickhol-
dcrs throughout the Union to use their exertlons
II Tor The increase Of Taxation and the accumulation
: Of surplus revenue and, while m excusels oior-
. ded, the means are furnished for those excessive
!, issues which lend 10 extravagant trading and
n speculation, and are the forcrunners of a vast
J. debt abroad, and suspension Of tho banks at
/. homo.
1t Impressed, therefore, ms am with tho propr-
# ETY. Of The funds CT the Government being with
n drawn from the private use of either banks or
Y appoinied agents and believing, as do, that
i such also is The judgment which discussion, rctlcc
ton, and experience have Produced on The pub.
Q lie mlnd leave tho subject With YOU. 1t ism, all
\ events, essential TO the interests of the community
4 aud the business Of tho Government, that de-
cson should bemade.
d Most Of the arguments that dssuade us from
# employing tanks in the custody and disbursc
), ment otIhe public money apply with equal force
. to the receipt of their notes for public dues. The
!. difference is only in form. III one instance, tht
!. Government is creditor io' its deposles and IL
n the other for the notes it holds. They afford tn
, same opportunity for using the public moneys
N and equally lend TO all the c'is attendant upon i
since bank can as safely extend its discounts oi
- depoSi,e ef its notes in the lands Of public off
u Ger as on one made in its own vaults On the 9th
u or hand, il would give to the Government no greo
" ter security for, in case ofailurc, the claim q
" the note holder would be bcucr than that of dc
h posltor.
r. ] am aware that the danger Of ofinconvcnienc
=, TO the public, aud the unreasonable pressure upo
of sound banks, have been urged as objections TO r.
~. curing the payment Of the nyenue in gold al
a. silver. These objections haze been greatly e
ra aggerated. From the best estimates we mi
N, safely fS the amount Of specie in the country
= eighty five millions of dolhrsand the ponu
hs of thai wkich would be employed at any one tit
in the receipts and disbursements of the Cover
c,y n,cai, even IL the proposed chongcs were made
a. once would not, il is now aflor fuller uvestg
IN, tons, believed, exceed -four or five millions.
n the change were grdua. several years would
h., lapse before That sum wou,o b. required, with
ms nuol opportunities IN tho mean time TO ali
~ the law,shoud experience pWve Il TO be oppress
, of or lneonvcncnt, The portions Of tho conn
soa nlty on whose business the change would INN
ne. dotcly operate, are comparatively small, nor is
&c believed that It's effect would be in the least uni
,,. or injurious to them,