Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-08

pislatures to authorize the issue OF bonds
BY corporate companies on the guarantee
OF the Territory Congress passed law
in 1886, providing that no act OF Terri
torial Legislature incorporating banks
should have the force Of law until approx
ed by Congress, but acts OF very excep-
lionable character previously passed by
the Legislature of Florida, were suffered
TO remain in force. by virtue OF which
bonds may be issued to very large am
oun: by those institutions, upon the faith
OF the Territory. A resolution intending
10 be joint one passed the Senate at the
same session, expressing the sense of
Congress that the laws In question ought
not 10 be permitted to remain in force Tn.
less amended in many material respects,
but it failed in the House of Representa-
tires for want of time, and the desired
amendments have not been made. The
Interests involved are Of great importance,
and the subject deserves your early and
careful attention
The continued agitation of the ques-
ton relative to the best mode of keeping
and disbursing the public money, still
injuriously affects the business of the
country The suspension OF specie paw
ments in 1887, rendered the use of depos.
tie banks, as prescribed by the act of 1886,
source rather of embarrassment than
aid, and Of necessity placed the custody of
most OF the public money afterwards col.
lected IN charge Of the public officers
The new securities for its safety, which
this required, were principal cause of
my converting an extra session of Con-
gress; but in consequence of Disagree
ment between the two Houses, neither
then, nor at any subsequent period, has
there been any Legislation on the subject.
The effort made at the last session to OBJ
tain the authority of Congress to punish
the use OF public money for private pur-
poses as crime, measure attended I'm.
der other Governments with signal adj
vantage, was also unsuccessful, from di.
verslties OF opinion in that body, notwith-
standing the anxiety doubtless felt by it to
atord every practicable security. The
result of this is still to leave the CUSTODY
oil the public money without those safe
guards which have been for several wears
earnestly desired by the Executive and
rs the remedy is only to be found in the
action Of the Legislature, it imposes on
me the duty oil again submitting to YOU
the propriety of passing law. providing
for the safe keeping Of the public moneys,
and especially 10 ask that its use for pri.
vate purpose by any officers entrusted
with IT, may be declared 10 be felony,
punishable with penalties proportioned t.
the magnitude of the offence.
These circumstances, added 10 known
detects in the existing laws, and unusual
arrangement in the general operations of
.rade, have, during the last three years.
much increased the difficulties attendant
on the collection. keeping. and disburse-
ment OF the revenue, and called forth
corresponding exertions from those hav.
ing them in charge. Happily these have
been successful beyond expectation. Vost
sums have been collected and discussed
by the several Departments with unex-
pected cheapness and ease; transfers have
been readily made to every part of the
Union, however distant; and defalcations
have been Tar less than might have been
anticipated, from the absence of adequate
legal restraints. Since the officers of
the Treasury and Post Office Department
were charged with the custody of most
OF the public moneys received by them,
there have been collected sixtv.six mill
ions OF dollars, and, excluding the case
OF the late collector at New York, the
aggregate amount of losses sustained in
the collection cannot, it is believed, ex
coed sixty thousand dollars. The defal.
cation of the late collector at that city. of
: the extent and circumstances of which
Congress has been fully informed, ran
through all the modes Of keeping the pub
lie money that have been hitherto in use.
and was distinguished by an aggravated
disregard of duty, that broke through the
restraints OF every system, and cannot,
therefore. be usefully referred to as a test
OF the comparative safety of either. AID
ditlona information will also be furnished
by the report Of the Secretary of the
Treasury, in reply TO a call made upon
that officer by the House of Representa-
lives at the last session, requiring detailed
Information on the subject of defaults by
public officers or agents under each adj.
ministration, from 1889 to 1887. This
document will be submitted to YOU in
few days. The general results, Cnde-
pendent Of the Post Office, which is kept
separately, and will be stated by itself) SO
lar as they bear upon this subject, are,
that the losses which have been, and are
likely TO be, sustained, by any class of ap-
ents, have been--the greatest bv hanks
including, as required in the resolution,
their deprecated paper received for public
dues; that the next largest have been bv
disOursing officers, and the least by col
leclors and receivers If the losses ON