Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-01-02

ante, besides The great revolution u must produce ~
,ther respects, will expedite orders ana imports Is
produce q sensible departure from the former more UNI
orm periods of laying in stocks OF certain xmas o.
nerchanase IN advance an, must thus add TO the irre-
zularity in our receipts from imports, as wen as u 'e
uncertainty in previously estimating their amount
The practice of mourning expenses IN certain cases,
Legislative, and sometimes military, y. u
different character, in anticipation OF appropriations,
and accustomed BY unexpected necessities or unusual
DELAYS seems be increasing. IL augmchls thc 10"
Of temporary deficiency, because large sums '!i. "
come payable in 4 mass and forthwith from NC itea
sury, when most of the members OF Congress u NV
time of making the appropriations expect tat inc Dur
den will be spread somewhat equally over the wioie OF
the ensuing year. oo
sShydben should not a constant saieguaru' OF so.te
under such irregularities oe po'u
T1ae Emission do this can hardly be coiSidered
~ frT,e check on extravagant expenditure, as that
kek woud seem to consist rather IN foroearancc 10
unnecessary appropriations, than in refusal to
provide ample means for paying with prompttuae uh-
der all probable contingencies, what has already been
and has thus received the deliberate sane
ton of CONGRESS The national pride, no less than us
honor and credit appears to be concerned IN adopting
some measure on this subject stable, efficient, crcd"-
bic to free institutions, and possessing paramount IN
fuence to preserve unspottcd the public faith.
The States now possess, separately, quite as dcep an
interest in such an arrangement the General 10
vernmcnt, since blow on tho credit Of the latter
would like an electric shock be felt through the whole
Incnse amounts of stocks.
1t is hoped that actual failure to furnish means 70
make prompt payment, under all contingencies, anu
thus producing the very violation OF good tath 80
much to be deprecated, will not be necessary to ava
ken its guardians to the urgent Importance OF some
such remedial provision; measure, without whicn IN
the shape Of investment or large balance on aa, OF
authority given postpone certain classes OF appro
pratons when the proves nsufncIent lot the
WHOLE or some power borrow money, or issue, on IN
terest when necessary, drafts cxchequer bls, no
financial system in any enlightened county mas oeen
or can be- long administered with safety ana honor
In our system, the provision this sGplect was very
uniform and nor,nonent til the eXtingusiment of the
national debt in 1885 Previous to that time, large
balance beyond the expenses tor ordinary purposes was
generally collected and being kept on hand TIL near
the close of the year, to assist in any contingency
was then if not thus wanted, applied towards the pay
ment of the debt.
After that time the first in the event of uctua
tons was temporary and consisted of the accidental and
unexpected accumulation which Immediately followed
When parts of that accumulation were expended, anu
the residue was divided among the States instead OF
being invested and held to meet deficiencies, the re-
call of il, as fast needed for the latter purpose,
was still sanctioned by Congress, and constituted
The next permanent remedy. But this power Of re-
cali was afterwards taken from the Treasury Depart
mcnt, and instead of it the payment of one install
ment postponed, ard very limited authority
given to issue Treasury notes for aid in any contin-
rency That authority also expired in June last and
while in force contained acquisitions immediately TO
receive those notes in payments when offered, and al
the time preventing the reissue of them, Which
proved to be exceedingly announcement and hazardous;
which have already rendered two additional acts OF
Congress necessary, and which, in moneyed crisis
like the present, not only endangcrs all fiscal opera
TONS but would have stopped some of the most mpor-
tant Of them if not obyated in degree By scasonabe
arrangements made in anticipation of difficulty.
The department, therefore, is without any re-
Sort temporary permanent, in case of material def
ciencies and considering all the circumstances before
mentioned with the dangerous liability IN law to have
The whole of the outstanding Treasury notes pad IN at
any moment for public dues, without power remain
ing others i'll their stead; considering also the
present reyusions in the commercial world which al
feet seriously the receipts from both duties and lands;
considering the disasters which Detailing the banks
and rendering collected funds IN cases wholly
unavailable and the advances necessary 10 he soon
made for the large payments of pensions, and Ireasr-
ry falling due in March, the eares, attention TO
new legislation this subject highly prudent,
if indispensable, for the eticctual security OF the
public credit.
THE MANNER KEEPING THE PUBLIC MONEY, WITH
rRorFG GUARDS AGAINST LOSSES.
Rp5ng the present year, the public money has been
could he obt.sS' nK tsrf suitable banks
% IS36 il been placed IN them, sn,,n,,l -"
site When such could not be obtained, and the
amounts likely 10 be permanently large, or were
not collected by any public officer the money has been
placed in banks, in special depose, either in the nodi-
fed FORM as explained last year, under particular
stipulations in writing In other cases, where It was
small in amount, likely to be wanted Immediately
for public use, It has renamed with those collecting IL
till drawn for.
Only two banks arc employed Us general dcpo.
stores under the act of June, 1886 Their and
the amount of public money in each, subject to draft at
the last returns, are annexed, (k)
a tabular statement Is also appended, which SHOWS
the condition of those banks and the for the dis
continuance Of three of tina; class, since the last ses-
sion of Congress, (L)
In respect the system at present IN use, II IS not
proposed to add much to the comments which have
been submitted its defects, in former reports. The
failures among the banks within the last few months
have again strongly illustrated those defects.
Without further legislation, this system cannot be
made, and it certainly is not the most safe and
convenient one, whether Congress intend to continue
system of banks, adopt one independent of banks,
or employ mixed one composed OF both. But 1t Is a
system forced the department, by the pecuarltes
of the existing laws and the present condition OF our
banking institutions. 1t is believed to be the best
possible consistent with them. Under the present ar
engagements eventual losses supposed TO have been
sustained which properly attributable to this mos
of keeping the public money. Any small ones, waiich
are likely to happen, appear to be the result % 'iie
usual risks incident to the collection and dsDufse
ment Of the money, without reference to me manner
of keeping it. and these kinds of risks zfe InseParape
from any system heretofore in force on th:s sunec
whether consisting Of United States Bank, or sta'e
banks or either OF those mixed with individual oicefs
An exclusive of bank corporations for collecting
and dsbursng well keeping al the RH9e II n
could alone dispense o Former purposes, which has
sla9aI 3pcf from the foundation of the Government
Such an innovation has been proposed by some, and
and more especially in the large scaports But it
would create radical change in the whole theory Of
ell our collection laws. 1t would subject the Govern
ment in most Of its fiscal concerns to an entire and hu
initiating dependence on monied corporations. And
should the latter, though increased much in power,
not aspire more to misuse it, yet wider door would
thus be opened sinister influences well to great
fiscal arrangements and ultimate losses Recent events
have eynccd the dangers Of these strIkng!y to
Justify oil in being mistustf and to render the
further consideration of such plarsunnecessary.
The chief difficulty under the old systems need only
be understood clearly to be duly appreciated It has
when using for deposite either the State banks the
United States Bank Receivers and collectors have
also in many places effected payments with pronptudc
md almost nyc trouble