Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-24
From The New Yorker.
Independent Thoughts on the Indepen-
dent Treasury.

Nearly four columns of our last paper
were devoted to an able and forcible argu
ment from the President the Uuited States
in advocacy of the plan OF National Finance
known as the Independent or Sub Treasu-
ry.' We claim in turn privilege to review
that argument. and 10 devote less than half
so much space TO an exhibition of some Of
the points on which our own earnest convc.
tons are at variance with those OF the Fed
eral Executive, and the reasons on which
they are based.
The first consideration adduced by the
President in favor OF the independent Treas
ury' is its greater safety, as compared with
that Of Bank Deposite. In evidence oflbis.
he states that the losses OF the Government
from the defalcations Of collecting officers
since 1887 do moi exceed sixty thousand dol
lars. To reduce the amount so low. be ex-
cepts the loss Of more than million Of dol
lars by Swartwout--a very serious excep-
tion-and even then we believe his asser.
ton a mistaken one. II certainly cannot
cover the very great amount of defaulting
Receivers of Public Moneys for Lands.
| which were exposedin 1887 8. Within the
last year Collectors a, New Orleans and
1 -
| Worcester, and several Land Officers and
cosiodiaps Of Public Money have been sus-
perseded ;-some on direct proof Of embez.
element others on the known ground of de.
linquency in pecuniary matters. It must
be that The President has not looked sharply
for the peculation OF the last two years and
hall. or he would have. found its amount
far exceeding 100000,
! When il was remarked 10 DIR franklin in
Europe that the climate OF America was no,
favorable 10 longevity. he replied that this
could not be determined. as the first genera
ton were notall dead yet. Gen. Jackson. In
one of his Messages--we believe it was the
last-congratulated the country on The iacil
ity and security with which the State Banks
COLLECTED, kept transferred. and paid over
the Public Moneys without the loss of a dol
lar All this was very true and very easy
so long as twenty or thirty millions remain
ed in their hands but when they were re
quired to pay over the uitermost iarthing thu
case was sadly altered Without intending
any impeachment OF their general integrity
and solvency we think il would be so will
the Sub Treasures ifthey were subjected L
similar requistion. At any rate. unit
\ they, are, ,he,evidepce adduced by the Presi
dent even ilcorrect, is far from being con
4 elusive. g4a .,q. lstasl gt ,ass8 az
u But the President goes on 10 state that o
! the losses sustained by any class OF a
7 gents, the greatest have been by Banks
Z This, if true. is on the principle that whit,
J sheep eat more than black oDes---there being
more OF them. Throughout the far create
number ofihe years since our Federal Gov
!, eminent was formed, the Revenue has il
!, great part been paid directly into deposit
J, Banks, transferred by Treasusy drafts. an
: only paid out on the warrant Of the Treasu
rer. How could The collectors embezz
!. that which they were not permillrd 10 touch
: There is no mystery, therefore. IN the fac
!, stated by the President, that far more none,
I has been lest by discussing than by coliec
, ling oficers, nor does il prove asppsrior INC
ralily in the, one class as compared with III
j other The discussing officers often hav
-lfpnds actually placedin their bapds--gsnel