Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-10-06

lad hoods in the marhet. AMI wsro an,'nns to sell,
md concerning them I WIS constantly INTERCEPTED
own State. Massachusetts. haJ sumo BINDS here
mi Inc inquiry ~ TO all. was. A. 10 the saie'y IN
principal. and The probstzliiy OF the ~puocitd payment
,f the interest. I told Them. IN regard la VII the S'ates
hey might rely on the public faith. and on their abI-
iy TO keep that faith; aud u occurrcd 10 40 one. 10
far us I know. 10 suggest. that tho United States should
guarantee these debts
a capitalist deSirois ofinycttins in American bvrds,
thus obtaining a higher interest than the stocks oil
owu country afforded. consulted me about the safely
Of the Massachusetts, bonds. What dad { dot i gave
him a report made i'm the Legislature Of Massachusetts
showing the result ofthe annual puduce of the labor
and industry Of that State. AMI told him To take II home
and study il. (Applause) lie came back the next
he was satisfied. and asked where he could
nvesi f40.o00 in Massachusetts bonds. | named 20
the agent. and he did make the investment So
again of New York bonds. concerning which IL hap
pened To me I'd be consulted. I took fron my trunk
the admirable and convincing report ON the resources
Of the State. made by your Iownsmsn. Samuel X. Rug
giles. and caves il 10 my visitor. and with like effect;
and 50 Of all The States. rs far a. my knowledge went
of their ability. and with entire confidence ma their
good faith. | spoke without hesitstion-and in no In
stance was any reliance invited or placed on any thing
other than the separate aud distinct resourccs of tho
State issuing the bonds. What Ihcni There are ia
every capital m Europe some persons-a small but ac-
tive clique-;hat hate America aud Americans. and
desire u dothem injury always. They have presses
at their command. whose daily vocation II is TO repre-
sentIhe credit Of the States OF this Union as unht To
be trusted. There is no mode ofmiIigating the Zero
city OF these assailanrs; and The more they are put ia
the wrong. the more tenaripus are they OF error. Tins
press was. | grieve osay. furnished with new means
Of ca rrying on its warfare By publications emanaung
frnm this city. and sent abroad IN great numbers. IL
pro &C. that the State could not lawfully contract debt
or issue bonds. and that the foreign holders Of State
debt had no security whatever; and re yspapeTs of the
widest g,rgul,t,nn IN IN, sxnrll rgpeatal the, A tabrl.
cations.
In this state Of things. n bankers house in Londcn.
holding a large amount Of Massachusetts bonds. and
those Of other States. applied to me. as = professional
man. IN know. whether the States could contract debis
| answered-Ies That the States were rs ONereign
in thus matter rs any sovereign State of Europe. That
correspondence was published; but u is one you cannot
get inserted in an Administration ~paper-and yet. IN
spite OF this correspondence. maintaining the right Of
the States TO contract debt. aud their good faith and
ability To pay, u is maintained that I. aud those with
WHOM ! act; are active and systematic in bringing n
bout an assumption of these debts 10y the United
States.
But il seems .Ale..rs. Biring- have written a circu-
lar. IN VT ich they point TO any assumption. That
circular | never saw nor heard Of I'LL my return to the
United States last December; and then. too. I first
heard of MIR. Benion's resolution at Washington. I
wish TO repeat. that every where in Europe. where ia
any way State debts became The subject Of conversa-
lion. no English or European banker or bond holder
ever suggested 10 me. or in my hearing, or caused to be
suggested. any idea Of assumptions; and the first | heard
Of II was, rs | have already said, from an American
citizen IN London. To whom ] made the reply already
mentioned.
have said my visit 10 Europe lost much Of its plen-
sure by reason Of the gloomy accounts from the United
States. and / confess | was much depressed both MS To
the commercial aud political condition Of tho country.
| could perceive no disposition on the part ofIhose in
power 10 grow wiser or better, and although / knew
there was n numerous AMI able party opposed TO them.
yet feared, lhat for wan; of union as to measures and
candidates, their efforts 10 bring about a change would
be Intellectual. When then, of this coasi, I heard of
The Harrisburg Convention, and of the nomination 81
unanimously made-ihe best that could have been-
WAS again encouraged. And when afterwards | saw,
noi~ outstanding the preferences OF some were dlsap-
pointed. that the nomination was received with unan.
unity, which has since sweiled into enthsiasm. | felt
once more TINT the country was lik0ly to be eHiucaied
from her difficulties, and restored TO wonied prosperity
| will say a few wor DIS on the Sub.Treasury. Thi
appears 10 me n scheme new TO our history and for.
eIgn 10 our habits; the last ola series Of bafned expert
menis ; an experiment into which the repre-, G natives
of The p-O2c seem 10 me to have been lashed by Ex-
ecutive power fatigCcd into 10y appliances and iIupor-
tunIiics. through four mortal sessions Of Congress.
What are The arguments m favor Of the LllR The
leading "ne Of Mr.. Van Bnren, in 1887, was the safety
OF the public funds. The Treasure was To be kept
where roZucs should no; run away with IL. The best
way To effect that Is. not to trust rogues tn keep IL ::
Uul, - 10 lO parade OF sales ana Va TITS. ~ ~ all a
mocke.y ] don't know in VII ca of these Blnks the
Receiver Lencral keeps las money (UIere. here. said
many voices irOm the porch Of The Bank Of America)
Well. he il so--anJ ] undertake 10 say. that ii he has
any special vaults or sales :here. they are na a WIN
more secure Than those in which the Bank keeps lite
funds. But the Government says 1t must take
Of its funds. Who NJ d " lat is this I oGIhe Govern.
menR Is not the Government a public trust, and
agency? An individual may put monies in v1ulis-
but the Government is not n private person, having
OF his own. IL must employ officers. il must
trust somebody. My colleague IN the Senate, MIR.
Wight, says the object is u keep tho money bV agents
Of the people more directly responsible TO the people
Ihan heretofore. How is the fact The Receiver
General is appointed by the President and Senate. is
amcnable {" tie law, and gives olds for the faithful
execution of his office. In what does he differ Ms 10
responsibility from the Collector, who - appOiL ted in
like manner. nnsweable in like manner to the law.
shd gives bonds IN like manner , How, then, Is the
one more directly responsible to the people than the
Dthorl The pretence is destitute OF sense or reason.
50 as to Ihe safety ~ the funds. The vaults and
Saies IN which they arc placed. are no bettsr or more
Genre Ihln those Of The Banks. The Receiver Gentr-
nj here, ~, I doubt not. n very respectable man, and
gwen good secnrly but WY or how are the iunis
in his vault safer than f IN n bank vault The com.
mon sense Of tbs community will decide This point.
SUPPOSE Mr. Allen were tomorrow 10 advertise TO re-
eeive deposits an his vaulis-wouid they. think You.
be filed q tho emptying Of The vaults Of hanks rcspon.
AtAt ~ tltlf Nhoit NhfaAui aHI tttNhl bF ANt datt- Keep
ofsuch ~dOposils' Instead Of rendering them safer.
] say The present system e~Ddangers the public funds.
for It m%nlriplies The hands through which they pass. and
therefore m%uliplies the chances of evil. MI. Hoyt
collects tho rnonie,--but they arc paid out by MIR Allen.
on whom drafts from the Treasury are drawn. Now.
the Collector, IL not honest. can spend the money be-
fore paying 1t over 10 the Receiver and 80 once in the
hands ofihe Receiver. he. If not honest. can spend IL
before 1t is drawn out by the Treasury. You double
the chances oflOss. by doubling the bands that touch
the money.
Then az 10 the promised infusion Of s,Scie into
the currency b. the operation OF :hls bill, 10
there IN ihlsl According TO lts provi,ons, one 4 Iar-
ter Of the duties, is now payable in speed: yet II one
Of you have , boad u pay at the Custom Housr,
II he goes 10 the Col ecior with a check certified as
pay able, one fourth IN spe le, and the residue IN
bank bulls, does he not take III (Yes from many
yo'ces.) Well, thea, al. this specie talk is mere sham
BIT suppose you 20 To the Receiver General with n
draft. He paws you IN b Us Of The iank of America.
but where is the specfel lie will doubtless, II
you exact A.. give You specie, but habitually the