The Madisonian., 1840-01-18

] Rdtc sdil very stluotH aDscpnuY of it"Nc lio
country, which an individual easily can, and
often does do when he misuses the public
money.
We need all the checks which can reasonably
be imposed on our collecting and discussing
officers. Banks have been found To furnish
one highly beneficial upon both Of these
classes. BY regulation between the Irea-
sury Department and each deposit Bank, the
latter has been required al short periods 10
| furnish lis account current with the Treasurer,
and on the face Of il to show all sums depo-
siicd to his credit, when such deposits were
made. and by whom. BY comparing thi, nc
count with the accounts furnished by the re-
spective officers themselves, il can reacy be
discovered whether they are misusng the pub
lie money or not. BY the proposed change,
and allowing the collector or receiver to be
himself the Keeper, until the money is wanted
for use, you have no check whatever, and the
whole money received by an officer may be
squandered before il is wanted for disburse
meat. without any means OF detection.
], therefore, conclude the Sub Treasury Bill
ought not to be passed, If there were no other
objections TO il save that OF the public money
being less secure. But there are other weighty
objections.
The only plausible reason which can be as
signed why we should discard Banks entirely
and appoint Sub Treasures keepers of the
public funds, must be, that the Banks are un-
worthy Of confidence.
II that be so, does il necessarily follow that
you ought either not to receive any Bank notes
IN discharge of its due to the government, or if
received, tht you should order the officer
with whom they deposited for safe keep
ing, Immediately to cali upon the Banks for
specie to their amount Ii is absurd to say
we viii not depnsit with the Bank, because we
have no confidence in il, and at the same time
TO allow our officers 10 receive Bank notes and
retain them in the hands Of our officer up to
the time we wish 10 pay the money away
There is less probability tina, the Banks would
redeem their notes in specie when called on,
thaa tint they would deny the payment of
specie for money received on deposit.
The practice then OF receiving nothing but
specie from debtors, or Of Immediately con-
yerting the notes received into specie, and
locking that up until the time OF disburse-
ment arrives must be resorted to, in order to
carry out your wishes
This apprehend would be ruinous to So
clety. largo portion of the specie that
might otherwise circulate would be with
drawn from the use Of every person consi-
derable portion of each year. This would
effect the prices of property, Of labor, and of
every thing else, and would render it next to
impossible lor even prudent man, who hap
pened to be ia debt, ever to extricate HIM
self.
Beside this, the heavy draws for specie
upon banks would compel Them, in short
time, either to wind up or to do very preca-
rious business. Whenever suspension of
specie payments would take place, we would
have deprecated paper currency, on which
TO do the business OF the country, and specie
would become an article Of merchandise
The man in Office, or who had job or con-
tract with the government would receive his
salary or his pay in specie, which he would
Immediately sell for bank paper, receiving a
premium OF some ten or fifteen per centum,and
with that paper pay his debts or purchase
such property as he might wish. This prac-
tice is at this momeut in operation. For eve-
ry hundred dollars paid me as a member of
Congress, | can receive one hundred and
eight or nine dollars in bank notes, and with
them pay the landlord who feeds or the tailor
who clothes me.
~ mas NPpSdiCu W tIlt, u We tuiS
entire operation which your Resolution con-
templates, and 60 into this thorough hard
money system, we shall presently, in Tennes-
see, especially, be in a deplorablc condition.
Look at lis effects: all debts and taxes are to
be paid to the federal government in hard
money, or in bank notes, for which the specie
will be Immediately received, and the specie
thus received is to be locked up securely,
until it is paid out in discharge OF some debt
due by the government. Suppose our first
years taxes paid, in all the States amounting
to some twenty-five or thirty millions OF dol
lars. That is only to be returned into circu-
latlon when the federal government pays the
debts which it owes. What chance will Ten
nessec have 10 receive, by federal disburse-
ment, any portion OF what she may have ppidl
We have no forts, no ioundries, no arsenals,
no iortiications, no army, no navy, navy
yards or dry docks. la short, we have mex,
to no objects upon which the federal govern
nent expends money, therefore none of it
would be returned to us. We must pay up
our full proportion Of all indirect taxes in hard
money, with certainty that little or none Of
| il would be returned 60 us BY federal expendi-
lures, and in the course Of very few years
we must be drained Of every hard dollar we
now have.
There is another class of objections against
this measure entitled, and think, to still more
grave considerations.
The addition it will make to the powers of
the federal executive. Every officer with
which the money is TO be deposited, or left for
safc-keeping, will be appointed by the Pres-
dent and remorable at his pleasure. We
might as well give il TO the President himself
as entrust it to those whom he can and will
! control.
Ihis nlan uitl ,puIt,Lr ,,fr, nj ;ncra,,o