Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-01-09

oui uanh'hS institutions as depOSito
r'es oil the pubic money! Can we yentur,
not only to encounter the risk Of their inJ;v;d
ual and mutual mismanapement. but AT tb.
same time, to place our foreign and domestic
policy entirely under the control of foreirr
moneyed interest! TO do so is to impair tRe
independence OF our Government, as the pre.
ehl credlt system has already impaired the
independence of our banks. 1t is to submit,
al Us important operations; whether of peace
Ut war; TO be controlled or thwartcd at first by
our own banks, and then by a power abroad
srea.er tnan themselves. Icannot bring nv
sen 10 depict the humiliation to which this
government and people might be sooner or
later reduced, if themeans for defending tbe;r
rights are to be made dependent upon tbose
who may have the most powerful of motives
to impair them.
| =, NOT IS IL only In reference to the effect of
'his state OF things on the Independence of
our government or ofour banks that the sph-
lec' presents itself for consideration; If is tn
DC viewed also In its relations to the GENERAL
trade oil our country. The time is not lono.
past when deficiency of foreign crops was
'i'oughi TO afford profitable market for the
surplus oil our industry; but now we await
with feverish anxiety the news of the EnoI;sh
harvest, not so much from motives of com
mendable sympathy, but fearful lest its anti
clpated failure should narrow the field offered.
IL tiiere. Does not this speak volumes to the
| Pdtriot! Gan system be beneficent. wise
| OF just, which creates greater anxiety for in
terests dependent on foreign credit, than for
the general prosperity of our own country. and
the profitable expectation of the surplus pro-
duce of our labor2
Inc circumstances to which / have TINS
iu'e[Ieu appear to me to afford woighty reas-
ons, developed by late events, to be added TO
ciose Whlch have on former occasions of
Tered, when submitting to your better knowl-
edge and discernment the proprietv of sen,r,-
ting the custody of the public money from
banking institutions. Nor has any thino oc-
CURED to lessen, in my opinion, the force of
what mas been heretofore urged. The only
ground on which that custody can be desirod
by the banks, is the profitable use which they
make OF the money. Such use would he re-
garded In individuals as breach of trust. or
crime OF great magnitude, and yet it NAV be
reasonably doubted whether, first and last. il
is not attended with more mischieyous conse-
quences, when permitted to the former than In
IN ,ne lat'er. The practice ofpemitting the pub
Tic money to be used by its keepers as here is
believed to be peculiar to this country. and 70
exist scarcely any where else. To procure it
here, improper influences are appealed to
uhWlse connections are established between
the government and vast numbers of mower
1ul State institutions; other motives than the
public good are brought to bear beth ON the
Executive and Legislative departments. and
selfish combinations, leading to special ieois-
iation, are formed. 1t is made the interest of
banking institutions and their stockholders
tplouSnout the Union, to use their eXertions
iof liie increase OF taxation and the accumula-
'ioh ci surplus revenue; and, while an en-
cuse is afforded, the means are furnished for
those excessive issues which lead to extraL-,-
giant trading and speculation, and are the fore
runners OF vast debt abroad, and a suspension
OF the banks at home
impressed, therefore, as ! am with the pro
Prlety of the funds of the Government ba;n,r
withdrawn from the private use of either
banks or individuals, and the public money
Kept by duly appointed public agents and.
believing, as do, that such also is the Judo
hent which discussion, reflection and eyperi
ehce nave produced on the public mind,
leave the subject with YOU. II is. at ali o.
vents, essential to the interests of the conrou
nifty, and the business of the Government
that decision should be made.
Most OF the arguments that dissuade us
from employing banks, in the custody and
disbursement of the public money, apply witb
equal force to the receipt of their notes for
public dues. The difference is only in form
In one instance, the Government is a cred;tor
Tor Its deposites, and in the other for the notes
1t holds. They afford the same opportunity
tor using the public moneys, and equally lead
TO all the evils attendant upon it, since a banl,
can as safely extend its discounts on a demos
lite OF Its notes in the hands of public officer.
as on one made in its own vaults. On tbo
other hand, it would give to the Government
no greater security, for, in case of failure. fle
claim OF the noteholder would be 40 better
than that of d Deposition
am aware that the danger of inconven-
ience to the public, and unreasonable Pressure
upon sound banks, have been uroed as oh
jections to requiring the payment of the rev.
enue In gold and silver. These oi,iections
have been greatly exaggerated. Fycr, the
best estimates we may safely fix the amount
OF specie In the country al eighty-five millions
OF dollars, and the portion OF that which
would be employed at any one time in the
receipts and disbursements OF the Govern
fneht, event the proposed change were made
dI once, would not, 1t is now, after fuller in
vestigauon, beiieved, exceed four or five mil
Mons. III the change were gradual, several
years would elaPse before that sum would he
required with annual opportunities in the
mean tlihe to alter the law, should experience
prove IL to be oppressive or inconvcniert.
ne portions OF the community on whose ln,-
sihess the Change would Immediately oDcr
ate, are comparatively small, nor is it beliey !
ed thatit effect would be in the least ,pirs, |
or injurious to them.
In the payment of duties which constitute
by lar the greater portion of the revenue. a We
ry large proportion is derived from forcicn |
commission houses, and agents of FOREIGN |
manufacturers, who sell the goods CONSIGNED |
10 them, generally, at auction, and after pay