The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-10-08

Of the State OF New ioTk.
What else does this bill dol Ii declares
there shall DO certain vaults and safes and
rooms. But il has 90, been for want Of sd.
eauaie vaults and safes and rooms that We
have lost our money, but owing to the hands
10 which we have trusted the keys. |, is in
the character Of the officers and no, in the
strength Of bars and vaults, tina; we must
look for security Of the public treasure
What would be thought IN private life, 1t
some rich merchant, John J. As,or, for IN
stance, should determine 90 longer to trust
bis money with banks and bank directors,
who, nevertheless have a common interest
with him in upholding the credit and sta
biity Of the currency, and should build Tor
himself certain safes and yaOlts, aud having
placed his treasures therein, should OF some
40 or 50 hungry individuals, who might
apply for the Office OF treasurer, give the
KEYS to him 0ho would work the cheapest.
You NIGH, not, perhaps, pronounce him in.
sane, but you would certainly say, he acted
very uulike J. ]. Astor. Now what is true
OF private affairs is equally true OF public
affairs, and what would be absurd in an 10.
dividusl is not less so in government
What is doing in Boston, where | belong =!
there are banks there, respectable specie
paying trust worthy banks, managed by
prudent and discreet me0-and yet the
treasury of the country is withdrawn from
the keeping Of one Of those institutions, with
o capital paid in of two millions OF dollars,
and locked up in safes and vaults, and one
Of the Presidents political friends from
another State, is sent for TO come and keep
The KEY. There IS 10 this case no president
10 watch the cashier, 10 cashier to watch
the teller, and no directors 10 overlook and
con,rol all-bui the whole responsibility IS
vested IN one man. Do you believe that,
If under such circumstances, the United
States, following the example oi individuals,
were to offer 10 receive private funds IN de.
posile 10 such safe, and allow intere.'t on
them, they would be entrusted with any
There are 20 securities under this new sys
TEN Of keeping the public moneys that We
had 10, before, while many that did exist,
in the personal character, high trusts, and
diversified interests Of the officers and d.
rectors of banks. are removed. Moreover.
the number OF receiving and dis5urslug Of
ficers, is increased, and in proportion IS the
danger TO The public treasure increased.
The next provision Us, that money once
received inso the Treasury is not TO be losn.
cd out; and If this law is 10 be The Law OF
;hsi land this provision is not 10 be CON
planned Of, FOR dangerous indeed would be
the temptation, and pernlelous the conse.
al liberty.io loan Gu. to fayori,es and party
associates, the monies drawn from the PEG
pie. Ye. the practice Of this government
hitherto has. always been opposed TO tbs
policy Of locking up the money Of The PEG.
pie when and able i. IS not required for the
public SERVICE. Unil his tine, the public
ceposlies, were used BY the banks IN which
they we're placed, as some compensation ior
the trouble Of safe keeping and 10 further
Gnce Of the general convenience. When,
10 49,, Gen. Jacks4a formed the league
Of the Opposite Stale Banks, they were
specially directed BY Mr.. fancy, then Secre-
iary Of the Treasury, to use The public funds
b1sioess,o of the country. AID Why should
this no, be SO The President now says,
II the money Is kept 10 bsnks it will be used
by them 10 discounts, aud they will derive
benefit ihetefrom. What then Is II a
sufficient reason for depfiying ,he commu.
nifty Of q benefciaI measure, because the
banks that carry IA out Slu also messurabIy
derive sose beneli, from il : The question
is, s,i the public be benefited 7 and this
be answered sfifna;iFely, il is no bar to say
HAT the Banks will be too. The Govern.
ment IS %; 70 play the part Of the dog 10
the nanger. The doctrine ls altogether
pernieious, opposed to our experience, and
10 The habits and business Of the nation.
The next provision -, that requiring, al.
ter 1913, az does 10 the gogeTnmen, 10 BE-
pad 70 gold and silver a1d however oner.
o1s OF uj1fIass this provision, It is 10 be
conceded that the government can, If they
choose, eniIrce l. They have the power,
and as good cd,Z-ns, se aust submit. Bot
such practice all be announcement, | sill
say oppressive. How are those who occu
py <;h Of tss surface d the United States
u comply Si.h Tins provision Here, IN
commercial nsl 2h5orhoods and 10 large Ct
ties, the difficulty vii be less; bit where is
The men Who IS TO take up lands 10 the Yves.
tern States 70 ssi specie--how trauspor. It 7
The banks around hm pay none--he gets
none for his labor and yet, oppressive az all
this is, admit that the Government have
RICH, TO pass such Law, that while II IS
Law, It must be obeyed.
But what are We promised as the equiv
alent for all ih,s Inconvenience and oppres
sloaf Why, TIA, the Government 10 IFS
taro Will pay ~ debts N specie, aud that
thus what Il receives 9Th cue ba8d, :, will
pay out with the oiher-and metallic car.
calalion will b. established. undertake.
to say tina, no greater faiacy than tits was
ever uttered the thing IS impossible, and
for thfs plain reason. The dues winch
government collects come from individuals,
each pays for himself But II - far other
wise with the disbursements Of Government.
Tbey DO moi 20 down 10 individuals, and,