The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-01-14
THE CURRENCY-TuE MESSAGE.


is, that he will read altentivey the following anti
Gle. II is from the New Yorker, paper neutral in
politics, but well informed in matters relating to
the currency. 1t is a melancholy reflection that
Chief Magistrate Of this great nation should de-
grade The Office he holds by putting forth a Mes
sage which, from its disregard of TRUTH is not en-
titled to be considered only partzan NANTES
to-an eleciioneering harungue.
INDEPENDENT THOUGHTS ON THE IN
DEPENDENT TREASURY.
Nearly four columns of our last paper wero de-
voted 10 an able and forcible argument from the
President of the United States in advocacy of the
plan Of the National Finance known the In
dependent or Sub Treasury. We claim in turn
privilege to review that argument and 10 devote
less than half so much space 10 an exhibition Of
some Of the points which our own earnest con-
victons are at variance with those OF The Federal
Executive, and the reasons on which they are bas-
ed
The first consideration adduced by the Presiden;
in favor of the independent Treasury is its great
er safety, as compared with that Bank Deposile.-
In evidence OF this he that the losses of the
Government from the defalcaiions Of collecting of
fcers since 1887 do exceed sixty thousand dol
lars. To reduce the amount low, he excerpts
the loss of more than million of dollars by Swart-
wout-a very serious eXception-and even then we
believe his assertion mistaken one. 1t certainly
cannot cover the very great amount OF losses by
defaultipg Receivers of Public Moneys for Lands,
which were exposed in 1873. Within the last
year, the Collectors at New Orleans and Platlsburg
the Postmasters al Mobile and Worcester, and sew
eral Land Officers and other rustodians of Public
Money have been superseded some on direct
proof Of embezzlement; Others on the known
ground of delinquency in pecuniary matters. 1t
must be that the President has not looked sharp
for the pecuiation Of the last years and hall,
or he would have found It's amount far exceeding
$50, 900.
When it was remarked to DR. Frank lin in Europe
that the climate of America not favorable TO
longevity, he replied that this could not he deter
mined, the first generation were not all dead
vet. Gen. Jackson, in of his Messages-we
believe it was the last-congratuIaied the country
on the facility and security with which the State
Banks collected, kept, transferred, and paid over
the Public Moneys without the loss OF dollar
All this very true and very easy so long as
twenty or thirty millions remained in their hands )
but when they were required 10 pay over The
uttermost farihng the case was sadly altered -
Without intending any impeachment OF their IN
tegrity and solvency, think il would be so with
the Sub Treasures if they were sub ected 10 a SIM
liar requlsition. AT any rate, until they are, the
evidence adduced by the President, even if correct
is far from being conclusive.
But the President goes on to state that of the
losses sustained by any class OF agents. the greatest
have been by Ban ks This, If true is on the Prin-
ciple that white sheep eat more than black ones
there being more Of them. Throughout the far
greater number of the years since our Federal Go
Vernment was formed the Revenue has in grea,
part been paid directly into Depose Banks, trans.
ferred by Treasury drafts, and only paid out on the
warrant of the Treasurer. How could the coilec.
tors embezzle that which they were not permitted
10 touch There is no mystery, therefore, in The
fact stated by the President that far more money
has been lost by dsbursing than by collecting Off
GERS, nor does it prove superior morality In The
one class compared with the other. The dis
bursting officers often have funds actually placed in
their hands-generaly in small sums, it is true, bu
still at their mercy-while the collecting officers
under we'll regulated system Of Bank Deposit
were not permitted to handle dollar, the duties
being paid by the payers directly into Bank, to the
credit of the Government. This Is not the CASE
with the Receivers of Public Moneys for Lands
who actually took the money and atterward de-
posted it in Bank at their own discretion. Tht
fact, again, explains why, when there bu
few of the Collectors of 1867 who proved de
fauters, very large proportion of the Receiver
did SO. The facility and the temptation afforded
to the latter was comparatively far greater. Th
bearing of these facts upon the proposition to pac
and continue the Public Money, in the hands o
Public Officers, is obv ious.
Whar the President would inter from ''the losse
on duty bonds, is not clear The Government
gives credit certain import duties the importers
in some instances, have proved unable TO pay thei
bonds. This is bankruptcy, but II has no neighbor
hood to defalcalon. 1t may afford an argument a
ganst granting credits, but surely either TO
or against any plan of keeping the Public Money
unless il show the unsafeness of individual secu
rity.
The President states that twenty-five out
twenty-seven foreign governments from which au
thentic information has been obtained, keen ,hel
public moneys in charge of public officers. This
doubtless correct so far as II goes; bnt we ad
some additional facts, which will materially qua
fyst and shedsome light on the general subject.
In almos. all foreign countries, Offices of hone
and trust are conferred mainly on the wealthy an
illustrious-tbose whose position and standing,
part from office, would seem TO render it moral
impossible that they should betray their trusts.
And yet peculation is not unknown among then
To prevent this, some of them-France, for in
stance-exacts of her revenue officers the depos
by each OF a heavy sum of money with the Coz
eminent, (styled "eautionaement.') This none
remains with the Government from :he day III
revenue officer enters upon the possession of h
Office until he leaves 1.-THE Government pawn
him a low interest thereon. Of course, none bl
the wealthy aspire TO such posts-a state ,
things very unlike our own, and which would n,