Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-09-08

sales and vaults, and one of the Prcsidcn'' s
political friends from another State, is sent for
TO come and keep the key There is in this
case no president to watch dhc cashier, no
cashier 10 watch the teller, and no directors 10
overlook and control all--bu, the whole re-
sponslbiliy is vested in one man. DO YOU
believe that, if under such circumstances. tho
United States, following the example of ndi-
viduals, were TO offer 10 receive private funds
in deposiie in such safes, and allow inter.
est onthcm, they would be entrusted with anvil
There are no securities under this new sys
TEN of keeping the public monies that we had
not before, while many that did exist, in tho
personal character high trusts, and diversified
interests OF the officers and directors of banks
are removed Moreover, the number of re-
cciving and discussing officers, is increased
and in proportion is the danger TO the public
treasure increased.
The next provision is, that money once re-
ccivcd into the Treasury is not TO he loaned
out, and ifthis law is TO be the law Of she Land
this provision is not TO be complained OF for
dangerous indeed would be the temptation.
and perncious the consequences, II these treas
urcrs were to be left at liberty 10 loan out to
.fdcoriieS and party associates the moneys
drawn from the people. Yet tho practice of
this government has always been opposed to
this policy of locking up the money Of the
people when and while il is no, required for
the public service. Until this time, public de-
posilcs, like private deposi,es, were used by
the banks in which they were placed, as some
compensation for the trouble Of safe keeping
aud in furiherance Of the general convenience.
When Gen Jackson formed the league of the
depos,e State Banks, they were especially di-
rected by Mr.. fancy, then secretary Of the
treasury, to use the public funds ia discounts
for the accommodation of the business Of the
country. And why should this not be sol
The president now says if the money is kept
in banks it will he used by them in discounts,
and they will derive benefit therefrom What
then! Is il sufficient reason for depriving
the community of beneficial measure, be-
cause the banks that carry it out will also
measurably derive some benefit from il The
question Isl viii the public be benciitcd9 and
if this be answered aflirma,vely, il is no bar
TO say that the banks will be too. The gov
eminent is not to play the part Of the dog in
the manger. The doctrine is altogether per-
nicious, opposed to our experience and the
habits and business of the nation.
The next provision is that requiring, after
lSi3 all dues TO the government shall be paid
in gold and silver; and however onerous or in
furious this provision, 1t is TO be conceded
that the government can, if they choose, en-
force il. They have the power, and as good
citizens we must submit. But such prac-
tice will be inconvenient, | will say oppres-
sive. How are those who occupy three
fourths of the surface Of the United States go
ing to comply with this provision9 Here, in
commercial neighborhoods and in large cities,
the difficulty will be less but where is the
man who is to take up lands in the Western
States, thai can get spccie--how transport it
The banks around him pay none-he gets
none for his labor; and yet, oppressive as all
this is, ] admit that the government have
rigftto pass such law, that while ii is law
Il must be obeyed.
But what are we promised as tho equivalent,
Tor all this Inconvenience and oppression
Why, that the Government in It's turn will pay
is debts in specie, and that thus what it re-
ceves with one hand, it will pay out with the
)ther-and metallic circulation will be csiab-
ished. undertake TO saythat no greater fall
acy than this was ever uttered the thing is
and for this plain reason. The
lues which government collects comes from
each pays for himself Blu, il is
ar otherwise, with the disbursements of the
Government. They do not go down TO ndi-
;iduals, and, seeking out the workmen and
nent pays in large sums 10 large contractors;
and TO these they pay gold and silver. But
does the gold aud silver reach those whom the
employsl On the contrary, the
contractors deal as they see fit with those
whom they employ, or Of whom they purchase.
The Army and Navy are fed and clothed bT
the materials for your sumptuous
Custom Houses, your Notifications for the
Cumberland Road, and for other public works,
ire all supplied by contract. Large contrac-
ors flock 70 Washington and receive their tons
lf gold and silver; but do they carry it with
hem To Maine, Mississippi, Michigan, or
wherever their residence and vocation may bel
No-not dollar; but sell il for deprecia-
ed bank notes. This is not an imaginary
,ase | speak Of what is in proof A con
ractoT came 10 Washington last winter, and
eceiyed a draft of $50 900 ont specie pay |
ng bank in New York This he sold at 10 |
,er cent premium, and with the ayalls pur- |
hascd wildcat money, with which he paid |
be producer, the farmer, and the l1hOrer.-
mis- is the operation Of specie payments. II /
ives 10 the government hard money. 10 the |
lch contractor hard money, but % the produ-
or and laboror is given paper, and bad .
aper only and yet this system is rec
as specially favoring tho poor
ian, rather than the rich, and credit is claim
for this Administration as the poor mans
lend Let us look little more nearly al
his matter, and see whom, in truth, il does "a
or. Who are the rich in this country
here is very little hereditary wealth among
sand large capitalists are not numerous. ~
iui some the:e are, nevertheless, who iivo
pom the interest Of their money. and these
sriainy do not suffer by this new doctrine
" their revenues are rendered more valuable,
lille the objects Ofliying are reduced in val