Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-01-14

called for, and is recommended to your
notice.
think it proper to call your attention
to the power assumed by Territorial Le-
gislatures to authorize the Issue of bonds
by corporate companies on the guarantee
ofthe Territory. Congress passed law
in 1886, providing that no act Of a Ter
ritorial Legislature incorporating banks
should have the force of law until APPROX
ed by Congress, but acts of very excep-
tionable character previously passed by
the Legislature of Florida, were suffered
to remain in force. by virtue of which
bonds may be issued 10 very large a
mount by those Institutions, upon the faith
Of the Territory. A resolution intending
to be joint one passed the Senate at the
same session, expressing the sense ofCon-
gress that the laws in question ought not
to be permitted to remain in force unless
amended in manv material respects, but if
failed IN the House of Representatives for
want oftime, and the desired amendments
have not been made. The interests in-
volved are of great Importance, and the
subject deserves your early and careful
attention.
The continued agitation of the question
relative TO the best mode of keeping and
disbursing the public money, still injuri-.
ously affects the business of the country.
The suspension of specie payments in
1887, rendered the use of deposite banks,
as prescribed by the act Of 1895, a
source rather of embarrassment than aid,
and ofnecessity placed the custody ofmo
of the public money afterwards collected
IN charge of the public officers. The new
securities forts safety, which this requir-
ed, were a principal cause of my conyen-
/ ing an extra session of Congress but IN
consequence of a disagreement between
the two Houses, neither then, nor at any
subsequent period, has there been any
| legislation on the subject. The effort
made at the last session to obtain the au.
thority of Congress to punish the use of
public money for private purposes as a
crime, measure attended under other
Governments with signal advantage, was
also unsuccessful, from diversities of o.
lpinion in that body, Notwithstanding the
anxiety doubtless felt by it to afford every
practicable security. The result of this
is still to leave the custody of the public
money without those safeguards which
have been for several years earnestly de-
sired by the Executive and as the RENEE
| dy is only to be found in the uction ofthe
Legislature, it imposes ON me the duty of
again submitting to you the propriety of
passing law, providing for the safe keep
ling ofthe public moneys, and especially
to ask that its use for private purposes by
any officers entrusted with IT, may be de-
Iclared 10 be felony, punishable with PEN
alties proportional TO the magnitude of
the offence.
These circumstances, added to known
defects in the existing laws, and unusual
arrangement in the general operations Of
trade, have, during the last three years,
much increased the difficulties attendant
on the collection, keeping. and disburse-
ment of the revenue, and called forth corr
lresponding exertions from those having
them in charge. Happily these have been
, successful beyond expectation. Vast sums
/ have been collected and disbursod by the
several Departments with unexpected
Fl cheapness and ease transfers have been
| readily made TO svery part of the Union,
I however distant and defalcations have
been far-less than might have been antici-
pated, from the absence of adequate legal
restraints. Since the officers Of the Treas
j rury and Post Office Departments were
charged with the custody of most of the
! public moneys received by them, there
J have been collected sixty millions of dol.
: lars, and, excluding the case of the late
collector at New York, the aggregate a.
J mount of losses sustained in the collection
cannot, it is believed, exceed sixty thou-
sand dollars. The defalcation of the late
J Ecollector at that city; of the extent and
circumstances of which Congress has been
t fully informed, ran through all the modes
: of keeping the public money that have
: been hitherto in use; and was distinguished
: by an aggravated disregard of dutys that
$ broke through the restraints of every sys-
tenn, and cannot, therefore, be usefully
$ referred to as test of the comparative
+ safety of either. Additional information
r will also be furnished by the report of the
5 Secretary of the Treasury, in reply to
call made upon that officer by the House
. of Representatives at the last session, re.
/ quiring detailed information on the subject
: of defaults by public officers oragents UNI
t der each administration, from 1889 to
1887. This document viii be submitted
It to you in a few days. The general re-
d suits, independent of the Post Office,
!. which is kept separately, and win be sta.
: ted by itself) so far as they bear upon
] this subjects are that the losses which have
I been, and are likely to be, sustained, by
E any class of agents, have bcen-the great
$ est by banks: including, as required Ia the
: resolution, their deprecated paper re-
: ceived for public dues; that the next lar
: gest have been by discussing officers, and
4 the least by collectors and receivers. If
the losses ON duty bonds are included, they
: Eaone will be threefold those by both col
ectors and receivers. Our whole ex-
perience, therefore, furnishes the strong
/ est evidence that the desired legislation of
' Congress is alone wanting to insure in
s those operations the highest degree ofse-
curly and facility. Such also appears to
q have been the experience of other nations.
5 From the results of inquiries made By the,
1 Secretary of the. Treasury IN regard 10,
the practice among them, am enabled to-
4 state that ia twenty two out oftwentvseven
y foreign Governments. from which uns
6 doubted information has been obtained.
!. rhe public moneys are kept in charge Of
ruhlic officers sTaass <s<,ro,,..<... r i