Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-01-07


] -3d. a source raiii.f II embarrassment thaa
I'D. ard uf necessity placed the custody Of
ulst, II the p8hht money afterwards collected
IN charge " ias puhliC officers The new Sc
cnfIiirs ioi us safety which, This required, was
ibe p1ucipls cause ~ ms convcuing an extra
srsrinn of Congress bot On consequence Of a
disagreement Between lie two Houses. nciih-
- then nof A. anF subsequent period has there
iicsn any lcgls aiion on the subject. The Ell
1rts made II the last scssiou 81 oli,in TIC su-
ihrriy Of Congress 10 punish the using 81 pub
Ice moncy for rflraic p,Tposcs 40 a CRIME,
measure attended uudcf other Governments
wlgh signal advantage, were also unsuccessful
from discfstics nf opuion IN that body, not
withdrawing the ANXIETY. doubtless felt 10y II
20 afford eyery practicable security The re-
suit 81 lhis is stlll 10 leave the custody Of the
public money willIDui those safeguards which
have been Tor several years earnestly desired
bs the Executive and rs the remedy Is only
20 he found ia the action OF the Legislature, II
imposes GA me the duty Of again submitting
90 YOU The pfoprieiy OF passing a law, provl-
mag ia the safe Keeping Of tho public money,
and especially 10 ask that is use for private
purpose bY any officers entrusted with il, may
be- declared 90 be felony. punishable with
penalties proportional 20 the magnitude ofthe
offence
These ciroNasia aces, added 10 known de-
lecis IN the existing laws. and unusual dcrang-
monl in the general operations Of trade. have,
during iAe last three years, much increased the
difficulties attendant on the collection, keep
ING. and disbursement Of the revenue, and cal
led forth CORES ponding creuions from those
having them IN charge Happily these have
been successful beyond expectation Vast
sums have been collected and disbursed by the
several departments. with unexpected cheap
ness and case transfers have readily been
made 10 every part of the Uuion however dis
iani ond dcfalcations have been Ear less than
might have been anticipated, from tho absence
OF adequate legal restraints. Since the Off
GERS OF the Treasury and Posi-Ofiice Depart
menis were charged with the custody of most
OF the public moneys received by them, there
have been collected siXiy-siN millions of dol
lars and, excluding the case Of the late col
lecior at New York, the aggregate amount Of
losses sustained IN the collection cannot, it is
believed. exceed Sky thousand dollars The
deialcation Of the late collector Of that city, Of
the extent and circumstances OF which, Con-
gress has been fully informed, ran through all
the modes OF keeping the public money that
have been hitherto IN use, and was distinguish
cd by an aggravated disregard of duty, that
broke through the restraints OF every system,
and cannot, therefore be useiully referred to as
4 test OF the comparative safety ofeither. Ad-
ditional information will be furnished by the
rcpot OF The Secretary Of the Treasury, in re-
ply 10 a call made upon that officer by the
House OF Representatives at the last session
requiring detailed Information on the subject
of defaults by public officers or agents under
each Administration, from I7s6 to 1887
This document will be submitted to you in
few days. The general results, 0ndepend-
ent of tie Pos, Office, which is kept separate
ly and will be stated by iiself,) SO far as they
bear upon this subject, are, that losses which
have been, and are likely TO be, sustained, by
any class of agents, have bcen--the greatest
by banks, including, as required in the reso-
lnlion, their deprecated paper received for
public due; that the next largest have been
by discussing officers. and the least by collec-
tors and receivers. II the losses on duty bonds
are included, they alone will be thrcefod those
by both collectors and receivers. Our whole
experience, therefore, furnishes the strongest
evidence that the desired legislation Of Con-
gress is alone wanting to insure in those ope-
raions the highest degree of security and ia
cillty. Such also appears TO have been the
experience of other nations. From the results
OF inquiries made by Secretary of the 'rreasu-
~ IN regard 10 the practice among thcm am
enabled to state that in twenty two out OF twen-
~ seven foreign Governments, from which
undouhied information has been obtained, the
public moneys are kept in charge Of public Of
officers. This concurrence ofopnion in favor
.oithai system Is perhaps as grea, as exists on
any question OF internal Administrations
In tho modes of business and official res
uain,s ON discussing officers, no legal change
was produced by the suspension of specie paw
mcnls. The report last referred to, will be
found 10 CONTAIN also much useful information
IN relation To this subject.
have heretofore assigned to Congress nv
reasons for believing that tho establishment Of
an Independent, National Treasury, as contem-
plated 10y the Constitution, is necessary to the
safe action of the Federal Government. The
suspension OF specie payments in 1897, by the
backs having the custody 1.-THE public money,
showed ~ 50 alarming degree our depend
ence on those institutions for the performance
OF duties required by law, tina, then recon-.
mended the entire dissolution Of the connec-
ton. This recommendation has boen subiec.
ted, as ] desired It should be, to severe scru,i |
ny and animated discussion and allow N.Y. /
self 10 believe ihai, notwithstanding the natu- |
RAJ diveEoilies Of opinion which may be antici- /
pa'ed on all subjects Involving such importan,
considerations, II has secuted IN its favor as
general concurrence OF public sentiment as
could % expected on one of such magnitude. 1
Recent events have also continued 10 deyel- /
ope new Objects 10 such a connection. Sell l
CON u any bank under the existing system and
practice, able 10 NEE, on demand. all IT'S liza. |
gitiles for ceposies and notes IN circulation I
u maintains specie payments, and lransacts
profitable business, Only by the confidence of
s'e t'l'"e 10 Us solvency and whenever this I
IS DESTROYED, the demands Of It's deposi,ors and
no'e-ho!ders pressed more rapidly than i, can
make collaboration lis debiors-forced 10