The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-06-24

run, but redeemable at the VIII oil the Gov.
ernmeut on SIX months notice, could be ne.
goiia,ed at a much less rate Of interest than
Treasury notes. Much expense would also
be saved ia dispensing with the machinery
of the issue aud payment and cancelllng of
Treasury notes.
1t IS therefore respectfully recommended
that sum sufficient TO pay the debt at pres.
ent existing, and such as will necessarily
accrue IN this and the ensuing year, be
raised on loan for the time aud on the con
diiIon above suggested.
Ca Kcepiag and Disbursing the Public
Moneys.
The Undersigned would also respectfully
invite the attention Of Congress TO the pres
eat mode Of keeping and disbursug the pub
he moneys; and also to the subject OF the
creation or employment Of fiscal agent 10
be charged with the performance of these
aud other duties. The subject Is one of
great importance, both 10 the Government
and to the community. Such agent or dc.
pository ought to unite, IN the hIg hest prac.
ucahle degree, the safety Of the public
funds, and convenience and economy ~
their administration and Il should, II posi-.
bic, be 50 selected or framed as toexerl sal.
utary influence over the business and curren.
cy OF the country.
The mode OF keeping and dlsbursIng the
public money, provided by the act Of July
!, 1910, will be found, on comparison with
that heretofore chiefly used by the Govern.
meni, eminently deficient in all these essen.
lial requisites. The financial history OF the
United States, especially for the last twelve
wears, furnishes abundant prout that the
public money is unsafe IN the custody OF IN.
dlyldUals, aud that their official boUds are
10 sufficient securiiy for its safe keeping
aud faithful application. Within the period
above named many receiving officers con.
aected with the Treasury Department have
become defauliers 10 the Government. =
The aggregate loss from that cause within
thai period, as shown by the books Of the
Depar,nent, amount TO 50 $50, 500, but a
small part Of which viii probably be recoy
cred from their bonds. II is true ihst IN
any system which can be adopted, some
par, Of the pubic money must, IN the pro.
cess OF collection, pass through the hands
Of individuals, and be subject TO their deial.
Gallons; bot tie act Of July 4, lo40, ex.
ieEds aud continues the risk beyond the pc
riol Of collection, and it subjects large mas
ses which, IL the fJctailons Of commerce,
sometimes accumulate, 10 the same danger.
Gus custody.
Not onIy lside public money in the hands
Of individuals more exposed 70 loss from or
binary deta Icatous than when deposited IN
a well regulated bank DO, the Goyernme Of
Is also liable TO the risks OF Ere, robbery,
aud other casualties occurring either IL de.
posite on Transmission, from which il IS en-
t.reiy protected when well regulated
bank IS the depository and the fiscal agent.
The present system IS also, 10 many res
eects cumbrous and announcement. lis ten
dcucy IS to centre The Disbursements of the
public moneys al some Of the Eastern cities,
chiefly a, New York. That being the
great commercial. emporium OF the United
States, Is the point at which funds are the
NOS; valuable, end, therefore, the most
sought; hence those who are entitled TO
payments out Of the public Treasury claim
them there. /; IS true there is general
5tscTeton 10 the head Of the Department
10 refuse or gran, the favor Of such payment
according 10 It's consequence bot when the
currency IS deranged, and the premium on
exchanges IS bigh this discretion involves
discrimination to large amount among
creditors equally entitled. II then be.
comes q dangerous discretion, and one that
9ush,n1y 70 exist. But, uader the present
sysiem, II cauH1t be avoided, save IN a few
cases without ttscharglns every liability
al tie most favored poiat. This would al
once centre all The Disbursements at a few Of
tue Eastern cities, aud involve tue FreasI
~ 10 tie risk aud expense Of Transporting
tic p1blig flads from the various points Of
collection to the places Of disbursement.
An item Of less importance, but still wor.
thy Of consideration, 10 settling on perma.
nent and economical arrangement, is the
direct expense Of the present system, 10
GLIDING We cost Of the buildings lor the de.
poslte Of the public money, aud the salaries
Of the officers AMI their clerks who receive
and disburse 1t. No portion Of this risk
Inconvenience, or expense need 10 be incur
red where @cll.regulaled bank IS madc
tAe isasl agent.
Bat the present system IS also, IN the
opinion Of the Undersigned, injurious to the
business and currency OF the country. In.
stead Of pormlulng the credi, and the faan.
ces Of the Government 20 lend their indirect
BAT efficient aid IN sustaining the credi,
aud regulating tho corrency Of the coun.
try, . bunss nto direct hostility ,hos. in
Dprl1nt tulEkaz.a. La lha D,orresa of tho
egsletH q GIEt.ienl amount Of g0IJ aud SIT.
yer 10 supply tie wants Of the Treasury
must DO withdrawn from circulation and
locked up IL vaults, leaving no representa-.
tive to supply It's place IL the general clrcu.
laiion.
A large amount also, IN the hands Of
those who pay 10 or receive from the
Treasury, ls equally withdrawn from gen
oral circulation, and made to flow through
those channels alone which lead into and