The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-07-16

United States were the repositories of the
public money and the fiscal agents of the
Government, no loss whatever was sustain
ed, nor any delay or any expense incurred
in transmitting or discussing the public mo-
MES, SO far as the agency Of those institu-
tons extended. Then, as regards the wants
Of the Treasury merely, the safety of the
public funds, and economy to their admins
tration, experience has demonstrated the
superior utility of bank constituted and a.
dopted by Congress as a fiscal agent. It
has also proved TO us that the active bust
ness of the country, its currency, its credit,
its industry, and its commerce, are intimate
| ly connected with and dependent upon the
financial arrangements of the General Gov
eminent. If they be wise and bene6cient,
they indirectly, but efficiently, promote
those great interests Of the People; if con.
slant and uniform in their action, they give
to those interests confidence and stability.
Since the removal of the public deposits
from the Bank of the United States, in 1881,
the Government has had no permanent fiscal
agent and no definite financial system All
has been experiment, transfer and change.
The business of the country has yielded to
the unsteady impulse, and moved forward
with wild irregularity; at one time stimula-
ted to excessive action, at another sunk into
lethargy.-And, in providing for the wants
of the Treasury, it is surely important to
look, also, TO the wants and welfare of the
community, from the products of whose in.
dustry the Treasury is supplied.
And as regards those great interests, we
find tho foSfiUoOOv IF DaSf uao RI &c M lose IiC
tinct and strong in favor of moneyed insti-
! tuition chartered by the General Govern
ment, and possessed of its confidence and
} credit. The period embracing the last ten
! years of the existence of the late Bank Of
the United States as the fiscal agent is
) fresh in the memory of US all, and is looked
back to as period Of great public prosperi-
: ty; and though other causes did, doubtless,
: cooperate to produce that favorable condi-
S ton of things, yet one of the governing prin-
2 ciples on which depended the steady adj
S vance of the country in commerce, in i0-
It ldusiry, and in substantial wealth, was the
/, existence of fiscal agent established by the
}, General Government, and charged with the
It equalization of exchanges, and the regula,
e ton of the currency.
n the relief to be anticipated from such an in.
e lstltution cannot be immediate, but must be
l. the work of time. The business of the
country would, however, in the opinion Oh
II the undersigned, steadily and certainly re-
r vive under its influence
e In whatever point Of light the undersigned
/ is able to view this subject, be is irresistiby
} led to the conclusion that such fiscal agent
0f $50 framed as to possess those important
d functions, is alike essential to the wants oil
l. the Treasury and of the community. Such
d an Institution should be framed with delib.
e GRAFTON, for it must have high duties to per
form, and extensive interests to protect and
lie promote, and i: should be granted with care
le for it will be liable to great and dangerous
y. abuses. AS the fiscal agent of the Govern.
g. ment, and an effective regulator of the cur
n rency in widespread community, it should
e be steady and uniform in its action, and 6xeG
he and stable in its character
Sc The undersigned has no doubt Of the DOW
he er of Congress to create such an Institution
er Experience has proved its necessity to carr
st out other expressly granted powers; it ha
ed been exercised and recognised by the Leg
to islative and Executive departments durin
n. four-ffths of the whole period of ournation
Sc al existence, and has received the uniforn
is sanction of our highest judicial tribunals.
N, Yet the power has been questioned
a many wise and patriotic statesmen who's
nc opinions are entitled to consideration an
&c respect, and in measure like this of hio
cir political import, which, if wisely conceive
and cordially concurEed in, must have
ch great and enduring influence on the prospe
ed, ity of the country, it is important, as far Z
ars possible, toObViate objections and reconcil
le- opinions.
cal IT such an institution can be so conceive
lis, in principle and guarded in its details as |
ks remove all scruples touching the questio
The of constitutional power, and thus avoid th
the objections which have been urged again
an those heretofore created by Congress,
rtIy will, in the opinion of the undersigned, pr
ses duce the happiest results, and confer lastiI
les, and important benefits on the country.
mt, The undersigned, therefore, respectful
7 to recommends the creation of such fiscal
the gent, and the repeal Of the act Of July At
ub 1910, providing 'for the collection, SAT
the keeping, transfer, and disbursement Of Il
no public revenue except the penal provisio
ed, thereof, which will probably require revisit,
red and modification.
the All which is respectfully submitted.
Gus T. EWING,
ing Secretary oflke Treasury.
the Treasury DEPARTMENT. JUNE 1871