Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-25

h'A fi'lnHtis tlfAf temp atfnus itkey u
ave shown iheic power over those employed un.
der Il as they have done in o'heT cases.
II ~ cpnh IDENTIFY believed that the present hill con
tNins all that j. practicable, and can bc useful to
wstds establishing safe custody or place of kosp
ing II the tunds OF Government. The system " het
Il proposes will evidently possess some eminent ad
van'ases OF safety over bank. In Banks exces
sivc loans, and disposition, often prompted 10y ihe
own nteres', 70 carry their to uui,
unreN sunsbr length, arc great source of danger
The Board Of ESchcquer will I've free from ihis q
IS to make no loans, and 10 give accommodations
Operations in exchange, when founded in real bus
ness transactions, arc usually safe IN well conducte,
banks. Indeed, regular dc lin. IN exchange IS IN,
safest OF al banking tr1nsactiors, and IN this re-
spect, the present measure promises still crroie
safety than attends the same business in hanks from
the strict limitations imposed II, and the abscnc,
o all motive 20 run into oNccsN.-Banks, too, as We
have seen. are sometimes induced to dcp, alto .eh
from their proper sphere OF business and 20 en-.
ransle themselves with commercial speculations
But into No such spscu'a;ions will tie BoIrd Of Eek
CHI equcr enter.
There is plainly. therefore, less darser in the sys
ten nav proposed than in u b,rk so Tar rs dlnscl
arises from the maon~r ~ WHICH tie public fund.
may lie used while in al oJhc- resyccts Us adv,n.
tngss equal those u: The best conducted bank
ing institutions.
IL may nc said that Il IL hazardous IN al, cases
u suffer the public funds to hs employed, in any
d",roe, N NcharUn y: c.hsg dealing. Il u tr nj
mitcd that hi. obis.,'0n ~ not ~itout its force
1t must be acknO~ edged, al the same time, on lhC
other hard, that these fi1is would he used, no.
only fpr purposes Of cxrht0se, but IN general &C
romm1jauon loans. and to . great and often dan
= cnus extent bv any bank in which they should
bc dcposued But ii. after n, !; re regarded rs
posShic lhrt occasional losses may happen from,
dealing in exchange, with tile l'mi tlio"s provided
in the oil. II will then bc ilr Congress TO dec ir
whether 4 dancer - coaiir:cat shat induce I "a
reject the hal, Ead 10 prefer a system which locks
M fInnn al use every dollar o; the public money
from ~ receipt - rs disbursement. A the evil OF
! thus Withholding So large potion Of the circ,la
from the general uses Of society, Nv retaining
It until wanted iur disbursement, is ri,nGe,tly a
great evil. cspcc,'i:y It the funis tl.us Withdrawn
ne in the pre,inus Clc,,s, ought bc Suffered
to exist. unless the danger iru- the adoption q
another system be equally manifested.
| \ pain, practical, and important pubic sool
ought not to give way TO dangers Of douoful &C
cutscoc~, or likely TO he slight in degree, n they
/ should occur. = ,Fne risks must te rnn wheneve
/ ANYTHING important is Attempted m regard to rove
nue. and finance, well rs IN other business Of lf.
| and the true question must always he whether dan
ger o loss be so clear ami 50 great as TO oyerbsI
| anoc the evident and certain ben,fis And 1t - {,
he borne IN mind. also, ;alt although the pre-, en-
| measure has not p:oft 10 Government Or augm.nii
ton Of Cvenne i1fr,s OH ct vt that the operations
/ OF the EIchsGuer are expected 20 result IN sum,
! amount Of earnings: =" that, II occasional lossc
! should occur, such earnings may make them good
will Ice composed OF ricn ot nigh calrtcter, known
TO the country, and possessing 10, confidence.
IL val Ue their duty 10 supsr!nrcni and vP'c'
over IA. cond ict OF those wnn pay cut and rrceiv
money from day IN day, ani to demand from a,
such agents proper bonds, with Responsible sure ie,
ar! will nc Their duty, also, To prescribe aud en-
! force = system Of regular and prump, accounting
which Sha, know nc Their Indu' gerce nor delay. A
J the priucpal Board, and n each agency, the busI
ness OF every d " may re Closed, and each subor
I Ill ~ 20 of D led IN
heipre the day Itseii closes. Over this Board IN,
S-cretHry Of the Treasury S''l exercise superin
i=liin5 power, 10y ne RIGHT Of calling f,r VII &C
counts, general and ptrt'culir, oljen he p'ers
-. And, finally, the absolute authority OF Con
sreSs will exist over the ~ho'e. Congress W. lI.v,
created no corporations; II 10 have conferred nc
privileges or banthEs except on he pubic: 1t Wi
have srin'Cd vested riohs To individuals; - Wi
have parted with no portion az &c own pOwr.; but
IT'S authority will remain TO amend 10 slg-rvis,
throughout or Ia ABOLISH alroceIher the system, al
a times, according to - own pleasure.
Il rnurs trust may not w. repO,ei IN an jns:itu
too thus guarded, II can emily be becausc Egr,sn
beings can never be tie ouicc;5 OF absolute conn.
denc-, nor human ski always adequate to the &c
com plishment vt IL Uolrc cts.
Nor is the plan Justly l,shs to the objection tina,
II creates union 81 the purse snd the sword, by
giving TO the Executive the custody or control Of
the pub &c money Far otherwise. The PreSlJenl
cannot touch dollar Ut the pucIc money. w his
D"N au'EtF'F. TOr Culisge lis CUSTODY. Inc Sc.
csetlry -; the Treasury cRUnoI touch a dollar, nor
en- custody, kept TO meet the occasions o.
the puylS service, md Iva public official ret Who.
ever IA al cnGe is 'ic Exch,quer for money! must
show the law Of Cpnsress under which he com, S;
Erd ~ payment c'n be made but in complIan,.
with suHr Iac. unu' approprIa ions are made by
law, me President MI no more authority u an
any other In5iyi 'uli IN the country In take far.
thi"g from the EIcHGquer.
The pJr =, then, i # .ctually severed from the
sword; lie executive power IS confined 20 its pro.
per Junction ot exscuIng me laws "f Congress- and
dIscharging rs other high constitutional duties; and
the puhlc tunrS hs IN Their proper pisee, entirely
beyond his reach or Cslirnl, until Congress sh,i
appropriate them TO their destined purposes. From
that zine they viii 60 into lns hands OF disbursing
agents, as the public service may require projected
still bV Offich rsspon sIbilty and aIedua's bond.
and still beyond any interference by the Executive
power. IN the EHchequer, therefore, the public
treasures will ne safe-sa'e ag ,Insi the usual causes
OF loss and danger, and safe from Executive con-
tro.
But the ET'fequsr is expected TO 90 more Than
merely TO keep safety the public money!
lis second Oil Jet is To furnish a sound paper cur.
rency, IN which debts to the Government m,v he
pad, and which may also be useful to the com.
msrce and general business of the rountry. The
hrst OF these functions is purely h.ca; and the In
strumentiIiy OF such paper medium, IN certain
eKigencles oi the country. may become inilspan,l.
oie 10 the exercise Of tue highest duties OF Govern
mcn'.
In SO reasoning upon this subject, as to come n,
any practical conclusions, i; IS necessary to consider
sJwe 'AIngs as seu.ci aud csfta!r. Anon, these
one oi pumry importance is, that paper crcu. a.
"h exists 90 Tue country, and TINT there ts not the
Ieist n'obhmiiy OF rs c-sslDg n exist. Tn States
possess the power ~ crea in banks Of calculations
thoy exercise this DOW r; m ny Of them derive not
unlnpyraut revenue, iIum ITS exercise, and ,or,s
OF them even have established banks, of which
they are them elves prnfre ore. No t1sn can reo.
son1".y eH'sci 10 sec the day when t5ry yyl! re
,lnqu'sh tbs power, refrain from It's exercise
In TIE rext place, experience hes confirmed the
truth, beyond the possibility Of d1d.t o. question.
IN the paper Of State banks cannot be Of universal
circulation sud cred; thtt never has D-eu and there
IS not now, my State bank whose notes pa.s rea
nl i'o'n hand IN r'nd, equivalent ~ spce over
al p,r.s Of the country. Many Of these Local in
suu'inns are perfectly s1und, Hrs vel administer.
ed and their credit M Their own ne.shbOri,nlI en-
uiey gooH n"a urq1cs'ioned. Bu', from the very
nature Of things, t"cr credit IS and mu.t be- Zeal
only. IL can never I've universal. The PEOPLE rre
InInic1 with the Ins'I upns Of Their own re nee
tive states, onI gsnsrIlIy unJers1nt IN ground Of
ae cIiMS Of such institutions 10 confidence nrJ re.
srsc.. Ihoy pay attention also % v7hl,eysr i, o.
ae'sFoI by ih. GCnsfI, @ 5vetnmcnt because thsv
have 100 interest ~ the laws which % plses- r.,
;s Isn"s, ihJt s 10 say, the great mass Of produc
tive e1rnffs ri ODs ate, cInnnt generally sp,,k
i7g, Ire acquainted With the mpnoysd institutions Of
ether md Iisnn. States. In most cases. they do
not even knox such institutions by name How
then, car they give them their conhdence7 We s.s
they 30 not give il, even where II might he most
safely hc1'Owrd. They prefer the uaper ~ tbeiz
own OIrks, though they know II 10 he Deprecated
~ Tho paper Of other banks, because they have con.
hicn-e 90 nc Institutions II their own Safe and
because they know he amount Of depreca ion on
the paper ~ such banks, where's Of the value OF
no'c OF distant bank they are wholly ignofart-
I bni 'ns Fn'"Ictge, which the goat mass q tho