The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-24

reases 10 secamulsie. OF uhea II becomes
larger ihsn The amount peessssry 70 be
kept on hand 10 meet The eufrsni vents |
81 ths Treasury. these sdssnlagss dissp-
pear. This mode of loan Then becomes
10 the Government what The sale in mar.
kei Of nsv promissoTy notes. for The Pur.
pose Of raising money 20 take up old
promssory notes. y 10 an lndIsldasl 10
% the issue Of Treasury naies 10 take Up
other Treasury nolss year after year 10
succession: and. under those eifcum-
stances. ii 10 inconssnient and expensive.
Bot The raising Of money By The Issue
Of Treasury noles 10 objectionable. be-
cause II i deceptive: BY This means .
heavy esbi may be raised and fastened
permanently opon the country. ihs amount
81 ne~ Issues being involved uilh ihe
payment olIhe old; while The People. and
even those who administer the finsnees,
may not be impressed with The important
fact that national debt is created or in the
process If creation.
Therefore. in The opinion Of The Under
signed. when nsiionsl dsbl exists. and
must commune Tor tine. u Is better thai
il should be made = funded debt. secord-
ing 10 or. ancient linzncial usage. IL %
then sheltered by no earer. and is The
subject Of no dslusion. II 10 open. pal
pabls. true; the eyes Of the cosniry viii
be upon IL, and will be able ~ . glance 10
mark is reduction or i,s increase; and It
is believed that . loan Tor the requisite
amount. having eight years 10 run. bu.
rsdssmsble Al The viii Ofshe Go, eminent.
on six months nohce. could be negotiated
az . much less rate Of interest Than
Treasury notes. Much expense would
also be saved in dispensing with the
machinery Of the issue and psymen, aat
csncslling Of Treasury notes.
i II 10 therefore respectfully recommend
ed that sum sufficieni 10 pay the deb
81 present existing. and such as will ne
cesssrily accrue in this and Ihe ensuing
year. be raised on loan for The time ans
on the condition above suggested.
On Kssping and Disbursing the PuJi'
Moneys.
The undersigned would also respectful
ly invite ihe attention Of Congress to III,
present msdc OF keeping aud disbursinl
the public moneys; and also to the sub
iecl Of the creation or imploymon, Of
fiscal agent - be charged with the per
formance OF these and other duties. Tn
snkJect ls 0ns Of great importance, Dot
. TO the Government and 10 the communi
~. Snch ageni or depository ought !
unite. in The highest practicable degree
the ssfely Of The public funds. and cor
] venience and economy 10 their admins
5 tralion; and il should, il possible, be :
selected or framed 81 10 exert salular
/. influence over the business and currenc
: Of the country.
D The mode OF keeping and distursin
II the public money, provided by the &C. /
J, july 4, 1910. will be found, on compar
n son with that heretofore chiefly used b
u the Government, eminen,ly deficient
r all these essential requisites. The final
b cial history OF the United States. espec
e ally for The last twelve years, furnishs
e abundant proof that The public money
u unsafe in the custody of individuals, an
! tina, their official bonds are no sufiicieI
b security for It's safekeeping and (ai,hf
e application. Within the period abo'
h named many receiving officers connect'
with the Treasury Department, have b
come defaullers 10 the Government. III
aggregate loss from that cause within III
+. period. as shown by the books Of the ID
II pertinent, amounts 10 81, 620. 500, but
b small part Of which will probably be r
2 covered from their bonds. Ii is TIT
+ that. in any system which can be adop
j. ed. some part OF the public money mus
|, in the process OF collection. pass lhroug
j. the hands Of individuals, and be subject
e their defalcalions; but the acl Of July
1910, extends and continues the risk b
r yond the period OF collection. and i, So
,e1 iec,s large masses which, in the fuciu
/, lions OF commerce, sometimes accumulat
/, Ito the same dangerous custody.
/. Not only is The public money in Ii
4. hands of individuals more exposed to loi
:. from ordinary defalcations than when d
/. posted in a we'll regulated bank; but II
N Government, is also liable TO the risks /
ID fire, robbery. and Other casualties. oecu
y ring either in dep"sile or transmission
n from which il is entirely projected whe
" we'll. regulated bank is the deposition
o. and the fiscal agent. -
:. The present system is also, in man
re res poets, cumbrnus aud inconvenient. 1
b, tendency is TO centre The disbursement
ID of the public money at some OF the Ia
to tern cities, chiefly a, New York. tn
lie being the great commercial emporium
m the United States, is the poin, a, whls
$, funds are the mos, valuable, and. ther
IN fore, tie most sought; hence those WI
n. are entitled TO payments out Of the publ
Treasury claim them, there. Il is sr'
o. there is general discretion in The be-
nj