Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-03
NO..l34..5

But the raising OF money by the issue Of
Treasury notes is Objectionable, because
It Is dFcepiive; by this means heavy
debt my be ralssi and fastened perma.
nently upon the country, the amount of
new ifsues involved with the payment of
the old; while the People, and even there
who sinister the finances, may not be
imp astyd with the important fact that
natioud debt is created or in the process
OF CT eatIon. lag.9 magI awEGtaw ID ;aum
1nelskre, in the opinion Of the under.
sigse, when national debt does exist,
and must continue for time, il is better
ilGt it niould be made a funded debt iac-
cofdiEg 10 our ancient financial usage. 1T
ia then sheltered by no cove, and 10 the
subject mo delusion. d 1t is open, palpa.
BILE, tue; The eyes Of The country will be
upon it, end will be- able.at a glance to
mark its reduction or It's increass; and it
is believed dat loan for the requisite
amount, having eight years to run, but
red2ema5la at the will Of the Government,
on SIX months notice, could be negotiated
at much less rate of interest than Treas.
ury notes. Much expense would also be
saved in dispensing with the machinery
OF the Elue and p yment and cancelling
of Treasury notes. fBunuC .tlauala UUf
tits therefore respectfully recommended
that sum sufficient to pay the debt at
p.ysent existing, and such as will necessa.
rily accrue in this and the ensuing wear,
be raiaad on loan for the time, and on the
condition above suggested. snsaa ana
On kecl'gg and discussing the public
money.-The undersigned would also res
spcctlully invite the attention Of Congress
to the prga.nt mode of keeping and dis!
bursting the public moneys, and also to the
subject Of the creation or employment of
a fiscal agent to be charged with the per-
Torrance OF these and other duties. Tho
subject is one of great Importance, both to
Government and TO the community. Such
agent or depository ought to unite, in the
highest practicable degree, the safety Of
the public funds, and conveniece and
economy in, their administrator; aud It.
should, possible, be so selected or franz
ed. as to exert salutary influence over
she business end currency Of the country.
The mode Of Sespi"s aud oisbursiDg
the public money, provided by the act OF
July 4, 1910, will be found, on. COMPARE
son with tina, heretofore chiefly used by
the Government, eminently deficient IN all
these essential requisites. The financial
history Of the United States, especially,
for the last twelve years, furnishes abond-
ant proof that the public money is unsafe
in the custody of individuals, and that,
their official bonds are not sufficient secu.,
rlty Tor lis safe keeping and faithful APP
'lica'ion. Withinathe period above NAM
I'd many receiving officers connected with,
he Ire, sury Department have become,
ielaulters to the Government The ag.
,regat loss from the cause within that,
period, as shown by the books Of the De-
'artment, amounts to 5000 800, but a
mall part of which will probably be re.
'oyergl from their bonds. 1t IS true that.
n any system which can be adopted, some
art Of the public money must, 10 The pro-
ess OF collection. pass through the hands
t individuals, and be subject TO their de-
llcations; but the oct Of July d., 1870,
xiends and continues the risk beyond the
eriod Of collection, and its subjects large
masses which, in the fluctuations Of COM
,erce, sometimes accumulates to the same
angerous custody, ,,a-g.sj :. .,,.,.rs,.g
Not only is the public money in the
ands Of individuals. more exposed TO loss
ON ordinary dsfalcations than when De-,
osited in well'regulated bank; but the
Government is also liable to the risks Of
re, robbery, and other casualties occurring
ther in deposits or transmission, from
hlch 1t IS entirely protected when we'll
gu!!a'ed bank is the depository and the
seal agent. na,t.,,.1; - c,,. 49,,
The present system is also, in many re-
'ects, cumbrous aud inconvenient,5 Its
ndency is to centre the disbursements Of,
g public money at some Of the Eastern.
ties, chiefly at New York. That being
. great commercial emporium Of the
nited States, is the point at which funds
2 most valuable, and, therefore, the most
ught; hence, those who are entitled to,
yments out Of the public Treasury claim
EN- there. II is true there 10 a general
the head Of the Department TO refuse,
grant the favor Of such payments accor.y
ng 10 its convenience; but, when the.
rrency is deranged, and the premium on
changes is high, this discretion Involves,
scrlmina,ion 70 q large amount amonga
editors equally entitled. i then be-
mes a dangerous discretion, and one.
At ought NOT 10 exist. Bot. under the