The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-06-22

and disbuise it, No portion of This rsk,or inconVe-
nionce need DO incurred where well regulated
bank is made The fiscal agent.
But the present system is also, in the opinion ot
the undersigned, injurious to the business and ours
rercy orthe country. Instead of permitting the
credit and the finances of The Government 10 Iend
their direct hut efficient aid in sustaining the credit
md regulating the currency Of the country, 1t btngs
into direct hostility those important interests In
tho progress Of the system sufficient amount u
gold and silver 10 supply the wants OF inc
ry is locked up in vaults, leaving no representa-
tive to supply its place in the general cIrcu'"''o"
large amount, ALSO in the hands oil thoSo WHO
nav 10 or receive from the Treasury, is equally
Withdrawn from general 'ircuation' ana maze 10
gow through those channels alone which lead into
and out of the public cofers.-The other avenues
oil commerce and intercourse are thus deprived OF
their proportion of the precious metals
Within fifty two years during which our consti-
tutional Government has existed, we have had Tor
TWO periods of twenty years each, bank charter
ed by Congress depository of the public mon
eys and as fiscal agent We have had, also, at
two intervals, amounting to about nine years. state
banks employed for like purposes; and, during the
remainder of the time, the funds of the Govern
ment have been kept and the finances administer
GERS and agents The losses sustained by State
banks, as repositories, during ,he first period of
their employment, extending from 1911 to 1916, a.
greeahIe TO a statement prepared by the Secretary
orthe Treasury in 1888, and revised and republish
ed in 1887, were 81 900 GIG In the latter period
from 1888 to 1887, though actual loss is believ-
ed TO have occurred, yet the Treasury and the coun
tIy suffered Inconvenience and embarrassment
Co with
and disconnected institutions But, during the for
~ wears that the two banRs of the United States
wen the repositories OF the public money and the
fiscal agents of the Government, no loss whatever
was sustained, nor any delay any expense in
transmitting or disaursing the public moneys, so
far as The agency of those institutions extended
Then, as regards the wants of the Treasury mere
Iy, the safety of the public funds, and economy in
their administration, experience has demonstrated
the superior utility of bank constituted and adopt
ed by Congress fiscal agent. Ii has also prov
ed to us that the active business OF the country, It's
currency, its credit, ills industry, and its commerce
nre ultimately connected with and dependent upon
the financial arrangements of the General Govern.
ment If they be wise and bene6cent,the indirect
ly, but efficiently, promote those great interests OF
the People; if constant 81 uniform in their action,
thew give 10 those interests confidence and sabili-
@ty.
Since the removal OF the public deposits from
the Bank Of the United States, in 1885, the Gov
eminent has had permanent fiscal agent and nc
definiteS financial system. All has been expert
ment, transfer, and change. The business OF the
country has yielded to the unsteady impulse, and
moved forward with wild irregularity; at one time
stimulated TO excessive action, nj another sunk into
lelhargy-And, IN providing for the wants of tht
Treasury it is surely important to look, also to the
wants and welfare of the community, frem the pro
ducts Of whose industry the Treasury supplied.
And as regards those great interests, we find the
testimony of past years is less distinct aud
strong in favor ola monied institution chartered
by the General Government, 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 fiscal agent is fresh in the
memory of us all, and is looked back to as period
Of great public prosperity; and though other
did doubtless cooperate to produce that favorable
condition OF things, yet one ot the governing prin
cpes which depended the steady advance Of
the country in commerce, in industry, and in sub
>stantial wealth, the existence OF fiscal agen
established by the General Government and char
ged with The equalization of the exchanges, ant
the regulation Of the currency.
In the present condition ofou country, the re
lief to be anticipated from such an institution can
not be immediate, but must be the work of time
The business of the country lwould, however, il
the opinion of the undersigned, steadily and Ger
fainIy revive under its influence.
In whatever point of light the undersigned a
BILE view this subject he is irresistbly led to tn
conclusion that such fiscal agent. framed Il
possess those important functions, is alike essenIa
to the wants Of the Treasury and of the communi
~. Such an institution should be framed with de
liberation, for it must have high duties TOPPER
form, and extensive interests to protect an
promote; and it should be granted with Gaze, for
will be liable to great and dangerous abuses, A
the fiscal agent of the Government, and effec
tive regulator of the currency in vide sprea
community, it should be steady and uniform in il
action and fixed and stable in its character.
The undersigned has doubt of the power
Congress TO create such an institution Experience
has proved its necessity to carryout expressly gran
ed powers; it has been exercised and recognize
Inv fha Leg sIaty and ~,