Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-25

the pledge OF their capital know from experience
that the public money was not safe. Deposited Hlth
Bank Of the United States, although no loss &C
tuay happened from such deposte, we enough
to know that there danger and that the safety u
the public money depended upon 4 degree OF drscfe
ton IN the management of the institution Of the exist.
ence and continuance of which we had not, and could
not have, perfect assurance. And, under the operation
Of the SubTreasury Law, every thing resolved itself,
at last into confidence in the honesty and integrity Of
agents, and the sufciency Of their bonds There
is true, chambers and vaults with thick walls and
strong locks but human hands held the keys. Under
that system OF public custody, the temptation,
existed which surround men Of doubtful prncp pies
waverlng tegri,y iii other situations Of public trus,
and, if the system had continued, these temptation.
were likely 10 have shown their power thos,
employed under it, they have done in other
!. is confidently believed tia; the present bill contains
all that is practicable and be useful, towards
tablshing safe custody place Of keeping q! ihe
funds OF Government. Tue system which II proposs
will evidently possess some eminent advantages OF sae
Ity bank. In banks excessive loans, and Dc
position often prompted by their own interest," TO carr
their accommodations to quite unreasonable lengths az
great source Of danger. The Board Of Excheque'
will be free from this. II is 10 make loans, and
give no accommodations Operations in eychane
when founded III real business transactions, usua
safe in well conducted banks Indeed, regular dealf;
in exchange is the safest of all banking transaction
and in this respect, the present measure promises ga
greater safety than attends the business in banH
from the strict limitations imposed il, and The %
sence of all motive TO run into excess. Banks, too
we have seen, are sometimes induced 10 depart ae
gether from their proper sphere of business, and TO-
tangle themselves with commercial speculations Dl
into such spccuaiions will the Board of Exche4ue'
enter.
There is plainly, therefore, less danger in The System
now proposed than in bank, far danger a's,'
from the mannerin which the public funds may be r.e
while in all other respects liz advantages equal
those Of the hes, conducted banking institutions.
1t may be said that il is hazardous, in all cases
suffer the public funds to be employed, any degree
in exchange o. other dealing. If it be admitted H..
this objection IS not without It's force, it mus; be
knowledged at the same time, the other hand, III
these funds would be used, not only for purposes
exchange, but in general accommodation loans an'
a great and often dangerous extent, by ans ban"
which they should be deposited But ii, afieral o
garded possible that occasional loss may happen ~
dealing in exchange, with the limitations providea
the bill, it will then be for Congress to decide whfs
danger so contingent shall induce 1t 10 REJECT l'is =,
and to prefer system which locks up from ~ :
every dollar of the public money, from IT'S receiPs 20
disbursement. AS the evil OF thus withholding 50 r..
portion Of the circulation from the general uses o.
ciety, by retaining II until wanted for csour'eHe"
manifestly great evil, especially II the ,onos
withdraw be IN the precious metals, 't'Vz'' ~