Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-10

l" W. NPtlNC; ny tnlS means neaVy ueDt
may be raised and fastened permanently
upon the country, the amount ofnew issues
being involved with the payment of the
old; while the People, and even those who
administer the finances, may not be i'm
pressed with the important fact that a ma
tiona debt is created or in the process Of
creation.
! Therefore, in the opinion of the under
signed, when anational debt does exist, and
must continue for a time, it is better that it
should be made a ,fmded debt, according
to our ancient financial usage. 1t is then
sheltered by no cover, and is the subject Of
no deluson. 1t is open, palpable, true: the
eye of the country will be upon it, and will
be able at glance to make its reduction or
its increase: and it is believed that a loan
for the requisite amount having eight years
to run, but rcdecmablc at the will of the
Government, on six months notice, could
be negotiated at much less rate of interest
than Treasury notes. Much expense
would also be saved in dispensing with the
machinery Of the issues and payment and
cancelling Of Treasury notes.
1t is therefore respectfully recommended
that sum sufficient to pay the debt at
present existing, and such as will neccssa-
rlly accrue in this and the ensuing year, be
raised on loan for the time, and on the con-
dltlon above suggested.
On keeping and distressing tie pujiic
mo"cy5.
The undersigned would also respectfully
invite the attention Of Congress to the
present mode Of keeping and discussing
the public moneys; and also to the subject
Of the creation Or employment Of fiscal
agent to be charged with the performance
OF these and other duties. The subject is
one Of great importance, both to the Gov
crnment and to the community. Such
agent or depository ought to unite in the
highest practicable degree, the safety Of the
public funds, and convenience and economy
in their administration; and it should, if
possible, be SO selected or framed as to
exert a salutary influence over the business
and currency of the country.
The mode Of keeping and disbursinr the
public money, provided by the act of July
!. 1910, will be found. on comparison with
that heretofore chiefly used by the Gov
ernment, eminently deficient in all these
essential requisites. The financial history
Of the United States, especially for the
last twelve years. furnishes abundant proof
that the public money is unsafe in the Gus
tody Of individuals, and that their official
bonds are no sufficient security for its safe
keeping and faithful application. Within
the period above named many receiving
officers connected with the Treasury De-
partment have become dcfaulters to the
Government. The aggregate loss from
that cause within that period, as shown bv
the books of the Department. amounted
to S2,G20,500, but small part of which
will probably be recovered from their
bonds Its true that, in any system which
can be adopted, some part Of the public
money must, in the process Of collection,
pass through the hands Of individuals. and
be subject to their dctalCatons; but the act
of July /, 1910. extends and continues the
risk beyond the period &: collection. and
1t sub iects large masses which, in the huc-
tuatlons Of commerce, sometimes accumu-
latcs to the same dangerous custody.
Not only is the public moncy in the hands
Of individuals more exposed to loss from
ordinary dctalcations than when deposited
in a wcll.rcgulatcd bank: but the Govern
mcnt is also liable to the risks of fire, rob
berry. and other casualties occurring either
in dcposite or transmission, from which it
is entirely protected when wcIl-rcgula.
ted bank is the depository and the fiscal
agent.
The present system Is also. il many re-
SpCCtS, CumDrOus and inruICrnirur lis