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

done should be done without further delay. :, o,a
that they may accommodate themselves 10 Ill., -
| Icy Of the Government, Whatever that noir,
be, and be prepared 10 give corresponding tIcce,
In their industry AMI business. The grea, -,
the country is the want OF confidence conf;t.,.a
the steadiness and stability OF the policy of the f,
ment; confidence in that which regulates Tie y,,o !,
property nnd The wages of labor and confidence =, -
establishment and preservation OF the Necessary 49,.
ordinary means Of eXclian ging production aooios,
duction and of buying and srng with securl,v 90,
the intercourse between different parts OF the c,
may be carried with lis former activity .n6 49,
ness.-The object OF The plan suggested 10 Cong-os
the Presidents message, and now presented for "
sideraton in the form Of bill, is to establish lLs -
fdence, and 10 give the country tranquility ~
signed 10 terminate contentious OF long siapdn, ~.
to restore that peace, quiet, and satisfaction w, H.,
state Of public affairs, without which men canno, ,,
their vacations either with checrlnlne-s or VIM
success. Amidst the conflict OF widely Differing m
Mons, a measure is recommended which avoids :,
tremes on both sides. II proposes less far less ,bn
many think il desirable that Government should do .
attempt 10 do, and at the time far more ,b-o
otlers are ready 10 recommend II aims a us. us
dunn, a common ground, which those nav consist,
emily step who might yet wash 10 go further. and i,
which they may advance without seif.reproach Vim
would nevertheless have desired to fall shor: o /,
does not attempt to collect capital by private sp.
scrption for the general purposes Of loans and IL.
caunts and therefore does not propose 10 perform III.
ordinary functions Of bank. On the other haGd !,
does not propose TO lock up the public MONEYS from
The time of collection 10 the time OF disbursement n,
10 demand specie payment Tor every debt die The
Government; making no attempt, at the same tine IL
furnish the country with either currency exchange
and entirely contenting itself with securing specie pas
ment into the Treasury. In these respects dac,s
from The system established BY the las, repealed
generally called the Sut-Trcasury act.
II Il not intended here 10 discuss the respective iae.
rits Of these systems, whic! may be regarded i
q n re- Ot oil ~ .1u
to saw regard TO Bank OF tie Z. :, that i There
were in no quarter any constitutional objection -
the creation OF such institution, II would never.
,helcss have been recommended to Congress "a
the present condition Of things, ms measure L,tg
10 afford relief TO the country Such Is the condition
of the currency in many OF the States, such tie
porabc depression OF general credit, produced by thai
condition Of the currency and by other causes ana
such the existing pressure in the money market ar.
ing as is believed, in grea, degree, from want II
confidence, that there Is little probability that private
subscriptions, payable in specie, would be obtained -
any bank with ordinary charter. This opinion
streng by the fact, that six per cent stocks ii
the IT, States now in the market, 20 slowly and Leayi.
" private hands; and although this IS doubtless
partly attributable to the short period within which
those stocks made redeemaLe, yet the general iac,
with other reasons in producing full convc.
ton that il would be useless at the present moment;
attempt the creation OF bank, with capital 10 he iur
nshed principally by private subscriptions, and "a
tended 10 discount through It's branches, bills. and
notes. in all parts Of the country, even II constitution
objections out OF The way And in regard 10 The
system, is perhaps enough 10 say, that
it is supposed return 10 that system, at any time here
after, is event highly improbable.
Between thcse-a Bank on the one hand and the sys
tenn OF the Treasury on the other the present plan
is offered seeking 10 avoid the objections which c1is,
TO EACH and TO accomplish, 10 extent, the good t.
signed by both The plan, such as It Is, VII te r.
ceved and considered, il is not doubted, IN spif; u
candor and Cancellation, and with disposition not .
much TO persist III the pursuit OF what may be unatan
able, TO turn 10 the greatest practical advantage y
the country the Of all those means, the employment
of which, may be expected TO meet the general
renee.
The bill now submitted may be considered as having
three principal objects in view:
lst. The safe keeping of the public moneys.
3D. The furnishing, well for safe and convenient
payments 10 the Treasury as for the Of the
try, paper circulation always equivalent TO gold and
silver, and of universal credit.
Sd. A provision for supplying, 10 some extent the
means of cheap and safe exchange III the commerce
between the several States.
OF the high importance Of the first Of these objects
no one can entertain doubt. The public moneys
received by Government from the People, for Inc NJ
cessary uses of The country, according 10 the Cons
tn ton, and ought to be esteemed sacred tfus
They are earned by tie industry Of the People aud,
while safely guarded, and applied only TO really
sary and constitutional purposes, will be cheeruy
tribucd by patriotic community. The People larcs
right TO be safe as good laws and faithful admins
traon make them, against both waste and loss.
1t the remark Of the late President, striking by ia
brevi,y as well its TRUTH that every dollar los, by
unfaithfulness in Office tends 10 create new charge
..an 10 p~--i- - IT ----. - h>pt tUo
fully or too constantly in view.
Debts and dues accrung 10 the L. $ paid in Tie
first place. into the hands OF the appropriate collectors.
and receivers In these hands The safety Of the funds
supposed to be secured by the integrity and al
the officer and the sufclency OF his official bonds and
q IN nj M
counting In the early history Of the Government
and sometimes ut more recent periods, when public
moneys 10 be used for their proper purposes tie
drafts Of the Treasury have been made directly
these first recipients At other times, and when there
has been Bank OF the U. S in existence, the aw has
required that those moneys should be deposited snch
bank
BY the act Of June 1896, il was provided that pub
lie moneys should be deposited in certain State banA,
called deposte banks and, finally, by the Sub.1tea
sury act, they were TO be kept by the mint and is
branches, and by certain officers called receversge.
neral.
In all these modes of securing, attempting
cure, the safety of the public treasures is Cbgious
that the main reliance, after all has been placed in tho
honesty and integrity of public officers there beng
superadded, however, in the case of deposits WIT.
banks the guaranty supposed TO be afforded b. thr
capital; and in the case Of individuals, security by
the execution of official bonds, with responsible
ties But in Of these modes, any more than
any thing else which becomes the subject ot human
trust in human hands, could il ever be- affirmed iha
the funds were absolutely secured, and beyond all
possibility OF loss or danger Committed 10 tie care
of the depos,c banks, to the skill Of their officers AID
the pledge OF their capital, know from experience
that the public money not safe. Deposited wta
Bank OF the United States although no loss
tualy happened from such deposite we nov see enough
to know that there danger, and that the safety q
the public money depended upon degree OF drscfe.
ton IN The management of the institution, Of the exist
ence and continuance Of which had not aud 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 suiicency Of their bonds There
ii is true chambers and vaults, with thick walls and
strong locks; but human hands held the keys Under
that system Of public custody, the same temptation
existed which surround Of doubtful principles O
wayerng integrity i'll other situations Of public trust
and, if the system had continued, these temptation.
were as likely 10 have shown their power tIos,
employed under it, as they have done in other
II is confidently believed that the present bill contains
all ia and ha pf, dis 20.