The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-06-24

laller pefiou, from 1900 W 1901, tuougu
no actual loss is believed TO have occurred,
yet the Treasury and the country suffered
inconvenience and embarrassment from the
fiscal arrangements with those numerous
and disconnected institutions. Bot, during
the forty years that the two banks OF the
United States were the repositories Of the
public money aud the fical agents OF the
Government, no loss whatever was sustain
ed, nor any delay or any expense incurred
4 in transmitting or dlsbursing the public mo.
ueys, SO far as the agency of those insiiiu.
lions extended. Then, as regards the
wants OF the Treasury merely, the safety OF
the funds, and economy in their adminlslra-
/ lion, experience has demonstrated tho supe.
I rlor utility OF bank constituted ald adopt.
ed by Congress as fiscal agent. Ii has
also proved to US that the active bust
ness OF the country, its currency, ITS credit,
I It's industry, and lis commerce, are intl
maiely connected with and dependant upon
the financial arrangements OF the General
Government. II they be wise and beulti
cent, they indirectly, but efficiently, promote
those great interests of the People ii con.
slant and uniform in their action, they give
TO those laieresis confidence and stability
Since the removal OF tbe pubic deposits
from the Bank Of the Uuued States, in
/ 500, the Government has had no perma
nenl fiscal agent and no definite financial
system. Alhas been experiment, transfer,
and change. The business Of the country
has yielded 10 the unsteady impulse, and
moved forward with wild irregularily at
one time stimulated to excessive action, ai
another sunk into lethargy. And, in pro
vldlne for the wants Of the Treasury, II is
surely important to look, also, 10 the wants
and the welfare flhe community, from the
products Of whose industry the Treasury IS
supplied.
And as regards those great interests, We
find the testimony Ct past years is 90 less
distinct and strong 10 favour Of money ed
institution chartered by the General Gov
erement, aud possessed Of It's confidence and
credit. The period embracing the las,
ten years of the existence OF the late Bank
Of the United States as the fiscal agen, Is
fresh 10 the memory Of US all, and ls
looked back 10 as period Of public prosper
liy and though other causes did, dou bIess,
cooperate to produce that favorable condl.
tion Of things yet che Of the governing
principles on which depended the steady
advance Of the country ia commerce, in
industry, and in substantial wealth, was lhe
existence Of fiscal agent established by
the General Government, aud charged with
the equalization OF exchanges, aud the reg
ulailon Of The currency.
+ lu the present condition Of our country,
the relief 10 be anticipated from such an 10.
sliiuilon cannot be immediate, but must be
I the work Of time. The business oil the
country would, however, IN the opinion Oh
the undersigned, steadily aud certainly re.
vive under us influence.
In whatever point Of ligh, the Undersig'
ed is able 10 view this subject, he IS irresis.
4 tibly led to The conclusion that such fiscal
agent, so framed as to possess those import
ant functions, 10 alike essential 10 the wants
Of the Treasury and Of the community
Such an institution should be framed with
elaboration, for 1t must have high duties
/ TO perform, and extensive interests 10 pro
teci and promote aud II should DC granted
with care, for i will be liable to great and
! dangerous abuses. As the fiscal agent OF
/ the Government, and an effective regulator
Of the currency IN side spread commuu.
{ y, il should be steady and uniform IN It's &C.
/ ton, and fixed and stable IN It's character.
The Undersigned has no doubt Of the pow
\ or Of Congress 10 create such an Institution.
7 Experience has proved its necessity 10 car
. ry cut other expressly granted powers =
has been exercised and recognised ~ the
Legislative and Executive departments u
the Goyenmen, during four fitbs oil the
whole period Of our national existence, and
! It has received The uniform sanction ot our
highest judicial tribunal.
Ye. that power has been questioned by
many wise and patriotic statesmen whose
opinions are entitled to consideration and
respect and IN measure Ike this Of high
political import, which, # wisely conceived
aud cordially concurred 10, uus; have d
great and enduring influence on the pros
perIty Of the country, ii IS important, as far
as possible, to obyiate objections aud recon
Gle opinlon
! II such an institution Gao be so conceived
7 IN principles aad guarded IN ia details as 10
remove all scruples touching The question of
! constitutional power, aud thus avoid the Oh
lectIoas which have been urged against
those heretofore created by Congress, IT
will, 10 the opinion Of the Undersigned, pro
duce the haPplest results, aDd confer lasting
and important benefits on the country.
The Undersigned, therefore, respectfully
recommends the creation Of such fiscal
- s--' -'--. f-~'-' - srse Sory Ttu,
4 ls40, providing "for the collection, safe
keeping, transfer, and disbursement of the
public revenue" except the penal provisions
thereof, which will probably require reyl
sion and modification.
All winch is respectfully submitted.
I. EWING,
Secretary Of the Treasury.
TREASURY DEPARTMENT, Juag 2. ls4l.
= .