New-York tribune., 1841-12-24

/
nc to the Constitution. aud ough, ever TO be es-
eemed sacred trust. They are earned By The
Industry Of the People; aad. while safely guarded
and applied only to really necessary and const,u-
tona purpo.es, viii be chcer:ully contributed By
patriotic commusity. The People have right To
be u safe a. good laws ana faithful aduini,tra-
tion can make them against both waste ard loss
1t was the remark OF the late President, striking
5y II. brevity As well as its truth, that every dollar
lost by uriath:iness in Office tends 10 sreaie Il
new charge upon the People; and this truth can
not be kept 100 fully or too constantly in view
Debts and dues accrulng TO the United States
are pad 10 the first place. into the hands OF the
appropriate collectors and receivers. In these
nans> the safety OF the funds is supposed 20 be Sc
cured by the integrity and care of the officer, ami
the sufiiciency OF his Official bonds and by the en-
iorceneuj of strict system OF frequent account
! ing. In the early history oil the Government, ane
sometimes at more recent periods when public
moneys to be Used for their proper purposes.
! te drafts OF the Treasury have been made directly
On The se first recipients At other times, and when
there has been u Bank OF The United States in eA-
silence. the iaw has required that those moneys
&c ,ud DE deposited in ,uch bank.
BY the act OF June, 1896. II was provided that
public moneys should be deposited IN certain State
naus, called dcposite banks; and, finally, by the
sub Treasury act. thay De kept by the mint
and branches, and by certain officers called re-
ceiyers-general.
Ia al. those modes of securing. or attempting 10
ecure the safety OF the public treasures, 1t Is OBJ
glol, that the uais reliance, after all, has been
placed in the honesty and integrity of public otfi-
.,r.; therc being superadded. however. IN the case
| % drpo,ltes with banks, the guaranty supposed to
aiorde. BY their capital; and in the case OF IN
divldual-. security by the execution ct otfcal
bonds. with responsible suretles. But IN none OF
th-s, mode, any more than any thing el>c which
le-ome- the subject OF human trust IN human
hands could It BE- affirmed that the funds were alb
souiely secured and safe beyond ali possibility OF
JOS or danger Committed TO the care OF the de-
posie banks to the skill OF thei, officers and the
| pledge OF their capital we know from experience
that hr public money not safe. Deposited
with the Bank OF the United States, although no
loss actually happened from such deposIte. we
nov see enough to know that there Vas danger,
and that the safety 81 the public money depended
upon degree OF discretion in the management OF
the Institution of the existence and continuance OF
when We had not, and could not have, perfect as
,urance. And under the operation OF the sub
Treasury law, every thing resolved itself, at last,
into confidence in the honesty and integrity of
we're 1t Is true, chambers and vaults, with thick
wall. aud strong locks but human hands held the
Keys Urder that system of public custody, the
,ame temptations existed which surround men of
doub fu prime pies wavering integrity in other
situations Of public trust and, If the system mad
continued, yhese temptations were Us likely 10 havs
shown their power over those employed under 1t as
| they have done in other
Ii IS confidently believed that the present bill
contains all that is practicable, a.d can lie useful,
towards establishing safe custody or place OF
keeping OF the funds OF Government. Inc system
which ii proposes will evidently possess some emf
nent advantages of safety over u bank. In banks,
xce,siyc leans and disposition, often prompted
~ their own interest to carry their accommoda-
source OF danger The Board of Exchcquer will
be fee from this. 1t is to make loans, and to
rive no accommodations. Operations in exchange,
when founded in real business transactions; are
us.nlly safe in wecsnducted banks. Indeed,
regular dealing in exchange is the safest OF all
banking tranactions and in this respect, the pres
ent measure promises still greater safety than at
tends the same business in banks, from The strict
limitations imposed on it, and the absence Of all
motive to run into excess Banks TOO, as we
nave seen are sometimes induced TO depart alto
sethcr from their proper sphere OF business, and to
rnt.ugle themselves with CONNIE cal Speculation
But into no such speculations VIII the Board oil
Exchequer enter.
here Is plainly, therefore, less danger IN the
system now proposed than IN bank, so tar rs
DANCER arise, from the m.nner in which the public
tands may be used while in all Other respects IT'S
advantages are equal to those of the best conducted
banking institutions.
1t NAV be said that it is hazardous, in all cases,
l. h.. ,.ln,sad IN nv
dspree. in exchange or other dealing. II II be
admitted that this objection not without Its torce'
il must be acknowledged, at the same time, on
the other hand that these funds would be used, not
onl, for purposes OF exchange but in general nc
COMMUNICATION loans, and to IA great and often dan
cefous extent, By any bank in which they should be
deposited But IT, after ALL 1t be regarded as pos
sible That occasional losses may happen from deal
ing IN exchange with the limitations provided In
the bill. 1t will then be for Congress TO decide,
whether a danger contingent snail induce II 10
reject the bill and 10 prefer system which locks
uo from all use every dollar Of the public money,
from t., recent TO its disbursement. AS the evil
of thu. withholding so large portion ct the cir
cu4tion from the general uses o. society by retaia
ing it until wanted for disbursement, Is mtpitestiy
great evil, especially if the funds thus Withdrawn
be in tn precious metals ough net to he suffered
20 exist. unless the danger from Tue eu'P'ion "a
another system se equally manifest.
\ plain, practical and important public good
ought aot TO give way to dangers OF doubtful oc-
currence, or likely to he slight IN degree they
should occur Some risks must De run wh'o-
ever any thug important IS attempted In regard 70
revenue and france as well as IN other business OF
life; and the true question NOUS, always be- whether
/ the danger Of loss be 30 clear and 50 great as 10
oyero.ance the evident and certain dement's ana
II i, TO be b.rne in mind also thaf, although 'ne
nr-,en, measure has not profit TO Government or
syg,n,nstop of revenue for its object, yet ina, the
- u~-c.c, ,ar a,- exnectet 10 result