Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-01-03

public moneys the time Of collection to the time of dis
the Governments making attempts at the same time to fur
n the country with either exchange, aud entirely
contenng itself with securing specie payments into Treas
In these respects differs from the system established by
the w not %Vw se S Es e
Two systems which may be regarded extreme opponents Of
tho United stalcs that if there in quarter any con
tuono objection to the creation of such an nstuton it would
nevertheless not have been recommended TO Congto in the
present condition of hing MS measure not likely to afford re-
lief to tho country Such the condition Of the currency, in
many tho states doplorahlo dopssion general
credit produced by that condition of the aud by other
causes, and such the existing pressure the money markets a.
rising, believed in great degree, from want ofconddcncc
charter.
This opinion scng hcncd by tic fact that ak per cent stocks
of the United States, tho matkei 60 slowly heavily
into private hands and although this is doubtless partly otr
redcemabe yet the general fact with other in
producing full conviction that would be useless at the present
moment, to attempt the creation of bank with capital to be
furnished principally by private subscriptions and intended to
country il constitutional objections Of the way.
And regard to the sub Treasury SYSTEM perhaps enough
hereafter, is event highly improbable
Between hcseu hank the hand and the ystom Of
ing objections which exist to each aud to accom-
such is will be received und ccasidcc it doubted
in spirit Of candor aud Cancellation, aud with deposition, not
much persist In the pursuit Of what be unatanab
to turn to the greatest practicable advantage Of the county
tho use of all those The employment Of which may be
Tho bill now submitted may 10 considered as having three
let The ;afo Keeping Of the Public moneys.
81 Tho furnishing rs well for safe and convenient payment
10 o e ipossuy as o ~, ~e :" G county, roper %
Su provision or snpying, 10 some 'Ten inc means OF
states '''' ''' Wv '''"''''' '''"''" ' ''''''
-, une ish InpE,"ng9 OF G u OF '-ip o''c' no one
cnmeni from tho people, for the necessary Of tho country
ACCORDING to the constitutions nd ought eyer to be esteemed
sacrcd rust hey are earned by to induty Of tho people,
and, while safely guarded and applied only to really necessary
patriotic community. The people have a .h be safe MS
Eoon laws and ah'" administration can make thcm against
nom waste anG loss IL was he iennrk o. le ''o i[sGn
Is M W W. IVY ,siso ,,ni c, , ~ Ht
ny uhlI.esS ~ ohoe 'nus 10 croato new charsc uon NE
IN HiG". .. ?.
so's ana onG a1crninS 20 e ~ - are nd, IN thc hrs
c, lnlo e nara OF uo hrolg'e '"'' ''' ana RECEIVERS
IN hese anl he safety OF io aaGS ID supposed to DE secured
y NC integrity ana Gaze OF the ohccr, "a IN, suMoency Of
ni' ohcia' bon's ana ny the NJ o Sct system g"
foluent accouns IN the e9y history OF NC novcrnmrn and
something's at more recent Periods when public Moneys were to
DC used Tor Their proper purpose, tho drafts o The iteHsuy
S OG ,m5 %g% n r gc On o h'H ,n 81 of,
eHsGce the law has required that those moneys should be dc
BY tho juno 1896 provided that public moneys
should be- deposited Ia cruin state banks hanks
and naly by the SUI roisy ac hcy wcTo To- b. k"T by
the mint and Is branches and hy certain officers called rceiy-
crs-scncral
In all these modes of securing or attempting TO secure the
safety the public treasures obvicu tint main rai
unce, after ALL has been placed tho honcsy integrity
public officers there being supoaddcd, however,
by their capital and in tho c6sc Of ndTGr security by
the execution Of oci, bonds, with responsible sucics But
the subject of huun trust in human ns could il BIO
affirmed that the funds wcro absolutely secured and nl b.
The dcPoso bnnk3 to the skill OF their officers and tho pledge
of their capital know from experience that public money
though no loss ever actually happened from such depose we
enough know that there DANGER
y of the public money depended upon degree Of discretion in
tho management of the institution, OF the existence AID con-
surance AHd, under the operation Of the sub Treasury law,
every thing resolved itself at last, into confidence the homes
~ and integrity of agents. and the sucioncy OF their bonds
Thcro woTc is true chambers aud vaults with thick walls
Ss Ss Sl" o e g S
surround men oil doubtful principles or wuyong integrity
other situations OF public trust and ii the system had coutGu
ed, these temptations oy have shown their power
those employed under il as they have done in other
is praccabe and be useful toward establishing safe
ody place of keeping of tho funds of Government The sy
van,ages of safety bank In bnk excessive oans and
dispositions often prompted by their own interest, to carry
their accommodations quite unreasonable lengths great
source Of danger The Board OF ENchoqncr will be free from
lions, are usy safe conducted banks. Indeed, cgu-
lar dealing IN exchange Is the safest OF al banks sAc'ions,
s ~ n 1s seP ,be o .ps in t %
Limitations imposed on it, and tho absence Of al noiiyo to r
into excess Banks too as we have seen arc ind-
cod 70 cnsrt aorcihcr om tb"ir nropoI sphee of sn"ss
, q mo- " ocln,io viii c BonT of on,c nut
,pL, ~ tiI ,Lorac , Is "ncor in tho svsc| hon
/, yIc ic ,bi, G,ls n,y bc nso1 yio in nil otIer no.
pecs its advantages are equal to those Of the best conducted
II may be- eid Tint it il hazardous in all cases. to suffer the
% o.I " !, he ,d3,c,J ,hn,' bis obi5.on IA nn, y,
lie c,cn r,,s, he acLnnwged NJ ,o Same ,ino on ,Lo
ntb"T bo,J nt ,cSe finds ouI be used moi ony Gy pr
go 81 ,.,an,o Ln, in ao,orni accommnl,on lons nrd e.
t and on en @ m 6v INV hank in which tbcV
% o Jonosod m, r. nner All II 10 rom ,ded ns I9
tb MI is.s ,a hanncn fn dc,Ifn5 in ovrrG,1o
Iii 10 ,a 3 inI irp ,b XII !, ri hon Lo Gn, r.
. W. Jmie ~, -, ~ 49,. ~. oaac"n shau ;rI,oo
n reject The bil and 10 prefer system l loo ks nm from nil
@ vor, o,Ir 81 ,Io ri; ,oy ron IL, rocoir, 70 , ~,
SnTemo35, A. tho ovi of tbn ybodin@ 50 rge nor,ion
81 ,ho ,a,ia r ,ln eno,s rs" nr oc.,y hv ,sin;n
" , ,I e. ~" I;p W. i; III. , y ovii W
nj "a H. e. - r.. 60 ho IN ~ nrosou, ,ra;.Is
o,aty , II ''o hu" , ,m W. ~, % , pgor G, ,h
a. oo ;; n g o vi bc en',lI sriSs '' TAU
"pi i o. aeI AIN i,d, r i I orrr m, "a, ,;
p'ii p'uotlo'i "Iu pul'9 S"i yu5 o' W
WY 10 GSn7ois o. u11''u, oc'son'e, o. nH 70 U sm ~
degree noy should occur some sSs must oo run WIcnos
CT anything important Is attempted IN 3si 10 h u
nace N wen US ~ o'he' business vi me anu o "u Iuus,
uoh must anyways nc, Whetct 'le udnsei oloss p SO e'
so great as 10 overDaance he e'u' ana eeIn pohut' anu
II Is 10 DC borne IN "nu ALSO lat a'tousn .ne present
r's mas ~ Po' W n,onnlcu,i VI ."
M u. ooect ye ha' inc operations oil inc ENcheqhot are eN
pectop 10 tesn IN some anunnI oil earnings so t oeI'-
s'on ossus occur suo oafn'ss may ~ iNe uI snoI.
poiu VI MI " 10 90 pcuHHn, W" "" 'oi
ppsc OF men o. sn cna]e'of' KNOW" 10 INC county, ana pos