Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-03


smettts al morc recent periods, when public moneys
Were 10 be used Tor their proper purposes. the dais of
The Treasury have been made directly these first reel
Pehs II other time, and when there has been Bank
o The United States IN existence, The law has teqni
rcd that those moneys should he deposited IN such
bank
by theact of June, 1886. il was perceived that pub
he moneys should be- deposited IN State banks cal
led derosle banks, and, finally b, the sub Treasury act
they are To be kept by the and ltsbranches and by
certain officers callcd receivers general.
IN all these modes OF securing attempting 10 secure
ue safety the public treasures, II obvious that the
mar reliance after all, has been placed in the honesty
and integrity of public officers, there being supeadded
however III the of dcposites with banks Tho ruar
anee supposed TO be afforded hy their capital and IN the
case oil individuals, security by the execution of eli
al bonds, with sponslhle sueties. But in of
these modes any more than IN anything else which be
comes the sabec al human trust In human hands, could
II be affirmed that the funds absolutely secured
and salt beyond all possibility ot loss or dancer Com
mltted 10 the care vt the depsiio hanks the skill Of
their officers and the pledge oi their capital, know
from experience the public MONEY would have been sale
deposited with Bank Of the mted States although no
'ss ever actually happened from such dcIsite we nov
see enough 10 know that there danger. and that the
s1leN ol The public money depended upon degree of
discretion IN the management ol the institution o the
oNseneeand continuance Of which he had not aud could
not have, perfect assurance And under the operation OF
the sub Treasury law, every hng resolved itself al
last, into confidence in the honesty and integrity of
gents. and the suiclonry oil their bonds There were
II Is true, clianibcrs aud vaults. with thick walls and
STRONG locks; but human hands held the KEYS nder
at system al public custody. the temptations eX
sted Which surround men of doubtful PRINCIPLES or VA
venng INTEGRITY IN other situations u public trust and II
the system lad continued. these temptations were as like
" 10 have shown their power over those employed under
1t rs they have done IN other cases
II Is confidently believed thai the present bill confirms
all that Is practicable, and he useful. towards ,aah
sng sale custody or place atkeepng of the funds of
Government The system winch proposes will ev
denlly Is-n some eminent advantages of safety over
bank In banks, excessive oans aud disposition often
prompted by then own interest carry their nccumno
daiious 10 quite unreasonable lenptls are Great su,ep
ol danger board Of ENcheluer viii be- lree frn
TINS II IS 10 make no loans, and 10 give no aeeommo
dallons Operations IN exchange aud founded IN real
htsln IS transactions, usually safe IN well conducted
banks Indeed. regular dealing exchange is the safest
81 all banking transactions and tins respect the pre-
sent measure promises still greater safety than attends
the salne business IN banks, from the strict limitations
imposed on II, and the absone, all motives to nun into
excess Banks, too, as have seen are sonnet mes in
duced 10 depart altogether from thrr proper sphere d I'm
slness, and 10 cntange themselves with commercial
srcenlaons hnmono such speeuallons will the board
Of ENcheqner enter.
There is plainly. therefore, less danger in the system
now proposed than IN bank. far rs danger arises
from the manner IN which the public funds may he used
while IN all other respects lis advantages are equal 10
those ol the best conducted banking institutions.
may be SAID that it Is hazardous, IN all cuscs 10 sui
fertile public fund 10 be employed IN any d,oree m -
change OF other dealing LIT be admitted thai tins oh
lection Is net without It's force. it must he arhn5N
lodged at The same n" On the Other hand thai th=e
funds would be- used. not only lf purp Sos If eNran4
ou IN general accommodation loans and great and ol
ten dangerous extent. by any bank IN which the, should
be deposited But IT, aite all bc regarded MS possible
that occasional losses may happen frm drainu IN cy
change with the limitations provided IN the bill IT will
heh be lor Congress to decide whether danger 10 con
ngeht sha induce II 10 reject the bill and To prefer n
system which locks mp from all use every dollar of the
public money, from It's receipt 10 It's dsl urscmont As
the EVIL ii thus Withholding large portion of the CIR
cuaion from the general sos Of society," by retaining ii
until wanted Tor disbursement, Is manic SLY great o1ll
especially II the funds thus withdrawn be- IN the pre-
cla1s metals IT ought not tobe sutrc tocNs unless the
danger from the adoption Of another system be equally
manifest.
pam, practical, and important public good ought
mol togtNe way Ia dangers OF doubtful occurrence or like
IL to IL slight IN degree, If they should occur Some
risks must be run. whenever any lhng lNarianlis al
tempted IN regard 10 revenue aud Iiuauce as well in
other business ul HE and the true questions must always
be- whether The danger OF loss b clear and 50 great as
To overbalancc the evident and certain benefits And Ills
to be borne IN mind. also. that although the present mea
sure has not profit TO Government or augmentation OF
revenue ur lis object yet that the operations ohe Tx
chequer are expected To result III amount Of earn
lngs 50 that II occasional losses, such earnings may
make them good.
he board OF E.Xchcqner. II Is to be presumed, Will be
composed OF men Of high character, known the coul
/ Try, and possessing It's confidence
II VIII be their duty TO superncnd and wachover tho
conduct OF those who pay ont aud receive money from
day To day, and TO demand from all such agents proper
bonds, with responsible suroties and it Will be- Their dn
y, also Ia prescribe and enforce system regular and
prompt accounting, which shall know neither indulgence,
nor delay. At the principal Board and at each agency
the business oil every day may be closed and each sbr
dnate ocer called on 10 account for his receipts hoart
the day sell closes Over ths Board the Secretary oil
the Treasury VIII exercise superlnc udnr power by
The right OF calling for all accounts, general and partic
lar, as often he plcasos. And, finally, the absolute
authority Of Congress will exist over the whole Con
gress will have created corporation it VIII have con
ered no privileges OF Benefits except the public il
will have granted no vested rights to individuals it will
have parted with portion OF own power: but It's a
hority will remain 10 amend. to supervise throughout o
to abolish altogether the SYSTEM AT all tines according
its own pleasure.
Ii entire trust may not be reposcd in an institution
thus guarded 1t can only be because human benps ear
never be the objects Of absolute confidence nor human
skill always adequate to the accomplishment Of its oh
Jtrt"
Nor is the plan justly liable 10 the oblccoi that il ere
atos union Of the purse aud the sword by giving h
Executive the custody or control otthc public money
Far otherwise. The President touch dollara
the public money, by his authority, nor change IL
custody. The Secretary Of the Treasury cannot touch
dollar change its custody, except the occasion
of the public service and by public official act Who
ever shall the Exchcqucr for money must SHOW
the law OF Congress under which he comes no ,yInen
can be made but in compliance with such law Inti
aDuroprIaonS madr by law the President will