Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-06

| pecuVe merits OF these two systems, which may
DE regarded as extreme opponents of each 9th
er. But 1t may be proper to say, in regard t,
Bank OF the U. S., that if there were in II,
quarte' any constitutional objection to the Gre
alton OF such an institution, it would nevey,he-
less not have been recommended to Congress
IN thepresent condition of things, as measure
likely to afford relief to the country. Such is
the condition of the currency, in many of the
States, such the deplorable depression OF
general credit, produced by that condition OF
the currency and by other causes, and such
the existing pressure in the money mark ct, a
rising, as is believed, in a great degree, from
want of confidence, that there is little proba-
biiity that private subscriptions, payable in
specie, would be obtained to any bank with
an ordinary charter. This opinion is strength
ened by the fact that six per cent. stocks of
inc United States, now in the market, 90
slowly and heavily into private hands, and al
though this Is doubtless partly attributable to
the short period within which those stocks
arc made redeemable, yet the general fact con-
ours with other reasons in producing a full
conviction that it would be useless, at the pre-
sent moment, to attempt the creation off bank.
with capital to be furnished principally by
private subscriptions, and intended to discount.
through its branches, bills. and notes. in all
parts oil the country, even if constitutional OBJ
Jechons were out ofthe way. And in regard to
the Sub-ireasury system, it is perhaps enough
to say, that 1t is supposed return to that sys-
tenn, at any time hereafter, is an event hiphIy
improbable.
Between thesc-a Bank on the one hand
and the system ofthe Sub-Trcasury on the 9TH
er-the present plan Is offered seeking to a.
void the objections which exist to each, and TO
accomplish. to some extent, the good designed
by both. The plan, such as it is, will be re-
ceived and considered, it is not doubted, in
spirit OF candor and cancellation, and with
disposition, not SO much topersis, in the pur-
suit of what may be unat,ainable, as to turn
TO the greatest practical advantage of the coun-
try the use of all those means, the employment
of which, may be expected to meet the gener-
al concurrence
The bill now submitted NAV be considered
as having three principal objects in view:
LIST. The safe keeping of the public moneys.
I'd The furnishing, as well for safe and
convenient payments to the Treasury as for
the use OF the country, paper circulation al.
ways equivalent to gold and silver, and of IL
UNIVERSAL credit.
sd. provision for supplying, to some en-
tent, the means of acheap and safe exchange in
the commerce between the several States.
vi the high Importance of the first of these
0hiGcls. no one can entertain a doubt The
public moneys are received by Governments,
| from the People, for the necessary uses of the
country, according to the Constitution, and
ought ever TO be esteemed a sacred trust
They are earned by the industry of the Peo-
pie; and, while safely guarded, and applied
only to really necessary and constitutional pur-
poses, will be checriully contributed by a IA
triotic community. The People have a right
to be as safe as good laws and faithful adj
ministratlon can make them, against both waste
and loss. TWAS the remark of the late Pres
DEMONSTRATING by its brevity we'll as its truth,
that every dollar lost by unfaithfulness in Of
hce tends to create a new charge upon the
People and this truth cannot be kept too full
ly or too constantly in view.
Debts and dues accruing to the u S. are
PAID, In the first place, into the hands of the
appropriate collectors and receivers In these
hands the safety of the funds is supposed to be
secured by the integrity aud care of the off,
Ger, and the sufliciency of his official bonds,
| and by the enforcement of strict system of
frequent accounting In the early history of
the Government and sometimes at more re-
cent periods, when public moneys were to be
used for their proper purposes, the drafts of
the reasury have been made directly on these
first recipients. At other times, and when
there has been Bank of the IT, S. in exist
ence, the law has required that those moneys
should be deposited i'll such bank.
by the act of June, 1895, it was provided
| that public moneys should be deposited i'm
certain State banks called deposite banks; and
finally, by the Sub-Treasury act, they were to
| be kept by the mint and It's branches, and bv
certain officers called receivers-general
nall these modes Of securing, or attempting
to secure, the safety of the public treasures, il
IS obvious that the main reliance. after all, has
been placed in the honesty and integrity OF
| public officers; there being superadded, how
! ever, in the case of depositcs with banks thu
guaranty supposed to be afforded by their cap
ital; and i'll the case of individuals, securit,
by the execution of official bonds, with res
ponsible sureties. But in none of these modes
any more than in any thing else which be
comes the subject Of human trust in human
hands, could il ever be affirmed that the funds
We're absolutely secured, and safe bey one! al
possibility of loss or danger Committed t,
the care of The deposite banks, to the skill @
their officers and the pledge of their capital, w
know from experience that the public none
was not safe. Deposited with Bank Of tn
United States, although no loss ever actual
happened from such deposite, we now see {
nough to know that there was danger, an
that the safely of the public money dcpende
J upon degree of discretion in the managemei
of the institution, of the existence and cont,
nance OF which we had not, and could n,
have, perfect assurance. And, under the OF