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

place of keeping of the funds Of Government
The system. which it proposes will evident
possess some eminent advantages of safety {
yer a bank. In banks excessive loans, and
disposition often prompted by their own inter
est to carry their accommodations to quite un
reasonable lengths, are great source of dan
ger The Board of ExcheQuer will be fret
from this. 1t IS to make no loans, and to-
no accommodations Operations in excXOngs
when founded i'll real business transactions,
are usually safe in well conducted banks. IN
deed, regular dealing in exchange is the safest
OF all banking transactions, and in this respect
the present measure promises still greater safe
ty than attends the same business i'm banks,
from the strict limitations imposed on it, and
the absence of all motive to run into excess.
Banks, too, as we have seen, are sometimes
Induced to depart altogether from their proper
sphere of business, and to entangle themselves
with commercial specuatons. But into no
such specnlations will the Board of Exchequer
| enter
There is plainly therefore less danger in the
| system now proposed than in a bank SO far az
| danger arises from the manner i'm which the pub
TIC funds may be used; while in all other, res
poets It's advantages equal to those of the best
conducted banking institutions.
Ii may be said that it is hazardous in all cases,
to suffer the public funds 10 be employed in any
degree, IN exchange or other DEALING If il be adj
united that this objection is not without its fierce,
1t must be acknowledged at the same time, ON
The other hand, that these funds would be used
not only Tor purposes of exchange, but in gener-
al accommodation loans and to great and often
dangerous extent, by any bank in which they
should be deposited. But if, after all, it be re-
garded as possible that occasional losses may
happen from dealing in exchange, with the limi-
tatloDs provided in the bill, it will then be for
Congress to decide, whether danger contin-
gent shall induce it to reject the bill and to prefer
a system which locks up from all use every dol
lar OF the public money from its receipt to its dis
bursement AS the evil Of thus withholding SO
large portion of the circulation from the gener.
al uses of society, by retaining it until wanted
for disbursement, is manfestly "A great evil es-
pecially if the funds thus withdrawn be in the
precious metals, it ought not be suffered to ex-
list unless the danger from the adoption Of anoth-
er system be equally manifest.
plain, practical and important public good
ought not to give way TO dangers Of doubtful oc.
currence, likely to be slight in degree, if they
should occur. Some risks must be run whenever
any thing important is attempted i'm regard to
revenue and finance, as well as in other business
OF ilte' and the true question must always be,
whether the danger of loss be so clear and
great, as TO overbalance the evident and certain
benefits. And it is to be borne in mind also that
although the present measure has profit to
Government, or augmentation of revenue for its
object yet that the operations of the EXctequer
are expected to result in some amount of earn
ings; so that ii occasional losses should occur,
such earnings may make them good.
The Board Of Exchequer, it is to be presumed,
will be composed of men Of high character,
known to the country and possessing its conf
dence.
1t will be their duty TO superintend and watch
over the conduct OF those who pay out and re-
ccive money fromd day to day, & to demand from all
such agents proper bonds. with responsible sure
ties and it will be their duty, also, to prescribe
and enforce system of regular and prompt ac-
counting, which shall know neither indulgence
nor delay. At the principal Board, and at each
agency, the business Of every day may be closed,
his receipts, before the day Itself cosssssso te
the Board the Secretary of the Treasury will ex-
erclse experimenting power by the right Of
calling for all accounts, general and particular.
often as he plea.ss. And finally, the absolute
authority Of Congress will exist over all. Com
gress will have created no corporation; it will
have conferred no privileges or benefits except on
the public; it will have granted no vested rights
to individuals; it will have parted with no por-
ton of its power, but its authority will remain to
amend, to supervise throughout, or to abolish al
together the systems, at all times, according it's
pleasure.
lfentire trust may not be reposed in an insttu
ton TINS guarded, it can only be because human
beings can never be the objects of absolute con-
fidence, nor human skill always adequate to the
accomplishment of its objects.
Nor is the plan justly liable to the objection,
that 1t creates union OF the purse and the
sword, by giving to the Executive the custody or
contro! of the public money. Far Otherwise
The President cannot touch dollar of the public
money, by his own authority, change its GUS
Iody. The Secretary of the Treasury cannot
touch dollar, nor change lis custody, except to
meet the occasions of the public service, and bya
public official act. Whoever shall come to the
Exchequer for money, must show the law OF
Congress under which he comes; and no pay
ment can be made but in compliance with such
law. Until appropriations made by law, the
President will have more authority than any
other individual i'll the country TO take farthing
| from the Exchequer. -,
The purse, then, is effeciually severed from the
sword; the Executive power is confined to its
proper function of executing the laws of Con-
gIess, and discharaing its other high constitutions
al duties und the public funds will be in their
| proper place, entirely beyond his reach or con-
trountll Congress shall appropriate them TO their
| destined purposes. From that time they will 90
into the hands of discussing agents, as the public
service nay require, protected still by official rer
| sponslbiiIty and adequate bonds, and still beyond
| any interference by the Executive power. In
the Exchequer, therefore, the public treasures
viii be sate-safe against the usual causes Of
| loss and danger, and safe from Executive control.
But the Exchequer is expected to do more than
| merely to keep safely the public money.
Its second object is 10 furnish a sound paper
| circulation, in which debts to the Government
| may be paid, and which also may be useful to the
commerce and general business of the county,
The first OF these functions is purely fiscal; and
the insiTumen,aliy Of such paper medium in
Il