The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-13

/ ''o-h'o VI tbS tniteu Stdtes, uUW III Tue mar
ket, go slowly aud heavily into private
hands; aud although this is doubtless pari
ly attributable to the short period within
{ which those stocks are made redeemable
} yet the general fact concurs With other rea
sons in producing full conviction iba. i
would be useless, at Tho present moment, Il
. attempt the creation Of bank, with cap
iial to be furnished principally by prival,
! subscriptions, and iuiepded TO discount
! through its branches, bills aud notes 10 al
parts Of The couolry, even if constitution
objections we're OUT ofihe way. And in re
gard to The Sab. Treasury syiem, il i.
perhaps enough TO say that il is supposed ;
!, raiorn TO tina, system, al any time hereai
ter, is au even, highly improbable.
Between ibese--a bank on The one band
AID The system Of the Sub Treasury Oh The
olber-lbe present plan is offered, seeking
to avoid the objections which exist 10 each
and TO accomplish, 10 some exteut, the good
designed by both. TIE plan, such as 1t Is,
will be- received and considered, il is not
doubted, 10 spirit of candor and concllia
too, and With a disposition, not so much 10
Persis, 10 the pursui, Of what may DO unat.
lalDa5le, as TO turn 10 the greatest practical
tdraD.age Of The country the use Of all
hose means the employment of which may
be expected TO meet the general concur
renee.
\ The blu now submitted may be consider
ed as having three principal objects IN view.
lsi. The safe keeping of the public mo
Ineys.
I'd. The furnishing, cs well for safe aud
conTeneni payments TO the Treasury as
Tor the use Of tho couusry, q paper circula
too always equivalent TO gold and silver,
aud Of universal credit.
3D.. \ provision for supplying, 10 some
extent, the means Of cheap aud safe OK
change 10 the commerce between the sever.
oil States.
or the bigh importance OF the FIRST Of
these objects, naene Gun entertain doubt.
TIE public moneys are received by the 60
lvernmeu,, from the People, for the necessary
use Of the country, according TO the Con
sliluuon, and ought ever TO DO esteemed
sacred trust. They are earned by The
industry Of ihe people and, while safely
guarded, and applied only TO really ueces
isary aud constitutional purposes, viii be
cheerfnlly contributed by patriotic com
Uunily. The people have r,sh, to DO as
safe as coed laws aud faithful administra.
ton can make them, against both waste and
loss. Il was she remark of the late PresI
dent, striking by its brevity as well as lis
truth, tia! every dollar lost by untaithlul
upon She People; and this truth cannot be
kept too fully or loo constantly 10 view.
1 Debts aud dues accruing to the United
Sta,es are paid, IN the 6rst place, into the
hands Of the appropriate collectors and ra.
ceivers. In these hands the safety Of the
funds is supposed to DO secured by the IN
teeriiy and care ofthe officer, and the suli
cheney OF his official bonds, and by the en-.
forcemeut OF etrict system Of trequee' &C.
couetIng. 10 the early history of the Gov
eminent, md sometimes at more recent pc.
riods, when public moneys we're to be used
for their proper purposes, the drafts of the
Treasury have been made directly 90 these
Grst recipients. Al other times, and shen
there has been Bank Of the United States
! m existence, tho laws has required that
those moneys should be deposited 10 such
/ bank,
| BY the act Of June, 1886, it was provided
( that public moneys should be deposited 10
certain State banks, called deposte banks ;
and finally. by the Sub Treasury act, they
we're 10 be kept By the mint and It's branch
es, and by certain officers, called receivers
general.
! In oil these modes of securing, or al.
tempting to secure, the safety Of the public
treasures, it is obvious that The main reli
ancc, after all, has been placed IN the hon.
esty and integrity of public officers; there
being superadded, however, IN the case Of
deposI,es with banks, the guaranty suppo
sed to be afforded by the capital; and IN the
case Of individuals, security by the execu.
lion of official bonds, with responsible sure.
I ties. But in none Of these modes, any
ulore than in any thing else which becomes
the subject of human trust in human hands,
could ii be affirmed tha, the funds were sb.
sciuiely secured, and safe, beyond all posi-.
bliiy Of loss or danger. Committed to the
care of the deposite banks, to the skill OF
their officers and the pledge of their capi
tal, We know from experience that the pub
lie money was no, safe. Deposited with a
Bank oil the United States, although no loss
never actually happened from such deposiIe'
we now SEQ enough TO know there was dan
ger, and that the safety of the public mo
Inev depended upon degree of discretion
in the management ofthe institution, oil the
existence aud continuance of which We had
not, and could not have, perfect assurance.
1 And, under tho operation of the sub Treas.
ury law, every thing resolved itself, at last,
into confidence in tho honesty and integrity
of agents, and the sufiiclency of their bonds.
There we're, il is true, chambers and vaults
with thick walls and strong locks, but hu
man hands held the keys. Under that sys'
tenn of public custody, the same temptations
existed which surround men Of doubtful
! nrinciples or waverinr inteptitv IN other