Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-15

luOPehueu upon ueBTee OF QISCretlOn IN tnt
management OF the institution. Of the exis
tence and continuance of which we had not
and could not have, perfect assurance
And, under the operation Of the Sub Treas
ury law, every thing resolved itself. st las,
INTO confidence in the honest, and nteg
llty OF agents, and the suIliciency ~ thcr,
bonds. There were, it is true. chamber.
and vaults, with thick walls aud STONY
locks; bu. human hands held the KEYS
Under that sys EN- OF puuIic custody. the
same temptations existed winch surround
men OF doubtful principles or wagering IL
ttgritv IN other situations ni public trust:
and, 1t the system hid continued, these temp
thtions were Us likely ~ have own thrI,
power over those pmp we under It rs 'hr
| uave done in uthsl cases.
| 1t is confidently hr,ev,G that the present
nil contains ali ina, is prar,rcatie. and cat
oe useful. towards establishing safe cllsto
dy or place OF keeping The funds of Gov
eminent. The 81 stem which II proposes
Miil evidently possess some eminent advan
tages oi safety over bank. In banks ex-
ressve loans, aud a disposition, often
| prompted by their own interest, to carry
| their accommodations to quite unreasona.
hle lengths, are great source OF danger.
The Board of Exchequer will be free fron,
this. 1t is to make no loans, and to give
no accommodations. Operations in ex-
change, when founded in real business
transactions, are usually Sate in well con
Quoted banks. Indeed, regular ie ling in
exchange is the safest of all banking
tranactions, and, in this respect. the ,reS
enl measure promises still greater safety
than attends the same business IN banks
from the strict limitations imposed on IT,.
and the absence of all motive to run into
excess. Banks, too, us we have seen, are
sometimes induced to depart altogether
from their proper sphere OF business, and to
entangIe themselves with commercial spec
uIatons. But into no such speculatlons
will the Board Of Exchequer enter.
There is plainly, therefore, less danger IN
the ystem now proposed than in bank.
so far as danger arises from the manner in
which the public funds may be used; while
in all other respects its advantages are e.
quail to those of the best conducted bank,
ing institutions.
1t may be said that it is hazardous, in all
cases, to suffer the public funds to be en-
ployed, in any degree, in exchange or other
dealing. If it be admitted that this object
ion is not without its force, 1t must be ack-
nowedged, at the same time, on the other
hand, that these funds would be used, not
only for purposes OF exchange. but in gene
raj accommodation loans. and to great
and often dangerous extent, by any bank
IN which they should be deposited. But If,
after all, it be regarded as possible that oc
casIpnal losses may happen from dealing
in exchange, with the limitations provided
in the bill, it will then be for Congress to de.
eide, whether danger so con tingent snail
induce it to reject the bill, and to prefer "A
system which locks up from all use every
dollar of the public money, irumlts receipt
to its disbursement. AS the evil of thu,
withholding so large portion Of the circu.
Iation from the general uses OF society, by
retaining it until wanted for disbursement.
is mantestly great evil, especially ifthe
funds thus Withdrawn be in the precious
metals, it ought not to be suffered to exist.
unless the danger from the adoption of an
other system be equally manifest.
A plain, practical, and important public
good oughtnot to give way to dangers OF
doubtful occurrence, or likely to be slight
in degree, if they should occur. Some
risks must be run whenever any thing I'M
portant is attempted in regard to revenue
and finance, as well AS in other business oI
life; and the true question mus, al suyS be.
whether the danger .! loss Da SO clear anA
so great, as to overbaIance the evident ana
certain benefits. And it is To be horne IN
mind also, that, although tne present nedS-
ure has not profit to government or aug |
inentation of revenue ipr ITS object, Vet
that the OPP ratlons at the EXrneqner afe
expected TO result III so liz amount o. earn. |
my; So Thai. II "C:iS, "A. llSSrS hIuII 80.
cur, SAGA earnings may u"ke them good.
Fac Board o, EX:a'qNnr, II Is to be- pre-
Sumed. will be composed OF men nt III II !
ch ,rhcter, known 10 The country, and puS-
sesslng It's confidence.
1t will be their duty to SuperInlend and
watch over the conduct OF those who pay
nut and receive money from day to day,
and to demand from all such agents prope'
bonds. with responsible SuretIes; and it will
he their duty, also, TO prescribe and enforce
a system OF regular and prompt accounting,
which shall know neither Indulgence nor
delay. Al the principal Board, and It each
agency, the business of every day may be
closed, and each subordinate officer called
on to account for his receipts, before the
da> itself closes. Over this Board the Sec
rotary OF the Treasury will exercise su
perlnlendIng power, by the right OF calling
tor all accounts, general and particular, as
often as he pleaSes. And finally. the abso'
lutte authority OF Congress will exist over
the whole. Congress will have created no