Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-12

ing payable 10 the United States, should be
collected and paid in nothing but the legal
currency Of the United States, or Treasury
notes, or notes Of the United States Bank
or the notes of banks payable and paid on
demand in the legal currency of the Uni
ted 5raIes.
And by the combined action Of the Gov
eminent, the United States Bank, and other
causes, the bank currency of the country
was brought back TO specie standard.
On the expiration of the legal term of
the charter of this Bank in 1886, "a bill
for its recharter having been vetoed by
President Jackson, and the public depOsites
Withdrawn from it) the business Of the
Treasury was again transferred to the
banks of the States, and transacted by
them, at first under the general authority
of The act establishing the Treasury De-
partInent, and afterwards, according to the
more specific provisions of the act of
Congress, passed the 23d of June, 1886,
20 regulate the deposites of the public
money.
Under the system thus organized, the
public revenue on hand was deposited in
selected banks, to be discounted on by
them, with various regulations of security;
the public funds were transferred by their
agency; their notes were received and
paid out in the dealings of the Treasury;
and they were relied on to conduct the
exchanges of the country, and furnish its
paper currency.
At this period, the number of banks
chartered by the several States had greatly
increased, many being created for the al.
legged purpose of supplying the anticipated
vacancy in business by reason of the refu
sal of a new charter to the United States
Bank; the total number of banks in opera
ton in the United States being GIG, with
a capital of upwards of 324OOO,00O dollars.
This amount Of capital was greatly be-
yond the true wants of the country; much
OF it was fictitious; the business was alto
gether overdone; excessive bank issues and
0vertrad;ng followed hand in hand; and
at length Gin 1879 the whole machinery
fell into pieces. and general suspension
of cash payments by all the banks in the
the United States occurred.
Thcreupon, the President (Mr Van Bu-
ren) considering the Incorporation of q
National Bank unconstitutional, and if con
Stiiutinnal, yet unwise, and deeming the
continued use Of the State banks either
l impracticabe or mex pedient, recommended
radical change in the fiscal operations
of the Federal Government, which with
some modification of the original plan
became the law of the land on the 4th Of
July, ls4O by the passage of the act IL
provide for the collection, safe-keeping
transfer and disbursement of the public
money.
The principle of this plan was the ulti-
mate total separation of The Federal Gov.
ernment from all dependence on banks or
bank paper in the business of the Treasu.
ry. The Treasurer Of the United States,
t and various officers of the Government I'M
: der him, were required to keep the public
( moneys in the vaults of the Government
perform all the dutieS'of transfer. as wei
5 as depOsite; and provision was made foI
: exacting mne lately one-fourth Of all pub
lie dues To be paid in gold or silver, and
r for the addition of one-fourlh to that requi
sition yearly, SO that on and after the expi
ration Of three years. all payments to the
G Dvernment shnull be made IN gold AMI
) silver only, as the sole and exclusively, lega
currency of the United States
This act continued in force only one
year, being repealed by the act of 1871
which threw back the business of the Treas
ury on the provisions of the resolution o
1916, and the original act establishing the
Treasury Department, where 1t now
islands.
And thus, by the vicissitudes of opinion
} and of party, and the successive rejection
of the plan of bank of the United State,
/, that of depOsite 10 State banks and of tn
! independent Treasury, Congress is invite'
5 and required to examine the whole snblec
4 anew, free from all impediments of existin
: law, and to settle it on the principles of jus
y rice and general expediency, and the lette
, and spirit of the Cnns tuition.
g la all times and in all countries, under ev
cry form of institutions and every condition
l OF society. the same common question q
: the public revenue how hest it shall be col
u. lected, guarded, and dsbursed; in wha
!. form, and on what objects, of taxation
S shall be levied; in what material it shall b
received and paid out its custody in the in
: terval between the time of collecting an
f that of disbursement; its transmission; an
4 the description and combination of agent
: or officers by whom all these operation
0 shall be performed--has never ceased 10 b
+ one of the most perplexing problems O
e Government.
. Every wise Government, whatever ma
1 be the source or tenure of its power, viii
of course, in the solution of this problem
:, aim to reconcile its own interests with thos
y of the community it governs. If it be
e constitutional Government, established an
d existing only by the consent of the govern
= ed, its functions are nothing but high tru'
r. 10 ha ayarc;Sad Cor their adyantaua If