The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-13
CHARLoTrE. N G. JANUARY 10. 1892.

. Will evidently possess 9oDe eminent adVap
} tages OF safeiy over a bank. 10 Banks, ex
cessiye loans, and disposition, o;ieu pro
J NOTED by their own Interest, TO carry fbeli
, accommodations TO quite unreasonable
leugths, are great source OF danger. The
Board OF Exchequer will be free from this
D II 10 TO make 10 loans, and TO give no &C
commoda,ioDs. Operations in exchange
2 when founded in real business transactions
, are usually safe 10 well.couducted banks
! Indeed regular dealing III exchange is the
| safest of oil banking transactions, and, IL
this respect, The present measure promise:
$ still greater safety than attends the came
J business 10 banks, from the strict limlta
lIous imposed upon it, aud the absence O
all motive to run INTO excess. Banks, too
as ve have seen, are sometimes induced Il
, depart altogether from their proper sphere
, OIL business, and to eDtaogle themselves with
commercial specula,ions. But INTO no such
speculalions will the Board Of ExcLequer
enter.
There is plainly, therefore, less dagger
in the system nos proposed than 10 bank,
SO far as danger arises FROM tho manner IN
which the public funds may be used; while
10 all other respects IFS advantages are
equal to those of the best conducted bank
lug institutions.
Ii may be said that it is hazardous, in all
cases, 10 suffer the pubic funds 10 be em
ployed, IN any degree, 10 exchange or other
dealing. Ii it be admitted tina! this oblec
ton is not without lis force, it must be &C
knowledged, al the same time, on the other
hand, that these funds would be used, not
oBly for purposes Of exchange, but 10 gen
eral accommodation loans, and to great
and often dangerous extent, by any bank III
which they shooid be deposited. Bun If,
after all, it be regarded as possible tba; &C
casiona losses may happen from dealing 10
exchange, With the limitations provided 10
the bill, it will thea be for Congress to de
eide, whether danger SO contingent sha!
Induce 1t to reject tho bull, and TO prefer a
system which locks up from all use every
dollar of The public money, from its receipt
to It's djsbrt semeni. as the evil Of Nus
vi,bholdlng so large portion Of the cifcula.
ton from the general uses OF society, by
retaining ii until wanted for disbursement,
is manifesily great evil, especially if the
funds thus Withdrawn be in the precious
metals il ought DO, To be suffered 10 exist,
unless the danger from the adoption Of
another system be equally manifest.
\ plain, practical, and important public
good ought no, 10 give way TO dangers o.
doubtful occurrence, or likely TO be slight
10 degree, if they should occur. Some
risks must DO run, whenever any thing i'm.
porrani is attempted in regard to revenue
and finance, as well as in other business OF
life; and the true question must always
be, whether the danger Of loss DO so clear
and so great as to overbalance the evident
and certain benefits. And it is to be borno
in mind, also, tia; although the present
measure has 20, profit TO Government or
augmentation Of revenue for It's object, yet
thai the operations of lie Dxchequer ere
expected to result IN soma amount OF cart
rags SO that, Ii occasional losses should &C.
cur, such earnings may make them good.
The Board OF Exchequer, ii is to be pre-
stunned, will be composed of men of high
character, kuovn to the country, and pos
sessing its confidence.
II will be their duty TO supern,end aud
watch over tho ccuduot Of those who pay
on, and receive money from day TO day,
and to demand from all such agents proper
bonds, with responsible sureties; and IL
will be their duty, also, TO prescribe aud
enforce a system Of regular and prompt &C
counting, which shall know neither indul
gence nor delay. AZ the principal Board,
aud at each agency, the business Of every
day NAV be closed and each subordinate
officer called O. TO account for his receipts,
before the day itself closes. Over this
Board the Secretary of the Treasury will
exercise a experimenting power, by the
right of calling for all accounts, general
and particular, as often as be pleases. -
And, finally, the absolute authority Of Con.
gross viii! exist over the whole. Congress
will have created no corporation; it will
have conferred no privileges or benefits,
except on the public; II will have granted
no vested rights to individuals; 1t will have
parted with no portion Of its own power !
but its authority vii! remain TO amend, to
supervise throughout, or to abolish allogeth'
; err the system, at all times, according 10 its
own pleasure.
If entire trus. may not be recessed IN an
Institution thus guarded, it can only be be-
cause human beings can never be the ob
iects Of absolute confidence, nor human
skill always adequate TO the accomplish
men, of its objects.
Nor is the plan justly liable TO the objec'
ton, the. it creates union of the purse
and the sword, by giving to the Executive
the custody or control of the public money.
Far otherwise. The President cannot
touch g dollar Of the public money, by his
own authority, nor change It's custody
The Secretary of the Treasury cannot
, touch dollar, nor change its custody ex
cept to meet the occasions of The public
service, and BY public official act. who
ever shall come to the ESchequer for mo
ney, must show the Law of Congress under
which he comes and no payment can be