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

the system established by the law, now re
pealed, generally called the Sub Treasury
act.
1t is not intended here to discuss the
respective merits of these two systems
which may be regarded as extreme oppo
nents Of each other. But it may be proper tc
say, in regard to the Bank Of the U. States,
that it there were in no quarter any consti-
tutiona objection to the creation of such an
institution, it would nevertheless not have
been recommended to Congress, in the pre-.
sent condition vi things, as measure like
y to afford relief to the country. Such is
the condition OF the currency, in many u,
the States, such the depIorabe depression
oil general credit, produced by that condi.
ton OF the currency and by other causes.
and such the existing pressure in The money
market. arising as is believed, in grplt
degree, from want Of confidence, that there
is little probability that private Suhscrp
tonS,pal able in specie, would be obtained +,
any bank with an ordinary charter. THIS o.
pinon is strengthened by the TACT. that SIX
per cent. stocks oi the United States, now
IN the market, go slowly and heavily int"
private hands; and although this is doubt.
less partly attributable to the short period
within which those stocks are made re-
dcemabIe, yet the general fact concurs with
other reasons in producing full convic-
tion that it would be useless, at the presen,
to attempt the creation OF a bank,
with Il capital to be furnished principally
by private subscriptions, and intended to
discount, through its branches, bills, and
notes, in all parts of the country, even ii
90" stltullonal objections we're out OF the
way. And in regard to the Sub. Treasury
system, II Is perhaps enough TO say, that 1t
IL supposed il return to that system, at any
time hereafter. is an event highly improbable.
Between theSe--a bank on the one hand
and the system OF the Sub-Treasury on the
o,her-the present plan is offered, seeking
to avoid the objections which exist to each,
designed by both. The plan, such as it is,
will be received and considered, it is not
doubted, in spirit Of candor and concilla-
ton, and with disposition, not so much to
persist in the pursuit Of what may be
unattanable, as to turn to the greatest
practical advantage of the country the use
of all those means the employment Of which
may be expected to meet the general con-
currence.
The bill now submitted may be consid-
cred as having three principal objects in
view:
LIST. The safekeeping oithe public moneys.
end. The furnishing, us well for safe
and convenient payments to the Treasury
US Tor the use OF the country, paper cir
Gu alton always equivalent to gold and
silver, and of unIveI sal credit.
Sd. A provision Tor supplying, to some
extent, the means OF Il cheap and safe OK
change in the commerce between the seve-
raj States.
OF the high Importance Of the fist OF
these objects, no one can entertain DOUBT
The public moneys are received by Gov
from the People, Tor the neces-
'ary uses OF the country, according to the
Constitution, and ought ever to be esteemed
4 sacred trust. They are earned by the in
tustry Of the People; and, while safely
guarded, and applied only to really neces-
'ary and constitutional purposes, will be
contributed by d patriotic COM
nunity. The People have right to be as
sale as good laws and faithful administra-
ion can make them, against both waste and
oss. 1t was the remark o: the late Presi-
lent, striking by its brevity as well as its
ruth, that every dollar lost by unlaithiul- |
less in office tends to create new charge |
lpon the People; and this truth cannot be
iept too fully or too constantly in view.
Debts and dues accrueing to the United
'ta,es are paid, in the first place. into the
lands OF the appropriate collectors and re-
,eivers. In these hands the safety OF the |
unds are secured by the integrity and car,
}! the officer and the su!ficIency Of his .,
icial bonds, and by the enforcement Of Il
trio, system OF frequent accounting. H.
he early history OF the Gnvernm"ut, ana
ometimeS al more recent periods, vac
public moneys were To he used !nr lh3'.
proper purposes, the drafts OF the Treasuc5 |
ave been made directly on these first re-
ipients. At other times. and when there
las been a Bank OF the United States III |
existence e, the law has required that those
moneys should he deposited in such bank.
BY the act Of June, 1856, it was prove
led that public moneys should be deposit
ed in certain state Banks, called deposite
,anks; and, finally, by the Sub Treasury |
Icl, they were Ia be kept by the mint and
Is branches, and by certain officers called
ecevers-general.
In all these modes of securing, or al
enptng to secure, the safety of the public
treasures. it is obvious the main reliance.
,tter all, has been placed in the honesty and
integrity OF public officers; there being su'
,eiauded, however, IN the case of deposits
with banks, the guaranty supposed to be
llorded by their capital; and in the case OF
a security by the execution OF