Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-04-25
GEORGETOWN, O., TUESDAY, APRIL 25, 1s4s.
NEW sERIEs.-vOL. III. NO. 80.

department may O6 % W0u COduuClSu
without as with this bank. The delusion
has consisted in the use Of certain high.
sounding phrases, dexterousIy used on
the occasion. "The collection Of the
revenue," "the administration of the f.
nance" "the conducting the fiscal affairs
ofthe GoVernmeni,"-the usual language
Of the advocates Of the bank, extOrt ex-
press assent, or awe acquiescence, with
out inquiry or examination, into its ne
cessity. About the commecment Of
this year, there appears, by the report
Of the Secretary of the Treasury, Of the
seventh day of January, TO have been a
little upwards of two millions four hun
DIRE d thousand dollars in the Treasury Of
the United States; and more than one
third of this whole sum was in the vaults
of the local banks. In several instances,
where an opportunity existed of select
ing the bank, preference has been CIV
en- to the State banks, or at least POr-
ton OF the deposites have been made
with them. In New York, for example,
there was deposited with the Manhatten
Bank Slss, 800, although branch bank
is in this city. In this District, $ll5.-
600 were deposited with the bank Of
Columbia although here, also, is branch
bank. And yet the State Banks are ut
tsrlv unsafe to be trusted! lfthe mon
ey, after the bonds are collected, is thus
placed with these banks, 1 presume there
can be no difficulty in placing the bonds
themselves there, if they must be deposit.
ed with some bank for collection, which !
deny. ,
AGAIN: one Of the most Important and
complicated branches Of the Treasury
Department, is the management OF our
landed system. The sales have, some
wears, amounted to upwards OF a half a
million OF dollars, are generally made up
on credit, and yet no bank whatever Is
made use OF to facilitate the collection
After it is made, the amount, in some in>
stances, has been deposited with banks,
and according to the Secretary's report,
which have before adVerted to, the a
mount deposited was, in January, up.
wards Of 100000, not one cent of
which was in the vaults of the Bank Of
the United States, or in any of its branch
es, at Pittsburg, the Marietta Bank and
the Kentucky Bank. Upon the point of
responsibility, cannot subscribe to the
opinion of the Secretary of the Treasury,
if tits meant that the ability TO pay the
amount of any deposites which the Gov
eminent may make, under any exigency,
is greater than that Of the State banks
That the accountability of rami6ed in
stitution. whose affairs are managed by q
single head responsible for all its mem.
bers, is more simple than that of num-
Der of independent and uDconnected cs-
tablishments, shall not deny; but with
regard to safety. | am strongly inclined
to think it is on the side Of The local
banks. The corruption Of misconduct
of the parent, or any or its branches,
NAV bankrupt or destroy the whole sys
tenn: and the loss of the Government, in
that event, will be of the deposites made
with each; whereas, in failure of one
Of the State Banks, the loss will be c1n.
fined to the deposite in the vaults Of
that bank. 1t is said to have been o
part Of Burr's plan to seize on the branch
bank at New Orleans. At that period,
large sums, imported from La Vera
Cruz, are alleged to have been deposit
ed with it; and f the traitor had accom-.
plished his design, the Bank Of the Uni
led States, if not actually bankrupt
might have been constrained TO stop pay
ment.
It is urged by the gentleman from
Massachusetts, (Mr. Loyd,) that as thi:
nation progresses in commerce, wealth
and population, new energies will be un'
folded, new wants aud exigencies vii
arise, a I'd hence he iRfers that powers
must be implied from the constitution
But, sir, the question is, shall we street
the instrument to embrace cases not fairly
within its scope, or shall we resort to tina
remedy, by amendment, which the con
stitution prescribes.
Gentlemen contend that the con struc
ton which they give TO the constitution
has been acquiesced in by all Part'es' aht
under all administrations and they rely
particularlI on an act which passed IN
| 1901, for extending branch to Now Or
leans, and another act (of 1907 tor pun
ishing those who should forge or uueI
forged paper of the bank. with regaTo
to he frst law, passed no doubt upon the
recommendation of the Treasury Depart
rosnt I weuld remark that it was the ex
tension Of branch to territory oye' m
Ission % almost uncontrolled, and where
without any constitutional impeachment
, charters ofincorporatioE may be granted
As TO the other act, it was passed no les
for the benefit Of the community than tn
3 bapk-to protect the unwary from coun
t terfeit piper, pnrporting to have been {
milted by the bank. When gentleme
), are elaimingth the advantage supposed
be dedlcibls from acquiescence, let m