Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-07-04
The sut-Trcasury--wila hat is il!
TroaSury i a pLncc mhfre treasure a. hept.

~ sAh
4 TrcaSury Is "A pt1cc riere treasure lS Kept.
The Constitution of the United Safes says, that
40 money Sh1I BE- drarH from The Treasury bit IN
consequence al appropriations male by Ldr and a
regaar statement and account ~ he receipts aid cr-
pendiiUrcs Of all pUbtic moncy shal be published from
fipe Ia hme.'
The obvious meaning Of this provision is, that the
receipts" or money received. shall 90 INTO the Urea
sury and remain there, until drawn out by authority
of law, when it becomes an expenditure" and the
object Of the published regular statement l., to en-
able the people to understand how much has been re-
cciycd how much has been expended, and hor much
remains IN he Treasury.
Tie object was, that the pubic money should be
kept for pabic uses h~gdiced by Congress, and not
applied to p%ricotc or aHaathorf-ed uses.
When the government was organized under the
constitutions. a Treasurer was appointed to receive the
public money. carefully to keep it, and to pay it out
only . in consequence Of appropriations made by
law He gave bonds and entered upon the discharge
Cf his duties. The Collectors, who also gave bonds
were a sort f Sab-trca ,urcrs. Neither they nor the
Treasurer paid out public money except in pursuance
Of appropriation and Treasury Warrants.
But there was a class of men who dc,ircd to obtain
the public money for prira'e uses. They did not like
this system which kept the money in the Treasury
for the pubiic only and they set themselves at work
To overthrow IL. An ingenious plan was Int upon II
GboiSh The Treasury, make the Treasurer "A Bot-
lcepcr oniy and take the money which should be in
the treasury, for the use of merchants, spectators
and other borrowers.
The tlan was to hand over the public money to
BnkS. and not to be KEPT. but to be LEM 1t
was called Il ID pOSitc an Bint and the Treasurer'S
Book showed heavy sums IN the Banks, when III fact
there waS not n doidr there. the whole having been
loaned out, Just "a # it were Bank Capital. The
nominal amounts in Bank were called moneys IN the
TfedSUrU. Thus. the people were amused with the
idea of a full Treasury, when in fict their money was
all out in the hands of traders and Spectators. Bank
stockholders pocketcd the interest. and the c%onsttu-
Ii N became in this respect a dead letter.
To perfect the scheme. a Bank Of the United States
was created. being the most convcn .cnt instrument
through which the money could be applied to private
purposes.
For many years, the nation in fact had no Trcasu-
nv at all. All Its moneys went INTO Banks and were
loaned out by them ard the balances reported To Toe
in the Treasury. were only the amounts which these
corporations owed the United States.
In 1851, the balance thus reported to be in tie
Trca@ury Wa many m.iiions vet the BANK, having
suspended payment, the Treasurer could not COM
mand a dollar. Ii was all ot Of the Treasury bat
not an consequence 81 appropriations matt bY hr.'
When the appropriations came, The money rdS difcddy
gone.
This led those in tho administration of the govern
ment 10 consider how IT vas. that - many mlll,on'
had gone ont ri he Treasury without aPprol ration
or Treasury Warrants. They soon perceived. thai
not only tie money was gone but the TREASURY itScH
We had a Treasurer but no Treasury. Our Trcasu-
rcr even. i'm .tcad If keeping our Treasure when We
had any, had been metamorphoScd into n mere Bool
kocp,r. Instead Of be- NJ n kcpcr ~ TrcoS~re n
t the constitution intended, he had become a hoptr o
Boots.
The remedy was obvious. 1t was TO be found IN
return To the Constitution and the cStabl lShmcnt ct
TreaSRry, m which the Treasure Of the countr,
l.. should be- placed. not To be- drawn out "but in con>c
quence of arpropr ailonS made by law 1t was, L
make the Treasurer n keeper of Treasure, n wa
A-.l .I - h. III al su mn unnfI
|, with such assistant keeper. n the extent of our coun
try and the business e the government. RENDERED
''nccc>Sary and proper"
{ Accord ngly. To restore the constitution, prevent III
public money from beng loaned out for private u.c
I aud fr the profit of Bank stockholders. or ''draw
r from the Treasury except IN consequence oi arpropri
: atoms made by llw." Congress passed tie act If Ju
h " ith 1870. cnt tied IAN Act to provide FIR the col
!, lection. saf'kccping, transfer and dl,bur semen, Ct III
public revenue" The F.r,t Section cstrbiShsdd Trca
: sury That - to say. n Prorfhfd a fioce rhcfe n
|, pabic Treasure should b. kept, IA The JoAoring pord
az.
& N IL enacted. &c. That there shall be prepare
n and provided. within the new Treasury building mo-
e erecting at the seat Of government. suitable and con
e .,cn.cnt rooms for the use of the Treasurer. of Il
n United States, his assistants and clerks and sui
g 'cicnt and secure f%rc-rroof vaults and safes. Tor Il
'c keeping of the public moneys m the possession m
IA under the immediate control Of the sand Treasurer
~ which SAID rooms, vaults and safe. are hereby co
n .,titnted and declared 10 be-. the Treasury e the m
~ ed States. And the Treasurer of the United Stat
ii shall keep all the public moneys which shall come
his hand IN the Treasury of the United States
in thereby constituted. until the same are drawn thcr
" from according To law"
n, lna>much a. most of the Public Moneys were 7
If ccived and dI>hur>cd at points distant from Wa>hm
ii ton. places Of dcpo>Ite were provided IN the MINIS
- Philadelphia and New Orleans. IN the Custom llou
nj at New \ urk and Boston. and in rooms provided |
o. the purpose al Charleston. =. (. and ~. LOUIS. NJ
e where the funds were 10 be- received and kept und
,c the charge of Public Officers bonded and sworn,
the purpose Of being RENTED 10 the Treasury
EN- Washington. transferred 10 other Depo>Itaric>. or d
Lc hur>od in payment of public dues. upon the order
q. the Treasurer and Treasury Warrants ISSUED accol
IL ing 10 law.
Ia - far from allowing the Keepers Of the Pub
an Money To use or iend AZ for Their own profit or that
i'm others. the seventeenth Section of this Act provo
mi a. FLOWS viz.
of III any one of said officers. or of those connec'
ct with the Post Office Department, shall convert 10
own use in any way whatever. or shall u>e by y
of investment in any kind of property or merchi
ny .dl>e. or shall Loan. with or without interest. any T
e .tlon Of the public moneys intru>ted 10 h IN for "A
- .kecpinr. disbursement. transfer. or for any ct
IN PURPOSE. every such act shall be deemed and adlu
We ed 10 be an embezzlement Of - much of the :
of moneys a. shall thus be taken. converted. invest
per used or loaned. which is hereby declared 10 be a
ON .onv and any ui,cer or agent q the United Stat
ted and all persons advising and partlclpat no an :
tn act. beng convicted thereof before any Court 81
his United States of competent jurisdiction. shall