Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1845-09-09
THE INDEPENDENT TREASURY.

II Has inc american people VIII De sails
: fed with anything short of the most com
plete and entire separation OF the govern
ment from the banka, is not 10 be presum
cd for moment. That Cong ess viii
permit the public money TO be placed il
the custody Of irresponsible paper money
manufactures, aPproprialing the revenue
OF the government 10 the benefit Of soulle.
corporations,is entirely out Of tie question
The money of,he Constitution is gold and
silver; the government is bouno TO receive
nothing e.se in payment Of dues; the funds
collected should be placed in the keeping
OF responsible public agents, who should
be under sufficient bonds TO satisfy the
most iastidious, as to the security Of the
sums committed TO their care.
The Missourian, published at ST. Louis,
one Of the most ably conducted papers that
We receive gives ue the following descrip-
lion Of the nature aud benefi Of the indie.
pendent treasury in few words:
Wha, is meant by the independent trea.
sury! Simply legal provision for col
lectlng, safe kee ping and disbursng the
revenuee without recourse 10 banks. The
features, then, Of the Independent L reasu-
ry. rs above stated. mus, furnish, the tex,
For our discourse to-day. The first and
second division will no, dcain US long.
In The first place, it may be assumed that
government has he right to collect the
public revenues 10 such manner and form
as il pleases, by its own officers, withou,
the Intervention of banks. In the mex,
place, i, can be assumed, also. that gov
ernmcnt can, if il choose. safely keep its
revenues, and manage its fiscal concerns
without any connection with banks Banks
taking the age Of the world--are con-
t:ivance Of yesterday, but governments are
oder than history, older than tradition
even. Governments have in oil ages had
more or less fiscal concerna, which they
must have managed without the aid OF
Of banks, us banks were not then dreamed
of. Therefore, what has been done, il
may be presumed, can be done again.
And lastly. ii may be presumed again, thai,
1t government chooses to manage its affairs
without the aid Of banks, having no natu.
raj claim to be employed as fsca! agents,
have no right to complain if they are not
employed. That it would be for the in
teresis Of the banks to be made the depos-
tories and disbursing agents Of The agen:s
none cat question:; that the deposites, il
made with them, would add TO their bank.
ing capital upon which they could discoun,
and make large prof.s TO their stockho!-
ders, every one knows. But why should
banking corporations DO selected as the
beneicaries Of the government, and The
! public money given them 10 swell their
credits, and reap harvest therefrom? Is
banking more merilorious pursuit, and
more worthy Of the fostering care Of gov
ernment, than farming, manufacturing,
merchandise, &c. If not. why is it asked
that banks alone shall enjoy the benefits of
the pubic moneys, fiom the time Of its col
lection TO its disbursement? 1t may be
answered that the funds would lay idle, if
not used as basis for discount by the
banks, and therefore, the use Of the reve-
nue. till wanted by the government, would
be lost; and, therefore ii had better be re-
ceived even by the banks, than lost. To
this we answer, that as agriculture is
much more important business than bank.
ing, why not lend it to the farmer 10 build
his fences, improve his land, and stock his
|
stock in trade and extend his mechanical
operations? But if you would not let the
farmer and mechanic have the use Of the
public revenue, upon what principle can
you contend for it for banks? But we are
well aware that the right Of the banks to i,
can not be establishes; but a delusve no.
lion has entered some minds that il would
be safer in the vaults Of banks than in fthe
hands Of government officers; and the use
of it ought 10 be allowed 20 them,as COM
pensaton for sale keeping. until needed by
the government. Banks, those HONEST in
sti,u,ions. that never swindle the commun-
ty, are safer repositories than legal Off
Ger Of The government! Has any one.
with the facts that have ,ranspred within
the last eigh' years before him. the handi.
hood 10 affirm this? Collect all the defil
cations Of the Swariwouts, Prices and Har-
rises in the country, and compare them
with the defalcaii)ns of banks, and
losses by insolvencies of banks TO the com.
muni,y, and they will be Ike drop Of the
ocean; yet those honest institutions are sin.
gled out as, par ercelieace. the safest de.
positories of tn public finds! What IN
fatuaiion!
In The hands Of government officers,un.
der oath and heavy security, with legal
punishment as for felony affixed, who viii
assert that the public money is no, SAFE
than in banksl Are banks not governed
by men, and are bank officers under great
er responsibilities 10 perform their dutie.
honestly, Than government, off ~ers? III moi
why should they rather be trusted with The
custody OF the public funds. But TO n al
some people speak, one would suppose ina
bank officers were angels, and no, men
such an infinite preference d. they give
the former over the later. More anon.
''Do you believe IN fore rnnnersa 'asket
D nervous old lady Of Deacon J. "Ye:
f ma AMI" replied the deacon, 'sl've seen
: them!' '.Bless me-" exclaimed the lady
. do iell!'' "Yes." continued the deacon
fixing his eyes with solemn stare on darl
corner of the room, ~ see ono norr'-
: Mercy! mercy on mel" skrieked the oil,
e lady ;.'wherei" @There! there!" said IN
/ deacon, pointing to where his eyes wer
directed. "That cat. ma am, may be call
ed fo.e-runner, for she runs on al
foursm
IT, ~ ma r.