The New York herald., 1845-08-12
the opening Of navigation to the 10Th Of August have
ANAL Tolls, STATE OF Ngw YoRK.

iblo.. ...-..........- 73,TW i,iuSos
The decline in the aggregate receipts at all the Offices
to the ls inst this year. compared with last has been
very trifng per being little less than three
cent.
The security of the surplus revenue whenever there
is one and the public money all times has been very
important item in the administration Of the government
of this country and that has created great deal
difficulty and arrangement in the public finances Many
millions of the public money have been lost account
of the defective system Of deposes and the difficulties
heretofore experienced in obtaining sufficient security
in fact any security at ALL from the repositories for
the amount deposit from the government have placed
the public money in many instances in imminent danger
Fortunately no loss has been experienced recently ana
such favorable result can be principally attributed to the
general prosperyof the and the great abundance
money Had the pinching times of 1887 and '3s in
mercial affairs upon us, when the public deposes
scattered the country in fifty different depos
tories without the least security the slightest qua.
ranty of afekeepng, farther than the the
repositories were concerned, there would have been
serious embarrassments produced in the government
finances, and some reduction in the revenue The diff
cues Of lS4O and l64 would have been again expert
enced, and complete arrangement of the financial af
fairs of the government the result of the carelessness
in the management of the public money. The present
Secretary of the Treasury has, far the act Of Con-
gress in relation to the deposits will allow him, been
regulating the uepOSltOTe5, ana every
obtaining security for every dollar loaned to any
institution any private banker He has placed the sur
plus revenue of the government in safe position as
possible under all circumstances Government and State
stocks have been taken securities, in every instance
but the complexion Of foreign relations at this time
such as to even create doubt to the ultimate safety
OF these securities. In the event of rupture in
relations with Great Britain, any other important
power the vaae of public securities would be very
much reduced, and the government would be only
able to realize fractional part of their funds in their
repositories from the deprecated securities in the pos
session of the Treasury Department Under existing
system and in the event of difficulties in foreign
affairs, depreciation in the security would deprive the
government of portion of its resources at time when
the whole would be most wanted The Secretary of the
Treasury has done every thing in his power secure
the safety Of the public moneys The appointment of
Mr.. Macy to obtain the necessary security from the
repositories, is guaranty that that duty will be per-
formed judciousy and thoroughly. This department of
the business being settled the subject must be left
to the action of Congress.
The specie system, defined by the Sub.Trea.
snry act of lsi0, is very Objectionable in MANY
Of its features. The security and safety of the
public revenue would even be less under this system
than under the State Bank system with stock secu
rity 1t is stated in the subTreasury act which passed
the House of Representatives last December that every
agent shall give bonds to the government for the safe
keeping of the amounts deposited in his hands-but we
have very little confidence in individual bonds The
bonds Of nearly every defulter the have
proved vaueess and the security considered good has
turned out to be worthless This has invariably been
the heretofore and under the same circumstances
will be again An individual responsible to government
for the honesty and strict integrity of another in the
employ OF that government, may be perfectly good
the time Of giving the bond and may be able to take the
necessary oahs and in month"; even in one week
after he may be bankrupt, and unable pay a single
cent to in the event of any by non
performance Of the agent to honestly fulfil his duties
The parties responsible to government for any of its
agents. usually place their property out of reach in the
event OF any defacaton The bonds given for the safe
keeping of the public money in the hands of agents
under the subTreasury law, would therefore be worth
no than much paper and sealing wax Both sys
TENS defective and neither adapted to the nature
of institutions
We have no doubt some very liberal plan for Nation.
al Bank will be presented to Congress the approaching
session. The government must have its entirely
under its immediate direction it is highly necessary
that there should be system intimately connected
with the Treasury Department providing for the safe
keeping and disbursement of the public moneys inde-
pendent OF any of the numerous repositories and not
to the dangers attached any and every kind