Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-12-10

individuals, or be used for private purposes.
When it is placed in Banks for safe keep
ing it is in effect loaned to them without
interest, and is loaned by them upon inter-
est to the borrower, from them. The pub
lie money is converted into banking capital
and is used and loaned oHt for the private
profit of bank stockholders {; and when
called for, las was the case in 1870 i'll
NAV be in the pockets Of the borrowers
from the banks, instead OF being in the
public treasury contemplated by the Con-
stitution. Thejframers of the Constitution
could never have intended that the money
paid into the Treasury, should thus be con-
verted to private use, and placed beyond
the control of the Government.
Banks which hold the public money are
often tempted by the desire of gain, to ex-
tend their loans and increase their circula-
ton, and thus stimulate, if not produce q
spirit OF speculation and extravagance.
which sooner or later must result in ruin
to thousands. If the public money be not
permitted 10 be thus used, but be kept in
the treasury and paid out to the public
creditors IN gold and silver. the temptation
| afforded by its deposit with banks to an IN
due expansion of their business would be
checked, while the amount Of the consti-
tutional currency left in circulation would
, be enlarged, by its employment in the pub
: lie collections and disbursements. and the
G banks themselves would in consequence,
f be found in safer and sounder condition.
t At present, State banks ore employed as
: depositories, but without adeqate regulation
: of law, whereby the public money can be
r secured against the casualties and excesses
r revulsions, suspensions and defalcations to
e which, from over issues, overtrading, an
h inordinate desire for gain, or other causes,
= they are constantly exposed. The Secre-
1t ,ary of the Treasury has in all cases.
n when it was practicable, taken collateral
IS security for the amount which they hold,
t. by the pledge of Stocks of the United
a. States, or Of such of the States as were
c. in good credit. Some Of the deposite banks
at have gwen this description Of security .nnc
er others have declined to do so.
III Entertaining the opinion that "the sep
d. aratlon Of the moneys Of the government
It's from banking institutions is indispensable
r. for the safety of the funds Of the govern
y ment and the rights of the people" | re-
10 commend to Congress that provision be
e made by law for such separation, and that
l. constitutional treasury be created for the
!, safe keeping Of the public money. The
r constitutional treasury recommended is de-
At signed as a secure depository Tor the pub
h l,c money, without any power to make
id loans or discounts, or to issue any paper
E. whatever as a currency or circulation
! cannot doubt that such treasury as was
is contemplated by the constitution, should be
Il Independent Of all banking corporations.
+ The money of the people should be kept
9 in the treasury of the people created by
b law, and be in the custody Of agents Of the
people chosen by themselves, according to
is the forms Of the constitution; agents who
N are directly responsible to the government,
D who are under adequate bonds and oaths,
y and who are subject to severe punishments
ID for any embezzlemenl, private use, or
y nnisapplication of the public funds, and for
: any failure in other respects TO perform
Z their duties. To say that the people or
c their government are incompetent, or NOT
: to be trusted with the custody of their own
: money, in their own treasury, provided by
: themsely yes, but must rely on the presidents,
9 cashiers, and stockholders Of banking cor
d porations, not appointed by them, nor re.
Y sponsible to them, would be to concede
i. that they are incompetent for self-govern.
: ment.
: In recommending the establishment Of q
a constitutional treasury, in which the public
3 money shall be kept, desire that ade-
D quate provision be made by law for its
: safety, and that all executive discretion or
: control over it shall be removed, except
3 such rs shall be necessary in directing its
3 disbursement in pursuance Of oppropria-
5 tions made by law.
T Under our present land system, limiting
the minimum price at which the public
lands can be entered to one dollar and
twenty-five cents per acre. large quantities
Of lands of inferior quality remain unsold
because they will not command that price.
: From the ecords of the Genral Land or
. fee it appears that, of the public lands re
mai ming unsold in the several States and
Territories in which they are situated.
thirty-nine millions one hundred and five
thousand five hundred and seventy-seven
acres have been in the market, subject to
entry more than twenty years; forty-nine
millions six hundred and thirty y-eght thou
sand six hundred and (orty-four acres more
; than fifteen years; seventy-three millions
seventy-(our thousand and six hundred a
cres for more than ten years; and one
hundred and six millions one hundred and
seventy-six thousand nine hundred and six
ly-one acres for more than five years.
Much tho largest portion Of these lands
will continue to be unsaleable at the mini
mum price at which they are permitted to
be sold, so long as large territories Of
lands from which the more valuable por.