Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-12-19

-" ''"'' Nv"
i.opG,,''I',y ipI ,t CIV Goi'''o'' II Is not 10 I'
,on rn,,lI ha,, i,,a,i.S 20 ", Wv Goi''''"'
shouId bp created as a oiano of JoSs';,'
and safe-keeping of the nubIic n,on,,,
which was irresponsible to the Cover,
ment. The first Congress under the Cor
stituuon, by the act oil the Cd SeptemEe.,
1857 "to establish the Treasury Depart
meh'' PFoVld'd ioF the appointment of "
no,,, v"si' I ,aau r,,u G,oug II ,.S au'y TO re-
S,.,s. .nJ ,t.,, ar ,'o' ,;,'..' " '"e on''1"
Secretary of, the Treasnrv and ,ha CO,". ~ ""
oHpr or either Of them, the insneeijon ri
the noneys in his hands"
ih,, na,k- N uruL ur State, cou
n have hern intended to be used Ms p,
ubs lue iai tbs Ire ,sury spoken of IN
tht CopsIDutI,n II as k,epprs Of the pub,r
mcpey IL manifest tr,m the tact tn,
at that time there was no Nsr,opei
Bank, aud bat three or lour Stale hanks
o. limited capllaI existed 10 The cour-
try Their employment az dppo.ilp-
ruPs vas first resorrcd u to Imi,ud
NN'tbi bhl WIN TO hbbWtU IlIlGNllOti OF
Ontr uDng them Iprmanentlv in piece
ni The Treasury OF the Constitution -
" hen they were afterwards from time
to ii ne eupioltd, i. was trrm motives OF
,upp 8 cohvr, renee
Our experience has shown It al when
banking corporations have b,eu the
keepers Of the putIrc money, and been
th~rhy mad in IF CT tho Treasury,
the Government can have no guaranty
thnt il ran command The use OF lis owO
mouey Tor public purposes. The Iale
Bank Of the United States proved to be
! nuhIrss The Sure banks, which were
afterwards emp 'ot ed, we're laithless-
Boz few Years ago with millions Of
pubic money in their keepirg The Gov
rnmeuD vas brought almost to bank.
ruplcy, and the public credit seriously
impaired, because of 'h,rr Inobirity or
,ndIspo,i,Inn to nav on dc tmsnd 10 the
..ubDc cradro N The oniy cerrency
,rcogu,z d ty the Con9t,Htlon Theif
failure occurred in pc.,ud of retce.
aud gr,at ,pcOnv njrnce aud loss were
>ufT,red Nv The ruhlc ltum il Had
h. conn,ry been involved in roreIge
war tina, rnconVpnlence and loss would
have been much greater, a d might have
resulted in ,Xtfeme puhllc Calamily.-
The public money should not be min
gl"d with the private londs of banks or
,ndiVidaaIe or be Used for private pur
Oses Wlor it is placed in banks Tor
>ale-ke'plng. il is 10 effect loaned 10
'hcm without interest, aud is leaned by
them upoa Interest to the borrowers
ron them. The puhIic money ia con-
V.rb d IL 70 banking capital, and il used
aud loaned ou, for the private profit of
back Stockholders: and when called for.
as was The case TO 1887, it may be ia
the pockt Is of the borrowers from The
banks, irslead Of being IN the public
Treasury. cuntrmp'atr hg the Consli-
IU'On The trainers Of the CODslltu~
Iin coUd never have uA nded that the
m"n~y piG into the treasury should bs
thus converted 10 private use, and paC-
ed beyond the control OF the GoVerIl-
met
B INKS which hold the public money
are often tempted Ivy desire oI gam 10
pxrepd their icahs, increase their cIrcu.
Ialiuu, and thus STIMULATE, II not pro-
duce, spirit OF speculation and extra
Vugance, which sooner or later, must
result IN ruin 10 ttnusends 1.-THE pub
IIc money oe not permitted TO be thus
used. but be kept IN The Treasury, and
paid ou to The pUb.ic creditors in god
and silver, III temptation uforded by ils
oeposue with banks TO an undue expau-
slon Of their business would hechecked,
while the amount OF The constitutional
currency Ie'' ln'clFrulht'"n "onla baen
Iareed bv ne employment 10 the public
collections and d'sO0rsemen's' and the
hAIkQ annnRnHA