Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-01-02
TheIndcpendent Treasury Law /.

The Washington correspondent OF the Ohio States
man notices the passage Of the Independent Treasury
bill by the u. S. House of Representatives, as fol-
lows:
The Independent Treasury bill, for the safe-keeping,
transfer and disbursement of the public moneys, pass
ed the House to-day, at 3 O'Clock. after a debate in
continuation from yesterday, between Messrs. Hunt
of New York, McClelland of Michigan, Henley of In
diana, in a speech, which for power of sarcasm, patri-
otto fire, and caustic wit against the wing party, the
wing idol and his principles, has, perhaps, never been
surpassed on the floor Of the House, by Mr.. billing
ham and Mr.. Carey Of Maine, when the bill was re-
ported from committee, and the question taken on the
third reading. ayes 125, hayes GA strict division
of parties. The bill was then passed, ayes 125,
hayes SO. And the House adjourned.
The bill provides that the public moneys shall be
kept in the Treasury, the Custom Houses and United
States MINIS, under lock and key-a very simple and
safe plan, one would think, and not at all unconstitu-
tional, Notwithstanding the objections of Messrs. Ad-
ans, Barnard and Sche1k, of yesterday. This action
at this time on the part of the House, has not been
from any hope of passing the bill through the Senate.
but a test of the opinions Of the democrats from all
quartes OF the Union, in a measure condemned (be-
fore it had a fair trial. by the late Wing Congress.
and the result shows that from all quarters, it is unit
ed upon as the plan Of the democratic party for the
safe-keeping, transfer and disbursement of the public
moneys.
The following are the editorial comments of the
Statesman, in which we fully coincide:
The prospect still brightens-the Sub-Treasury bill
passed the House by a strict party vote. The House
of Congress surely deserves more than usual credit
one triumph after another gives hope and confidence
to all, beginning with DR.. Duncan's bill to hold the
election for President on the same day Throughout the
Union, and ending, by the last mail, with the passage
of Mr.. Dromgoole's Independent Treasury bill, by a
large party vote.
This is another great triumph of sound and correct
principles, though long deserved and hardly fought
for. The wings did moi seem to have any great hos
tility to tire partial operation of the Sub-Treasury so
long as there was no law on the subject, for it has re-
ally been in practice since 81, and the country not
ruined.
The-signs are bright--the public mind, though long
humbugged by bank demagogues and federal politi-
clans in all their grades Of fscality to banks, is at
least settling down upon a correct basis. The great
measure of separating the public funds from speculation,
so ably and determinately pressed by Mr.. Van Buren,,
is again reaffirmed by a unanimous democratic vote of
the House. The whole democracy of the nation will
rejoice at this result--this evidence of a oneness of
opinion upon this vital question, the test of feeling
against a corrupt national bank.
TIE bill just passed was introduced by Mr.. Drom-
Toole, and is, in fact, the same bill introduced at the
last session of Congress by the same gentleman from
the COMMITTEE on Ways and Means. The principal
features of that bill we annex, so that its operation
and effect, were it to go into force, can be anticipat-
ed =
a Bill to PrOUide for the Safe Keeping, Transfer, and
Disbursement Of the Public Rerenue.
SECTION i. Provides for the establishment off treasury
at Washington, under the immediate control Of the trea-
surer.
the branch mint at New Orleans shall be places of depos-
lite for The public moneys, and the lreasurers of these
minis shall have power to receive, transfer and distribute
such moneys.
SEC. 3. That the rooms mr. nared in the Custom Houses
OF Boston and New York for The receiver generals shall
be places of depOslte.
SEC 3. That the President shall nominate, and with
the consent OF the Senate, appoint receiver generals OF
the public money, who shall hold Office for four years,
one of whom shall be located IN New York one in Bos-
ton one in Charleston, 5. C.; all of whom shall give
bonds, with sureties, for the faithful discharge of their
duties.
SEC. 6 All receivers Of the public money, such as COL
lectors, surveyors, land agents, postmasters, &c, are re-
CURED 10 Keep safely, without loaning or using, all the
public money collected by them, till the same is ordered
by the proper department or officer.
sEcs. IL aud IL regulates the examination Of the seve-
raj repositories.
SEC. Is. The Secretary orthe Treasury shall, with as
much promptIude as the convenience of the public busi-
ness and the safety Of the public funds will permit, with
draw the Balances remaining with the present deposito-
ment OF those moneys to the repositories established by
this act.
SEC. IL. Any investment in any kind or merchandise
or property, or loan with or without interest, any portion
Of the public moneys entrusted to any officer for safe.
keeping, disbursement or transfer, or for any other pur.
pose, every such act shall be adjudged TO be an embezzle-
ment, which is declared TO be felony, and any officer con-
vIcted thereof shall be sentenced to Imprisonment no
less than six months, nor more than five years, and to
fine equal to the amount embezzled.
SIC. 10. Until the Both OF June, 1916, one-third of the
amounts becoming due TO the United States, shall be col
lected in the legal currency of the United States. After
the Both June, 1876, all tho sums accruing, or becoming
payable to the United States, shall be paid IN gold anC
silver only.
SEC. 81. Any officer appointed under this act, who
shall pay out in his disbursements anything but gold an(
silver, will be suspended from duty.
SEC. "a. Regulates the salary to he paid to the different
receiver generals.
The restrictions of the bill appear to be sufficient tc
preserve the government funds inviolable, withou
having any other effect on the currency Of the country
than to increase its value.