The New York herald., 1845-06-21

II Is further stassd that there viii be- but two deposor.s
in this city, instead OF seven and that there win be
more equal distribution of the surplus revenue through
out the country. These reforms in the Government
deposit system have been called for, and will even n
this late day be attended with many advantages For
unaey the Government has not lost any thing recently
oy the explosion Of Of the repositories the times
have been prosperous and the local banks have been
subject to any arrangement in commercial affairs Had
there been any reyulsion in money matters and the
banks been serious sufferers by the insolvency OF
their debtors should have such favorable report
to make and the government would only have been
heavy sufferers, but its opponents would made po-
cal capital out'of the OF the administration in
not providing for the security OF the public money The
Secretary is now anticipating the approach of revou-
ton in mercantile matters, and intends placing Go
venment deposits places upon terms ensuring at all
times and under all circumstances, their safety and
prompt disbursement So long times good, and
commercial affairs remain in prosperous condition. the
banks may continue sound and solvent the Govern
ment deposits comparatively safe but the first unfavora
BILE change in the times the first black cloud that ap
pears in the commercial horizon eniangers their safety
and creates fears and forebodngs in the minds OF those
responsible to the people for the pub
nc moneys. The immense spcculations, extended cre
dts' and the general bankruptcy OF the commercial
classes IN 1887 were the of the defacations of
Government deposit banks that time and the same
causes would lead to the results again The Sc
creary OF the Treasury has doubt before him all the
facts and circumstances of the last
and the position OF the Government growing out OF the
bad policy pursued by the administration of that period
and intends placing the deposits any of the dan
gers then experienced the losses realized We learn
that no distinction will be made between individuals and
corporate institutions in the selection of depostores
that where 1t may be necessary to employ private bank
ers as repositories 1t will be done upon the necessary
security being deposited with the Secretary and il is
possible that the number of private repositories may be
increased to the exclusion Of public institutions The
deposits in the hands of private bankers would be more
equally distributed among the commercial classes and
the public would not feel any in the
cumulation Of surplus revenue, it would under the
udicous management that invariably characterizes in
dvdua enterprise be returned again the channels Of
trade from whence it came and be employ ed in busi-
ness the same though it had been withdrawn;
while on the other hand the Government deposits in the
banks are monopolized principally by few OF the direc
tors and employed directly indirectly by them in
stock specuations some other speculation of the
day keeping vast the regular channels of
business, creating unnatural fictitious state of
things and checking the legitimate operations trade
When not employed by these directors in stock and
other specuations they used by them in whatever
branch ofbusiness they may be engaged I'M
plus of the Government, which is drawn from
the resources of thousand merchants is monopozed
by small band Of bank directors for their individual
aggrandisement The Secretary of the Treasury must
of these things from the efforts made by the
banks of this and other cities large portion
Of the deposits possible, and the jealousy that exists
these institutions upon this point trust
his knowledge Of these facts will influence him in his
selection of repositories in the principal cities of the
Union