Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1845-12-11

2 tpor expeneurw hse ssswn. that whcr
l,snktnr c,apieshnn. khv- loo W. kcrpet,
,arLs pal.lic m>v~ry, sm' beeh thereby made
W sfirct the treasury, she so,ernmeai tsr
have no aostssay that n cen ct'mnsbh tho
u~s 81 n- pwo srr,aef toT isphllc purposes. -
The ate Baut 81 tho United States pro, Cd
~ se ts,lh.ss. The state bank. which ~rrs
aherwsrds employed, we've l.nhl.ss Bu, q
lew Yeas ago. 9Th nAl,ca, 81 pVeiic mn.
pey ~ their keeping. The syveromcni vas
bsocem hlmcsi :" bankruptcy. and the poll
lic eredn seriously trspsifej, bccsuse ~ ihei'
iusbi.ny % isdisy-,si,ioa ~ psy, an demsed
To- the pob,,c ervdr,ors, ia the oDlv currency
roco2hisFd by the constitution. Their tail.
urc occurred Ia q per,od oi ,-esce. and great
inronsc nience and lose werc suffered by the
pubic IRON u. Had the coanir, been in
volved ~ n foreign war, that NEON, rnience
snd los. would have been mvch eresset, and
mieh have resulted Ia exueme public co.
lAmny. Tho public money sisoolj M, In
mingled with tho private fapds III banks az
individuals. 10 he used lot private porro
SEES. When II - placed In bsnss for safe
keeping, u IL IN effect loaned to than " nh.
out interest, and IL loaned by them upon in
'otcsi 10 IN hnH1vcts hvtn them The PUB.
iio money is'convcued into backing capital.
and " used md loaned out Tor the private
profit Of bank stockholders: and when oaiied
ha. las was the case IN 1917 IL may be IN
the poe keis Of the borrowers from the banks.
instead Of beng ~ the public treasury coz
iemplaied by the constitution. The trainers
of tho constitution could never have intend.
ed that the money paid INTO The treasury
should he thus converted To private use. and
plared bevond The control OF the government
Hanks syhsOl. hall t,..l.ll,
often tempted, BY q desire Of g,in, to extend
iheii loans. increase their circulation, aud
thus stimulate, II not produce a spirit OF spec.
Ola'ion aud cxirsvagance, which sooner ar
Later must result IN ruin to thousands II
the public money We not permitted 10 he thus
used, but he kept In the treasury and paid
not To the public creditors ~ gold and silver
The temptation afforded by It's deposite with
banks Ia an undue expansion OF their bust.
ness wo1ld be chsck ed. whine the smosui Of
the constitutional currency left In circulation
would 10 enlarged, by its employment, in the
public collections and disbursements, and
the banks themselves would, in consequence,
be found in a safer and soundsr condition
At present, State banks are employed MS
repositories, but wihou, adequate rcgul,.
tons of law, whereby The public money
can be secured against the cnsuaitirs and
excuses, rcvuisions, suspensions md defll.
cations, to which, from over issues, over.
trading, an inordinaie desire fr gain or
other causes they are constantly exposed -
The Secretary OF the Treasury has in all
cases when il was practicable, taken collat.
eral security for the amount which they
hold, BY the pledge Of stocks Of the Unned
States, or such Of the states ms were in good
credit Some Of the doposc banks hive
given this desc ripion Of security, and 9th.
crs have declined 10 do so.
Entertaining the opinion that 'ihc srpe.
ration OF the moneys OF the govcrnmen,
from banking institutions is Indispensable for
The safety Of the funds OF the government
ond the rights Of the people" recommend
TO Congress, that provisions be made by
law FOR such separation, and tia, a con.
sllu,onal treasury be created for the safe
keeping OF the public money The cons,i.
tuuonal treasury RECOMMENDED is designed
MS secure depository for the public mon.
ey, without nnv power TO make loans or
discounts, or 10 issue any paper whatever
as currency or circulation. cannot doubt
thai such treasury as was contemplated BY
the constitution, should be independent OF
all banking corporations. The money Of
The people should be kept in the treasury
Of the people created by law, and be in the
custody ofogcn,s Of The people chosen by
themselves; according TO the form OF the
constitution; agents who are directly res.
ponsIbe To the government, who are under
adequate bonds md oa'hs, md who arc sub.
Jet u we're Punlshm'nls for any cmbrz
element, private use or misapplcallon OF
The public funds and f,r any failure in other
respects TO perform their duties TO say
that the people Of their government are IN.
competent, or not to be trusted wuh the Gus
iody Of their own money, in their own
treasury, provided by themselves, but must
rely on the presidents cashiers, and stock,
holders .of banking corporations, not mp
poioled by them, nor responsible to them,
would be to concede lha, they are incom.
pelcn OF self government
In recommending the establishment Of a
constitutional treasury, in which the public
money shall be kept, desire that adrquale
provision be- made by law for its safety, and
That all executive discretion or control oycI
1t shall be removed, except such us shall be
necessary in directing It's disbursements ia
pursuance OF appropriations made by law
Under our present land system, limiting
the minimum price nj which the publ c
lands eau be entered 10 one dollar and TWEEN.
ty-6Ve cents per acre, large quantities oil
lands OF inferior quality remain unsold, DO,
cause they will no, command that price. -
From the records Of The General Land OF
bee, It appears, that Of The public lapds re-
naming unsoll ~ the several states and ter
torres IN which they are situated, 80 iO5
81 acres have been ~ the mako, snli.cr
TO entry more Than 20 yrars, 49,G3s ,G4l
acres tor more than 10 years 1904 GOO
acres for more than 10 years LOG, I7G,06I
acres for more than five years Much the
larger portion olthcse Lands Will continue
10 be unstable nj the minimum price nj
T.. l. ~ ~. a L. L a