The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1845-12-18

| VIII aHOrd ample incidental advantages 10
The manufacturers, and enable them to
derive as great profit as can BE- derived
from any other regular business.
1t is believed that such a system, strict.
ly within the revenue standard, will place
the manufacturing interests on stable
footing, and inure 10 their permanent ad
vantage; while it will, as nearly as may
be practicable, extend TO all the great in
teresls of the country the incidental pro-
lection which can be afforded by our rev.
enue laws. Such a system, when once
firmly established, would be permanent,
aud not be subjec. to the constant com.
plants, agilations, and changes which
must ever occur, when duties arc not laid
scr revenue but for the "protecIion mere>
ly" ola favored interest.
In the deliberations OF Congress on his
subjec', it is hoped that spirit of mutual
concession and compromise between con i
ficling interests may prevail, and that the
result OF their labors may be crowned with
The happiest consequences.
BY the Constitution OF the United States
it is provided that $40 money shall be
drawn from the treasury but in conse
quence of appropriations made BY law"
A public treasury was undoub tedly con-
contemplated and intended TO be created,
in which the public money should be kept
from the period of collection until needed
FOR public uses. In the collection and
disbursement of the public money no agen.
cies have been employed by law, except
such as were appointed by the Govern.
mtnt, directl " responsible 10 it, and under
its control.
The safe.keepng Of the public money
should be con6ded 10 public treasury
created by law, and under like response
biIiy and control Il is not 10 be inagin.
ed that the trainers of the Constitution
could have intended that treasury should
be created as place of depos;le and safe
keeping of the public money which was
irresponsible TO the Government. The
frsl Congress under the Constitution by
the act OF the second Sepem Der, 1889. 40
establish the Treasury Department" pro-
vded for the appointment Of a treasurer,
and made it his duty ITO receive and keep
the moneys o: the United States," and cat
all times to submit to the Secretary of the
Treasury and the Comptroller. or either
of them, The inspection OF the moneys in
his hands,
That banks, national or state. could not
have been intended to be used as a ubsti-
lute tor the treasury spoken Of in the Con.
stltulloD, as keepers Of the public money,
is manifest from The fact, that at that time
there was no national bank, and but three
or four Sale banks OF Limited capital ex-
listed in the country. Their employment
as repositories was at first resored TO, TO
limited extent, but with no avowed in
tention Of continuing hem permanently,
in place of the treasury of the constitution.
When they were afterwards from time 10
time employed, i! was from motives OF sup
posed convenience.
Our experience has shown, that when
banking corporations have been the keep,
ers OF the public money. and been thereby
made in effect the treasury, the govern
ment can have no guaranty that it can
command the use of its own money for
public purposes. The late Bank OF the
United States proved to be fni,hIess, The
State Banks which were afterwards en-
poyed, were faithless. But a few years
ago, with millions Of public money in their
keeping, the Government was brought al
most to bankruptcy, and the public credit
seriously impaired, because OF their inabil-
ity or indispostion 10 ray, on demand, to
the public creditors, in the only currency
recognised by the Constitution. Their
failure occurred in period of peace, and
great Inconvenience and loss were suffered
by the public from it, Had the country
been involved in foreign war, that in
convenience and loss would have been
much greater, and might have resulted in
extreme public calamity.
The public money should not be min
gled with the private funds of banks or in
dividuals, or be used for private purposes
When it is placed in banks for safe keeps
ing it is in effect loaned to them without
in:sres', and is loaned by them upon in
terss, 20 The borrowers from them. The
pubI, moaey is converted into banking
capiai, and is u,ed and loaned out for the
private profit Ct bank stockholders; and
when called Tor, (as vas the case in 1880
it may be in the pockets o. The borrowers
from the banks, instead of being in the
public treasury contemplated by tie code
stitu,ion. The trainers of the constitution
could never have intended that The money
paid into the treasury should be thus con-
verted 10 private use, and placed beyond
The control of the government.
BAnks which hold the public money are
often tempted by desire of gain, to ex
tend their loans, increase their circulation.
and thus s,imu Iae if not produce spirit of
speculation and extravaganza, which soon
er or later must result iu ruin 10 thousands.