Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1845-12-20
ing interests; and Of this no other interests

and false rules, and Of specific duties, and the
substitution in their place of dd udtorun dutles'
as the farest and most equitable indirect tax
which can be imposed. By the dd UdIorem
all articles are taxed according to
their cost or value, and those which are oil IN
feror quality, or Of small cost, bear only the
just proportion Of the tax with those which are
Of superior quality or greater cost. The artl
ces consumed by all are taxed at the same
rate. system OF dd Ualorem revenue duties
with proper determinations aud proper guards
against frauds in collecting them, it is not
doubted, will afford ample incidental advanta
ges 10 The manufacturers, and enable them TO
derive as great profit as can be derived from
any other regular business. |; is believed that
such q system, strictly within the revenue
standard, will place the manufacturing inier>
ests on stable footing, and must inure to
their permanent advantage; while 1t will, as
nearly as may be practicable, extend to all the
great interests of the country, the incidental
protection which can be afforded by our reven
ue laws, Such system, when once firmly
established, would be permanent, and not be
subject 10 the constant complaints, agita'ions
and changes which must ever occur, when duo
ties are not paid FOL revenue, but Tor the "pro-
lection merely" of favored interest.
In the deliberations of Congress, on this sub
ject, it is hoped that a spirit OF mutual conces-
sion and compromise between conflicting inter-
ests may prevail, and that the result Of their
labors may be crowned with the happiest con-
sequences.
Bv the constitution of the United States il is
provided, that no money shall be drawn from
the treasury but in consequence OF approprla-
tions made by law" A public treasury was
undou bedy contemplated and intended 10 be
created, IN which the public money should be
kept from the period Of collection until needed
for public uses. In the collection and disburse
ment of public money no agencies have ever
been employed by law, except such as were
appointed by the government, directly respon-
sible 10 il, and under lis control. The safe
keeping of the public money should be confided
10 a public treasury created by law, and under
like responsibility and control. 1t is not TO DO
imagined that the trainers of the constitution
could have intended that treasury should be
created as place Of deposte and safe keeping
Of the public money which was irresponsible
10 the government. The first Congress under
the Constitution, by the act Of the Cd Septr
1889, "to establish The treasury department"
provided for the appointment Of treasurer,
and made it mis- duty " 10 receive and keep the
moneys Of the United Stales," aud at all
times to submit TO the secretary OF the treasu-
ry and the comptroller, or either Of them, the
inspection Of the monies in his hands"
That banks. national or stale, could not have
been intended 10 be used as substitute for the
treasury spoken of in the constitution, as keep
ers OF the public money, is manifest from the
fact, that at that time, there was no national
bank and bu! three or four state banks Of limit
ed capital in The country. Their employment
Japocitnras wa at fret ~. cd n n
limited extent, but with no avowed intention of
continuing them permanently, in place Of the
treasury OF the constitution. When they were
forwards from time 10 time employed, il was
from motives of supposed convenience.
Our experience has shown, that when bank
ing corporations have been the keepers Of the
public money, and been thereby made in effect
the treasury, the government can have no qua
ranty that it can command the use Of its own
money for public purposes. The late Hank Of
the United States proved TO be iailhless. The
state banks which were afterwards employed.
were failhess But few years ago, with
millions of public money in their keeping, the
government was brought almost to bankruptcy,
and the public credit seriously impaired, be-
cause Of their inability or indisposiion TO pay,
on demand, to the public creditors, in the only
currency recognized 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 Inconvenience and loss would nave
been much greater, and might have resulted in
extreme public calamity. The public money
should not be mingled with The private funds
Of banks or individuals, or be used for private
purposes. When it is placed in banks for safe
keeping, it Is 10 effect loaned to them without
interest, and is loaned by them upon interest to
the borrowers from them. The public money
is converted into banking capital, and issued
and loaned out for the private profit Of bank
stock holders; and when called for, (as was
The case In 1879 it may be in the peck
cts OF the borrowers from the banks, in
stead Of the public treasury contemplated by
the constitution. The trainers of the consti :
tuition could never have intended that the
money paid into the treasury should be thus
converted 10 private use, and placed beyond
the control of the government.
Banks which hold the public money are
often tempted by desire to gain, to extend
their loans, increase their circulation, and
thus stimulate, if not produce a spirit of
speculation and extravaganza, which soon
er or later must result in ruin to thousands.
II the public money be not permitted to be
thus used, but be kept in the treasury
and paid out 10 the public creditors in gold
and silver, The temptation afforded by Its
Geposite with banks to an undue expansion
of their business would be checked, while
the amount of the constitutional currency
left in circulation would be enla ged, by
lis employment in the public collections and
disbursements and the banks themselves