Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-12-11

VIII dlOtu ample nc0ental advantages 10 the mdnuaS-
urers and enable them derive great profits as can be
derived from any other regular business Il is believed that
such system, strictly within the revenue standard, VIII
place the manufacturing interests stbae footing and
to their permanent advantages while it will as near
may be practicable extend TO all the great Interests OF
the country the incidental protection which be afforded
by revenue laws.
Such system, when once firmly established would
/ be permanent and not be subject 10 the constant
complaints agiations, and changes, which must ever
occur, when duties are not laid for revenue but for
the protection merely of favored interest,
In the deliberations Of Congress this subject 1t
is hoped that spirit of mutual concession and COM
promise between conflicting interests may prevail,
and that the result of their abors may be crowned
with the happiest consequences.
By the constitution of the United States It is pro-
vidcd that ''nc money shall be drawn from the trea-
sury but in consequence of appropriations made by
law" A public treasury undoubtedly contem-
plated 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, agencies have
ever been employed by law, except such as were ap-
pointed by the government, directly responsible to it,
and under its control.
The safe keeping of the public money should be
confded TO public treasury created by law, ant IN
der like responsibility and control. 1t Is not to be
imagined that the trainers of the constitution could
have intended that a treasury should be cseated
place of depose and safe-keePing of the public mo-
ney, which was irresponsible to the government.
The first Congress under the constitution, by the
act Of the second September 1889, to establish the
Treasury Department" provided for the appointment
of treasurer, and made it his duty to receive and
keep the moneys of the United States" and sat all
times to submit to the Secretary of the Treasury and
the Comptroller, either of them the inspection Of
the moneys in his hands"
That banks national state, could not have been
intended TO be used substitute for the treasury
spoken Of in the constitution, keepers Of the public
money! is manifest from the fact that at that time
there was no national bank, and but three four
State banks of limited capital existed in the country
Their employment repositories at first resorted
to- to limited extent, but with Gvowed intention
of continuing them permanently in place of the trea-
sury Of the constitution When they were afterwards
from time to time employed, 1t was from motives of
supposed convenience.
Our experience has shown that when banking corpo-
raons have been the keepers of the public money and
been thereby made in effect the treasury the
have guaranty that it command the of lis
own money for public purposes. The late Bank of the
United States proved TO be aithless The State banks
which afterwards employed, faiihess But a
few years ago, with millions Of public money in their
keeping, the government was brought almost 10 bank
ruptcy and the public credit seriously impaired because
of their inability ndspOsition TO pay, demand 10
the public creditors 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
foreign war, that Inconvenience and loss would have
been much greater and might have resulted in extreme
public calamity The public money should not be min
ged with the private funds of banks individuals be
used for private purposes When il is placed in banks
for safe Keeping, it is in effect loaned them without
interest and is loaned BY them upon the Dor
rowers from them. The public money is convicted into
banking capital aHd sused and loaned ont for the private
profit of bank stockholders; and when called for (as
The in 1897 may be in The pockets Of the borrow
from the banks, instead of being in the public treasury
A.. A.
constitution could have intended that the money
paid into the treasury should be thus converted private
use and placed beyond the control Of the government
Banks which hold the public money are often tempted
by desire of gam extend their loans, their
ejaculation and :hus Stimulate If produce spirit of
speculation and extravaganza which later must
result in the ruin OF thousands IL the public money be
permitted To- be thus rsed but be kept the treasury
and paid out 10 the public creditors in gold and silver
the temptation afforded by its deposite with banks
undue expansion of their business would be checked,
while the of the constitutional currency eIl in
would be enlarged, by its employment
public collections and disbursements, and the banks
themselves would. in consequence, be ouhd in safer
and sonnder condition.
At present State banks are employed as repositories but
without adequate regulation of law, whereby the public
money be secured ganst the casualties and excesse
revusions suspensions and delcatOn which, from
issues trading, inOrdnae desire for g,in other
causes; they constantly exposed The Secretary of
Treasury has in all where is practicable taken
lateral security for the amount which they hold by
pledge OF stocks Of the United States such of the States
as were in good credit Some of the depose banks have
this description of security; aud others declined
/ 10 do so.
Entertaining the opinion that the separation of the
moneys of the government from banking institutions is
dpensable for the safety Of the funds of the government
and the rights Of the people," recommend TO Congress
that provision be made by law for SEPARATION
constitutional treasury be created for the safe keeping of
the public money The constitutional treasury recommend
ed designed depository for the public money
without power make loans discounts,
any paper whatever currency circulation. doubt
bv
tuition, should he independent of all banking corporations
The money Of the people should be kept in the treasury
the people created by law and be in the custody Of
Of the people chosen by themselves according the FERNS
Of the constitution agents who responsible the
enment who are under adequate bonds and oath and who
subject to punishments for any emhezzenent
private misapplcaon of the public funds and for
any failure in other respects to perform their duties To
that the people their government
not be trusted with the custody of their money
their treasury, provided by themselves, but rely
the Presidents cashiers and stockholders of banking
poations not appointed by them responsible TO Them
would DO TO concede that they incompetent of segov
eminent.
/ In recommending the establishment of a constitutional
treasury in which the public money shall be kept desire
that adequate provision be made by law for its safety and
that all executive discretion control over should be
moved, except such may be in directing lis
disbursements in pursuance OF appropriations by law.
Under our present land system, limiting the mini
mum price at which the public lands be entered
to one dollar and twenty-five cents per acre, largo
quantities of lands of inferior quality remaid unsold
because they will not command that price. From the
records of the General Land Office, 1t appears that
Of the public lands remaining unsOld in the several
States and Territories in which they are situated
thirty-nine millions hundred and five thousand
FIVE hundred and seventy-seren acres have been IL
the market, subject to entry than twenty years
f0rty-nine millions six hundred and hrth-eght thou
sand six hundred and fory-our acres for more thar
fifteen years; seveEty-three millions seventy-fou
thousand and six hundred acres for more than ter
years. and one hundred and six millions one hundred