The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-07-26

pOntlCdl tutciigtHCc VIII DC given III iuh'
Price, at the desk, sixpence copy.
The Government Funds-The Specie system.
For several months past there has been much SAID
about the contemplated changes to be made IN The
system of keeping and disbursing the funds OF the
government, and the ultra organs OF both parties
have appropriated large portion Of their columns
to the discussion of the question.
The existing system has been attended with many
dangers and the Public moneys has not been placed
in repositories where it has at all times been
safe. The Secretary of the Treasury is required by
the act regulating the sale keeping of government
deposits, to obtain security for the amount deposited
with any bank, whenever he shall deem it necessa-
ry and any bank depository refusing give such
security, no longer have the OF the govern
ment funds. Until within the past month or two,
very few of the repositories have been required
give security, but since that time the Secretary OF
the Treasury has been regulating the places of depo
sit, and eventually every will be compelled to
give security fer every dollar of the public money
received on deposit. The Secretary has been
ring the funds deposited in banks in the interior, and
far United States stocks have been principally of
f-red as security. In requiring security from all the
repositories, the good, bad, and indifferent,
placed upon par, and partiality be exercised
in selecting the agents for dsbursing the public
funds. The expenditure of government money in
sections of the country requires the deposit OF
funds in the vicinity OF the place of payment, and
institutions have been selected as temporary depos
tories, the credit of which has not been very high,
aud the deposits have therefore been unsafe so
lsng as they remained in hand. An instance of this
kind recently occurred in Michigan, but the
funds were Withdrawn before it was too late
Large amounts of the public money have
for SEINE time past, been deposited with private
banking houses, located at the seat of gov
vernment, and this fact has created great deal OF
vrtuous indignation among the opponents of the
SubTreasury system, and in cases among the
organs of the administration Under the deposit
system of the present day. this has been the
best secured portion of the deposits. Every dollar
of the amount deposited with individual houses, has
been amply secured from the moment received, and
has therefore been much safer than any of that de-
posted in the different State banks. Notwithstand-
ing the amount thus secured, the mouth piece
Of the administration in this district endeavored TO
get up tremendous excitement among those seek
ing for every drop of pap that drops from the GO
vernment, and denounced the Secretary of the
Treasury for violating the in relation TO the
satekeeping of the public moneys, and insnuated
I'LL Jutu PO IuU ildu Decu lSCtNtu from Tue pTl-
vate bankers alluded to- by the former Secretary for
the of large amount of deposits, and that the
present Secretary might be governed by the same
influence. An organ of the government advocating
the re-estabishment OF the Sub Treasury, actually
abused the Secretary of the Treasury for adopting
the principles of that act far the existing laws
in relation to the disposal of the public revenue
would allow him. This Is only another instance where
these organs sacrifice all political principle for the
sake of individual ACKNOWLEDGEMENT, or the extension
OF the power OF political clques.
The Secretary OF the Treasury cannot deviate
from the course marked out for him by the act OF
Congress regulating the safekeeping of the surplus
revenue of the general government. His individual
principles have nothing to do with the matter as it
now stands. There is very little doubt, however,
but that the Sub Treasury system, far the fnan
cial operations of the government concerned,
will be strongly recommended to Congress by the
administration
On the twenty-first day of last December the bill
for the re-establishmen of the Independent Urea
sury, passed the House Of Representatives by vote
of one hundred and twenty-hree yeas to sixty-eght
nays. This was strict party vote, every democrat
In the House voting for and every wing voting
against IT. The progress of the bill was then ares
ted, and nothing more done about it during the
session but we have every to believe that II
will be one OF the features of the approaching ses
SION We have doubt but that the bill, as il
passed the House last session will be taken up again.
and, If possible, forced through and carried into
practical operation; but there obstacles in the
way likely TO prevent the accomplishment of such an
act. The original Sub-Treasury bill will not, in our
opinion, ever go into operation again, but an act
compelling the government TO receive and expend
nothing but gold and silver will without doubt be
adopted. The financial operations of the govern
ment must be conducted entirely upon the specie
system, not only of the safety gives to
the moneyed movements OF the Treasury, but on ac
count of the influence such system would have
upon the currency and circulating medium of the in
vidual States
The government has now a surplus revenue
amounting to about seven millions of dollars A
,udclous distribution of this amount in different
sections of the country, and proper appropriation
OF by the repositories for the purpose of giving
healthy impetus to commercial affairs would have
vast deal Of influence in regulating the movements
of our local banks, and keeping them within safer
limits The surplus revenue heretofore has nro
duced an immense amount Of evil; it can be made
capable of producing a great deal of good bur il
must be returned to the channels from which il has
been drawn by loans from the repositories 10
the commercial classes, and prevent any revulson
in trade by sudden circulation of these
loans. 1t is time that conservative measures in adj
mnistering the government of country like this,
should be more generally adopted. The principles
OF both political parties too much upon extremes
and In majority of cases, a medium course be.
tween the lines that divide the two parties, will be
found most conducive to the real interests of the
country. As general thing both parties are partly
wrong the extent Of one more than the ether de-
ponds almost entirely upon the question at issue. In
relation to the tariff and the finance Of the govern.
ment the principles Of both parties are abou, eoualv
wide Of the true system that should be adon,.J
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