Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-12-04

Tts ssyetamsnt In theory kno~s al.uaef,a at aet
soni OF ras e. and sho1i bo-Vw upn sOme fasor.
aud p'i'iieges watch all 9th cfJNy was the
purpose IT ITS csttous founders bas- ths Institutions
which they reared upon the gcat aud uneanging prnc-
plies OF justice and equity, conscious that administered
IN the spirit IN which ,hey conceived. they would he
felt only by the benefits which they du,cd. aud would
SECURE Tor themselves defence in the hearts n the pie
more powerful than standing armies, and all the
snd Appliances invented founded in
injustice aud oppression.
The well known fact that the .riir act Of 1914 wa.
passed by maI1riiy ot in the Senate, aud
IN ihp House ct Representatives, and that of ihoss
who felt themselves constrained under the peculiar circum
stances existing ut the tnc in its favor proclaim
cd its detects, aud expressed their determination to aid IA
its modification the fret opportunity affords strong snd
conclusive evidence that intended Ia be
nen, aud OF the eApcdcncy snd necessity OF its thorough
revision.
In Recommending to Congress reduction Of the present
rates OF do, and revision and modification OF the act Of
si2 an Tar from enter tanning opinions unrendiy To the
manufacturers Ga the contrary desire them pros
pcrous lar they be without imposing unequal
burdens on other interests The advantage under any ys-
ten q idreet taSauon even ws'n the revenue adafd
must be favor Ut the manufacturing interest; aud OF
| this To other interest will complain.
recommend TO Congress the abolition Of the minimum
principle, assumed arbitrary and false values, and OF
specific duties aud the substitution in their place OF ad
srs duties the fsrest aud equitable indirect
which be imposed. BY the ad rsiorsn principle Ill
articles are taxed according TO their cost OF Naae and those
which at inferior quaty, OF small cost bear only
the Jns pIoPorcn Uf the tax with those which are OF
perior quality The articles Consumed by
all taxed the a system OF al rdiOTsa
revenue duiies with proper DETERMINATIONS aud proper
guards against frauds collecting Iheu jubted,
will afford ample incidental advantages the manuaciu.
and enable them derive profits be de-
,ed from any other regular business is believed that
such system strictly within the revenue standard, will
place the manufacturing Interests stable footing, and
mare their permanent advantage; while will.
y may be prscucabC. extend To all the in,er
ot the country the incidental protection which can Do
afforded by revenue laws Such system, when
firmly established would De permanent. and be subject
constant complains sgtauous and changes which
I Nhanr nDtla mi
tor the "proIeeton merely at favored interest.
In tho deliberations of Congress this subject. IL
hoped that spirit Of mutual Concession ard cnPromise
between the conflicting interests may prevail aud that the
result II their sbor amy be crowned with the hsppiss
consequences.
by the Constitution 4 Inc United States il 10 provided
that none, shall be dawn from the Treasury bu, in
Consequence Of appropriations made By Jaw" public
treasury undoubtedly contemplated and intended to
sc created. IN which the public money should be kept
from the period Of collection until needed for pubic
In he collection and disbursement OF the puhhe
money agencies have ever been employed by
law chccp such as were appointed by the government
directly responsible it, and under s CONTROL The ssie
keeping Of the pUblc money should be conhred 10 pub
lie reasury created b. law and under like responsibility
control. IL be Imagined that the trainers oi
the could have Itended that treasury should
crested place of dePosits and saiekeepng OF the
public money which irresponsible to The government
The first Congress under the constitution, by the IT the
SECOND September, l7S9 =" To establish the Treasury
Department.. provided for the appointment OF
made his duty deceive and keep the OF the
United States ana all times to submit 10 the Secrc-
tary Of the Treasury aud the Comptroller, either II
them, the inspection Of the moneys in mis- bands. "
Tha: banks, national CT state could not have been in
tended used substitute for treasury spoken of
the constitution, keepers OF the public money mani
fest from the fact that at that time there was no national
bank. and but three four State banks of limited capital
sed the country. Their employment repositories
was first resor:ed to- a limited extent, but with
avo~ed intention OF continuing them place
OF the constitution. When they at
forwards from time time employed, was from motives
Of supposed convenience.
Our experience has shown, that when banking corpora.
have been the keepers OF ths pubic end been
thereby made in effect the treasury, the
have that II command the use O It's
money public puP"sts. The late Bank OF the United
Stses trJvsd ahless. The State banks winch
Afterwards employed, fahlcss. But few years Eg",
" h millions puh.c money Their keep ny. the gov
eminent brought almost bankruptcy ald tue pube
credit seriously impaired because OF their inability
disposition pay. demand 10 the public creditors. in
only currency recognised by the constitution Their
farre occurred period and
county Et involved 10 io'en ihst Inconvenience
and less would have been much greater and might
resulted in public calamity. The public money
should be mingled with the private funds Of banas
Individuals he used for private purposes. When
placed banAs for slekoeping 1t ~ IN eject lOaUcd
them without interest," and Is loaned by them upon iute.est
10 the borrowers from them. The public money
vcred Jankng capital, and il used and loaned
the priyae profit % bank stockholders; and ca for
las the 1871 II be ia Tie pockets q, the
borrowers from the banks, instead Of being ia the pubic
treasury contemplated by the contribution The trainers OF
the could ended that the
pad into The treasury should be Is converted TO private
use and placed beyond the control Of the government
Banks which hold ihe public money are often tempted
BY desire Of gain extend their loans, increase
circulation, and thus stimulate 1t not produce spirit OF
speculation and eyuayagance, which later
result IN ruin thousands. Ii the public money be
permitted be thus used, bu; be kepiin the treasury
and paid the public creditors in gold and silver the
temptation afforded by it, teposile with banks
due expansion of business would be checked whale
the amount the constitutional currency left circulation
he bv euu n cnlle
and Disbursements and the banks themselves would
consequence be found in saier and soundcr condi
uon
At present, State banks arc employed as deposilufes
bat without adequate regulation Of aw, whereby the public
money be ecured the casualties aud
r-yusivls, aud deacAtpns. which
issues, oyerfHdng, 0prdnse desire for gain, OheT
causes they constantly exposed The Secretary Of the
Treasury has 10 all cases. when It practicable, tsksn
collateral security for the which they hole by the
pledge Of stocks Of the United States such Of the States
in good credit some Of the depo-e banks have
this description Of security, aud Others have declined
10 dos
Entertaining tie opni tina, he separation moneys
OF the government IRON banking institution s ndspensa
bic for the safety the furd, Of the government the
rights VI The people, recommend 10 Congress that proyi.
be made by law Tor such separate and that
Gona treasury created for the safe keeping Of the pub.
lie money. The constitutional Treasury recommended
designed depository the public money with.
power make loans discounts, rny
psrer Whatever as currency circulation. cannot
doubt that such treasury contemplated by the
constitution, should be independent OF all banking corpora
lions. The money Of the people should be kept in The
oasury OF the people created by law, and be custody
o Oi tho people chosen by themselves. according
1T the consut on agents who are direct
ly responsible TO the government who under ade-
quae bonds and osths and who subject pun
ishments for any omboZzsnent priy1te USE msapp-
cation VI the public funds, and for any failure in other
poets TO perform their duties To ssy that tho people
heir government are incompetent 60 be trusted with
custody ol their money, hcr treasury proyi-
Jcdby themselves hut rely the pTcsidents cashiers
aud sOckhodors U banking corporations, appointed by
Them, rospDnsibo ~ iheu would DO de that
they arc incompetent for self government.
In recommending the csJ1tlshmsnt Of 4 constitutional
treasury IN which the public money shall b. kept desire
that ad,quse provision be made 10y Law TO- safety and
that oil executive discretion control sball re-
moved, except such may be necessary 1 directing ~
disbursement pursuance of appropriations made by law
Under our present land syst,m, hmiu,g the minimum
price et which the public lends be entered dollar
and Twenty-Five tcnU per acre. large quantities Of lands OF
inferior quality remain unsOid, because they will COM
mapd that price. From the records Il the General Land
U a a..