The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-12-02

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hlfea apu nv he ad raiorerT principle, all arli,
kmPos according TO their cost or value, ahu
eIss arc rsirh are Of inferior quality OF OF sma,i
Ebcse nnIy The Just proportion oil the TAX Win
ps esi .S ore of superior qualify or grealef cos'
bos w,' snoned by all are taxed al the same
1he aiae sss,em of nd ralorem revenue dn''-s
Jr -, determinations and proper suaidS
hn Spauds in collecting hem, IL Is mol doubled,
bfaln sssnrd ample incidental advantages 10 me
E'i l.s,nrers, and enable Them 10 derive as gfeal
manu- &c can be derived from any other regular
ops II is believed that such system, aileuy
basneS revenue standard will place The manu-
sfhln wy interests on stable footing, and nure TO
eulps advantage while il will, as nearly
bsf :. nraclcable extend TO all the great inter
may ~ Country the Incidental protection which
tsu sa,rded by our revenue laws Snch Sys-
40 &c an' once firmly established, would be per-
kn, Wpe" MOI he subject 10 the constant COM
r'neh' ,n;,alions. and changes which must ever
pine han dulles are not laid for revenue, but LOT
seu @ ,,roIeclion merely" Of favored interest
pphs DELIBERATIONS OF Congress on this subject,
hphonrd that a spirit OF mutual concession and
ds nv ,ss helween conflicting interests may pre-
"a and that he result OF lheir laoo's may We
'h aOsd with The hsppiesl consequences.
gSpIIu constitu ion of the United States il Is pro-
ny'I 'bal "no money shall be drawn from The
u s.nrv but in consequences OF appropriations
by law A public treasury was undouot-
nsue ~ ~ Mated and intended to be created, 10
'dy nv nnbic money should be kept from the
|nEa ~ collection until needed for public uses.
|e' -. .oleeiou and disbursement Of the public
s.s M agencies have ever been employed by
,..s ,,repl such as were appointed by the govern
Nv, directly responsible to H. and under It's con-
,,oi The safe keeping OF the public money should
WI W., 6d,d 10 public treasury created BY law,
andsr like responsibility and control. II Is
~ ~ ), imagined that The trainers ofthe eonstltu-
y. sanH have intended that treasury should be
's,sI ,s a place of deposile and saiekeepinS OF
=. nnhc money which was irresponsible 10 the
|'siprnment The first Congress uDdeT the consti-
s.o, hv The acl of The second Of September, 1859
y" 'o, s.,abhsh the Treasury Department" provided
y me appo nlment Of treasurer, and made u his
inv 10 receive and keep the moneys OF the United
|S,ss and "at all times 10 submit 10 the Secretary
4 ,bs Treasury and the Comptroller, or either OF
Nm Ihe inspection of The moneys in his hands"
Thai banks, national or state, could not have
,,,o intended 10 he used as substitute for the
~,,sury spoken Of in the constitution, as keepers
Nine public money, is manifest from The fact, that
:, bat time there was no national bank, and but
%,s, or four State banks Of limited capital existed
Inc country. Their employment as repositories
S,s al FIRST resored TO, to limited extent but with
M ayowed intention of continuing Them perma-
r,nly. in place Of the treasury OF the constitution.
when lhey were afterwards from time 10 time en-
poyed, il was from motives of supposed conve-
nience. .g
,orooralions have been the keepers OF the public
money. and been thereby made in effect the treas
uy. The government can have no guaranty that ii
can command the use Of It's own money for public
nuruoses. The late Bank ofihe United States proved
ia Be failhless The State banks which were after
Vardsempoyed, we're failhless. But few years ago,
Win millions OF public money in their keeping The
government was brought almost to bankruptcy, and
he public credit seriously impaired, because fiheir
inability or ndisposiion to pay, on demand, TO the
public credi ors, IN the only currency recognised
6y the constitution. Their failure occurred in a
period Of peace, and great Inconvenience and loss
were suffered by the public from il. Had the coun-
ny been involved in a foreign war, that inconve.
ni.uce and loss would have been much greater, and
might have resulted in extreme public calamity.
The public money should not be mingled with the
piyaie funds of banks or individuals, or be used
for private purposes. When ii is placed in banks
for safekeeping il is in effect loaned TO Them with
out interest, and is loaned BY them upon interest to
lhs borrowers from them. The Tublic money is
converted into banking capital, and is used and
loaned out for the private profit Of bank stockhod.
er and when called for, Gas was the case In 1897
il may be in The pockets of the borrowers from the
banks instead Of being in the public treasury c. n
lempaled BY the constitution. The trainers Of the
constitution could never have Intended that the
money paid into the treasury should be thus con-
v.red 10 private use, and placed beyond The con-
rol Of the government.
Banks which hold the public money are often
emp,ed, by desire OF gain, to extend their loans,
increase their circulation, and thus stimulate, if not
produce a spirit OF speculation and extravaganza,
oh mr. Lotto mn snlt In IN 4 ps
snds. II the public money be not permitted TO be
hus used but be kept in the treasury and paid out
olhe public creditors in gold and silver, the temp
aion afforded by its deposiie with banks 10 an un-
due expansion OF their business would be checked,
while The amount OF the constitutional currency
leh in circulation, would be enlarged BY its em-
ployment in the public collections and disburse-
mepls and the banks themselves would in conse
quence be found in safer and sonnder condition
present, State banks are employed as deposi
ories, but without adequate regulation of law
whereby the public money can be secured against
he casualties and excuses, revulsi0ns, suspensions,
aud defalcaons, to which, from over issues, over
ading, an inordnate desire for gain, or other
causes, they are constantly exposed. The Secre-
afy of the Treasury has in all cases, when It was
practicable, taken collateral security for the amount
which they hold, by the pl dge Of stocks of the
uniled States, or such OF the States rs we're in
good credit. Some of the deposite banks have
given This description of security and others have
declined to do So
Entertaining the opinion that g the separation Of
he moneys OF the government from banking insti-
aions is Indispensable for the SAFE of the funds
y The COVE nment and the rights of the people"
recommend TO Congress thai provision be made
y law for such separaton, and that constitutional
easury be created for the safe keeping of the
ppoic money. The constitutional treasury re-
commended is designed as a secure depository for
ne public money, without any power to make loans
VI discounts, or 10 issue any paper whatever as
currency or circulation. cannot doubt that ssch
treasury as was contemplated by the constitution,
mould be independent OF all banking corporations
ine money Of the people should be kept In the
leasu'y Of the people created BY law, and be in the
custody Of agents Of the PEOPLE chosen by them
ewes according TO The forms Of the constitution; ;
asen's who are directly responsible TO the govern
aNn', VINO are under adequate bonds and uaths
'na VINO are subject TO severe puni>hmenis for any
private use, or misapplication of the
puoic funds, and for any failure In other respects
9 Perform their duties. To say that the people OF
aeu government are +incompe emit or not to be
USED with The custody Of their own money, in
ae'l own treasury, provided by themselves, but
naa rely on the presidents, cashiers, aud stock.
,oloers oil banking corporations, not appointed by
zen, nor responsible TO them would be 10 concede
Hal 'hey are incompetent for self government
"a recommending the establishment of a consli-
anonal treasury, in which The public money shall
Yep, desire that adequate provision be made
law Ior It's safety, and that all executive discre-
'on w control over il shall be removed except