Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1845-12-04


permanently ia place Of the Treasury OF the
Constitution. Wh ~ they wer. afterwards
sometimes employed il was from motives OF
supposed convenience.
Oar experience his shown that when bank.
ins corporations hava been the keepers at The
public money, sni have thereby bSyn mad in
effect the Treasury. the Government can have
no guaranty that it can command the use OF
its own money for pablo purposes. The late
Bank of the United States proved faithlcss.
The State Banks. which were afterwards en-
ploycd, were iaithless. But q few years ago.
with millions vi the public money in their
keepings the Government was brought almost
TO bankruptcy and the public credit seriously
impaired, because at their liability or indispo-
sition TO pay ON demand the public creditors
i'll the only currency recognized nv the Con.
stitutiou. Their failure OCCURRED at a period
of peace, and great Inconvenience and loss
was suffered by the public from il. Hal the
country been involved in a foreign war. that
Inconvenience and loss would have been much
greater, and might have resulted in cxtrcrne
public calamity. Tae public money should
not be mingled with the private funds Of in
diviluals or banks or be used for privat, pur-
posss. When 1T is placed in Banks for safe
keeping. il is in effect loaned TO them without
interest, anu is loaned by them upon interest
TO the borrowers from them. The public mt
ney is converted into banking capital, AMI is
used and loaned out Tor the private profit Of
bank stockholders: and when called for, us
was the case in 1889. il may be in tn pockets
Of the borrowers of the banks, instead OF being
in the treasury contemplated by the Constitu-
ton. The trainers of the Constitution could
never have intended that the money paid in
TO the treasury should thus be COW, r.ed to
private use and placed beyond the control Of
the Qovcrnmect.
Bauks which hold the public money are of
ten tempted by a desire Of gaia TO extend
their loans, increas> their circulation, and
thus stimulate. ii not produce, spirit OF spec.
ulation AMI extravaganza, which, sooner or
later, must RESULT i'll ruin 10 thousands. II the
public money b. not permitted TO be thus
used, but be kept in The Treasury, and paid
out to the public creditors in gold and silver
the temptation afforded by its deposite with
banks to AN undue expansion OF their business
would b. checked, while the amount oil tie
constitution currency left in circulation
would be enlarged BY il; cmpioyme 1t in the
public coil .ctions anl disbursem IN s, and the
banks themselves would in consequence he
found in a safer and soundcr condition.
AT pr sent, State banks are employed as
deposition -, but without adequate regulation
cured against the casualties and excuses, IT,
vulsions, suspensions, and drialca,ions to
which, from ovcTissucs, ovcrirading, an inor-
dinate d'sir. for gin, or 9th, causes, they are
cons .t,y * os"d. The Secretary Of tn
Treasury has, in all cases, when i, was prac;i-
cable, taken collateral security for the amount
which they hold, b. the pledge oil stocks OF
the United States, or such OF the States as
wers in good credit. Som. of the deposite
banks have given this d .scription oil security,
aud others have declined TO do so.
Ent raining the opinion that "thc scrara-
ton of the moneys Of the Government from
banking institutions is Indispensable Tor the
siiciy OF the funds of the Govcrhm nj and
the rights of III, people" l recommend TO
Congress htt provision b. made b. law Tor
such para ion, AN that constitutional trea-
sury be created Tor tn. sale kec, Ing .. the
pubic m,ny. Tn. cons itutionai ,r,asusy
recomn Md is Il sign d as s'cur deposit
orr ior the public IN oney, without any pow-r
To MAKE loans or discounts, or 10 issue ANY
paper whatever as currency or Circua,ion.
cannot doubt that such a I = say as WAS
n.empla ed by the Co sti1,fi i should he
independent of all bdnHins roipor..tions.--
The money of IN, people should b Kept in
tn, treasury Of the people created by law, ami
b j. the custody OF agents of the people chc-
sen by them elves, according 10 the forms vi
the Constitution; agents who are directly res
pom iol. to the Governm. mt, who are und :
adequate bonds AMI oalhs, and who are sub
jcct 10 s,vere ptnishmcnls Tor aiy NIB zllc-
ment, private use. or mis- lppli :. Ii III OF tn,
pubic funds, and for on; f,illrc la other res
poets to perform IN il duties. 10 say tina,
the people or their Government are inCompe.
tent, or not tn b, trusted with the CUSTODY oi
tn ,ir own mon"y, in III ir own treasury, pro-
vited by tn elves, but must rely On tn.
Presidents cashiers, and stockholders OF bank
ins corporations, not appointed BY tn m, MOI
responsible To them, would be 10 cnncede that
they are .incomp tent for self-govcrnment.
In reconmo ndng tn es'a ,.is,lment of a
cons itutional treasury in which the public
IN Jncy shall bc kept, dcsir, that adequate
provision DC made By Law Tor safety, ans!
that all Executive discretion or control over ii
snail bc removed except such may b. ne
cesar in dir, citing its disbursm hi Ill pur-
suancc OF appropriations made by law.
Under our present lani system limiting
tie minim I'M price at which the public lands
can BE- en.,r TO one doId- aud twenty five
cents per acre, large quantities OF lands OF in
ferior quality remain unsold. because they will
no. Command that price. From the record,
of tn" General Land Office il appears that, OF
tn p bic Is remaining uns, IL III the sev
eroi states and lie riiOTe III which they ar,
sit, at'd, thirty-nino m lions one hundr ID an,
/ five thousand five hundred and vent, sever
dcfs nave been in the market, subj Il tn en-
Try. more Than twenty years; forty nine mil
lions six hu Il aud thir y-cght thousan,
six hund ed and forty four acres %; NOR, tina,
6oeen ears sven r Milo Is seventy
four Thousand and six hunlrcd acres for NOR
tan ten years; and one hundred AMI six mil
Ii ms one hundred and sevrnty-six thousan,
min, hundred and sixty-one acrts for NOR
tnan Fl years. Much the largest portion o
these i'nls will continue to b. unsilcajl' a
tic mia NUN price at wh III they arr permit
I'll TO D sold, 50 Ing as large territories q
lmis I. o which h more valuable portion
have MT been lrctcd are annually brough
into market by the Government. With I'll
view 10 the sale and settlement Of these inf,
Iior Ian Is recommend that the price
; graduated aud reduced below the present mil
H. al. al. 4