Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-12-06

dens On other The advantage under any system Of
indirect taxation even within the standard must be
in favor Of the manufacturing interest," and Of this no other
interest will complain.
/ recopmend to Congress the abolition of the minimum
principle, assumed arbitrary, and false values ana Q, se
c6c duties and the substitution in their place Of ad uaofen
duties the lare and equitable indirect TAX whch can
be imposed BY The adj raore principle all articles are
taxed according their value, and those which are o'
quality Of small cost bear only the just proporon u me
tax with those which OF superior quay o. soae' o
The articles consumed by all are taxed ~ the same a'o
system Of ad pa duties, with proper discrmna
tons and proper guards against frauds IN cocctng them
is not doubted will afford ample incidental advantages 70 the
manufacturers and enable them 10 derive as great profits as
can I've erive from any other regular business IL s believed
that such SYSTEM strictly within the revenue standard, VIII
place the manufacturing interests on stable footing, and in
ire 10 their permanent advantage, while IL will, nearly
NAV be practicabe extend to a the great interests Of the
country the incidental protection which be afforded by
revenue laws Such SYSTEM when firmly established,
would be permanent and not be subject to the constant
pains agtaons, and changes which must when
duties not laid for revenue, but for the protection
merely" Of a favored interest.
In the deliberations Of Congress this subject II is hoped
that spirit of mutual concession and compromises between
conflicting interests may prevail and that the result Of their
labors may be crowned with the happest consequences.
BY the Constitution Of the United States il provided that
emo money shall be drawn from the Treasury but in
quence of appropriations made by law. public Treasury
was undoubtedly contemplated and intended he created
which the public money should be kept from the period Of col
lection until needed for public In the collection and dis
busement Of the public money agencies have over been
employed by law except such as were appointed by the Gov
eminent, directly responsible H. and under it, control The
saekeepng Of the public money should be conded to pub
lie Treasury created by law, and under like responsibility and
control II is be imagined that the trainers Of the Con-
suon could have intended that Treasury should be Great
ed place of dcpoc and OF the public money
which irresponsible To the Government Thers Congress
under the Constitution by the Of the % September 1885,
to establish the Treasury Department provided for the ap
pontmcn Of Treasurer, and made it his duty receive
and keep the moneys Of the United States and at all times
submit the Secretary Of the Treasury and the Comptroller
or either hem the inspection Of the moneys his hands
That banks National State could have been intend
ed 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 Bank and but
three four State banks OF limited capital existed IN the copn
try Their employment repositories at first resored
to to limited extent but with avowed intention Of
tnung them permanently 10 place of the Treasury of the
Constitution. When they afterwards from time to time
employed it from motives Of supposed convenience.
Our experience has shown that when banking corporations
have been the keepers Of the public money and been thereby
made in effect the Treasury, the Government have no
guaranty that command the of its money for
public purposes The late Bank Of the United States proved
to be faithcss The State banks which afterwards
ployed were aihless But few years ago. with millions Of
public money in their keeping the Government brought
almost to bankruptcy and the public credit seriously impaired
because of their inability ndsposion pay demand to
the public creditors tho only currency recognised by the
Constitutions Their failure occurred in period Of peace,
and great and loss suffered by the public
from it, Had the country been involved in 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 mingled with the private funds Of
hanks individuals be used for private purposes When
il is placed in banks for safekceng il is effect loaned
them without Interest," and is loaned by them upon interest
the borrowers from them. The public money is converted
into banking capital and is used and loaned for the pr
profit Of bank stockholders and when called for
the 1887 may be in the pockets of the borrowers
from the banks, instead of being in the public treasury
tempated by the Constitution. The trainers Of the Constu
.ol
Treasury should be thus converted private use and placed
beyond the control Of the Government.
Banks which hold the public money often tempted by
desire OF gain extend their loans increase their circulation,
and thus stimulate if not produce spirit of speculation and
extravaganza, which, later, result ruin
thousands IL the public money be 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 de-
pcse with banks 10 undue expansion Of their business
would be checked, while the of the constitutional
rency left circulation would be enlarged y its employment
in the public collections and Disbursements and the banks
themselves would in consequence be found safer and
sounder condition.
At present. State banks employed repositories, but
without adequate regulation law, whereby the public money
he secured against the casualties and excesses revuson
suspensions and dcacaions which, from oversues
trading nordnate desire for gain other they
constantly exposed The Secretary Of the Treasury has
all cases, when practicable, taken collateral security
for which they hold by the pledge Of stocks Of the
United States such Of the States good credit
Some Of the deposte banks have given this description of
curty, and others have declined 10 do
Entertaining the opinion that 'the separation Of the
neys of the Government from banking institutions is ndscn-
sable for the safety of the funds Of the Government and the
rights Of the people," recommend to Congress that povi
be made by law for such separation, and that constu
ona treasury he created for the sackccpng of the public
money The constitutional treasury recommended design
cd secure depository for the public money, without any
,er make loans DISCOUNTS issue any paper what
rs currency br circulation. cannot doubt that such
treasury contemplated by the Constitution should be
independent oa banking corporations The money Of the peo
pile should be kept the treasury the people created by law
and be the custody agents OF the people chosen by them
selves according the forms Of the Constitution agents who
directly responsible the Government who under ade
quae bonds oah and whoae punshments
or any embezzlemcnt private USE misappcaon Of the
public funds and for any failure other respects perform
their duties To say that the people their Government
incompetent be trusted with the custody Of their
money in their easury provided by themselves but
must rely the presidents cashiers and stockholders OF bank
ing corporations appointed by them, responsible to
hem would be to concede that they incompetent for self
government.
In recommending the establishment Of constitutional trca
tury 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 shall be removed,
cep such may be necessary directing disbursement in
pursuance of appropriations made by law
Under our present land SYSTEM limiting the minimum price
at which the public lands be entered dollar and
twenty-five cents large quantities of lands of inferior
quality remain unsod because they will command that
price, From the records of the General Land Office il ap.
pears that OF the public lands remaining unsod in the
raj States and Territories in which they are situated thirty
nine millions hundred and five thousand five hundred and
seventy have been in the nnc subject 10 entry