The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1845-12-09
favor of the manufacturing interest; and

suneO, aTOHEaIF, dtli io'SN
Of specific duties, and the substitution In
their olace of ad ralorem duties. as the
C,;rest and mos, equitable indirect tax
WHICH can be imposed. By the Gd vaL-
orcz, nrincipIe. all articles are taxed ac-
cor,l,ng to their cost or valne, and those
,vbicb are of inferior quality, or Of small
cost bear only the just proportion Of the
Gov with those which are Of superior
ouaily OF greater cost The articles
consumed by all are taxed at the same
rate. A system Of ad volOrem revenue
duties, with proper DETERMINATIONS and
proper guards against frauds in collecting
Them, il is not doubled, will afford am
pie incidental advantages 10 the manu-
iaclurers, and enable them 10 derive as
great profits as can be derived from any
other regular business. Ii is believed that
such a system, strictly within the reys-
nue. standard, will place the manufactu-
ring interests on a stable footing, and
inure 10 their permanent advantage;
while il will as nearly as may be Prac-
ticable, extend TO all the great interests
OF The country the incidental protection
which can be afforded by our revnue
laws. Such system, when once firm
" established, would be permanent, and
not be subject 10 the constant complaint is
agilations, and changes which must ever
occur, when duties are not laid for reve-
nue.. but for the protection merely" ol
a favored interest.
In the deliberations of Congress on
this subject, it is hoped that spirit Of
mutual concession and compromise be-
tween conflicting interests may prevail,
and that the result OF their ldbors may
be crowned with The happiesl consequen-
Ces.
By the constitution Of the United
States it is provided, that mo money
shall be drawn from the treasury but IN
consequence Of appropriations made by
law" public treasury was undoubt-
edly contemplated and intended to be
created, in which The publ; money
should be kept from the period of recol-
lection until needed for public uses. lH
the collection and disbursement Of the
public money no agencies have ever been
employed by law, except such as were
appointed by The government, directly re-
sponsible 10 it, and under its CONTROL
The safe keeping of The public money
should be confded TO a public treasury
created by law, and under like response
bility aud control. Ii is not 10 be i'm
agined that the fromers of the conslltu-
tion could have intended that treasury
should be created as place of deposite
and safokespiGg OF The public money
which!was irresponsible 10 the government
The frsi Congress under the conslitu
tion. by The ACT of the second September
1889, ito establish the Treasury De
Partment,' provided for the appointment
OF a treasurer, and make it his duty ''tC
receive and keep the moneys Of the U
nited States" and sat all times 10 sub
nit TO The Secretary of the Treasury
and the Comptroller, or either Of them
The inspection of the moneys in hi
hands"
That banks, national or state, could no
have been intended 10 be used as SUI
siiluie for the treasury spoken of in tn,
contiiuiion, as keepers Of the publi
money, is manifest from the fact, that a
that time there was no national bank, ant
but three or four State banks of limited
capital existed in The country. Thei
employment as Repositories was a
FIRST resorled 10, 10 limited extent, bu
with no avowed intention Of continuing
them permanently, in place of The treas
ury Of the constitution. When they
were afterwards from time 10 time EN-
ployed, it was from motives of supposed
convenience.
Our experience has shown, that wher
banking corporations have been thC
keepers OF the public money, and beer
thereby made in effect The treasury, th'
government can have no guaranty that
caR command the use Of its own money
for public purposes. The late Bank o
the United States proved TO be failhless
The Stale banks which were afterwards
employed, were faitAless. But a few
years ago, with millions Of public meney
in their keeping, the government was
brought almost 10 bankruptcy, and tht
public credit seriously impaired, because
oftheir inability or indisposiiion 10 pay
on demand, 10 the public creditors, il
the only currency recognised by the con
siiluiion. Their failure occurred in /;
period OF peace, and great Inconvenience
and loss were suffered by the publ,
from it. Had the country been involved
in foreign war, that inconvenience anC
loss would have been much greater, ant
might have resulted in extreme public
calamity. The public money shout
not be mingled with the private funds o
banks OF idividuals, or be used for private
purposes. When il is placed in banks
for safe keeping, it is in effect LOANED tc
them wiihou, interest, and is loaned by
them upon interest TO the borrower:
from them. The public money is con