True Democrat. (Paulding, Miss.) 1845-18??, 1845-12-24

same rate. A system of ad UdtOrem rev.
enue duties, with proper Determinations
and proper guards against frauds in collec-
ting them it is not doubted, will afford am
pie incidental advantages TO the manufac-
turers, and enable them to derive as great
profits as can be derived from any other
regular business. 1t is believed that such
asystem, strictly within the revenue stan
dard will place the manufacturing interests
on stable footing, and inure TO their per-
manent advantage; while it will, as nearly
as may be practicable, extend to all the
| great inter, sis Of the country the inclden-
tai protection which can be afforded by
our revenue laws. Such a system, when
once firmly established, would be perma-
nent and not be subject TO the constant
complaints, agtations, and changes which
must ever occur, when duties are not LAID
for revenue but for the "prolection merely"
! ola favored interest.
In the deliberations of Congress on this
subject, il is hoped that spirit of mutual
concession and compromise between con-
tlictng Interests may prevail, and that the
result of their Iabors may be crowned with
the happieSt consequences.
BY the constitution of the United States
it is provided, that "no money shall be
drawnfrom the treasury but in consequence
of appropriations made by law" A public
treasury was undoubtedly contemplated
and intended 10 be created in which the
public money should be kept from the Pc
Rod of collection until needed for public
uses. In 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 res
ponsibIe to it, and under its control. The
safe keeping of the public money should
be conlided TO public treasury created by
law, and under like responsibility and
control. 1t is not TO be imagined that the
trainers of the constitution could have IN
tended that treasury should be created as
apIace of dcpoSite and safekeepng of the
public money which was irresponsible TO
The government. The first Congress I'M
der the constitution, by the act of the sec
ond September, 1889, ''Io establish the
Treasury Department." provided for the
appointment of a treasurer, aud made II his
duty ito receive and keep the moneys of
the United States" aud "nt all times to
submit TO the Secretary of the Treasury
aud the Comptroller, or either Of them, the
inspection ofthe moneys in his hands"
That banks national or state, conld not
have been intended to be used as a Substi-
tute for the treasury spoken of in the con-
stituton, as keepers ofthe public money, is
manifest from the fact, that at that time
there was no national bank, and but three
or four State banks of limited capital exis-
ted in the country Their employment as
repositories was at first resorted TO, TO a
limited extent but with no avowed inten-
ton of continuing them permanently, in
place of the treasury Of the constitution.
When they were afterwards from time TO
time employed, it was from motives of
supposed convenience.
Our experience has shown, that when
banking corporations have been the Keep
erS oGtle public money, aud been thereby
made IN effect the treasury, the government
can have no guaranty that it can command
the use of its own money for public pur-
poses. The late Bauk of the United States
proved TO be faiIhleSs. The State banks
which were afterwards employed, were
falthlesS. But few years ago, with mill
ions Of public money in their keeping, the
government was brought almost to bank
ruptcy, and the public credit seriously i'm
paired, because Of their inability or in
TO pay, on demand, to the public |
creditors, in the only currency recognised |
by the constitution. Their failure occur |
red in period Of peace, aud great incon-
venience aud loss were suffered by the |
public from it. Had the country been in /
volved in foreign war, that inconvenience
and loss would have been much greater, |
aud might have resulted in extreme public |
calamity The public money should not
be mingled with the private funds Of banks
OF individuals, or be used for private pur-
poses. When IL is placed in banks for safe
keeping, IL is in effect loaned to them with
out interest, and is loaned by them upon
interest to the borrowers from them. The
public money is converted into banking
capital, and is used and loaned out for the
private profit Of bank stockholders aud
when called for, las was the case in 1872
il may be in the pockets Of the borrowers
rom the banks, instead of being in the
public treasury contemplated by the con-
'iituuon. The trainers Of the constitution
could never have iHtended that the money
IL II l. a. ]