Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-12-24

INTENDED thai 4 treasury should be created
las n place OF deposite and sale keeping o.
,he public money which was irresponsible
M lie Government. The FIRST Congress un
lder III constitution. Ivy the act Of the Sc.
4 end September. 1883, "to establish the
| Treasury Deparimentn provided for the
appointment Of treasurer, and made il
7 h,s duty so receive and keep the moneys
Of the Unped States" and sat all times TO
submit 10 the Secretary Of the Treasury
and The Comptroller, or ejrher Of them, the
inspection Of the moneys in his hands"
That banks, national or state, could not
have cen intended to be used as substitute
for the treasury spoken of in The constltl-
ton as keepers Of the public money! IS
manifest from the iact,that at that time mere
was no national bank, and but ihfee or iouf
State banks OF limited capital existed ID
the country Their employment as depo-
sitories wasn't first resofted TO, to UNIT
ed extent, but WIN no avowed lhleti'oh
Of continuing them permanently 10 pace
Of the treasury OF me constitution +" neh
they were Afterwards from 'ime 10 'i'h9
empoyed, II was IRON motives OF supposed
convenience.
Oar experience has shown maj when
banking corporations nave neeh INC keep-
ers OF the pubic money ana ueeh a'o'eOy
made N elect the treasury lhe govern
ment can have no guaranty thas Y can !
command The use OF us money iof Puo''c
purposes Inc '@'e PINK Oh l ln' onlleu
States proved to De lanhIess' me 0'a'e
banks when were afterwards eHploFso'
were falthIess' bui lew years ago
with millions OF public money IL 'heiF
Keeping, the government was orougnt az
most to bankruptcy, and Inc Puolic creol'
seriously impaired because oil lheir lbaoli
IIiy OF lndlsposlt'on to pay on demand 70
the public creditors, IN the only currency
recognise by The constitution.
Ihelr failure occurred IN period o.
peace and great Inconvenience ana loss
] we're suffered by the pubic Tor IT. NAG Tue
country been IN foreign war, that neon
yenience and loss would have been mucf
greater and might have resulted in ex
trcmo public calamity. The public money
should not be mingled with the private
funds OF banks or lndlVldals or be used to-
private purposes. When It Is placed IN
banks for safe keeping, It is IN effect loan
ed to them without interest, and Is Loaned
by them upon interest TO The. borrower
from them The public money is convert
ed into banking capital, and used and loan
ed out for the private profit Of hank stock
holders and when called Tor, (as was lhf
case in 1897 it may be in the pockets 0
the borrowers from the banks, instead 0
being in the public treasuy The constl
tuition could never have intended that thu
money paid into the treasury should b.
thus converted 10 private use, and place.
beyond the control Of the government.
Banks which hold the public money arr
often tempted, by desire of gain, 10 ex
tend their loans, increase their circulation
and thus stimulate, if moi produce, spirl
of speculation and eXlraVagance, whici
must sooner or later result IN the ruin 0
thousands. If the public money be no
permitted to he thus used, but be kept II
the treasury and paid out 10 the publI
creditors in gold and silver the temptation
afforded hy its deposte with banks to al
undue expulsion CT their business wou
he checked, while the amount of the con
stitutional currency left in circulation
would he enlarged BY its employment il
The nnhlic collections and disbursement
the banks themselves would, in conse
onenco. he found in a safer and sounde
condition.
present. State banks are employees
rs repositories, but without adequate reg
nation of law. Whereby the public none,
can he secured against the casualties an
ovcasses revulsions. SUSPENSIONS, and de
f,lcn,ions, to which, from over issue,
l;.,. an ;nnrd;n.,a desire for pair