The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-09-30


9th August 1919. democratic Congress vndica!ed the
wisdom of their defeated statute and passed the pesen
act provide for the better organization of the treas
ury, and for the collection, saekeepng transfer and dis
bursement of the public revenue" Since then, nothing
has occurred to weaken, but everything 10 confirm, oul
confidence in the wisdom of the measure No candid
can hereafter arise to the power and
OF the government TO manage its finances without the
slightest dependence on any bank. The public revenue
has greatly increased; and has been collected kept
transferred and discussed, under the instructions OF
the government, with signal honesty, accuracy, and
| despatch Exchanges are moderate and wholesome
now, and proper aids given TO fellow
IN then various transactions with the government By
means OF treasury drafts, daily drawn upon the public
depostes in the public fsc, creditor of the govern
ment get his money the NORTH SOUTH east or west
as he prefers person who resides a distance from
the government may place his money in the public de-
posory nearest TO HIM, and get from the government
credit for the amount without the trouble and expense of
"a journey to Washington. When payments are to be
made to public ministers and other agents in distant
parts government purchases exchange and RENTS the
bill to fiscal agent abroad, who passes the proceeds
when he collects them to the credit of treasury and
always dsburses them under proper directions from our
| Secretary of State.
Banks suppose that they alone have the power regulate
exchanges but they do and exchange If
they could they would themselves, increase the
rate and monopolize the profits. They only operate
other dealers in exchange do. The effect exchanges
is caused by the amount OF capital employed in the traffic
and the extent of the business which attracts it, Money
will be used in exchange withheld from it, as the ma
ure and value of trade may require demand for CAPT
tai will produce an adequate supply of it but whether
that supply be furnished by government, by corporate
bodies private individuals is wholly immaleria to the
public veal Ii freight becomes high and burdens trade
wholesome rivalry will arise in the carriage, till freight
falls to the proper point Ii it falls below that point
common carriers will become scarce, until profitable
monopolies attract capital TO the traffic. and raise
again the price of freight This is the natural flow and
ebb of the commercial sea- which human presumption
can prevent
Banks and paper credits have often brought such mis-
chiefs among u.s. deter the present government from
every disposition to NEEDLE with them Our present
treasury system is, indeed, wholesome check upon
them. 1t creates demand for SPECIE and keeps il among
us. 1t secures prudence and correctness in COM
mecia pursuits and is better security for the good con-
duct of banks, than any which charters can create So
long government OF EOlu Sill
yer. and refuses receive bank notes. long will bank
be based they always should be. upon the pre-
cious metals.
Whenever it becomes necessary, for public purposes to
transfer specie from point to another, the
promptly makes the transfer in the wsest way The
United States vessels, of which are always
employed the of the country and are mainly
constructed and commissioned for the revenue service
The United States mails too and able nd-
vduals bodies corporate for the carriage of
anything very small portion of the profits which de-
posite banks have often made by trading on the public
funds, would deay the expenses of the constitutional
treasury system and pay for the transfer and insurance of
every dollar which the government removes from one
point to another
With such happy and convincing experience before us
who would destroy this triumphant system, and commit
the future OF his country the sordd scramble
of thousand banks
Yet, many still desire TO create national bank TO
age the finances of the country But, judgment,
every such corporation is equally reprobated by the
history of the constitution and the trials of gov
eminent True, the leading federalss, while seeking
power, dsclam all idea of national bank. But let
not artfu disclaimers deceive YOU Those who desire
to concentrate power in the clutches of few, and
to govern the republic by any means, may again
deavor create bank If we reason from the past,
we may fairly conclude So For, in 1910, the voters
in the presidential election often told that the
bank was extinct, and could never be revived The
wing convention which assembled in Richmond in Feb
ruary $780, stated in their address that General Harrison
was against bank. In March, 1910, Mr.. Badger of
North Carolina addressed his fellow citizens, and
sured them that General Harrison would approve
tonal bank And in July, 1910, Mr. Ewing of Ohio, in
published letter to his brother wings of Philadelphia,
rdculed the idea that the wings had placed their hopes
upon bank And prove that these worthless had fairly
represented General Harisons wishes and opinions, he
very soon made them members of his cabinet. On the
9th of March, fl, Mr. Rves stated in the Senate that
he had told the people in the the year before that
General Harrsons leaning and sentiments against
United States bank " and that the General had frankly
sad his Dayton speech, that "there was no grant In
the constitution, of power TO create such bank"
Volumes OF evidence might be cited to establish the
constant uniform hostility of Mr. Tyler to any national
bank But we will conhne the evidence to the precise
period which intervened between his nomination and
election Vice President OF the United States In the
fall of 1884, Mr. Wise addressed to the editors OF the Ma
tonal Integenccr a letter, from which we submit the
following extract
During session of 1899 and 1910, Mr. Tyler address