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

Those who Gesife 10 create onk ana 10 employ them
in the public service do nevertheless complain that the
custody of public funds by public officers appointed I'M
der the law creates bank, confers dangerous powers
the President and provides currency for the gov
eminent and another for the people. This groundless
notion has raised much prejudice against the present
treasury system, wisely designed to divorce the gov.
eminent from banks, to prevent the misuse of public
funds and to enable the treasury to discharge with fair
ness and prompttude The various demands upon it
rive are free to confess as we have frequently ayow
ed in the Union that we have changed opinions upon
this subject We find that the objections which we had
originally imbbed from the public debates of $780, and
the ingenious discussions in the Globe, have solid
foundation on which rest The actual working OF the
machinery has dsspated scruples which had been
entertained and confirmed the benefits OF the system
In 1897 when the treasury system again came up we
thoroughly accorded in the idea that the money of the
government should be kept separate from the business Of
the banks But reflection and experience have removed
our doubts and converted dec dedy to the system of
the independent neasury.]
Ii the federal party now called wings, regard the pres
ent treasury system as bank it is strange that they al
ways oppose it. They wanted and created the greatest
banks and are ever anxious to revive them. They op.
they regard as the direct and successful substitute for
every bank The State-rghts party support it on that
ground and because the federal constitution denies to
the government any power to create bank, and plainly
contempla,es the keeping of the public in the
public treasury, where it properly belongs.
The statesmen who framed the federal constitution
wanted and expected the public treasurer to keep and
dlsburse the public funds II is the purpose for which
his office created The act of 1859, which
the Treasury Department declares to be he duty of
the to keep the moneys OF the United States,
and to sburse the same" Our thoughtful ancestors al
ways believed that the public treasury could be made
safe and useful as any bank They did not doubt that
public officers appointed by the government paid by the
government and responsible to the government under
heavy penalties were likely to execute fairly their
various duties as any presidents, cashiers other per-
not chosen by the government nor responsible to it
in any shape They did not confne all credit, honesty
and capacity to corporate bodies. They admitted
the exclusive title of private stockholders to public
idence and support On the contrary, they firmly
fused to the federal government all power TO create
poraons the records of the federal convention fully
prove
1t is great mistake TO suppose that the present treas
ury system of keeping and disbursng the public funds,
gives power and patronage TO the government than
banks ever gave. The bounty which government
fers banks bymak ing them repositories OF the public
funds is enough 10 create among hem always Does
a strong desire TO connect their credit with that OF the
treasury and oppose every system which orbds that
unwlse and unwhoesome connection For every dollar
coniaed by government to banks, those banks issue
and circulate several dollars of paper promises to-pay
a. Iaa he van Tho pmnloyed
forty seven banks to keep and disburse the public
funds Think Of that number Of banks trading all over
the Union and using the public funds for private ends
and YOU may safely estimate the influence which gov
eminent mpars to every such corporate body Bankers,
stockholders presidents, cashiers, and other dependents
upon the OF banks value the privilege which al
lows them TO flourish on many millions of the public
funds The heavy deposites OF the government attract
various other depos,cs OF grea. value to the banks Pur
sers payuasiers and other officers who dsburse the pub
lie funds place their funds where the government places
its own Ii is prudent to do so; and they always do it.
Private individuals, too, urged by public example, prefer
depose in banks made strong and thrifty by the boun
y of government In this way The wealth, credit, and
influence which government mpars to deposite banks,
enables them to rival all other banks which such ia
vors are denied For the of this commanding
bounty, venal Secretary of the Treasury might,
without the hazard of exposure become rich beyond
the dreams Of avarice. What might not needy, tot
crng corporations, with their unnumbered debtors and
Dependents afford to pay for that credit and assistance
which the treasury has often dispensed to assist and to
save tbems Hence banks always strive to become the
fayores OF power; and when baked in their efforts,
apt to charge the government with designs to deranSe
business destroy exchanges and to currency
for the government and another for the people But
just and equal treasury system never liable to any
such charge 1t Injuries does justice to ALL and re-
lies upon its intrinsic merit to commend it. The
public officers employed to execute very few and
act under heavy bonds and penal laws 1t has bank
ing privilege, and exerts Its duties simple and
wisely confined to a sphere and the agents who
conduct it must regularly account TO the government and
face the of criminal justice, if they venture to
misuse the public funds We should conclude, therefore,
without the benefit of practical results which con-
firm fully, that select corps of deposite bankshod-
ing and employing the public funds under leave OF the
President and his Secretays far greater OF EX'
ecutve patronage than any be traced TO the present
treasury system.
We do not perceive how the present treasury system
can create currency for the government and another
for the people The design and tendency of the measure
are surely the reverse Observe how the system oper-
ates Purses, paymasters, quaermasers contractors
cohiers shipbuilders sailmakers, brcklayers stone
ri tbo otho all the