The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-09-09

Ths Inaspsndsns Trs..sry.


candid and respectable wing papers with which we ex-
change under date OF August 3d. auding to the alleged
deialcations Of DENLY and Collins, remarks:
The moral Of both stories Is thar the law has
utterly failed in its practical opsraon far safety
Of the public money concerned, and thar considering
defects otherwise il ought TO
be repealed. or very materially altered and modified.
As we have supposed from the beginning all this clamor
and noise raised by the wing press in relation alleged
defacaons under the late administration really point at
the Independent treasury is the system that is most
guilty in the eyes OF the wing press although in getting
at that, its conductors have been guilty Of the grossest
and most unpardunable injustice to individuals. The
rude and gounjess assaults OF the organ OF the cabinet
upon private character wholly unustfable nay,
they dscredtable both to the organ and to the cab
met. who stood by and permitted them knowing them to
be uniounded and they not necessary in order to
enable the Republic and its echoes to set forth their OBJ
jsctions against the Independent treasury system Nor
necessary to Islander and belle poor Collins to the
grave, who had been guilty of defacaton This con-
duct the part Of the wing press which was more in
accordance with the hearess and barbarian warfare Of
sayages than the decent and becoming partisan conflicts
OF civilized men, was not only unnecessary, but inexcu
sable in view OF the object at which those who were
guilty Of it aimed It is not however, our purpose now
to do than briefly alude to the manner in which
this warfare against the independent treasury system has
been carried by the wing press striking at it. as they
have, through the characters Of private individuals
but to consider the objections which they have made
against the system, and to IL in fact there is any
weight in them
So far the Of Collins goes II does not yet ap.
pear that he was guilty Of any violation Of the law Gre
ating the independent treasury system. He was both
receiver and deposary under that system and surveyor
OF customs under the revenue laws. We understand
that he has accounted for all the money received by him
as receiver and deposary OF the public money, and all
the cash and bonds which he received for duties So
far therefore, the independent treasury system is con-
cerned he has been guilty OF dealcation nor neglect
of law Therefore, far as his conduct affects IT, the
Independent treasury law remains intact and nyioate
IT. in receiving merchants bonds for duties, or, rather in
permitting the goods to be delivered before the payment
Of the duties secured by bond Mr. Collins and his wing
successor Mr. Bond have failed to comply with the re-
QUESTIONS of the existing revenue laws it has nothing to
do with the independent treasury and constitutes no OBJ
lection to that system If their course in respect 10 the
taking Of merchants bonds is sanctioned by law is
a breach Of the laws only, under which they
Nor is the Independent treasury system any more at.
ected by the defacaon Of DENLY The great feature OF
the law creating the Independent treasury is that il
makes the vaults and strong boxes Of the
the treasury. instead Of national bank, or select num-
Der Of State banks Il requires the government, itself to
keep its own money instead Of ntrusting il to banks of
any kind The great reform contemplated by il was the
regulation Of the currency. establishing for il specie
basis by preventing those frequent and injurious expan-
and OF me paper currency OF the banks
aggravated by the possession and use OF the public mo-
ney, which embarrassing and deetenous to the
commerce and general business of the country That
great object has been effected by the operation Of the in
dependent treasury system By demanding and receiving
gold and silver only for duties paid to the government
and keeping the money thus received in its own hands,
and away from the grasp OF the banks and again paying
out to the creditors Of the government the Independent
treasury system prevented those unous expansions and
OF the paper currency which unsettled bust
ness caused continual fluctuations in the prices Of every
OF trade in which the merchant dealt and
every article OF produce which the farmer raised, and
overwhelmed thousands OF honest and enerpsing bust
in bankruptcy and ruin So sausry the ope-
ration Of this sound and wise system Of finance that il pre-
servedou currency in state OF soundness saved the banks
themselves from suspension and maintained the credit of
the government mistaken and unmpaired in that great
financial crisis 10 1907 which prosated many OF the
oldest and most substantial mercantile and banking houses
in England and the continent OF Europe and at the
same time foreign war was carried on by our own gov
ernment thus adding to the embanssmens OF the nan
cia world, and testing, under circumstances the most
trying and unfavorabe, the safety and efficiency OF the
system. These facts are undeni
able and they prove concusvey that the system not
an "utte failure" but that il has been eminently sue
cessfu and noby responded TO the expectations which
were INDUCED with regard 10 its utility and efficacy by
It's founders Such, briefly, the most striking benefits
expected and actually experienced from the operation Of
the system. system through which. during period Of
about three years, than too hundred millions of do
lars have been received in and paid without the loss Of
single dollar, (as shall show) cannot in any
sense be called an suffer failure" Nor could il be call
ID failure even IT, in the disbursement of so large an
aggregate sum, few thousand dollars had been lost All
persons and all institutions that have money and intrust
to others. lose more less Of il by the inddey. in
competency, misfortune Of their agents Il is with
with banks, and do not how govern
nens can always be exempt from such losses under any
'ystem which the wisdom Of man can devise.
We now come to the case Of DENLY. considering Il in
ts relations with the independent treasury; and we re-
mark, at the outset, that IL has nothing TO do vith
he system ITSELF. The defalcation would have oc.
cured precisely as Il has IL the public money had