Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1850-04-27


to the Committee Finance, permit to say word
The Senator from Louisiana (Mr Dowss) says there has
been great embarrassment taking of the public funds at
New Oeanshe revenues arising from the customs at that
portland is said that no competent be found to
take charge OF them and give the bonds which the Govern
ment requires Now while the committee is considering this
question: would not be exceedingly proper that they should
examine into our financial arrangements and whether
would not be proper under existing circumstances to deposs
the public funds in sections of the Union in the banks
understand that there is subreasurer in New Or
leans, any who is willing undertake the duties Of
the office For the safety Of those funds suggest that the
committee examine and whether amendment ought
not to be made to the existing law, that under certain
circumstances and in certain places deposes may be made IN
the banks submit to the Senator from Louisiana whether
the funds of this country will be exceedingly safe in the
Bank Of the State Of Louisians, in the Bank of New Or
leans and whether, under existing circumstances 1t would
not be prudent proper, the part Of The Government
make arrangement to these funds better
than they secured most willingly with the
Senator from Louisiana, that the salary of 800 will not
induce any body take the responsibility Of keeping the
derived from customs and the receipts OF the bra.
mint but, under these circumstances, is the part of wis
dom aud the part of sound policy make safe deposie
be made OF the public money and submit to the
Committee Finance whether be not proper to examine
seriously into the propey Of deposng the public money in
some of the banks.
Mr.. DOWNS l must say, in reply to the Senator from
Georgia. that, Notwithstanding the difficulties that exist with
reference the mint in New Orleans not convinced Of
the necessity of change in the law authorizing the depose
of money in the banks. hope there will be remedy for
these evils in different way from what the gentleman
ges We have had in New Orleans serious lessons
the subject of banks. At tim. there many
sixteen banks there We have only three four and
sad experience has taught lesson which, think, will
be forgotten Such has been the effect the public
mind there that in the new constitution they have not only
prohibited the creation of banks but have also prohibited
the revival Of the charters of of the old and far
is this feeling carried that when the of bank be-
fore the Legislature there which has just closed its session,
which, perhaps persons interested than any
IN of been
of great benz fit, when opinion given by emf
members of the bar that had not forfeited its charter,
and passed in conformity with this opinion, yet
positive the prohibition in the constitution that the sanction
Of the Executive withheld from it. Whatever opinion
may prevail elsewhere with regard the principle
against the policy of banks, must call il, my State
consider deposes in them unsafe The larger proportion OF
the banking business the exchange business the deposte
business and other banking business in that cy has been
well done and much the satisfaction of all concerned
done by the banks that consider the pro-
blem completely solved, that in city like New Orleans,
where immense and active trade exists and where the
changes immense and transactions in every i'm
mense is necessary to have the assistance Of banks and
that we have done well without them.
glad the gentleman has mentioned the subject, because
have had sort Of impresson-I hope is
one, but say the genlemans suggestion has not
moved tha there is disposition to correct the evils
that exist in the mint and treasury SYSTEM but to allow them
to They have been increased fear there Is
apprehend in order that the treasury system which
has worked WELL may bs discontinued, and the DID, demo
shed unhappy, fatal system of banking may be resored and
the idea that the funds of the Government and Of individuals
safe nowhere else but in banks is abou. to be revived
there any plan Of that kind in any branch OF the Execu
tive Department Of this Government other department.
tell gentlemen beforehand. that will meet my most
decided and emphatic hostility Though experience IL
relation to the banks Of the country generally has been te
happens that my experience in the affairs Of the banks Of
my State is considerable For Of my experience
in public e have had good opportunities Of examining
and seeng in all their phase the operations Of the banks
any other public man, and think that the sound judgment
Of the people Of that State decidedly against them. there
fore consider imperative duty not TO sanction any course
which will have tendency throw back to the ideas and
practice Of former times The minds Of the community bave
become enlightened the subject and change has taken
place the subject in of the Sates and States
banks discarded altogether am not disposed in conse
quence any evils which may be apprehended 60 back
the old practice do think the Government of the United
States ought do it, AS other Administrations have had the
of carrying the affairs of Government in spite Of
these evils let US Try to get on with our present Difficult les
hope the present Administration may; but however that
may be, Ihope shall not yield this banking influence.
Anxious that the mint should go at New Orleans,
il be done without putting the funds into the banks
again, /, for one, shall oppose it.
Mr.. DAWSON. / did not expect the few remarks made
would have called forth those observations from my friend from
Louisiana He announced here, in the Senate that the
public depostes in New Orleans were unsafe that the Gov
eminent could get TO take the control and manage
Of hem that instead Of seeking for the Office each
trying avoid it that the incumbent had time afer
time, attempted resign that officially he gave the Gov
eminent n0tIce nat on Inc OF Apl
resign, and that there would be officer to take charge of
the public deposites,
rose in my place to suggest the propreiy Of the Commit
tee Finance examining the subject and seeing WHETHER in
particular places and under particular the
public safety did require them to consider whether would
not be prudent to place the funds in banking institutions
Now, sir where is the in all that Instead OF meeting
the ue instead Of coming up and saying that we get
by increasing the salary five thousand dollars
that be sufficient ten thousand dollars for
peen to take charge of the business he makes suggestion
of the kind, but speaks of the present existing difficulty
When ask the Committee Finance whether temporarily,
under existing circumstances particular places, the public
security does demand that this money should be deposited
of the old party issues.
Sir, that the object had in view in making these
suggestions was to Lad to practical and beneficial
result with view the public interest and the public
funds. Now, where is the impiopriety in all this And
submit to him. Notwithstanding his experience banking in
utons notwithstanding they have become exceedingly
unpopular in bis State venture the prediction that if he had
larger amount of money than he would desire to carry
about bis person, he would prefer depong it in bank
rather than with individual Now, where is the harm Of
the Government dong under existing circumstances in New
circumstances Why should this suggestion
difficulties Why should it revive party questions old
issues As understand the present difficulty in the event
OF this Congress adournng without action the subject and
the money be left without provision being made for IFS Sc
cury what would be said of the protection Of the public in
teests Now, repeat that is the part of wisdom, and
of duty If the public money accumuates the amount OF
one two, or three Millions with nobody TO take Of
il, bond to protect from the hands Of Individuals to
make some other arrangement And shall be diverted
from this duty BY party issues, which Dead and hope