The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-03-25
rHE PRESERVATION OF rHE PUBLIC FUNDS.

The highest compliment to the administration Of the
Treasury Department OF the implied ia the
TACT that amidst ali the monetary and commercial disasters
which have overaken Individual and incorporated capital
lists the operations Of the resury have been
fully conducted without either embarrassment OF loss The
full extent Of this compliment be understood With
out calling mind the radical reform Ia The policy Of
keeping transferring and disbursiug the public revenue
introduced and carried by Mr. Guthrie. when the
present administration into power the main feature
Of the indepeudentreasury systematic divorce o. the
treasury from individual capltahad been 50 grossly dis
regarded to to be practically observed BY
ingenious device but papabe evasion and perver-
sion Of the law large portion Of the public moneys was
practically loaned private capitalists and was ac-
tuay made the basis of extensive specuaons which
buted in small degree to the bank expansions which
preceded the late bankruptcies and failures which have
CURED in most Of commercial cities Nominally the
public in the treasury but really millions Of
Il were permanent depose with bankers Stockholders
and other classes OF SPECTATORS upon the transparent pre-
text Of being in transit from place of depoe TO an
other for disbursement This system Of depicting the treas
ury by Of transfer drafts had been found so admi-
rabe continuance for avoiding the evils of surplus
nue. that arrangements made for their renewal from
time to time actually to give to the operations all
the effects OF permanent loans and consequence 10
stute the basis of bank issues il the public money was
part Of the banking capital Of the country The transfer
drafts nomnay secured by deposies of stocks but
the value of the security altogether fictitious and IN
certain. commercial reyulson like that which has ex-
listed for months would have destroyed the availa
by Of the securities and involved the government in
heavy losses.
II cannot be doubted that if Mr. Guthrie had followed in
the footsteps Of his immediate predecessors the Treasury
Department millions Of the public money would now be
unavailable for the purposes of the government if m
rerievably lost The reform in the policy Of the depart
ment which he adopted has only saved the national
treasury from bankruptcy but gave timely check TO
the wild spirit of speculation throughout the country
which has saved thousands of honest and industrious
from ruin Mr. Guthrie entered upon his duties with de-
termination to bring back the faithful and
that law authority for loaning the public money
upon any pretext or device whatever TO capitalists
His duty plainly and Enthusiastically laid down.
He required keep the revenue safely to transfer
when needed for legal disbursements and when trans
ferred TO dsburse il according law. His financial know-
edge satisfied him that all these requirements of the law
couo DC iuneo "iout any resort TO the system OF Is
suing transfer drafts time He determined therefore
to abolish the system which he found in operation and
cut by the the ingenious conrvances for
ing the public money into specializing capital for bankers
and other capitalists He had the integrity and the
iron win to execute his purpose faithfully and the result
manifest in the fact that whilst every city is visited
with the sad Affections of suspensions failures bank
rupeies amongst capitalists of all kinds the funds of the
government and the operations of the treasury
are conducted without embarrassment loss Comment
upon this state of facts is unnecessaryan intelligent peo
pie will understand and appreciate the official integrity
fidelity, and ability which have secured such results