Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1856-01-12

repositories should have, yet there has been no
loss, and with and diligence there may DO
none for years 10 come but, TO avoid the posi-
bility OF a loss in those repositories the depar,
ment has estimated for fire and thief proof vaults,
and guards al those places where they do not ex-
ISL and in the custom houses now being con-
slrueled Ii is hoped Congress will see the pro
priety OF making the necessary appropriations,
and have the repositories Of the public money OF
the United States such vaults and
repositories should be. Public convenience will
| from time 10 time, require that the number OF
| public repositories be increased, and so located
as 10 give the advantage thereof 10 all sections of
| the country, and Congress, when necessary
| should make provision for all proper safeguards
! for the public money. The table No. oil, which
accompanies this report, exhibits the deposlte &C
counts of the various public officers and dlsburs-
| ing agents who have awaited themselves OF the
| right of making deposite of the money lntrnsed
| to them for disbursement, with the Treasurer,
Assistant Treasurers, and public depositaries OF
| the United States, during the past year. The
money thus deposited is, for all practical purpo-
SEES, in the Treasury of the United States, Tor on
the resignation death, or removal OF any OF these
officers or agents, the amount is no longer subject
TO his draft, or that OF a representative, but ny
warrant is placed again in the Treasury and is
| applicable for The purpose for which II was APP
| proprlaed.
The notes of banks chartered by the States con-
| tinue TO circulate in some sections OF the coun-
try, to the exclusion of gold and silver, except in
Il
where the banks circulate notes under the de-
nomination of five dollars. These small notes are
mostly circulated by banks OF doubtful sovency
| at distance from the place OF redemption They
| constitute deprecated currency, which no one
is willing TO hold and this leads 10 hasty expendi-
| lures, in order that the loss may fall on others.
] The evils of deprecated currency are attested
| by the experience of all countries where such
| currency has been tried, and in none more GER
| tainly than in the States of the Confederation.
| The legislatures of the several States and the
Congress of the Confederation, all issued bills of
/ credit during the revolutionary war, and all felt
and acknowledged the evil and the ruinous con-
sequences. The constitution Of the United States
was framed by the men who had felt all the
evils thereof; and when provisions were inserted
in that instrument, that State should emit
bills OF credit, nor make anything but gold and
silver a tender in payment Of debts, and the coin
| ing Of money was given to the General Govern
ment, they believed they had provided for a hard
money currency, and against the evils of a de-
preciated one but these provisions were nuli-
! fled when the courts held that the States had
power TO charter banks, with authority to issue
and circulate notes as money. 1t is now too late
| for the courts retrace their steps, and give
broader construction to the prohibitions of the
| Federal Constitution, whilst it is hopeless TO
pect the States will refrain from granting bank
| charters, with authority 10 issue these small
/ notes; or that the States will concur in charging
the constitutional prohibition in respect TO bills Of
credit so asto prohibit this power 10 banks The
same local and individual interest that induce the
granting of bank charters with this privilege,
i would induce the legislatures of the States to
| refuse TO Congaess the power of prohibiting the
| use and circulation of bank notes The thirteen
hundred banks now in existence under State
charters and the circulation of over 5000 000,0o0
OF bank notes as money, in constant competition
| with the constitutional currency, attest the mag
nitude of the evil, and justify the worst appre.
tensions for the future. The gradual increase of
| banks, banking capital and bank-note circulation,
call Stnta
| Legislation. When these thirteen hundred banks
shall be increased 10 some two, three, four or i've
thousand, it may be feared their aggregated
power will not be easily overcome, until sus-
pension OF specie payments and universal bank
ruptcy shall call for suppression of the evil, and
| restoration OF the constitutional currency If
the States shall continue the charter and multi
plication of banks. with authority TO issue and
circulate notes as money, and fail 10 apply any
adequate remedy to the increasing evil, and also
fail 10 invest Congress with the necessary power
10 prohibit the same, Congress may be justified,
| In the exercise OF the power TO levy an excise
upon them, and thus render the authority TO issue
and circulate them valueless
The accounts of collectors of the customs con-
4 tinue 10 be rendered at the close of each month,
and those on the Atlantic settled within the
ceeding month, and those on the Pacific coast
| within about six weeks, with exceptions.
| III heir disbursement and emolument accounts
rendered quarterly, and il is intended 10 have
| them settled within the succeeding quarter The
benefits resulting from the prompt rendition and
| settlement of the accounts manifest themselves
more and more from the test of experience
accounting Is better understood the accounts in
| better form the vouchers more correctly taken,
with fewer improper items, give less trouble. and
| take less time in their adjustment II is believed
| the disbursement and emolument accounts could
be rendered monthly with advantage the bust
ness OF the ports and the finances of the country
and monthly accounts might be advantageously
| required In all branches Of the public service
| All officers and disbursing agents are required to
Keep book OF accounts, and record in il all
| money and property received and all money and
property discussed, and take proper vouchers for
| The same, and discussing officers Of the army 10
| render monthly statements of their expenditures.
The monthly account would be transcript OF this
book. showing the amount received. the amount
dsbursed, with the balance on hand for the succeed
| ing month, and could be as easily rendered at the
end OF the month as at the end ofthe quarter, and
as readily transmitted with the vouchers by mail,
or otherwise, TO the proper department and il the
vouchers were taken in duplicate, and set
accompany the account and the other retained
with the account book, there could be no difficulty
| IN supplying lost account or voucher. Monthly
| accounts would be better for the dsbursng officer
| or agent, as he would be compelled at the close
| of the month 10 close his cash and property
| account for the business of the succeeding month
and procure bis vouchers when the disbursements
were made and should he make any improper
disbursements, the proper department would DO
error was extended. The disbursing officers
would necessarily become better acquainted with
the business con6ded 10 them, and in all respects
better discharge the duties, whilst the adjustments
would take less OF the time OF the accounting
ohcers The greatest difficulty encountered Is
with the accounts OF disborsing officers and
agents who have failed 10 render their accounts
regularly as required by law and regulations and
TO accompany the accounts with proper vouchers;
ana tne greatest loss 10 the treasury is in the in
solvency OF such disbursing officers and agents
The arrearages of nearly S25 900 900 in the ac-
counts IN the Offices OF the six Auditors attest
ms. authority should be given to require and
enforce monthly accounts and settlements II
VIII take less labor and require less time TO settle
monthly than TO settle quarterly accounts, give
greater safety, and secure more economy in the
disbursements
WIN be seen by reference TO the circulars OF
Inc department, that efforts have been made and
are eeing made, to have the accounts at all tho
costom-houses kept upon the same uniform prin-
cipies' ana Inc same forms and routine for the
entry OF goods ct all the ports with the like ad.
N