Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-04-18
Deposit and Distribution.

Deposit and Distribution.
The deposit act of 1886 passed the Senate with
only six dissenting votes and sent to the House
This was what was known as the pet Bank act"
and it contained provision for depostng the
plus revenue with the States, the States to issue
to the general government certificates of debt for
the amount received, these certificates to be put
the market and sold, if the States when called on
should not promptly refund. This certificate Of debt
feature was stricken out by the House, and the sim
pie deposite feature, pledgng the States to refund
the surplus when called for, substituted; and the
bill, as thus amended, was agreed to by the Senate
without division. We have not had opportu-
nifty Of examining the journals, so to make this
statement directly from them but friend, in the
correctness of whose information the subject we
have entire confidence, says this is Mr.. Benton,
in his Thirty Years View" gives the vote of the
Senate on distribution, urged by Mr.. Clay, and
also refers to the six dissenting to the deposit
act but he is not as full and explicit as to the de-
tails of the latter act as could wish him to have
bcen The Editor of the Jackson Mississppian. who
has examined the record carefully, states that the
deposit act was supported by Messrs. Buchanan
Tallmadge, Rives, Calhoun, King of Alabama Linn,
and other Democrats of the Senate and by Messrs.
Boyd, Bynum Hannegan, ngersoll, Pickens, Speight,
Toucey, and other Democrats of the House Dem
ocrats in the two Houses, equally sound and true,
voted against it; and among them Messrs Benton,
Wright, Mckay, Franklin Pierce, Droomgoole, Wal
ter Coles, and others. Henry A. Wise, then men,
Der of the House, also voted against it; but Gov.
Wise was then in opposition to Gen. jackson and
the Democratic party. The deposit act passed the
House Of Representatives by vote of 1 55 to 3s.-
The Legislature of this State accepted the share to
which North-C Carolina entitled unanimously,
with the exception of Dr. Thomas Hall, of Edge
combe, who entered his solemn protest against it.
Gen. Jackson, it is well known, approved the law
with reluctance; and in his eighth and last annual
message he said:
"The consequences apprehended, when the de-
post act of the last session received reluctant ap-
prevail have been measurably realized Though an
act merely for the deposit of the surplus moneys of
the United States in the State Treasures, for safe
keeping until they may be wanted for the service of
the general government it has been extensively spo
ken of as an act to give the money to the several
States; and they have been advised to use 1t as
gift, without regard to the means of refunding it
when called for. Such a suggestion has doubtless
been made without due consideration of the obi
cation of the deposit act, and without proper at
tention to the various principles and interests which
affected by it. 1t is manifest that the law itself
cannot sanction such suggestion, and that, as it
stands, the States have no more authority to
receive and these deposits without intending to
return Them than any deposit bank, any individ-
ual temporarily charged with the safe-keeping or
application of the public money, would now have
for converting the same to their private use without
the consent and against the will of the government
But independently of the violation of public faith
and moral obligation which involved in this sug
gestion when examined in reference to the terms of
the present deposit act it is believed that the con-
siderations which should govern the future legsla-
ton of Congress this subject, will be equally con-
elusive against the adoption of measure recog-
nzing the principles on which the suggestion has
been made"
Gen. Jackson, it is seen, recognized wide differ
between deposit and distribution, properly I'M
derstood. He complains in the same message, that
his views az advanced in 1929 and $780, had been
"greatly misunderstood - and he then goes into
of the most powerful arguments ever made, against
collecting revenue Nth vieao TO distribution, and
against distribution itself He refers to and enlarges
upon the serious difficulties attending overflow.
ing treasury and which were experienced in 1886
and, admitting that the "experience and observa
change" in his views "on this interesting subject
he emphatically Declares that the safest and sim
plest mode of obviating all the difficulties which
have been mentioned, is to collect only revenue
enough to meet the wants of the government, and
let the people keep the balance of the property in
their hands, to be used for their own profit y
Again he says, in the same message speaking Of the
deposit act of 1886, IS this act, although certainly
designed to secure the safe-keeping of the public
revenue is not entirely free in its tendencies from
many Of the objections which apply to this princi
pie of distribution" He sees wide difference be-
tween the deposit act properly understood and the
policy of distribution; yet he observes that the
tendencies" of the former Objectionable, and
contribute to injurious results These tendencies
he then points out with much force, such encour
aging the imitation of bank paper, extravaganza by
the State governments, &c, &c.
The deposit act which passed the last House o.
Representatives, is literal transcript of the por
tons Of the act of 1886 on the same subject; and
The vote upon it was l19 to 70. Such Democrats as
Bocock, Caskie Faulkner, McMullen, Mison,
Branch, Clingman, Craige, Ruffin, and Winslow vo
ted for it, and such Democrats as Cadwallader, j.
clancy Jones, Letcher, Quitman, Orr Garrett, and
Uoode voted against it. majority of the Democrats
OF the House. it must be confessed voted against it
yet the X. Ms and black Republicans also divid
cd, some voting for and and some against it. Those
wto sustained the deposit act Of 1885, and the bill
Of the last session, did 50 choice of evils They
thought it rather better to place the surplus
On deposit with the States than to leave it in the
treasury, to be used TO corrunt officials members q