Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-04-29

nn,rd. protect and defend" the Constitution of my
eounrv l conceive no danger to which 1T
,uld be exposed more imminent than is brought
,on it by surplus of thirty millions to be scram
Med for; and to guard protect and defend" it from
this danger could see method so prompt so sure,
and so effective to remove the surplus out of
reach.
If is the duty of statesman to deal with things
- he finds them-to mitigate evils he could not
m,event-and he no faithful public servant who, from
i,nced anaogies where none exist, from traditional
horror of name, from any other cause, subjects
his country long line of ills rather than embrace
y choice of evils.
could no. hesitate between two plans, one of
I;ch carried with it almost every conceivable evil
and resulted in giving all the money to spectators
in The North and Wts', and the other of which in
volyed no violation of the Constitution, threatened
70 great public mischief, and returned to us a just
norton of what had been wrongfully ext,rted from
,s When the government EFFORTS from the people
more money than it has right to take it is robbery
and it will be difficult to convince that we ought
not accept restitution Of that of which we have
been robbed.
In adopting this course violated no provision of
the Constitutions is it to be inferred that invite
the constant the often recurring practice of
distributing money to the States out of the Federal
Treasury. Much less would sanction the policy of
raising more money than is needed for an economi-
cal administration of the government for the purpose
of distribution. \ poor government is apt to he
yirtnouS-a rich government is to be corrupt.
did not mean to sanction and did not sanction the
roIicv Of distribution. On the contrary, the meas
rre for which voted is counter measure to distri-
button, and presents the best possible means for
defeating it. Thousands advocate distribution who
would rcpuiiate the idea of raising, by tax on the
penpie, more money than the government needs in
order to give it to the States. They only desire to
distribute such excess of revenue accumulatcs in
.l,, Ure,S from time time under tho nnf nro.
seen fluctuations of trade and business. These per-
sens honest and sincere, but fall into the gross
error of adopting bad general principle provide
fey case that can rarely, very rarely occur, and
which, when it does occur, the good sense of the
American people will always provide for iso-
lated specific outside of party rules. All such
would willingly accept the deposit policy and give
W distribution.
Again: The principle being established that the
only way in which these SURPRISES can be disposed
of is through partial, exravagant. corrnpting and
unconstitutional appropriations by Congress- thou
sands will embrace distribution a choice of evils.
Many even Of those who think it Unconstitutional
viii embrace it on the dangsi Gus hypothesis that
one violation of the Constitution is less deplorabe
than many.
All those advocates of distribution who do rot
wish to tax the people to raise fund for dstrib,:
ton will be satisfied because all their objects arc
attained whilst these who still adhere to it will be
exposed in all their naked deformty, wishing,
under cloak, to tax the people enormously to raise
more money than the peoples immediate repreSen.
taves dare to levy them, for the of the
States. | apprehend that few in this State would
avow the latter purpose or if they avowed it could
stand before the people; and think am justified
in saying that deposit will completely silence and
defeat distribution My vote is sanctioned not only
by prudence and sound policy, but by the highest
Democratic authority.
In 1885, similar state of affairs existed. Then
as now, there surplus in the Treasury. VI
to a then recent period, QSS3) the money belonging
to the government had been deposited in the United
States Bank. Gen. jackson had ordered the Re
movai of the Deposits" from that institution and
caused them be placed in certain State Banks
The administration and Congress not being at tina,
time prepared to embrace the Independent Treasury
system an act was passed by Congress, in accord
ance with recommendation contained in Gen Jack
sons first annual message, and signed by Gen. Jack
son On 23d June, 1886 entitled an act to regulate
the deposits of the public money" This act estab
>hed, or rather legalized, what was known as the
"Pet Bank SYSTEM which exploded with the sus
pension Of specie payments in May of the following
year: The first twelve sections of the act provided
for the deposit of the public money in State Banks
to be selected by the Secretary of the Treasury
their complying with prescribed conditions The
thirteenth section directed that the surplus. except
ing five millions of dollars. should be deposited with
the States their engaging to return it when called
for by Congress. 1t deposit, simply, and Con
gress had the same power to deposit part with thu
States that it had to deposit part in banks. The
States are liable now TO be called on to return it
and they have not been called on, only because tn
unanimous sentiment of the country is, that such
call would be opposed to sound policy.
The deposit with North Carolina something
less than million and half dollars and now con
stitutes large part of her school fund. have no
perceived that she has been corrupted by it, no
that she has since been any less watchful than be
fore of federal encroachments. Her public and phi
vate credit unmpaired, her people prosperous
and her public auth orties vigilant and incorruptble
see this very fund ditfusing light throughout he
borders by educating hundred and fifty thousan
of her children in the principles of religion, homo
and freedom, teaching them reverence for law an
order, and submission to legitimate authority.
The act of 1886 originated in the Senate, and sea
Introduced by w. Calhoun SENATE Journal, pag
&c AS it was offered and passed that body tn
thirteenth section as follows:
"Ind be 1T further enacted, That the money wh!c
shall be in the Treasury of the Uniteo States on tn
first day of January, 1887, reserving the sum OF h'
millions of dollars, shall he deposited with the SCI
eral States, in proportion to their respective rePr
sentaton in the Senate and House of Represent
lives Of the Congress of the United States and tt
Secretary of the Treasury shall deliver the same
such persons as the several States may authorize
receive it, receiving certificates OF depost, sg'
ed by the competent authorities of such State, eac
for such amount and in such form as the Secretar
Of the Treasury may prescribe, which shall set tor:
and express the obligation of the State to pay I'll
amount thereofto the United States or their assigns
mil nh;ch said certificates 1t shaUde competent f
tie sscretary Of the Treasury, IN tile name and
h"t Of the United States, to sell and assign, s'he'
eter AMnUbe necessary, for aoant Of other mon.
IN the Treasury to meet appropriations mule D
Co"gress; all sales and assignments, however, to
raable, and in just and equal proportions, among a
the States, according to the amounts received ;
Them respectively; md all such certificates Of d
1'o"t shaN he subject to- and shnu bear, an intere
at tee per cent. per annum, payable half year.