National Republican., 1885-06-12

A Great PoiItIco- Financial Scheme.
1t is announced that change is pro.
posed In tho manner of caring for the
money of the United States--that tho
subtreasuries are to be abolished and the
money placed in "Rrst.class" banks This
would hardly be Jaoksonian Democracy,
as Gen. jackson, while President, estab-
lished the subtreasuries in which the
country's money has ever since boen
safely kept.
On pages 10 and following OF the Re-
visod Statutes are TO be found the laws
relating TO the assistant treasurers" of
the United States. There is one of these
officers stationed in each Of the cities Of
Boston, New York, Philadelphia, Balti-
more, New Orleans, st. Louis, San Fran
cisco, Cincinnati, and Chicago. Their
duties are clearly defined by law, and one
of those duties is to 'havo the charge and
care of the rooms, vaults, and safes as
signed to them respectively, and shall
there perform the duties required Of them
relating to the receipt safekeeping, trans
fer, and disbursement of tho public
moneys"
The law Is specific, and no change can
be made except by an act OF Congress.
Whether such change from depositing
tho money Of the United States in these
vaults to the vaults of the banking
houses is desirable or not may be reason
ably doubted. but the change cannot be
made by the executive department, 40 the
law forbids IL.
One of tho reasons suggested for the
proposed change is tho better security tho
| government would have in tho banks
than 1t has in tho subtreasury vaults.
| This proposition Is preposterous. Mon
! have to bo trusted in charge of the money
| whether it is in the vaults Of tho treasury
or the banks, and the revelations made by
the failure within year of three of tho
leading banks in New York city show how
easily money or securities OF q bank may
be made way with and no one bo wiser
for the theft.
1t would be unreasonable to expect that
some of the banks selected az repositories
would not at times have a much larger
sum Of govern ment money in their vaults
than they had bonds deposited in the
treasury as security.
Every assistant treasurer Is bonded
officer, and If the government looks well
to the bonds there is no possibility of loss.
No such security is offered by the banks.
There is no doubt that such change
would confer great political power
upon the Secretary of tho Treasury, as he
would decide which were "frst-class''
banks
Tho publication of the fact that the
question of abolisbing sub.treasuries, and
using national banks in lieu thereof has
merely given to the public prematurely
the consultations of the treasurer of the
United States with the secretary and so.
licitor of the treasury. The plan has moi
been determined upon, but has been CON
sidered with favor. The finance minister
of President Clsveland's administration
is an experienced political organizer, un
derstands thoroughly men and affairs
comprehends fully the motives and
springs Of human action. No man in
America knows better the power Of
money than Daniel Manning. II n com
bination can be secured uniting the po'
litical executive power with the banking
and money power of tho nation, Mr.
Cloveland's Secretary of the Treasury
knows that nothing short of an uprising
Of the people like unto civil war could
remove the Democracy from power. Thi
subtle, deep. and wary Cabinet minister
is considering project worthy Of thu
brain power and audacity Of Tallyraud.
The fact that such plan is under con
sideration should arouse the people to Rr
expression of public opinion that would
like tho burning lava flowing from
volcano, consume all before it-because
though it may be disclaimed now, it
publication is made for tho purpose o
ascertAining whether the proposition viii
meet with public favor.
TO make this question of " considerin
the alliance Of the political and none
powers Of the nation" reach every fire
side, suppose we ask what would b
thought of the virtue of woman VIII
+ was "conSidering'-merely "considoi
ing"-an improper proposal?
To recapitulate the working of tn
plan; First step-Deposit the publ
, moneys, without interest, with rst.clas
, banks secured by national bonds. seeon
step would bS-Deposit in socond-cla'
, banks, with state bonds as securit,
, Third step-Privste banks with nomint
, security-all because porter in New o.
leans stole s25, 900, which the subtreaEure
or his bondsmen will have to pay.
Sherman on the Democracy.