The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-11-10

mens of the United States Treasury
introduced by Representative Cam
seIeng, of New York, hut Native OF
North Carolina-.Final Settlement of
the vexed Question Made by the Act
of August 6, Is46.-N itionai Banks.
FcoNvINUED FROM LAST WEEK
wr:itssssa for Sunday News and Observer.
WASHINGTON, D. c., Nov. 8.
When the dangers attending the
scheme of entrusting the public moneys
with the State Banks bacame parent,
the Democratic Congress, and the ad-
ministration of Mr.. Van Buren,, began
to look earnestly about them for the
next best thing to be done; and on the
18th of September, 1886, Mr.. Churchill
G. Cambeleng, a Representative of the
city of New York, but a native of the
town of Washington, in Nor Carolina,
introduced bill for that purpose, from
the Committee of Ways and Means, of
which he was chairman. The bill pro-
Vided that every public officer, whether
collector or disbursing officer, into
whose hands the public funds came,
should be depository of the public
money; with many provisions. The
bill was debated at great length,
and underwent important notifications,
until, on July 4, 1910, 1t assumed shape
BIS an act of Congress, of which the fol-
lowing are the principal features:
Tt was entitled, can Act for the col
lection, safe keeping, transfer and dis
4suEsement of public revenue"
1t provided that suitable and conven-
lent rooms for the use of the Treasurer
of the United States and his assistants
should be set~apart in the Treasury
building; and sufficient and secure fire.
proof vaults and safes for the keeping of
the public moneys In the p ,ssesson and
under the immediate control OF the
Treasurer, (which said rooms, vaults
and safes are hereby constituted and de
clared to be the Treasury of the United
States. And the said Treasurer of the
United States shall keep all the public
moneys which shall come to his hands in
the Treasury of the United States, as are
hereby constituted, until the same are
drawn therefrom according to law"
The United States mlLt at Phila-
deiphia. and the branch mint in
New Orleans, and the vaults and safes
thereof were declared to be places of
deposit and safe keeping of the public
moneys at those points respectively;
and the Treasurer of the said mint and
branch mint respectively, for the time
being, were given the custody and care
of the public moneys deposited with
them.
Rooms were to be set apart in the
custom houses of New York, Boston,
Charleston and st. Louis, for the u; e of
the Receivers General of t.. public
money. The Collectors and Receivers
OF the public money were required to
pay it over, as fast as it came into their
hands, to the Treasurer of the United
States
With other provisions, not necessary
to repeat.
This Act was repealed by the Wing
Congress in 1871, August 10, but no
other disposition of the public funds
was made thereby. The Wings, at
9naf day, expected 10 establish United
states B 4nk, in which purpose they were
defeated b, President Tyler's vetoes :
Bat final settlement of this vexed
question was made by the act of August
8, 1916, entitled, IAN Act to provide for
the better organization of the Treasury,
aud for the collection, safe-keeping,
transfer and disbursement of the public
revenue
The Act has a preamble as follows:
Whereas, by the fourth section of the
act entitled AN act to establish the
Treasury Department, approved Septem-
Der Cd, seventeen hundred aud eighty
nine, it was provided that it should be
she DUTY of the Treasurer to receive and
keep the moneys OF the United States,
aud to sburse the same upon warrants
drawn by the Secretary of the Treasury,
: countersigned by the Comptroller and
recorded by the Register, and not other
wise, and whereas it is found neces-
saxY to make further provisions to enable
the Treasurer the better to carry into
Eject the intent of the said section in
relation to the receiving and disbursing
the moneys of the United States"
Then follows the Act, which is sub
astaadally the same as the Act of July
eath, 1910, and repealed in 184l, and
therefore need not be repeated here.
The preamble shows that the Treasury
vas organized in 1889, on an independ
eat basis, and had no connection with
the banks There were State banks theI
in existence, bat they were not used az
fiscal agents. Two years later, however
Haailton, tie secretary, persuad d Con,
.gress to establish United States bank.
esas.h bank, he regarded as highly use
fal, if not necessary at that stage of the
<coUntry's hist Try. 1t would induce the
concentration of capital aud thus facili
tate, in emergencies, the borrowing
IN ,ney by the government. 1t had thai
effect, aud at the same time, served as q
ii zeal agent of the government, ia the
safe keeping and disbursement of the
public money. But the day has long agt
passed by when banks were neee ssary
adjuncts of government.
There have been several changes o
administration since the Independent