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“The ferment of a free, is preferable to the torpor of a despotic, O o \ c r n ni c n t. ”
VOL,. VII.
ATHENS. GEO. SATIBDAY, BSAECIS 81, 1S38.
SO. 2.
Con^rcm
SPEEC H OF MR. WRIW1IT,
Of New York,
In Senate. Jan. 31, 1839—Upon the loll “ tc
iinnoso additional duties, as depositories
upon cert tin public officers, to appoint Re
ceivers General of public money, and t<>
regulate tlie s ife-ke»*piijg, tr msfer, and dis
bursement, of tbe public moneys of the
United States.”
Mr. WRIGHT said lie regretted that it
would Le necessary for him to impose a more
severe lax upon the tune and patience of the
Senate, than ho had ever before been com
pelted to impose, since ho had been honored
with a seat in the body. He had Imped,
therefore, tlu.t ho should have been able to
reach the subject at an earlier hour in the
mortiin!!; hut, ns it was, he would endeavor
to conclude with the sitting of the day.
lie said he entered upon the debate with h
painful consciousness of his inability to do
public money at those points, and for the use j strong desire and determination of both Hou-
nf the officers to have the custody of those : ses of Congress to limit that session withm toe
moneys; and the fourth section provided fori shortest possible period which the public bu-
tlie erection of two independent offices and
ja-iice to '.lie position he held in reference to
the measure upon the table. The discussion
of it must involve questions of the highest im
portance in politics, of the most pervading in
terest in finance, and, as he thought, of equal
magnitude in the morals of Government—
These questions were to be discussed, delib
crated upon, and decided by the S mate ; and
upon him had fallen the duty of opening such
a debate before that high tribunal.
Could lie call to Ids aid I .louts, experience,
learning, powers of argument, and perspicui
ty of language, such ns were possessed am!
al the command of in toy of the distinguished
Senators whom he knew lie must meet n op.
posit on to the lull lie should feel a gratiivi. g
confidence that he could contend successful,
lv, and could triumphantly refute every oh-
j...etiot!. As it was, he was consoled by the
reflection that he should be followed in the
debate by other Senators equally able arid
equally distinguished, and who would only
have occasion to ask of him that he should
not injure a cause which must rest its defence
with thorn. He would most cheerfully prom
ise them that he would not intentionally throw
obstacles in tlmir way ; and he would eqtreat
the Senate to judge of the bill from its pro-
visions, which he considered sound and salu
tary, and not from the weakness they would j
not fail to discover iu his attempt to support
them.
Justice to himself required another prelimi-
nary remark. But a lew mouths had passed
since thev were engaged there m the discus
sion of ibis-same measure, or rather, perhaps
ho should say, of a measure precisely similar
m its great leading features. In that discus-
non lie had taken a part; and if he should
he found upon this occasion repeating ideas,
and urging arguments, which lie had then ad
vanced, the reason and lus apology' must he
sought in the identity of the subjects, and not
in a disposition on Ins part to trouble the Sen
ate now w ith remarks to which they had once
done him the honor to listen.
He said the lull yvns based upon two great
leading principles, and that all its provisions,
detailed and numerous as they were, became
necessary, in the judgment of the committee,
to carry those principles successfully into
practice. These principles were—
Pir.it. A practical and bona fale separation
betw een the public treasure, tiie money of tin: j
people, and the business of individuals and
incorporations, and especially belyvecn this
money and the business ot banking.
Second. A gradual change of the currency
to be received in payment ot the public dues,
from that authorized to be received by the
resolution of Congress of 191G, to the legal
currency «»l the United Slates.
The material details of the bdl, applicable
to each of these objects, it would he his duty
to notice; and as the task must he tedious
und uninteresting to him, and much more so
to the- Senate, he would abridge it as much as j
justice to the measure would permit.
A« applicable to the first object, the bill
commenced with the establishment of olfices
and vaults, at designated points, lor the sate
;keepmg of the public money. The first sec-
•lion defined and established the Treasury of
the United States, and placed it under the
care and charge of the Treasurer ol the Uni.
•tod States; and, singular as it had appeared
to him, and as he thought it would appear to
jnost of the constituents of every Senator, this
w»s the first attempt, so far as his researches
•had enabled him to discover, to establish by
latv a Nntional Treasury. Should this bill
pass, mid this section he retained, he was
confident it would he the first act of the Con
gress of the United States which had given,
not n name, but “ a local habitation,” to this
mqst important institution. A« the object of
the bill is to place the funds of the Government
hereafter under the control of tlu- public Treti.
sort', and not of private banking institutions,
it seemed to the committee peculiarly proper
that its first enactment should be to define
and establish that Treasury.
The second section constituted the mint at
Philadelphia, and the branch mint at New Or-
leans, also places for the deposite and safe
keeping of the public money collected at those
places, or transferred to tliem by the direc-
lion of the Secretary of the Treasury. The
treasurers of the mints respectively were as-
signed to the charge and custody of the mon
eys there deposited.
The third section directed the preparation
of suitable offices and vaults in tbe custom
houses now erecting at New York and Bos.
ton, for the deposhe and safe-keeping of tbe
vaults, tor the same purpose ; the one.to he j
located at Charleston, in the Slate of South j
Carolina, and the other at St. Louts, in the >
State of Missouri.
It would not require any remark from,him !
to satisfy the mind of every Senator ol the {
propriety of selecting the seat of Government j
as the place nl location for the National Trea- J
sury, or that the points he had named upon ;
the Atlantic coast, as well as New Orleans,
were places where so important portions of
• he public revenue were collected, ami trom
w hich so great a share of the public disburse, j
uients were now, in fact, made, or could he
made with increased convenience to the Trea
sury, and to the public creditors, as to render
them all proper places for the location of of
fices for the safe.kceping of the public mon
ey, tn case any such offices were to he pro-
vided at the public expense, owned by the
Government, and kept iu the charge of its of
ficers. Another reason also existed, and
which was conclusive with the committee, as
to the selection of Washington, Philadelphia,
Now Orleans, New York and Boston. Pub.
lie buildings of a fire proof character were al
ready erected, or now being erected, at the
public expense, and for tbe public use, at all
siness would allow. They believed that these
details, including as wed tne provisions ol the
sections before noticed, as the one now under
discussion, and others which follow, would he
calculated to protract discussion, delay ac-
tion, and thus, either extend the session, or
prevent the final p issage of the bill. They
were then convinced that the recommenda
tions oi tiie President and Secretary of the
Treasury, as to the appointment of these ad
ditional offic- rs, would have to be carried out,
but, iu the thou almost suspended slate of our
foreign trade, they did not believe that tlu* op-
orations ol the Treasury would suffer for the
want of them during the very short vacation
w hich was to intervene be; ween that and the
present session of Cong res r.; and it was then
intimated that tiie delects m that bill could
be supplied now*. »
The inquiries which the committee have
since made, not only at the Treasury Depart
ment, but at some of the places named, have
proved to their entire satisfaction that this ad
dition of officers will he required; that the
collectors of the customs it these places, or
certainly at some of them, are already char
ged with more onerous and responsible duties
than any one man, whatever may be his in
dustry and capacity for business, can well
drawn from the bank, by the officer to whose
credit it stands, without an order from the
Secretary of the Treasury for the payment.
A commission upon the money deposited is
proposed to be allowed to the banks for their
trouble and risk, but as the committee had no
information as to the rate of commission which
it would be safe for Congress to fix as n maxi
mum. and not incur the danger of so limiting
this compensation as to induce the banks to
refuse the deposites altogether, they have re-
ported the bill in blank in this respect.
These provisions, it would be seen, were
very close; and it bad been suggested, as
well by some of the friends, as by the nppo-
nei.ts of the bill, that they were so close as
pose in reference to the officers who were to
be entrusted with tbe safe-keeping of the pub
lic money ? They were required, not only to
give bonds for the faithful performance of their
trust, but a breach of that trust, in the use of
the money, for investments, loans, or in any
oilier manner whatsoever, w»s declared a
crime which should subject the perpetrator to
indictment and infamous punishment; to pro-
traded personal imprisonment, and to a fine
equal to the money embezzled, and, conse
quently, to perpetual disgrace and infamy.—
W as (his a suggestion, upon the face of these
provisions, of distrust of the honesty and in
tegrity of these officers? Was every honest
and honorable citizen of the country bound to
to render it possible, if not probable, that the j reject these offices, w hen tendered to them,
banking institutious woujd reject them on that because the law under which they must act,
account, upon the ground that they carried in providing penalties for their misconduct, or
upon their face a distrust of the solvency and I guards against it, conveyed to the public a
responsibility of the institutions, or of the in- distrust of their integrity ? Had any states-
those places, in w hich sufficient rooms, offices ! discharge ; und that, at the port of New \ork
and vaults, for the purpose contemplated, J «t least, those duties would justly bear divis-
cnuld be secured without anv material addi- j ion, were it not that, from their nature and
tion to the expense incurred, and to he incur- j character, they cannot be divided. The
red, upon the buildings. it was nlso his du- I same must be nearly the truth at Boston, and
fy to inform the Senate that, since the bill cannot vary very materially from it at Char-
was reported, the committee had learned that , leston and St. Louis. The Secretary of the
the Government now owned a custom-house 1 1 rensiirv supposes that the receipts and dis-
ut Charleston, and that the information pos- | burse.ments ol the money ordinarily collected
specod -,t the Treasury Department author- j and disbursed at each ot these points, will oc-
tzed the belief that suitable rooms for offices j copy the lull time of one competent business
cottid be had in that building, thus rendering j man; and will any one suppose that duties
it necessary to construct a vault only, instead j so onerous and so responsible can be added
of ail independent office, as the hill contem- ' to those at present to be performed by the
plated, at that place. He had prepared an j collectors of the customs? Will any one de-
amendment to the hill, to make it conform to ! sire that such duties and responsibilities
this state of facts, which he would scud to the should be confided to a mere clerk ill the of-
legrity of their officers and managers, or both.
He would detain the Senate a few moments
to examine these objections; and, first, if he
understood the matter, and the law of the
case, the idea of distrust as to the solvency
and responsibility of the banks, arising from
these provisions, seemed to him to be a for-
ccd and unnatural inference. If such an idea
could grow out of any part of them, it must
he that part giving to the Secretary of the
Treasury a discretion to furnish safes for the
exclusive keeping of the public money, to be
under the joint control of the bank and an of-
ficer of the Government. This would consti.
man ever supposed that, in naming penal lies
and punishments in a law for violations of of
ficial duty or official trust, he was drawing
out imputations against the integrity and trust*
worthiness ot the officers who were to hold
places under it ? He could pot so suppose.
He could not subscribe to this doctrine ; and
he would ask if incorporations, incorporeal
existences, were to be treated more delicate
ly, in our legislation, than that class of citi
zens who would be selected by the President,
and approved by the Senate, for high and re
sponsible public trusts ? All must answer no ;
and, so answering, all must concede that j
friends of the bill; and, with this exposition,
lie submitted its udoption or rejection to the
sense of the Senate. It was an exact trans
cript of a section contained in the bill which
passed the body at the extra session, and as
it was inserted upon the suggestion of the
h°ad of the Treasury Department, ho pre
sumed the suggestion had proceeded from n
similar provision contained in the laws which
regulate the Post Office Department, and
which had been of great use in detecting
frauds connected with the extended opera
tions of that Department; but should it be
thought that such a provision would not be
beneficial, ns connected with this bill, he
should not consider its removal as materially
marring the system intended to be constituted.
The sixteenth section made it the duty of
the surveyors of the customs, naval officers,
registers of the land offices, directors of the
mints, and some other officers, at the expira
tion of each quarter, to examine iuto, and re-
port to the Secretary of the Treasury, the
state of the accounts, and money on hand, of
the depositaries in their districts, or inunedi.
ate connection. These were checks obtain-
ed through the instrumentality of existing of
ficers ; were wholly without expense to the
public ; would evidently be of material ser
vice, as guards upon the depositaries, and us
contributing to a uniformity and system in the.
keeping of the accounts of those otiicers, and
he presumed would meet with no objection
from any quarter.
lie would pass now to ihe twentieth sec-
tute the deposite entirely special; and, as he there was no foundation for this objection to (tion, which required every officer, charged
understood the law, the bunk would not be rc- the provisions. Incorporations could not be
sponsible for such a deposite beyond the ob- j subjected to indictment and punishment, as
ligation olordinary care and vigilance in its j there was no real person upon whom the pun-
Chair before lie resumed his seat.
As to the selection of St. Louis, some
di.
fiee of the collector? Ho thought not—
Then the provision, or some one of a similar
versity of opinion might exist: hut the com- ’ character, was indispensable, and its rejection
inittee had fixed upon that place, because, j would endanger the safety of the public mnn-
from all the information they had been able
to collect, they believed it to be the point from /
which the principal part of our heavy dis- '
bursements upon the western frontier were j
made. They worn informed that a very
large proportion of the money paid, and to be
paid, annually, to the Indians west of the Mis-
sissinpi, and the principal part of the disburse
ments at the various military posts upon the
western frontier, were received by Ihe van-
ey, embarrass the operations of the Treasu-
ry, and put in jeopardy, if not defeat, the sue.
cessful action of the whole system.
The sixth section of the bill was, in sub-
stance, the first section of the bill reported by
the committee at the extra session; the only
alterations being those required to make it
conform to Ihe provisions which were before
it, and which he had already noticed. It de-
clared what officers of the Government should
safe keeping. In the incidents of property,
responsibility, and risk, there was scarcely a
resemblance between a deposite of this char
acter, and a general open deposite. In the
latter, the property is changed the moment
the deposite is made. The money becomes
the absolute property of the bank as much as
its own capital, and the Government receives
ishment could be inflicted. This check could
not be imposed upon their officers and agents,
because it would be impossible to determine
who was guilty in form only, anu who iu fact,
when every act must be that of an agent who
may have no discretion. If, then, physical
restraints are interposed as to these institu
tions, to accomplish the ends which are rea
ds credit, or promise to pay, in its certificate j ched by penal enactments in the case of nat-
of deposite, in exchange for the money. No
matter, then, how the money be lost, if it be
lost, the indebtedness of the institution upon
its certificate is not changed thereby, nor can
it be discharged by any act of the debtor oth
er than payment. In such deposites, there
fore, the solvency and responsibility of the
bank becomes the first subject of inquiry and
examination for the depositor. Not so in ca
ses of special deposite. There the property
tural persons, is the offence to delicacy of
feeling, the afTrontto honor or integrity, grea-
er in the former case than in the latter? He
could not see that it was ; and he must think
that both of these objections displayed a do.
gree of over-wrought sensibility towards the
banking institutions of the country which their
sagacious managers would see should not
govern their conduct.
with the keeping of public money, to keep an
accurate account of the kinds of money re
ceived and paid out; the object of which was
to prevent these officers, without detection,
from receiving and paying out to the public
creditors n depreciated currency, and .also
from making exchanges of the currency re-
cmed, in a manner which should be injuri
ous to the public interests, or to the rights of
those who might receive payments from the
officer, of demands against the Government.
The same section also declares that any use
of the money in his hands by any depositary,
by way of investment in any kind of property
or merchandise, or of loan, with, or without
interest, or in any wav whatsoever, shall he
a high misdemeanor, for which the officer con-
victed thereof, shall be imprisoned for a term
of not less than two, nor more than five years,
and shall pay a fine equal to the amount of
the money so used. He believed this was a
ous disbursing officers at this town, and that, i be depositaries, embracing, in addition to
therefore, large accumulations of public mon- those named in the former sections, collect
ey were rendered necessary at this point, to j ors of the cu-toms, receivers of public money
There was a single other view of this sub- ! new feature iu the legislation of Congress.
is not changed; tiie specific th : ng deposited >ject w*hich he must present, and ho would j He had not found any case where a law iui
remains the property of the depositor. If it
he money, it would be a violation of the law,
and rules of the deposite, for the bank to ex
change it, for any purpose, for the same
amount of money of an exactly similar char-
pass on to other provisions of ti.e bill. It
was the intention of the committee, who drew
and reported the bill, to make these deposites
strictly special; to prevent the banks from
any use of the money deposited ; and he be
posed criminal punishment for the misuse or
misapplication of money by a public officer;
but still lie believed the provision sound in
principle, and that it would prove sniutnrv in
practice. He had examined very superficial-
actcr. It is the identity of the urticle, and j heved the provisions »o which he had refer- i ly the legislation of other countries upon this
meet these payments. This seemed to them 1 at the laud offices, postmasters, nr.d some oth-
to require an office for safe-keeping, and an j er classes, and assigned generally the duties j
officer or agent of tiie Gov. rnm.*nt. of some \ to be performed by them in this capacity,
kind, there; and the place was selected j He would now pass to section ten, which j
1 more, perhaps, in consequence of the heavy j required hut a single remark. It conferred
disbursements m ide from, than the amount of a general power upon the Secretary of the
collections at it. Still their information was,
that the money collected at many of the wes
tern, and especially the northwestern, land
offices, could be more conveniently transler-
red to, and accumulated at, that point than at
any other upon that frontier.
Treasury to transfer the money in the hands of
any depositary to the custody and keeping of
any other depositary, as occasion might re.
quire. This provision was necessary, as well
to give the Department control over its own
afiairs, as to enable it to cou.sult the safetv of
The fifth section of the hill, he said, pro- ! the public money, and the calls of the public
vtded for the appointment of four additional i service. If money accumulate, at any given
salary officers, and which, in the draft of the j point, to an amount whicn, from the smallness
bill, the committee had, to distinguish them
from the receivers of public money at the va-
rimis land offices, denominated “ receivers
general ol public money.” These officers
were to he appointed by the President, by and
with the advice and consent of the Senate, us
other officers of like importance w ere appoin
ted ; were to hold their offices for the same
terms of four years ; and were to be located,
one. at New York, one at Boston, one at
Charleston, und one at St. Louis, to take the
charge of the offices and vaults for (he safe.
of the officer’s bond, or from any other.cause,
the Secretary shall have reason to fear is, pr
may be, unsafe, he -hould be authorized to
transfer it, or any portion of it, to a place of
safety. If money accuinul ite at points where
it is not wanted for disbursement, he should
have the same authority to transfer it to a
point where it is so wanted. If a depositary
be located at a place remote from any bank,
and any office ol safe-keeping, similar author
ity will be required to transfer his collections
for deposite. These, and manv other occa-
tbe property in it, which gives it the cliarac- j red, if faithfully executed, would accomplish
ter of a special deposite; and if that article ! that intention. If the banks should receive
be converted by tbe bank, although instantly j the money, under this understanding, and
replaced by an exactly similar article in cv. with an intention on their part to carry it out
ery respect, the identity and property are j in good faith, what would he their true inter-
both gone, and the option of the depositor! est in this matter? Mould it not be to have
alone must determine whether his indemnity j their power to use the money placed beyond
shall be the responsibility of the institution or question? To have physical disabilities in-
the article tendered in exchange. Hence the j terposed between them and that portion of the
different liabilities of the bank in the two ca-
ses. In the first, it purchases the money
keeping of the puhiic money at those points ( sions, will arise for the exercise of this power
respectively, and of the money placed therein, j to make transits.
He was well-aware that this was a feature j The twelfth, thirteenth, and fourteenth sec-
ot the bill not calculated to be popular, upon j lions, contained provisions to authorize spe.
a slight examination, and that il was not pul- I cud deposites of public money for safe-keep,
atable to some of the friends of the measure 1 ing, at all places w here there was no office
generally. It was not his purpose to discuss ! for the safe.keeping belonging to the Govern-
this provision at large, in this place, as the meat. The only parts of the sections which
course he hud marked out for hunself would
require that he should again recur to it: but
u few remarks upon the necessity of some
provision of the sort were called for here. It
it would be material lor him to notice, were
those w hich defined the character of the de-
posites. The}’ are made stnctly special, and
was indispensably necessary to the operations
of the Treasury, that it should have agencies
of some description a: these points. The col.
lections and disbursements at them all made
this imperative, and if it was designed to dis
continue the banks as fiscal agents, some oth
er must be substituted. This would be ap
parent to all, merely from recurring to the
names of the places, and to their importance
ns commercial towns. It was true that, in the
bill reported by the committee, at the extra ses
sion ol Congress in September, no provision
was made for this addition to the existing of-
fleers of the Treasury Department. The du-
ties now proposed to be assigned to these new
offices, were, by that hill, devolved upon the
respective collectors of the customs at the pla.
ces named; but it was then stated to the Sen
ate by himself, in his place, that this aud mn-
ny other matters of detail were purposely
omitted, that the bill then reported might be
made as simple as possible, and embody the
great principles intended to J»e -secured by it;
knowing, as the committee did know, the
a broad discretion is given to the Secretary
ol tbe Treasury as to the measures ho will
adopt to secure to them that character. In
case he shall think it wise to do so, lie is au-
tiiorizcd to provide iron safes to be placed in
the vaults oi the banks, for the exclusive kee.
ping ol tbe public money, and so constructed
that they may bo under the joint control of
the bank and the depositing officer, so that
neither can gain access to the mouey without
the consent and aid of the offier. A further
condition is, thut nothing but gold and silver,
aud paper issued upon the authority ol the
United Stales, and made, l»y law, receivable
in payment of the public dues, shall be offer
ed for deposite by the depositaries, or recei
ved on deposite by the banks. It us further
provided, that all deposites shall be carried
upon the books of the bunk to the credit of
the officer making the deposite, and not to
the credit of the Treasurer of the United
Stales; that neither the Treasurer nor the
Secretary of the Treasury, shall-draw upon
the bank for disbursements ot transfers; and
that the money deposited shall not be with-
witli its credit* and thus contracts a debt which
it is unconditional!} liable to pay ; in the sec
ond, it derives no property from the deposite
and is a simple bailee, with or without com
pensation, as its contract of deposite shall de-
ternune; but, in either case, only liablo in
case of want of ordinary care and vigilance
in the safu-keeping of the thing entrusted to
its keeping.
In the provisions for the special deposites
prov ided for, therefore, the Government only
proposes to hire the security of the vaults and
sales of the banks, for the keeping of its mon
ey, and tiie ordinary care and vigilance of its
officers, in guarding it while there. Beyond
these, it has nothing to do with the capital,
solvency, or responsibility of tho institutions.
How, then, ci n it be supposed that the provis-
tons are intended to carry distrust upon their
face against the solvency and responsibility of
the banks ? If tho vaults be sate, and the in.
tegrity of tho officers, their vigilance and
care, tried and known, ail insolvent bank is as
safe a place fora special deposite as a solvent
one; a bank unable to pay its debts, as a
bank abundant in its means beyond its liabil
ities. Cither can keep as safely and faithful
ly the property of another, placed in its vaults,
while the creditors of neither can avail them
selves of u special deposite, whatever it may
bo, without the assent and aid of the officers
ol the institution- How unnecessary, there
fore, to declare distrust upon the face of a
law, when almost all interest in the just
grounds tor that feeling is put at rest by tbe
nature and character of the deposite to be
made ? And how unnatural to infer such
distrust from language which docs not neces
sarily convey it, when the character of the
contract proposed to be made docs not re
quire the inference.
It was further alleged that the provisions
conveyed imputation against the integrity of
the officers and managers of the banks, and
that, therefore, they would not contract with
the Secretary of the Treasury for the depos.
ites proposed. Was this a fair construction
of the provisions of the bill ? Was it an irn-
proper or ungenerous distrust of the integrity
.of those who had the management of these
institutions, and the.care and custody of the
property placed in their charge, to set guards
over their conduct ? What did the bill pro
public treasure committed to their cliarue?
Observation and experience must, already,
have taught them that the distrustful eye of
public opinion follows the public treasure,
and, unless the most efficient guards are pro
vided by tbe Government, and assented to by
the banks, will not the most injurious suspi-
cions of a breach of their trust be likely to
rest upon them ? Ought they not, for their
own indemnity, to desme that the use of these
moneys should be placed beyond their pow-
er ? And will they not have some just rea
son to apprehend that objections on their
part may give rise to suspicions as to their
disposition faithfully to execute the trust in
conformity with its intentions ?
The fifteenth and sixteenth sections provi-
ded checks upon the various depositaries con
stituted by tbe bill. The first authorized the
Secretary of the Treasury to appoint special
agents, whenever he may find it necessary,
to inspect the books, accounts, money on
hand, and other business of any depositary.
The principal object of tins section, as lie un
derstood that object, was to enable the Secre
tary, whenever the returns of the officer, in
formation communicated bv third persons, or
any other information, should authorize a sus-
picion that all was not right with anv one ot
the officers entrusted with the sale-keeping
of public money, to appoint some competent
citizen, as a special agent, to present him
self, unexpectedly, with authority to examine
the official transactions of the officer, to de-
tect and correct error, if error should be found
to exist; to expose fraud and bring the offi-
cer to punishment, in case dishonesty should
be detected; and to justify innocence, if sus
pected without foundation. It was true, the
section made these examinations compulsory,
at long intervals of one year, in cases where
the amounts collected usually exceeded a just
proportion to the amount secured by tbe boud
of the officer; but this part of the section lie
considered of much less importance than that
he had before noticed. He considered its
principal utility to exist in the authority to
appoint an agent unknow n to the officer, and
who might come upon him in an unprepared
state. If the agent were to be one perraa
nently appointed, and publicly known, one
whom the officer might watch and guard him
self against, he should consider it not worth
retaining. He was aware that, in its presept
point, and hi? f"und that many of the nations
of Europe, from which we had copied most
of our public laws, made this act a felony,
with much more severe punishment than is
here proposed. He had heard no objection
against this feature of the bill from any quar
ter of tbe House, and he hoped there would
be none.
'I he twenty-first section might not be con-
sidered by some as peculiarly appropriate to
this bill; but lie trusted to be abie to satisfy
the Senate that it connected itself with its
provisions in a very important manner, and
ought to form a part of it. The section made
it the duly of the Secretary of the Treasurv,
when there should be an amount upon depoe-
ite to the credit of the Treasurer beyond the
sum of four millions of dollars, to invest such
surplus in stocks of the United States, or of
some one of the States, bearing an interest,
and transferruble at the pleasure of the hol
der, by delivery or assignment; but it prohib
ited the Secretary from becoming a, subscri
ber to, or purchaser of, any new stocks about
to be issued by any State, and thus prevented
him from holding out any inducement to any
State to issue stocks with a view to these in
vestments. It nlso directed him, whenever
the money in the Treasury, or standing to tho
credit of the Treasurer with the several de
positaries, should be less than four millions,
to sell so much ol the stocks, in which any
surplus should have been invested, as would
keep the money in the Treasury at that
amount, or as bis information might satisfy
him the wants of the Treasury would require.
Provisions of the character contained in
this section were not new to the Senate.
They had been, upon a former occusion, in
troduced thereby himself, as a moan of dis
posing, in the most safe and profitable man
ner to the Treasury, and in the way he thought
would prove most convenient to the business
interests of'.he community, of a large surplus
of public money on deposite in the banks.—-
A different disposition of that subject seemed
preferable to the Senate, und the provisions
for investment did not meet with favor. He
entertained a strong hope that their natural
connection with this bill, and with the saluta.
ry workings of the system for the manage,
merit of the public finances provided for by
it, would give to it a different reception at
the present time.
It was found that the widespread operations
of the Treasury required about four millions
of dollars constantly on hand, including tho
nmounts in transitu, and the million, or there
abouts, constantly employed at the mints, but
-that accumulations beyond that sum were, at
all ordinary periods, accumulations to be kept,
not acted upon, for the time being. To
avoid, then, the risks of keeping, which for-
shnpe, it was objectionable. to< some of the mod a material ol>jectiW with l|tosq Vbci''op-
. _ ’ ''
■ir.ittifiariia
