Below is the OCR text representation for this newspapers page.

“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