Treasury may require as heavy collateral security, in addition to their capital paid in, from such a corporation, as he could from an individual collector or receiver, which makes the Government deposites safer in the hands of a bank than it could be with an individual. [FEB. 10, 1835. That amendment is, that the deposite banks shall be selected by the Legislatures of the respective States. In regard to this, it is enough to say that, if it be adopted, any State Legislature politically opposed to any administration, or in favor of the creation of a national bank, would have it in its power greatly to embarrass the Treasury, and render the fiscal operations of Government inconvenient, expensive, and unsafe. The Legislature of any State opposed to an administration, or desirous to bring the present system of State bank agency into disrepute, and to see it fail, so that the country might be forced back upon a national institution, might select their worst banks, or those the most inconve niently situated, and which would not or could not faithfully discharge the fiscal agency intrusted to them. If the States are to select the federal agents to be employed to receive, safe keep, and disburse, the public money, upon the same principle the States should be employed to appoint the public agents who collect the public money within their limits. The officer who collects and the person who keeps and disburses the pub It may be well questioned whether the heaviest security which the most wealthy individual could give, could make the public deposite safe at the point of large collection. In the city of New York half the revenue is collected. Several millions of public money may be in the hands of a receiver at one time; and if he be corrupt, or shall engage in speculation or trade, and meet with a reverse of fortune, the loss sustained by Government would be inevitable. With ample security, as it was supposed, the Government lost a million or more in the tea cases, a few years ago. The losses in three cases alone, as already stated, in 1827 and 1828, when it was supposed ample care had been taken to secure the debt, amounted to near two millions. As, then, between the responsibility of a public receiver and bank corporations, as banks do exist, and are likely to exist, under State authority, the latter, upon the ground of safety to the pub-lic money in any State, are equally federal agents. If lic, are to be preferred. Banks, when they are safe, recommend themselves to the service of the Treasury for other reasons. 1. The increased facility they possess over individual collectors or receivers, in making transfers of public money to distant points for disbursement, without charge to the public. Indeed, this is a service which individuals, to the extent of our large revenues, could not perform. 2. It may happen, in the fluctuation of the amount of revenue and expenditures, that there will be at some times a considerable surplus in the treasury; which, though it may be temporary, if it be withdrawn from circulation, and placed in the strong box of a receiver, the amount of circulation will be injuriously disturbed, by hoarding the deposite, by which the value of every article of merchandise and property would be affected. So that, inasmuch as we cannot anticipate or estimate what the exact amount of revenue or expenditure may be from year to year, there may occur an excess of revenue in the treasury, not immediately called for to be disbursed, which it would be very inconvenient to abstract from trade and circulation. Whilst the deposite is in a bank, the bank may use it, keeping itself at the same time ready to pay when demanded, and it is not withdrawn from the general circulation, as so much money hoarded and withdrawn from the use of the community. the object of the gentleman from Georgia, who has given notice of his intention to move this amendment, leaving to the States the right to select for the Treasury the banks of deposite, be to guard against the exercise or abuse of the patronage which is supposed to attach to the power of selection, he will find, by looking to the provisions of this bill, that it effectually guards these deposite banks, when once selected, from any such influence. When they shall be once selected, they may hold the public deposite, not only independently of the Treasury, but, if you please, against the will of the executive department of the Government, so long as they continue to perform the duties and services prescribed in the bill, and stipulated by them to be performed in their contracts, and so long as the public money may be considered safe in their custody. So long as they shall continue to discharge the duties and obligations imposed on them by their undertaking, and shall keep in a safe condition, the deposites cannot be removed by the executive authority. The power to discontinue them as public depositories is reserved to Congress, and no pow. er, whilst Congress is in session, is reserved to the Executive, except to report to Congress for their action, if any of those banks have, in any respect, failed to conform to the provisions of the law, or have become, or are likely to become, in his judgment, unsafe. The executive power to discontinue exists only during the recess of Congress, and can then only be exercised for palpable violations of some one of the conditious upon which it receives the deposites, or because of alleged unsafety of the public funds; and, in that case, the facts and reasons upon which such discontinuance has taken If in the hands of receivers, they must either hoard it, by keeping it locked up in a strong box, or use it at their own risk in private speculation or trade, or they must, for their own security, and on their own responsibility, place it at last on deposite in banks for safe keep-place are to be reported to Congress at its next session. ing, until they are called on by the Government for it. This temporary use of the money on deposite in a bank constitutes the only compensation which the bank receives for the risk of keeping it, and for the services it performs. If receivers be employed, they can perform no other service than to keep the money, and must be paid a compensation from the Treasury. The other provision of the amendment proposed to be offered by the gentleman from Virginia, which requires that the public revenue shall be paid "in the current coin of the United States," is unnecessary. No public creditor can now be paid in any thing but current coin by any of the deposite banks, if he demand coin. Nothing but coin, or the paper of specie-paying banks, readily convertible into specie, is now received in the payment of the public revenue. The House has had notice of another amendment to be offered to the bill, and it is the last I shall notice. The power to make the selection in the first instance was given to the Secretary of the Treasury, because, from the nature of his duties, he was supposed to be more competent to make them than any other officer. The selection once made, and these banks are no longer the recipients of favors which depend on the executive will, and are under no obligations other than faithfully to perform the duties required of them by law, and which they have stipulated to perform. Should this bill pass, there can be no danger that the power of se lection, which it vests in the Secretary of the Treasury, could be used as a branch of executive patronage; for the banks, when selected, would not be dependent on the Executive for the continuance of their agency. The present deposite banks would probably be continued; and, if so, it would be necessary to make but few, if any, new selections. If Congress fail to pass this, or some other bill regulating the selection and employment INDEX TO THE DEBATES IN THE SENATE. Adams, Mr., 10,000 copies of his oration on the life and providing that a majority of the members of both American consul at London, his claims allowed, 219. the bill making appropriations for fortifications for civil and diplomatic expenditures of the Gov- The bill being amended by the House of Repre- Baird, David, a bill for the relief of, 242; passed, 576. Bank of the United States; a resolution calling for any Bank charters, District of Columbia, amendments propo- Bond, Lucy; a bill for allowing interest on certain claims Bulfinch, Thomas, a bill for his relief, 278. Catlett, Charles J., a bill for the relief of, 536; rejected. Cherokee Indians, the petition of John Ross, a principal Chesapeake and Ohio canal; a bill making further ap- Civil list, appropriations for, (See appropriations.) Columbia, District of; a bill to authorize the adoption of VOL. XI.-1 Columbia, District of, a bill for the relief of the cities Cowpens, a resolution authorizing a gold medal to be Consul, American, at London, (See American.) Cumberland road, a bill for continuing and repairing Cumberland river, a resolution proposing an appropria- Cutts, Thomas, report on his memorial, 82. a bill authorizing a remission of, on railroad cars, a bill to suspend the operation of certain por- Executive patronage, resolution for appointing a com a bill to repeal the first and second sections of Expunging resolution offered, 510; taken up, 631; laid Foreign Powers, a resolution authorizing the sale of the Fortifications, resolution respecting fortifying the Pa- resolution instructing the Committee on Military Fortifications, bill making appropriations for, (See ap- France; resolution calling on the President for the in- French spoliations, a bill reported to provide satisfaction Lighthouse at Mobile point, a bill making appropriation McCord, David, a bill for the relief of, 241; passed. Mississippi, a bill for the removal of a bar in, 237; passed. a bill to regulate the pay of, considered, 716. Offences against the United States; a bill to amend the French relations, copies of the correspondence which resolution directing the new Senators to be sup- 701. 241. History of Congress, (See Carey & Lea.) Indian department appropriations, (See appropriations.) first directing the Judiciary to inquire into the Judicial circuits, a resolution to arrange the circuit a bill to carry the same into effect, 584; com- Lafayette, General; report of the committee appointed a bill proposed to appropriate, for a limited time, a bill reported to authorize receivers and registers claims, a bill providing for settlement of, 79; maps of, a resolution directing the Secretary of Lawrence, R., case of, in relation to an attempt on the Leavensworth & Bloomington and other railroad compa- boundary line; a bill to establish the northern resolutions in reference to the Bank of the Uni- Order, points of, 427, 428, 432. Pension agency in North Alabama; a report on a resolu- Polish report on the case of R. Lawrence, (See Law- exiles, a bill to amend the bill of last session ma- table. Post Office and Post Roads, present Committee on, con- report made on the subject, 244. bill for reorganizing the Post Office establish- resolution on the subject of the debts of, 413. Potomac bridge, a bill to amend the act authorizing the message accompanying a copy of the declaration message in answer to a call for instructions given to ministers in France, 77. &c., 595. Public deposites, a bill to regulate them, 620; passed, 660. Railroad cars, remission of duties on, (See duties.) Road from Lyme creek to Chattahoochie, a bill making Senate printing; a resolution directing the Secretary of Shepherd, Moses, a bill for the relief of the representa- Singleton, Wyatt, a bill for the relief of, 241; laid on Standing committees appointed, 6. Tyler, Nathaniel, a bill for the relief of, 239; laid on the Tyler, Mr., (Virginia,) elected President pro tempore United States and Indian tribes, (See Indian tribes.) a bill for the improvement of the Wabash, 83; a resolution calling on the Secretary of War for White, Joseph, a bill for the relief of, 234; passed. on the bill for improving the Wabash river, 89. on printing 20,000 copies of the report on our on the resolution declaring it inexpedient to adopt Yeas and nays on the bill for the relief of Moses Shep- on laying on the table a motion to print the Ala- on the motion to print 20,000 copies of the re- on engrossing the bill making indemnity for on the Post Office bill, 360. on printing 10,000 copies of a report on execu. on the Cumberland road bill, 413. on the bill supplementary to the act for the relief on the bill for the relief of the representatives of on engrossing the bill for repealing the first and 491. on an amendment to ditto, 571. on the bill for establishing branches of the mint, on the bill supplementary to the act to amend the on the bill to regulate the public deposites, 629, on the bill granting additional land for Virginia on the general appropriation bill, 713, 714. on a motion to take up the expunging resolution, on an amendment to the Delaware breakwater on the expunging resolution, 723, 726, 727. Benton, Mr., Missouri, on furnishing Senators with the | Clay, Mr., Kentucky, on call on the President for the our relations with France, 108. Ohio boundary line, 115, 117. gold medal to Colonel Croghan, 236. Post Office bill, 310, 319, 344, 353, 358, 359. the judicial system, 589. bill for the relief of the cities of Washington, Black, Mr., Mississippi, on a mail route in Mississippi, 80, 81. establishing branches of the mint, 599, 606, 611. general appropriation bill, 713. Brown, Mr., North Carolina, on the expunging resolu- establishing branches of the mint, 576, 577, 604. Buchanan, Mr., Pennsylvania, on the exemption of mer- our relations with France, 206, 213. bill respecting custom-house officers, 398. bill to regulate the public deposites, 621, 629. Calhoun, Mr., South Carolina, on our relations with executive patronage, 109, 361, 389, 417, 418, Post Office reports, 245, 248, 249, 250, 269. Post Office bill, 350. establishing branches of the mint, 551, 552, 605, bill for the relief of Washington, Georgetown, disagreeing votes of the two Houses on the Clay, Mr., Kentucky, on the bill to appropriate the pro- presents from foreign Powers, 35, 218. on the life and character of General Lafayette, 44. instructions given to our ministers in France, 45. report on our French relations, 104, 105, 106, printing the oration of Mr. Adams on the life and Post Office report, 245. Alabama resolutions, 253, 255, 257, 264. Cumberland road bill, 409, 412. executive patronage, 454, 455, 513, 570. a proposition for amending the constitution so establishing branches of the mint, 552, 576, 580, the judicial system, 592, 594. Alabama two per cent. fund, 615. bill for the relief of Washington, Georgetown, bill granting additional land for Virginia land election of printer, 693. general appropriation bill, 701, 705, 711, 713. 722. disagreeing votes between the two Houses on the Clayton, Mr., Delaware, on the claim of Thomas Cutts, Ohio boundary line, 109, 115, 116. our relations with France, 213. 82. graduating the price of public lands, 238. Alabama resolutions, 264. executive patronage, 503, 537, 538, 571. O. B. Brown and Post Office Committee, 692. Cuthbert, Mr., Georgia, on our relations with France, Ewing, 208, 212. Post Office report, 250, 251, 253. establishing branches of the mint, 609. Mr., Ohio, on our relations with France, 106, 107. |