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The collection, safe-keeping, transfer, and disbursement
of the public money can, it is believed, be well managed by officers of
the Government. Its collection, and to a great extent its disbursement
also, have indeed been hitherto conducted solely by them, neither
national nor State banks, when employed, being required to do more than
keep it safely while in their custody, and transfer and pay it in such
portions and at such times as the Treasury shall direct.
Surely banks are not more able than the Government to secure the money
in their possession against accident, violence, or fraud. The assertion
that they are so must assume that a vault in a bank is stronger than
a vault in the Treasury, and that directors, cashiers, and clerks not
selected by the Government nor under its control are more worthy of
confidence than officers selected from the people and responsible to the
Government--officers bound by official oaths and bonds for a faithful
performance of their duties, and constantly subject to the supervision
of Congress.


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