Besides the plans above referred to, I am not aware
that any one has been suggested except that of keeping the public money
in the State banks in special deposit. This plan is to some extent in
accordance with the practice of the Government and with the present
arrangements of the Treasury Department, which, except, perhaps, during
the operation of the late deposit act, has always been allowed, even
during the existence of a national bank, to make a temporary use of the
State banks in particular places for the safe-keeping of portions of the
revenue. This discretionary power might be continued if Congress deem it
desirable, whatever general system be adopted. So long as the connection
is voluntary we need, perhaps, anticipate few of those difficulties and
little of that dependence on the banks which must attend every such
connection when compulsory in its nature and when so arranged as to make
the banks a fixed part of the machinery of government. It is undoubtedly
in the power of Congress so to regulate and guard it as to prevent the
public money from being applied to the use or intermingled with the
affairs of individuals.
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