Impressed, therefore, as I am with the propriety of the funds of the
Government being withdrawn from the private use of either banks or
individuals, and the public money kept by duly appointed public agents,
and believing as I do that such also is the judgment which discussion,
reflection, and experience have produced on the public mind, I leave the
subject with you. It is, at all events, essential to the interests of
the community and the business of the Government that a decision should
be made.
Most of the arguments that dissuade us from employing banks in the
custody and disbursement of the public money apply with equal force to
the receipt of their notes for public dues. The difference is only in
form. In one instance the Government is a creditor for its deposits, and
in the other for the notes it holds. They afford the same opportunity
for using the public moneys, and equally lead to all the evils attendant
upon it, since a bank can as safely extend its discounts on a deposit
of its notes in the hands of a public officer as on one made in its own
vaults.
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