Of the number of these drafts and the
facilities they may afford, as well as of the rapidity with which the
public funds are drawn and disbursed, an idea may be formed from the
fact that of nearly $20,000,000 paid to collectors and receivers during
the present year the average amount in their hands at any one time has
not exceeded a million and a half, and of the fifteen millions received
by the collector of New York alone during the present year the average
amount held by him subject to draft during each week has been less than
half a million.
The ease and safety of the operations of the Treasury in keeping the
public money are promoted by the application of its own drafts to the
public dues. The objection arising from having them too long outstanding
might be obviated and they yet made to afford to merchants and banks
holding them an equivalent for specie, and in that way greatly lessen
the amount actually required. Still less inconvenience will attend the
requirement of specie in purchases of public lands.
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