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587. the Independent Treasury of the United States and Its Relations to the Banks of the Country

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587. the Independent Treasury of the United States and Its Relations to the Banks of the Country 61ST CONGRESS { SENATE f DOCUMENT 2d Session j I No. 587 NATIONAL MONETARY COMMISSION The Independent Treasury of the United States and Its Relations to the Banks of the Country BY DAVID KINLEY, PH. D., LL. D. University of Illinois Washington : Government Printing Office : 1910 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NATIONAL MONETARY COMMISSION. NELSON W. ALDRICH, Rhode Island, Chairman. EDWARD B. VREELAND, New York, Vice-Chairman. JULIUS C. BURROWS, Michigan. JOHN W. WEEKS, Massachusetts. EUGENE HALE, Maine. ROBERT W. BONYNGE, Colorado. PHILANDER C. KNOX, Pennsylvania. SYLVESTER C. SMITH, California. THEODORE E. BURTON, Ohio. LEMUEL P. PADGETT, Tennessee. HENRY M. TELLER, Colorado. GEORGE F\ BURGESS, Texas. HERNANDO D. MONEY, Mississippi. ARSENE P. PUJO, Louisiana. JOSEPH W. BAILEY, Texas. ARTHUR B. SHELTON, Secretary. A. PIATT ANDREW, Special Assistant to Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NOTE. This monograph is a revision and continuation of the work of the present writer, published by Crowell & Co., New York, in 1893, under the title "The Independent Treasury of the United States/' The main purpose of the essay, when first written, was not so much to trace the history of the United States Treasury in great detail as to state its influence as a receiver and disburser of money upon the money market and business interests of the country. That purpose has been held in view in the revision, although a few details have been added to the historical part. For kindly help in furnishing materials necessary for bringing the discussion down to date I am indebted to the First Assistant Secretary of the Treasury, the Treasurer of the United States, and the assistant treasurers in New York and Chicago. DAVID KINLEY. 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS. Page. CHAPTER I. The banks and the Treasury to 1833 7 Procedure previous to the establishment of the Second United States Bank 7 The Second United States Bank 16 II. The state banks as depositaries 26 The removal of the public deposits and the specie circular 26 Proposal of the independent treasury by Van Buren 33 Repeal of the subtreasury law 41 Final establishment of independent treasury 46 III. Development of the independent treasury 53 The provisions of the law 53 The independent treasury during the Mexican war. 60 Defects shown in early years of operation 64 Early influence on the money market and renewal of connection with banks 69 IV. The organization and work of the independent treasury. 84 Provisions for keeping the public money 84 Banking functions of the independent treasury ... 96 V. The reaction toward closer relations with the banks ... in The period of fiat paper money in A decade of vacillating policy after resumption ... 117 The abandonment of the policy of independence .. 125 Security for deposits of public money 132 Operations of the independent treasury under the policy of reaction 137 VI. The influence of the ordinary operation of the inde­ pendent treasury system on business 147 The different periods of subtreasury action 147 The reaction of the subtreasury system on the banks 152 General conclusions concerning the influence of the independent treasury system 187 Factors which have modified the influence of the independent treasury 197 VII. Treasury relief in crises, through 1857 208 Methods of relief .* 208 Operation in 1853 and 1857 218 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission CHAPTER VIII. Treasury relief in crises, 1873-1890 225 The panic of 1873 225 The crisis of 1884 236 The stringency of 1890 236 IX. Treasury relief in the crisis of 1893, and the break­ down of treasury independence 245 The panic of 1893 245 Bond sales, 1894-1898 250 X. Treasury relief in the panic of 1907 255 XI. Conclusions as to treasury relief in crises 268 General conclusions 268 Relief by bond purchases 272 Relief by deposits in banks 278 Limitations of subtreasury relief in crises 281 XII. The independent treasury as a fiscal agent 291 In the Mexican war 291 In the civil war 294 In refunding operations 304 The loans of 1893-1896 311 The Spanish war loan 313 Conclusions 315 XIII. Proposals for replacement of the subtreasury sys­ tem 317 Conditions to be met 317 Classification of proposals 322 XIV. Summary 323 APPENDICES. 1. References 331 2. Subtreasury law with amendments 334 3. Treasury Department circular on the issue and redemption of cur­ rency 357 4. Treasury Department circular on public moneys and official checks of disbursing officers 359 5. Treasury Department circular on assembling of disbursing officers' checks, etc 364 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE INDEPENDENT TREASURY OF THE UNITED STATES AND ITS RE­ LATIONS TO THE BANKS OF THE COUNTRY. CHAPTER I.—THE BANKS AND THE TREASURY TO 1833. PROCEDURE PREVIOUS TO THE ESTABLISHMENT OF THE SECOND UNITED STATES BANK. The policy of the Federal Government with reference to keeping public money and dealing with banks has not been consistent. It shows alternate attempts at the use of banks and independent management. Roughly speak­ ing, our practice in this matter, since the adoption of the Constitution, may be divided into six periods. During the first two years—that is, until the establishment of the First United States Bank—the officers of the Govern­ ment followed the practice pursued under the confedera­ tion, of utilizing the banks and also leaving public money in the hands of collectors until it was needed. From 1791 to 1811 the First United States Bank and its branches were the principal depositaries.** The third period, from 1811 to 1817, was the first era of the use of state banks as the term is commonly understood. From 1817 to 1833 the Second United States Bank was the principal agency of the Treasury. From 1833 to l846 was the second era a This word is spelled both depositories and depositaries. The latter is preferable, and is used in this monograph, except in quotations. Of late years the reports of the Treasury Department use it almost uniformly. 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission of the state banks as government depositaries and agents. There was, indeed, a year within this period, from June, 1840, to August, 1841, the period of the first establish­ ment of the independent treasury, during which the Gov­ ernment was supposed to keep its own money. From 1846 to the present time the so-called independent treas­ ury, or the subtreasury system, has been in operation. Under the terms of the law establishing the independent treasury the Government was expected to keep its own money and to have no connection with the banking insti­ tutions of the country. But the sixty years during which the law has been in operation show the same attitude of inconsistency as to the use of banks found in the preced­ ing sixty years. That is to say, there are times within this period when the treasury officers, interpreting the law strictly, have kept away from the supposed evil influ­ ence of the banks; while there are other times in which the opposite spirit has been shown, and the use of banks has been resorted to so far as the law would allow, if not, indeed, beyond what, in the opinion of many, was legally proper. For example, from the time of its establishment down to the civil war the law was pretty strictly interpreted. The fiscal necessities of the Government in the civil war forced a closer connection between the banks and the Treasury, and the law establishing our present national banking system recognized the necessity of this by making these banks government depositaries of internal revenue. Since the civil war the pressure of business interests and the differing policies of successive Secretaries of the Treas­ ury have given us varying periods of large and small use 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Independent Treasury of the United States of the banks by the Treasury, until of late our policy has seemed to be to have a Treasury as little independent of the banks as possible under the law. The first attempts at independent holding and manage­ ment of the public money were due to circumstances not connected with either public or official hostility to banks. This feeling came later. During the confederation, and for a short time afterwards, circumstances did not make a large use of banks by the Government necessary. The attention of the people had been occupied with other mat­ ters. The West was very young, commercial develop­ ment was not great, and it is was customary for other gov­ ernments to handle their fiscal affairs through the banks. Our officers, therefore, had followed the traditional meth­ ods, and no public opinion had been formulated to influ­ ence them on the matter. But the feeling against banks, the popular distrust of the 4' money power," showed itself early in our history, and has continued with varying intensity until the present time. There is in this country a widespread feeling of dislike of banks of issue. Many people think that the privilege of issue is a government function and yields such large returns that private individuals and corporations should not be permitted to enjoy it. Our agricultural classes, especially, seem to think that our national banks deprive the people at large of something that rightly belongs to them.
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