he existing laws in relation to the Treasury Department, subordinate in
all respects to the will of Congress directly and the will of the people
indirectly, self-sustaining should it be found in practice to realize
its promises in theory, and repealable at the pleasure of Congress. It
proposes by effectual restraints and by invoking the true spirit of our
institutions to separate the purse from the sword, or, more properly to
speak, denies any other control to the President over the agents who may
be selected to carry it into execution but what may be indispensably
necessary to secure the fidelity of such agents, and by wise regulations
keeps plainly apart from each other private and public funds. It
contemplates the establishment of a board of control at the seat of
government, with agencies at prominent commercial points or wherever
else Congress shall direct, for the safe-keeping and disbursement of the
public moneys, and a substitution at the option of the public creditor
of Treasury notes in lieu of gold and silver. It proposes to limit the
issues to an amount not to exceed $15,000,000 without the express
sanction of the legislative power. It also authorizes the receipt of
individual deposits of gold and silver to a limited amount, and the
granting certificates of deposit divided into such sums as may be called
for by the depositors. It proceeds a step further and authorizes the
purchase and sale of domestic bills and drafts resting on a real and
substantial basis, payable at sight or having but a short time to run,
and drawn on places not less than 100 miles apart, which authority,
except in so far as may be necessary for Government purposes
exclusively, is only to be exerted upon the express condition that its
exercise shall not be prohibited by the State in which the agency is
situated. In order to cover the expenses incident to the plan, it will
be authorized to receive moderate premiums for certificates issued on
deposits and on bills bought and sold, and thus, as far as its dealings
extend, to furnish facilities to commercial intercourse at the lowest
possible rates and to subduct from the earnings of industry the least
possible sum. It uses the State banks at a distance from the agencies
as auxiliaries without imparting any power to trade in its name.
It is subjected to such guards and restraints as have appeared to be
necessary. It is the creature of law and exists only at the pleasure of
the Legislature. It