to a government
obliged to borrow.

'Another advantage to be derived from such associations would be
found in the convenient agencies which they would furnish for the
deposit of public moneys.

'The Secretary does not propose to interfere with the independent
treasury. It may be advantageously retained, with the assistant
treasurers already established in the most important cities, where
the customs may be collected as now, in coin or treasury notes
issued directly by the Government, but not furnished to banking
associations.

'But whatever the advantages of such arrangements in the commercial
cities in relation to customs, it seems clear that the secured
national circulation furnished to the banking associations should
be received everywhere for all other dues than customs, and that
these associations will constitute the best and safest depositaries
of the revenues derived from such receipts. The convenience and
utility to the Government of their employment in this capacity, and
often, also, as agents for payments and as distributors of stamps,
need no demonstration. The necessity for some other depositaries
than surveyors of ports, receivers, postmasters, and other
officers, of whose responsibilities and fitness, in many cases,
nothing satisfactory can be known, is acknowledged by the provision
for selection by the Secretary contained in the internal revenue
act; and it seems very clear that the public interest will be
secured far more certainly by the organization and employment of
associations organized as proposed than by any official selection.

'Another and very important advantage of the proposed plan has
already been adverted to. It will reconcile, as far as practicable,
the interest of existing institutions with those of the whole
people.

'All changes, however important, should be introduced with caution,
and proceeded in with careful regard to every affected interest.
Rash innovation is not less dangerous than stupefied inaction. The
time has come when a circulation of United States notes, in some
form, must be employed. The people demand uniformity in currency,
and claim, at least, part of the benefit of debt without interest,
made into money, hitherto enjoyed exclusively by the banks. These
demands are just and mu