The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-10

70 further elucidate the matter, the writer
| will submit some brief remarks, in numerical
order, with reference to the several points OF
the proposition:
| /. The commissioners, as contemplated,
would constitute financial congress Of in
finite value; emanating chiefly from the
! States, they could not be welded by any de-
partment Of the Government to advance the
views of any party. From such an influence
they would, indeed, be free, by the tenure Of
their Office, the nature Of their operations,
their guarded powers. and prescribed duties,
as provided in the organic laws TO be present
ed hereafter.
2. II is to be understood that the national
currency is not intended for the common pur-
poses Of money, but as an auxiliary to the
specie basis, and mainly to supply the facili-
ties Of commerce, and interchanges in large
transactions, in aid Of the issues Of the pub
lie institutions Of the several States. And,
although the limit for the entire Union is
apparently too much contracted, the amount
authorized to be issued is greater than the
greatest circulation Of the late Bank Of the
United States and if it should be found in
sufficient, the demand might be supplied by a
further emission Of the currency for general
circulation.
3. The required payment Of one per centnm
by. the States is intended only to cover
charges !; as the currency, being merely
measure Of value, could not justly be made a
subject Of federal revenue. With equal
Justice might the States be taxed for scales
and weights, or quarts and gallons, or 9th er
&c 1arr,h And
that per centage might be reduced, by one
half, after the first year. The reluisition Of
one-fourth in coin is esteemed sufficient; but,
being the minimum, if found insufficient, the
States would, necessarily, increase it to sus-
tain their respective institutions.
A. The smallest State would be entitled to
representative, and the largest to five, sub
ject to the restrictions Of the law. And, al
though the board might appear too numerous,
that objection would disappear when it should
be considered that large portion ofits mem
bers would be employed in visiting and in
speeding the institutions, whilst others would
be engaged in considering the subjects refer
red to them by either branch Of Congress,
besides their regular or ordinary duties
| S. The custody of the federal treasures
could not certainly be more safely placed than
under the guarantees Of the States in their APP
propriate institutions. And the benefits to
arise from the deposites could not be more
Justly disposed Of than by such distribution to
the whole people. The transmissions and
disbursements could be surely effected, under
the direction of the board Of currency, by the
public institutions of the States, as well as by
private corporations or individual officers.
The practicability Of the operation is proved,
in advance, by the ease and safety of our
revenue system, in contrast with the frequent
embarrassments Of such corporations.
6. The national currency would be re-
ceivable in all the States, as were the notes
of the late Bank Of the United States.
! Z. The mode of exercising yisitorial and
supervisory control over the institutions of
the States, and their respective branches or
| departments eminenty calculated 10 in
spire confidence, and insure compliance
with the required conditions, uniformity of
proceeding, and the most beneficial action
! is fully and distinctly detailed in the bill.
8. Besides their responsibility for the Gus
tody, transmission, and disbursement of the
public moneys, the States are required to re-
spond, in their sovereign characters, for the
currency, and for its redemption, on demand,
| in gold or silver, under conventional arrange
ments and sufficient guarantees.
9. The expenses Of the board would be,
in truth, but small advance for great bene-
fit, and might justly be regarded in the light
of seed sown for rich harvest. The com
missioners would properly appoint their ne
cessary officers, and take sufficient security
for their good conduct.
TO- The secretary would receive the con-
tributions, and, after defraying the expenses,
under the direction of the board, would ac-
count to Congress for any surplus, which
would be considered in the subsequent gradu-
atoms of the necessary per centage.
IL. The board, being entirely public de-
partment, would be open to the inspection of
any committee or officer Of Congress, and
subject to any alteration or modification which
experience might suggest
IL. Over and above the regular duties of
the board, in the character of financial Con-
gress, it would be peculiarly qualified to in
vestigate the great interests of agriculture,
manufactures and commerce in their various
relations, as connected with the main object
of its creation and to report thereon, from
time to time, as might be required by either
branch of the National Legislature.
From the foregoing, it will be seen that a
connection Of institutions belonging 10 the
states erciusipely, or to such as they mould be
responsible for, is contemplated and it is not
to be supposed that such responsibility would
be assumed without an entire or principal In