The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-24


cpes and Il besides Objectionable as IL invades me
business habits and customs Of the people. Inc
laws and customs of conquered people are gene
rally shared by conqueror. Our rulers DO mol re-
sneci our babs of business our customs, or our h-
teresls.
Lei us observe the opposite financial views OF the
! two great parties that divide this country
Mr. Clay, by his land bill, proposed TO distribute
the proceeds OF The public lands among The SlaleS'
This law passed both Houses of Congress by im-
mense majorities, and vetoed by pockeling, oy
General Jackson. IL this law had passed, the 5sa
millions, OF dollars that poured into the public lrea-
sury and the banks ia 1885 and 6, would have gone
TO the States. Il would not have begouen or aided
The mad speculation of those years
The Deposite Bill passed in 1886, was resisted by
President Jackson, Mr.. Van Buren,, and Col Ben
ton as far as they were able In this their OPP
position was unsuccessful Their only principle
seems to have been The desire Of holding The forty
millions OF surplus as means of power and inhu-
ence.
| What are the present financial plans OF the OPP
posing panies7 The Democratic Wings, led by
those veteraa republicans, Harrison and Clay, aim
a, establishing sound and uniform currency. Pre-
sdenl Van Buren,, Col Benton and others, are for
specie the principal, il not the only circulating me-
dun. On the first OF January, 1888, The bank loans
and discounts were about All millions Of dollars
The Sub treasury may well be called revolutionary
and Disappointing" operating on such vast amount
Of Indebtedness II would not only Increase The
power Of the Executive and corrupt the Govern
nenl," but il would un6x values aud put to hazard
every mans properly.
4 tha bau IF he
try have awoke, as did the democracy in %, 10
sweep away this despolic, experimenting. empirical
administration.
| They propose TO restore the Government TO sim
pliciy and economy Instead OF 35 millions Of an
nual tional expenditure which President Van
| Buren, lays upon our weary shoulders, they propose
10 return to - millions, where Messrs. Adams and
| Clay left il.
| Instead Of forcing bank expansions and contrac-
lions, as Presidents Van Buren, and dickson have
done, they propose TO furnish sound and uniform
currency, always convertible into specie; curren-
cy sei-adjusing, which shall adapt itself TO the
wants and business of the country. 10 doing this
they propose restrict the Executive power, which,
within the last six years, have committed acts Of
despotism that would have cost king Of England
his head And 10 render this limitation Of the
Executive power sure Gen. Harrison is pledged TO
one term, and all his republican successors must do
the same.
This reform of The currency and restoration OF
business can be accomplished under General Har
rison's administrator without National Bank.
The Wings are neither bank nor revolutions
ry party. They will have he State banks, but they
will regulate them TO furnish a sound and uni
form circulating medium, always convertible INTO
| specie.
| And how is this to be donei We would propose
| the following plan by which the Wings, the repub
| licans Of our day. can accomplish this desirable
end-we propose il as plan for restraining, regu-
| lating and preserving the Stale institutions and fur
nishing perfect currency.
The administration Of the national finances fur
nishes the means TO attain this end. We propose TO
manage the finances without dependence the
banks or the Executive The National Treasury
ought to be put under the charge OF Treasurer OF
the United States, annually appointed by the House
Of Representatives who should give bail, and ac-
count every year, An independent organization is
allainable by establishing an United States Ex-
change Office 10 every State in the Union, controlled
by President at the city Of New York. The Elk
change President might receive and pay under the
orders Of the Treasurer of the United States all
| the debts and dues of The Government. The Pres-
dent might be annually appointed by the House
| OF Representatives, give b nd> with sureties, and
be held responsible for The public funds in the Ex-
change Offices. The Treasurer of the United
States might name Cashier TO reside at New
York, as an assistant OF the President secure
Exchange Office might be established in each State
under Cashier appointed by the Exchange Presi-
dent Weekly returns to b. made by all the Cashiers
| to the Exchange President and monthly returns 10
| be by him made to the United States Treasurer or
Secretary of the Treasury In each State the bills
OF all specie paying and safe banks might be receiv-
ed al the United STATES Exchange Office, provided
they redeemed according TO law, at the times fix
| ed by the Exchange President. The redemption to
be BY payment of specie or United States exchange
bills.
| These Exchange Bills to the sum Of ten millions
might be issued, after registry in the Treasury De-
partnent by the Exchange President in payment OF
the Government debts, and be payable atthe u s. Ex-
change Office in New York. They might be signed
| by the U. s Treasurer the Exchange President and
New York Cashier, in sums Of $40 dollars and up
wards1o $1,000 The taih OF the United States would
| be pledged for their redemption, and with the vast
sums always receiving at New York, there would be
| no difficulty in their redemption. Besides the
banks would seek them for exchange. They would
not bear interest, and would form perfect currency.
| As specie and q. S. Exchange Bills only would
be received from The Stale banks and as the Govern
ment ordinarily receives more than it pays out the
ST lie banks would be kept steady and could not
expand unduly This would keep the currency
steady and uniform, and It's expansions and contrac
lions would conform TO The business OF the country
This plan would allow Of the collection Of ex-
change at the rates formerly charged by the United
States Bank These commissions would pay the cur
rent expenses OF the establishment.
The nlan has all the adyanta ges of Limited Slaes