Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-25
REPORT
UPON THE FISCAL. AGENT

n compliance with their request, to both Houses OF
Congress;
The Secretary OF the Treasury in compliance |
With the 'esout,on Of the House OF Representatives
Of the 18Th inst has tho honor of submiltin, the |
draught Of bill for the cstnb ishnicnt of Board
oi EScheqner at tho seat OF Government, with |
agencies ~ the sewers, States ard Territories
In preparing this bal, II has been his intention TO
keep whin, and hi up, the general outline oi the |
me1, sure, as proposed in the message OF the Presi-
dent q, the opening OF the session. but he does not
a alter himself that viii be found perec, in its
,.tai'sas not TO require notifications and careful
revision by The $50 Houses Of the Legislature.
As TINS measure has, necessarily, been Tor Some |
time under the COAST ieraton or the President and
his Constitutional advisers, the undersigned is d..
rec,ed by him TO accompany the hill with general |
exposition oi the views en'ert''ncd by him, and |
concurel IN 10y them, respectn. IL
In what manner aud under VIVA. securities the !
pubic money shall I've krp'; IN what manner, or
whether in any manner this Government shat q
temp, to supply sound medium for payments u
the rre,.ury, and for tho general uses OF the PEG
pic; M VIA, inner, ~ whether m any manner it
shall attempt TO .reht the general Business at the
county, by furnishing I,cilIucS Of exchange, are
questions which have no. ceased TO rstSte the com
,nunty Tor eight years. Upon these questions much
opposition ct opinion has pgcvll,td, n0d ardent
andl intense political controversies AMI slruy scs
have been founded. IL is time that this state o.
things were brought To m end. L. IS time that such
n. that the people may feel that the pubic treasures
are safe. IL is time too, that, IN relation curren
CIV and exchange, individuals may know what they
have To expect, nr whether they may expect any
thing from tie measures of Government. Doubt
md uncertainty ~ this respect constitute the wo.st
of all cp,dti,ns They affect every mans men
of livns SUD inst-'f OF giving encourns cement md
applying = sr'mIo's To individual exerlion and e.
tot check the mani " industry suppress the spirit
OF en'erpris'. ant Sr,ng stagnluOn and para SIS
IL. ~. a. la. A
subjects vI,iUy connected with mans personal
and domestic welfare the people have a right to
criire ,nr what is ~ bs done should be done with
out further delay, order that they may Rcconmo.
ds'e themselves 10 the policy OF the GOyerrrl mt
whatever that policy may De- aud D" prepared TO
give correspondent direction To tier own "a.
dusty and business. TIL" great want of the
I.ountry is the want of confidence, confidence m
the steadness and stibllIy ui the policy of the
Government; confidence IN that which regulate, the
value Of property and the wages of labor; conf
dence in the establishment AMI preservation Of the
necessary and ordinary means VG exchanging pro-
ducti0n, and Of huy,ns and selling with security
so that the intercourse between different parts Of the
Country may he carried with It's former activity
and usefulness. The object of the Plan suggested
10 Congress IN the Presidents Message and now
presented for its cons Iteration in the form o. bill
IS 10 establish THIS confidence, auj % give the coun
try tranquiIty l. Is designed 10 teraInqte conten-
tionS OF long standing, and 10 restore that peace
Quei, N'll SAILS ACTON WIN me sac OF publfC al
fairs, without winch men cannot pursue their VEGA
tons either with chcertu,neSs Or with success -
Amidst the conf Ct Of widely differing opinions,
measure il rec nricndcd which avoids extrem. on
bo:h sides. |, p.1Ap-es less, far less than many
think IL dcsiran.e that Government should 20 and
al the same la than others are re ldy 10
.ecn prisu nd a!'i- 1T Jsi medium, a common
gro>'nd, 90 WH4'h ,IlSc may consistently stop who
might vet wish 10 - further, and 10 which they
may adva2ce without self ropro Oh, who would ne.
yeuheless ha :'e desired 10 iaI shoot OF IT, Il doe.
attempt To collect capital by private suh,crip.
ilon for the general purposes OF loans and discounts
and therefore does not propose to perlurm the ord,
nary functions OF Dlnk. Or the otter hand u
does not propose to lock up the public moneys from
the time Of collection 10 the time ni Disbursement
nor TO demand specie payment for every debt due
TO tie Government making IN attempt, at the .ime
time, furnish the country with either currency or
exchange, AMI entirely c1nten;ins itself with scrur-
ing specie payments mo the Treasury. In these
respects II diff from the system established bv
the law, now repealed, generally called the sue.
Treasury act.
II is not intended here n discuss the re,nsctiva
merits OF these TWO systems, which may ne regard
cd as extreme opponents of each other. Bl, II may
he proper to say, IN regard 10 Bunk OF the United
States, that VI there were Ia quarter any constl-
tuiOnal OBJ elton to the creation OF such m instttI-
ton, II would nevertheless not have been recon-
mended TO Congress, in the present condition OF
things as measure likely to afford relief 10 the
country. Such IS the condition OF the CURRENCY in
many OF the ) a;es, such the deporabIe 6eDress,nn
OF general credit, roiucsd 10y that condition of the
currency and by other causes, and such the ezstiny
pressure IN the money market, arising as is believed
IN srel; degree fTOn want OF conf fence that there
IS little probability that private subscriptions. nav
able m specie, would be obtained TO any bank wi,b
an ordinary charter. TINS opinion is strengthened
by the fac, that SIX per cent stocks of the United
States, row IN the market, go slowly and heavily
ia!o pnva'e hands, and although TN, Is doubtless
party attributable TO the short period within which
those stocks are made redeemlbir vet the general
fact c0ncurs with other reasons in PRODUCING G,I
conviction that II would be useless az the present
moment, TO attempt ;he creation OF bank with n
cipta 10 be furnished principally by private sub.
Scnptons, and intended to discount, through It's
branches, bills IS notes IN all parts of the countrv
even II CONSTITUTIONAL objections were out Of the
way. And IN regard 10 the Sub.Treasury sys en-. !
II Is perhaps enough 10 say that Il Is supposed re-
turn 10 that system, at any time hereafter. is an
event highly inproh ibIe.
Between tNess--a bank on the one hand. and the
system Of the Sub Treasury ON the o,her-tbe ne,
sen. plan IS offered, seeking to AVOID the olierors
winch exist to each, and TO accom- plsh. to some q
tent, the good designed by both. The p,nn. such
rs Il -, wi be received and considered II is NOT
douoei, ~ sP'rI OF oandlr and concrIiit'on and .
win disposition. not so much 10 persist IN the
pursuit Of What may he unattnInab.c IS to ,u-n In
me greatest pEacicsl advantage Of the country the
use Of all those means the employment OF Sb;rr
may be expected to meet the general concur
renee.
The oil now submitted nav ia ,on.,i.,,d o.,
having three principal ohjrcs IN view;
Isl. The e keeping Of the pubic moneys.
20. The 'urnisbiny. rs we for safe and convent.
ent payments 10 me Treasury for the use o. the
colni'y, a paper circulation always equivalent TO
god and silver, ard Of universl credit.
, 90. prov .ion Tor supplying, 10 some extent,
the msans Of cheap AM slfe EXCHANGE IN ,bs
commerce between the several Sfatss
u the hish importance of the first Of thss, a..
l'cis, no one can entertain douut. The rul,nr
moneys nte received by the Governrnent f,o, he
Ieppe' Tor the necessary uses 81 the country. ,r-
co'o'nE 10 'hs constitution. and ought ever IN be-
c. eemed sacred trust. They ire carns. ~, tho
industry OF the people; and, wine stlelv r.ilrIra .
u6d applied only 10 'ea.Iy necessary ard cone. ,,,
tDnal purposes. will be rrsc .ruly c0n'rii,p,rd Ly
plifio'ic community. TIE people have "a r,,by ,o /
be as safe ~ good laws aud iit1lu administration
can make them, agalns. bo.H waste anH f.ss Ivss
the remark Of the late President, striking Ev II. /
evliy Ms well ~ its truth, that Cvry dol ,yr bv
uniai'hiuness IN uii.c tents % create new rba,g.
upon Inc People; and Ibis truth canno, be- Ken, Too
fully or to- constantly in view.
pebs and dues accruing TO the Uni',d States are
paid, IN the FIRST place into the hands ~ the appro
pr ate collectors nnd rCce'vefB Gn ths.s hand t,c
safety 81 the f1nds srppo.ed 10 10, seemed n The
integrity and cure ~ the officer and the sui-irnry
81 his oihcid bonds, an1 by tho enf,rcefol n, of a
strct sys'sm oi frequent accounting. In the carly
history NJ u" Govsrnm,n', and so.net,nss NJ more
recent per ods, when public moneys " re IN he used
iOg their proper purppscs the drafts Of ,he Treasure
have been made directly on these hr,t tecin,spts -
~ other times, and when there has been Bank Il
tGs VI. StItes IN existence, the laws has reauired
thitihos moneys should he deposited IN such bank
BY the act OF June, 1886, II was provided that
public moneys should he deposited in certain State
tanks. called deposlte hinks; and finally. by the
nrf Nav L.. gr..f g.