The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-09-18
FISCAL AGENT FOR THE GOVERN
MlAENT, AND A CURRENCY AGENT FOR


points throughout the Union Call these repositories,
agencies offices, Banks of deposit sub-treasuries, or
any thing else fancy may suggest. Place each Of
them under the care of three different individuals, one
of whom shall be called receiver another cashier and
the other teller. The receiver should receive, the
cashier should keep and the teller should pay out all
moneys deposited Let each of these officers be APP
pointed by the President by and with the advice and
Consent of the Senate. Give to each one Of them,
when necessary, assistant who shall act as hrst
bookkeeper in his department. and who shall also re-
ceye his appointment from the Executive and Senate
If deemed necessary wise after full discussion let
the Constitution or law be amended to secure to
the President in relation to those officers, the power OF
temporary suspension, but not of final removal, with
out the consent of the Senate. ..,s . ...... IT,
Let the obligations of duty resting upon each and
all Of them be of such character and prescribed as
to make them answerable, in some measure, for the
misconduct Of EACH will compel them to watch, SUI
pervse, and check each other, and report denquen-
cies, when discovered, to head quarters. Fse'
Thus far, the interests of Government alone
would be provided for. But the necessities of the
people require the agency of some scheme which will
furnish them with national currency, medium OF
exchange, Of undoubted, substantial, and uniform
uaiue. In order to accomplish so high benefit for
the country, is proposed that Government should
cause to be prepared suitable quantity of certificates
of deposit or Treasury notes, in denominations of
twenty dollars and upwards, and in convenient
forms and with suitable engraving for circulation
amongst the people. Let these certificates of de-
post or Treasury notes be distributed amongst the
different Government repositories in such proper
Il Al
every citizen throughout the country have the priv
lege Of depostng any amount of specie in these de-
postories, and the right accrung thereupon, to de-
mand in exchange for the same these certificates
notes of Government payable on demand at the place
Of deposit in specie, and receivable emery aohere in
payment Of Government dues and for public lands
This privilege would place it in the power Of every
individual to convert his local bank notes, when pay
able in specie, into the National currency based dol
lar for dollar, on the specie deposited receivable at all
points for public Dues and endorsed by the highest
thority and best guaranty known to the People-that
| Of their own Government. The quantity of such
national currency which would thus be brought into
circulation, would he precisely commensurate aoi the
demand for it--no less, and probably more. The
regulating power State banks exerted through the
voluntary action of the People in Withdrawing the
specie from them, and converting it into the national
currency, would prove to be abundanty sufficient po
tent beyond resistance The tendency of this process
would be to encourage the introduction and retention
of the precious metals and sustain practically the gold
and silver standard of value-a line of its duty which
the Government seems studiously and purposely to
have avoided from 1871 to 1887. A commentator
the most conclusive and decisive in favor of such
| &c 10 hot a
totally excludes the of the public money by public
| agents or individuals the discount of promissory
notes, or of bills Of exchange, or any other act Of
loanine money granting facilities Of credit Hwould
have no stockholders lenders debtors borrowers.
Newspaper editors politicians, spectators, stockob-
pe, any osher class could get no accommodations
from it. Its issues would be confined to the specie
depositor-would be predicated upon and limited y
the specie deposits. The specie deposits under the
operations of trade and business would he fully equal
the just oants Of the country for currency, especi
ally National currency. When deposited, the spe.
would be represented in the business of the
try by the very best and most truthful representative
that could be devised,
Under such system, the productive labor of the
country would be the money creating, the money
making power. The money power would be separated
from the political power. The money power grows
out Of the right the poa0er to money; and the use
Of money, public private, is totally prohibited and
excluded from the operations of the system. The
Government would simply become the keeper of the
treasure of the nation and in its issue Of certificates
or notes to individuals would incur no other obls a.
tons than such would be incident to bank of de-
pos or to its character of keeper of such moneys
This relation to the public would afford the most
effective facilities for borrowing money in and all
public emergencies. Proposals from the Government
exchange its stock bearing reasonable rate of in
teres for its certificates notes in circulation, would
be readily embraced by money-hoders. The result
would be, the funding of such certificates notes by
the Government and the immediate possession and
of the specie originally deposited in exchange for them
greater facility and more prompt mode of realizing
cash in any emergency than could be afforded by any
other scheme yet devised.
An indispensable feature in the scheme would be
the collection of the public dues exclusively specie
and the certificates and notes of Government issued
in exchange therefor. Any connection with local
banks the banking system is totally excluded from
tina scheme. No other banking operation would be
necessary than the transfer from point to point, for
Government purposes of the certificates or notes of
Government received In payment tor public dues Or
if Government paper should be valuable and in
divduas should prefer to pay their dues to Govern
ment in specie, no transfer of such funds would be
necessary, inasmuch checks drawn by Government
upon specific deposits at the commercial points of the
country would generally be more valuable than the
specie ITSELF and consequently readily received in pay
ment of Government debts by Government creditors.
In this scheme all constitutional objections avoid
ed-po Fiscal Corporation nor Bank Of Discount is
established
A Fiscal Agent for the Government and Currency
Agent for the people is provided, with Unlimited ca
pacity to do good and power TO do harm.
national cnrrencu of The highesk 1,nssihle pnLue