The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-12
THE FISCAL AGENT.


The views Of the President, in relation to
fiscal agency, Swallowed forth in our paper OF
Tuesday last, commend themselves to every
one who feels the necessity of a better system
than the present, and who may conscientously
entertain constitutional objections TO National
Bank like either of the two formerly established
We are happy to find that they are extensively
approved.
The right of Congress to char ter corpora
ton in this District is clear and undisputed-
there are no scruples any where on this point.
The right OF the States TO establish corporations
within their limits is also clear, and has been
too long exercised to admit Of doubt. II is
the Union Of these powers, which the President
contemplates, as being perfectly feasible, clearly
constitutional, and as likely TO produce, on this
subject, the happiest results.
With the mutual consent Of Congress and the
States, an institution can be created, which viii
answer all the purposes desired by the friends
OF sound and uniform currency and Of safe
and convenient depository and agent Of the pub
lie funds, while, at the same time, the manner
in which we propose its creation, will assuredly
free It, more than any other system, from the
strfes Of party, and the fluctuations consequent
thereon.
The only objection we have heard against it
is, that il is not practicable thing for the States
to enter into an agreement or compact on this
subject. Let it be tried and ii the States do
not sooner or later, give their assent through
~. I IL -, L
people do not want the benefits which such an
institution would be capable If bestowing
And if the people do not want those benefits. as
suredly none will be hardy enough 70 force them
upon them against their will. But there is
scarcely Legislature in the Union which does
not, almost every year, charter Il banking corpo-
ration within It's borders How easy, therefore,
il desirable, would it be for these Legi ,alures,
instead Of continuing 10 multiply local banks, to
give different and more wholesome direction
10 this propensity. We do not contemplate the
destruction, or even neglect, of State banks, nor
would we propose that the branches OF Cen
trail Fiscal Institution should be made TO supply
their place, or be permitted TO discount accom-
mediation paper. We would have the State
banks supply the local currency and the local
wants. The fiscal agencies, while they supplied
national currency Of uniform value, should be
confined in their operations to the business OF the
Government, and the purposes Of commerce.
For any thing beyond this the people should
look to the banks of the State.
The concurrent action of the Federal and the
State Governments on this subject, is capable
of producing an Institution free from all consti-
tutonal objections, and from which the friends
of popular liberty would have nothing to fear,
but much to hope for. Under the supervision
Of Congress, il would be beyond the reach of
the Executive, and while it would answer the
best purposes of a Sub Treasury and National
Bank, it would be free from the alleged dangers
of either. 1t would be a Peoples Institution
created by them, and liable TO be uncrealed by
pies agents-holding in deposite for safe keep
ing the Peoples MISUNDERSTANDING and cheap
ening III, operations of their own Government,
and supplying currency always convertible in
TO gold and silver, and of uniform credit and
value wherever it may circulate.
We peiieFc a 4 iscdi fhStHt VI tulS sUTl is per-
fecty practicable and desirable. 1t is one upon
which all the real friends Of the Administration
may unite without any sacrifice. And we may
infer from the report Of the Secretary Of the
Treasury, that that officer when called upon,
will present plan, possibly as free from const-
tutional objections from any quarter as the out
lines we have suggested.