Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29
(From TIE GloJE
,r,,y, NO ann nn rSrIIE0TTER

/ TIE BOARD OF ESCHEQUER ~ .
/ We Law before the public the bill to establish " A
noARp,'to be called ,sTnE ExcHEauER OF THE ISL
TED STATES" This name is, we suppose, ap
Piled take ofthe most prominent feature OF the ne"
measure, which establishes Government BANK, ano
10 put in relief by the christening, that secondary at
tribute which characterizes it mere revenue IN
strument.
Blackstone tells us that Chequer or Erehequer IS Sc
called "fron, the chegucred cloth resembling chess
Goerd 1rhch corers tie table there and on aoch chen
certain of The Kings accounts are made ap inc sums
are marked and scored lcih counters and the Court
of Excheouer obtains that name because "he primary
business Of as to ca The Kings debtors TO account
Our "BoARD of ExcHEquER," it will be observed
has faculties extending far beyond any given in Eng
land 10 the Exchequer.
Our Eychequer is not limited to the simple function
of scaling the Kings debtors TO account, receiving
the sums DUE and paying the moneys received over as
appropriated. Far is comprised i'll the brief bill
submitted.
| l. 1t establishes Board of Exchequer, composed OF
high functonaries of Government connected with the
Cabinet and the Treasury, with three commissioners
added, with power to establish moneyed agencies
throughout the country and TO appoint the officers ma
naging them resevng the Secretary of the lreasu-
nv the appointment of the inferior ofcers-the Boaro
of Exchequer fixing the compensations
9. The Board is 10 have the whole finances oil the ma
tion-he custody and disbursements Of the National
Treasury confided 10 it.
g. 1t is to have all the duties OF commissioner oil
loans, and manager of PENSIONS added 10 its powers
a. 1t is empowered to take on itself that faculty
which alone raised the old Bank of Amsterdam to such
Importance al one period of European hstoy-that OF
receiving depositcs of money from individuals, and s
suinr certificates to circulate currency, in lieu oil
the sums deposited-a per centage beng allowed 10
cover risk of loss and remuneration for safekeepng
s. 1t is empowered to pass all bylaws, that II may
deem eypedent to give effect to lis powers.
G. II is authorized to issue paper currency IN notes,
running no from the denomination Of five dollars TO
thousand, and II is only required to have on hand
in specie one third Of the amount of the currency 80
issued. ,
T. 1t is authorized 10 draw drafts or bills, and to sell
the same for premium, without stint or limit
s. 1t is empowered 10 purchase bills Of exchange.
o. Ii is authorized to receive bank notes, and deal
with the banks, producing between them and the Co
yernment the debtor and creditor relation.
TO- 1t is authorized 10 establish banks Tor lis agen-
ces at its discretion
IL. II is empowered to issue stock Of the Govern
ment of the IT, s., and make loans Qor the time IL
mi,ed TO five mons,) at the discretion of the Board
In this we have concentrated all The powers oil
Bank, and more superadded TO the Independent Trea-
sury as organized by the lately repealed law If the
latter embraced all the powers of the sword and purse,
the Exchegucr system embraces both, with the addition
Of power over the exchanges-in buying and selling
them TO any amount-not only with the money, but
with the credit of the Government. In this, at once
carrying thapolitical machinery of the nation into the
busnesstIg exchange, in other words, the trans
port trade ondividuals- which, with its ramifcations,
embraces The vast commercial employments which in
all countries appertain exclusively 10 the mercantile
classes.
II not only takes possession Of the purse of the
ton but that of the private citizen, by taking de-
posilc and founding on it new currency OF certil-
Gates.
1trenews the connection of the Government and the
banks and in a way giving infinitely more power over
them than could in any other form be obtained by Co
yernment by receiving their notes in deposlte IN the
purchase of the exchanges sold by it, well as Urea
sury receipts which, with the power OF selection gwen
will enable the Government TO build up favored banks
and destroy others at pleasure 1t is in word vast
Government Bank in comparison with which, the by
dra feared in the Independent Treasury, deprecated
in the speech of Mr.. Clay, shrinks into nothing.
The paper which accompanies Mr.. Forwards bill is
understood TO be Cabinet paper. II has marks OF Mr.
Websters powerful and plausible mode OF presenting
thinrs throughout. We do not doubt but that Mr..
Webster had hand in its preparation. In his letter
through the National nelligencer TO satisfy his friends
that he should not go out with his colleagues OF the rst
Cabinet, he promised them GAN INSTITUTION, UN-
DER THE AUTHORITY Or GoMG SR 81, ne
AND TO GIVE THE COUNTRY THE BLESS
INGS OF A GOOD CURRENCY AND CHEAP
EXCHANGES We take the present project as in
tended by Mr.. Webster for the (ufmcnt OF his pledge
There are one or two concessions IN It which argue
some change for the better in MIR Webster notions of
Government Banks and fiscal agencies by admitting
the right Of repeal regards the new fiscal machine
he admits the Democratic doctrine that Government
cannot irrevocably ALLEVIATE its powers in favor of what
must be considered subordinate agency in declaring
that dscountng corporations not the proper sources
of paper currency another evidence is given of great
reformation on The part Of Mr. Webster on the curren
cy question. Whether Mr.. Webster has derived inn
provenent touching these vital matters, from the dis
cussion of the session, his own reflections or the
rapid progress which public opinion has made in regard
10 them every where cannot say; but il is certainly
considering his station, circumstance on which the
country is to be congratulated.