The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-25
THE EXCHEQUER BILL.

THE EXCHEQUER BILL.
Before discussing any of the details Of the
|, N presented TO Congress by the Secretary Of
he Treasury, it may not be amiss to consider
ieay the necessity Of some such plan at this
ncture.
That something hould be done by the Gene
|al Government (and speedily too) for the safe
eepng and disbursement OF the public trea-
|ule, and incidentally toremedy the disordered
tate Of the currency no one-neither Demo
rat nor Whig-will pretend to deny. And that
very scheme heretofore adoptedhasiailed 10 pro
uce the desired end is acknowledged by all
\ National Bank has thrown open its vaults 10
rostitute the public press, or rudely closed them
gainst the reasonable demands of the suffering
community, as political interest or personal Gu
idity might dictate. The Sub Treasury, though
lot obnoxious to the same objections urged
gainst a banking corporation, has, nevertheless,
cen condemned by the People and repealed by
lcir Representatives. The specie of the coun-
schargc debts payable in coin, is locked up by
Individuals, because there is no safe institution
be ound n which itmay be deposited, and thus
Is both banlshed from circulation and bereit
the power Of producing an increase TO the
llder. The actual circulating medium is no
ling more than an Imaginary and tluctuAting
aIue placed upon the issues Of State Banks
he notes OF some are at par value to-day, and
morrow are worthless. Othels range from
y, down to si,rty per cent. below par. The
Inter in Georgia, who disposes Of his crop to
e merchant in his county-town for the usual
|ice-rcceiying his payment in the funds circu-
|ting around him, will find, if he wishes to ex-
end his money in New York, or TO purchase
had from the Government, that the pnce re-
cived for the products Of his labor was only
|ominal, and that the thousand dollars paid
m in bank notes are worth in reality only
&c hundred in silver. Thus it is in many
Il the States. And thus the country mer-
hant finds it impossible TO meet his engage
tents in the city, the city merchant with the
y banks and suspension, loss Of confidence,
|ankruptcy and ruin are daily occurrences.
lhc large commercial cities, with their deiaul-
|rs, brokers, and stock jobbers, give the first
Impetus, and distress, ruin, and desolation are
unified throughout the land. The cornlorant
|ank corporations first sedGce the unsuspecting
Immunity into their tolls, and then ring
cir nccks without throb of pity. One year
lev viii discount to the amount Of millions. (far,
/ beyond the amount OF their capital for
cfchants and spectators whom they kno,p
| il! not be able to pay back the principal and
|tcregt ofthemselyes-an yet they encourage
lein to 90 on-but, at the same time, they are
|trticulatly careful to have the debts due them
Hgecured by the friends Of the borrowers.
/, 81 year brings the harvest, and the grain
apld with vengeance !! The banks, then,
Jr tom affording the customary facilities,
nd IN startling tones, sudden settle
all accounts, regardless of the appalling
noes TO others, so their own Golfers are
i Al.cd. The property Of the borrowers is
need, and themselves thrust away from
] cir own doors broken-hcarcd and reduced
beggary. If, when stript OF their last gar
tent the debtors shall fail TO discharge the last
BIT Of principalan intercstto their late smil-
L. allies, the banks-then their friends, who
came security forthcm Gin merry mood"
! Just also yield their "popnd Of flesh. But 1t
4 a work of supcrerogaton here to expose the
bark like propensity ofthebanks under the pre-
knt system. The people who have felt their
kags, are sufficiently convinced of the evil
sndcncy Of their operations and of the neces-
/ Of immediate relief.
.Thc confusion in the currency is wose con-
hndcd by the innumerable shapes and hues
In present Bank issues assume-and this is
|appily advcrtcd to by the Secretary. We
ii only require a circulating medium Of uni.
H. value but of uniform appearance. AT
Id sent, the issues of the nine hundred and
|ne banks, embracing every possible name
hl variety of aspect, would puzzle the
b at acute judge of money and best informed
|uogcier, to tell which notes to receive and
Mich to reject, even were he TO carry in his
|ockct one Of tie interminable bank note Ia
be furnished by the shtewdest brokers.
In inhabitants Of the cities may, with
brc, guard against imposition. But how is it
ih The farmer? Perhaps in a single payment,
|n notes Of twenty different banks, in as many
mcreut States, may be offered TO him. How
klle to discriminate Notes are laid before
III on banks, whose very existence he was
|o aware OF before. AS the Secretary says,
Il will generally select the notes of these
|anks nearest home-thosc that he does know
Pk in exstencc-and yet those rejected may
|aIy be worth ten per cent more than those
Ec wed! Butthis is not all. State banks are
blu every day, and the broker who wakes up
htL morning and finds himself possessed of
thousands on a tank that failed the day be-