The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-23
REpoRT UPON THE FISCAL AGENT.
The following Report was. on Iuesday'
transmitted in compliance with their request, 10
both Houses Of Conpress


transmitted. in compliance with their request, TO
both Houses Of Congress-
Tns SECRETARY OF the Treasury IN compliance
with he resolution of the House Of Representatives, OF
The 18th instant has the honor OF submitting the
diauqht of bin Tor the establishment Of Board OF
Exeb.ouer at the seat of Government, with agencies
in The several States and Territories.
In prepariDg this bill II has been his intention TO
keep wilhin and to ill up, the general outline OF the
measure proposed in the message OF the President
ri the opening OF the session but he does not Halter
himself that II will be found perfect in It's details as
not 10 require notifications and careful revision by
the two HOUSES ofthe Legislature,
As this measure has, necessarily, been Tor some
time under the consideration OF the President and ms
constitutional advisers the undersigned Is directed by
him TO accompany the bill with general exposition OF
the views entertained by him, and concured In by
them respecting IT.
In what manner and under what securities the pub
lie money shall be kept in what manner, or whether
in any manner this Government shall attempt 10 sup
ply sound paper medium for payments the Treasury
and for the gen raj of the People In what man
ner or whether in any manner II shall attempt 10 pe-
neil the general business Of the country, by furnish
inv fact es of exchange, are questions which nave
not ceased agitate the community for eight years
Jpon these questions much opposition OF OPINION mas
prevailed and ardent and intense political conIover-
sizes and struggles have been founded II i time that
this state of things were brought TO an end IL Is Time
that such provisions made tor the custody oil the
revenue that the People may feel that the pubic
treasures are safe II is time, too, that in relation TO
currency and exchange individuals may know what
they have TO expect, OF whether they may expect any
thing from the measures OF Government Doubt
and uncertainty in this respect epa ssl a ths
means of living, and, instead OF giving
ragemeni, and applying stimulus individual
exertion and effort. check the hand of industry,
suppress The spirit of enterprise, and bring stagnation
and paralysis upon the productive powers OF the coun-
try On subjects vitality connected with mems
personal and domestic welfare the People have right
t. require that what is TO be done should be done
without further delay in order that they may accom-
modae themselves to the policy of the Government,
whatever that policy may be- and be prepared to give
corresponding direction 10 their own industry and
bus ness The great want OF the country the want
of confidence confidence in the steadlness and stabi
lty of the policy Of the Government confidence 10
that which regulates the value of property and the
wages Of labor; and confidence in the establishment
and preservation OF the necessary and ordinary
of exchanging production against productions and OF
buying and selling with security, that the inter
course etween different parts OF the country may be
carried on with its former activity and usefulness
The object of the plan suggested to Congress in the
President message. and presented tor its consi
deration in the form OF BILL Is TO establish this conf
dence and to give the country tranquility. 1t IS de-
signed to terminate contentious of long standing, and
to restore that peace, quiet and satisfaction with the
state of public affairs without which men cannot pur
sue their vocations either with cheeriulDess with
success Amidst the conflict Of widely differing OPP
q
,remes on both sides. 1t proposes less far less than
many think desirable that Government should do,
attempt TO do, and at the time far more than
others are ready to recommend 1t aims at just me-
dunn a common ground, on which those may consls
tenlly stop who might yet wish 10 90 fuither and to
which they may ayvance without self reproach, who
would neverthc have desired to fall short OF it, 1t
does not attempt TO collect capital by private sub
scripon for the general purposes of loans and dis
counts and therefore does propose to perform the
functions of bank On the other hand. IL
does propose to lock up the public moneys from
the time collection to the time OF disbursement nor
demand specie payment for every debt due 10 the
Government; making no attempt, at the same time,
to furnish the country with either currency ex
change, and entirely contenting itself with securing
specie payments the Treasury la these respects
i differs from the system established by the law, now
repealed, generally called the Sub Treasury act
1t is not intended here to discuss the respective
rts of these two systems, which may be regarded
extreme opponents of each other. But 1t may be
/ hat if there were In no quarter any constitutional Oh,
lection the creation OF such institutions II would
nevertheless not have been recommended TO Congress-
the present condition Of things, as measure likely
To afford relief to the county Such is the condition
of the currency, many OF the States, such the de-
puable depression Of general credit produced by that
condition Of the currency and by other causes and
such the existing pressure In the money MARKET ans
ing is belle,ed IN great degree, from want OF
that there is lltte probability that private
subscriptions payable in specie, would be obtained u
any bank with ordinary charter. This opinion
strengthened by the fact, that six per cent stocks
of the United States, now in the market, 80 slowly
and heavily into private hands and although this is !.
doubtless partly attributable the short period within
which those stocks made redeemabe, yet the gen
eral fact concurs with other reasons in producing
full conviction that would be useless the present
moment, { attempt the creation of Il bank, with
capital be furDis ed principally by private subscrlp
lions aud intended to discount, through It's branches,
bills and notes, IN all parts OF the country, even
constitutional objections were out of the way Anu
in regard to the Sub Treasury system, 1t IS perhaps
,novk to saw that il supposed return to that sys
en- at any hereafter, Is an event highly improb-
,be.
Between thcse-a bank on the hand and the
system of the Sub Treasury the other-thc present
plan is offered, seeking to avoid the objections which
.xist to each and to accomplish to some extent, the
good designed 10y both. The plan, such it is, will
De received and considered is not doubted, in spirit
Of cand and Cancellation, and with disposition not
90 much TO persist in the pursuit Of what may be
,ttanable turn to the greatest practical advan-
ace of the country the Of all those means the en-
,loyment of which may be expected to meet the gene
raj concurrence.
The bill now submitted may be considered as hay
ing three principal objects in view
lst. The safe keeping of the public moneys
ID. The furnishing well for safe and convent
cnt payments to the Treasury for the use of the
country, a paper circulation neutrality-suspicious. TO
gold and silver, and of universal credit
Sd. A provision for supplying, to some extent, the
means of a cheap and safe exchange in the com
nerce between the several States.
OF the high Importance of the first of these OBJ
ects, no one can entertain doubt. The public mo-
leys are received by Government, from the People,
or the necessary of the country, according to
he Constitutions and ought ever to be esteemed
,red trust They earned by the industry of the
'eople and while safely guarded, and applied only
really necessary and constitutional purposes, will
,e cheerfuy contributed by patriotic community.
The People have right to be as safe as good laws
md faithful administration make them, against
10Th waste and loss. 1t was the remark of the late
President striking by its brevity well its truth,
hat every dollar lost by unfaithfulness in Office tends
0 create new charge upon the People and this
ruth cannot be kept too fully or too constantly in