The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-06-15

community, fcm the products of whose industry
the Treasury is supplied.
And as regards thcse greaI interests, we find
the testimony OF past years is no less distinct and
strong in favor of moneyed institution charter
ed by the General Government and possessed
OF lis confidence and credit. The period embra-
cling The last ten years of the existence o. the lale
Bank of the United States as tie fiscal agent is
fresh in the memory of Us all. and is Looked back
10 as period of great public prosperity ; and
though other causes did, doubtless, cooperate 10
produce that favorable condition of things, yet
one OF the governing principles on which depen-
ded the steady advance of the country in COM
meEce, in industry, and in substantial wealth, was
the existence of fiscal agent established by the
General Government, and charged with The equal
ization of exchanges, and the regulation OF The
currency.
In the present condition Of our coantry,
the relief 10 be anticipated from such an
institution raanot be immediate, but must
be the work of time. The business Of
the country would, however in the opinion Of
the undersigned, revive under its Influence.
In whatever point of light the undersigned is
able TO view this subject, he is iIresistbly led 10
the conclusion that such fiscal agent, SO framed
as TO possess those important functions, Is alike
essential 10 the wants OF the treasury, and Of The
community. Snch AN institution should be franz
ed with deliberation, for it must nave high duIies
to perform, and extensive interests to promote:
and it should be granted with care for it will be
liable TO great and dangerous abuses. As the
hscal agent OF the government, and an effective
regulator ofthe currency in awide-spr,ad cummu-
nifty, it should oe s.eajy and uni orm in its &C
ton, and fixed and static in its character.
The unders gned has no doubt of the power
of Congress to create such an institution Ex'
pereDce has proved its necessity to carry out
othor expressly granted powers; il has been
exercised and recognized by the Legislative
and Executive departments of the Government
during four ffihs of the whole period of our
national existence, and it has received the uni
form sanction of our highest Judicial tribunal.
Yet that power has been questioned by many
wise and patriotic statesmen whose opinions
are entitled to consideration and respect; and
in 4 measure like This of high political import.
which if wisely conceived and cordially con-
CURED in, must have great and enduring
Influence on the prosperity ofthe country, it is
important as far as possible, to obviate objec'
tons and reconcile opinions.
If such an institution can be so conceived
in principle and guarded liz details as TO remove
all scruples touching the question of constIlu'
tional power. and thus avoid the objections
which have been urged against those hereto
fore created by Congress, it viii, in the oPin'
ion ofthe undersigned. produce the happiest
results, and confer lasting and important ben
efts on The country.
The undersigned. therefore. respectfully
recommends the creation of such fiscal agent,
and the repeal of the act of July 4th, 1910,
providing for the collection, safe keeping.
transfer and Disbursement! of the public revenue
except the penal provisions thereof, which will
probably require revision and modification.
All which is respectfully submitted.
T. EWING.
Secretary OF the Treasury,
TREASURY DEPARTMENT, JUNE, 2, la4l: