The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-28
THE EXCHEQUER BILL.

/ IL e..
las been redeemed 1t is Of the utmost import
oncc that it should be well studied and studied
with the same spirit in which il was written
70 meet and condemn il on the threshold be-
luse.t is not in entire conformity with a pre-
oncelyed theory or a favorite practice, is un
gorIhy of the statesman and the patriot If it
loes not reach our conceptions of perfect sys-
TEN, il should receive due appreciation for its
approximation to it.
Those who are friendly TO an incorporated
National Bank may oppose il; but can their op-
position be the pure, uncontaminated emana-
ton OF zeal for the public good, and Of obedience
70 the voice Of the majority2 TO them we
would say, the project of such bank as is in ac-
cordance with your views has been repeatedly
ondcmned by the People since the question
was brought forward fairly for their decision.
Could the President, even waving his own OBJ
Iectons, propose the establishment of such an
institution, consistently with the duty he owed
TO his constituents You look upon such an
ing the currency and equalizing exchanges, and
YOU deem such power necessary to the com
lmerclal prosperity Of the country. We ask,
Zoe, the history IF the last bank prove that il
Held such sway over the currency and the ex-
changes 1t requires but little research to evnce
that such was not the fact; so far from being
sble 10 keep a judlcous restraint upon the i'm
Erpdenccs of the other banking institutions,
There are epochs in its history which manifest
the utmost want Of prudence in itsown govern
llent. It's issues and discounts have been more
than once carried to the utmost verge Of extra
ragance; and, even if such had not been the
actual fact, yet there was no guarantee that at
gone time it would not be the case there
was no safeguard 10 control its operations
agalnst the impulses Of scfinierest. With
Che commercial Interests of the country-an in
fucnce penetratiyc and universal-the gene
lal prosperity became dependent on the will Of
h few chartered dividuals-rossessng pow
ff which even the National Legislature could
either in its operations or its dura-
lion for the period during which previous Con
Jress had given it existence. The plan commu-
Gicated by the Secretary of the Treasury is not
liable to similar objections. The DISCREPANCIES
between Bank and the Exchequer are almost
FOO Obvious to require enumeration. AT present
I've do not intend to enter into details-we wish
My to suggest some general points Of reflection
II the fautors of bank, which may induce
them 10 enter into spirit of compromise, which
Las dictated the project Of the President, and
persuade them to lei the love of country sink
their political partlalties and peculiar notions of
fxpediency in the desire Of promoting the pub
lie good
In the same spirit we address the friends Of
Ae Sub Treasury. II you cannot obtain The cs-
Enlistment of your plan Of collecting kee ping,
end disbursing the public revenue, will YOU reject.
another without hesitation, because il does not
leet precisely your IDEAS Of perfect financial
scheme? Would you not consider such charge
'himputation on your patriotism? A scheme
Nfch purposes to imbody such details of prac.
teal uility, as can be collected from every
source WITHOUT regard to partisan bias, certainly
merits the impartial study of every patriot
WIN the friends OF the Sub Treasury hastily
condemn PROJECT, important portions of " hich
seem to have obtained the sanction both Of Ge-
= efal Jackson and Of Mr.. Van Buren sit is
Thought practicablr,n SAYS the former. ,.to or
game such Bank with the necessary Offices.
IA branch Of the Treasury Department based
cl the public and individual deposits, without
b over 10 make loans or purchase property.
Uhch shall remit the funds Of the Government,
(; nd the expense of which. if thought advisable,
may be raid by allowing its officers TO sell bills
of exchange. 10 private individuals at a mode
rate premium" In his first annual message,
the latter says " In transferring its funds
from place TO place, the Government is
ION the same footing with the private citizen.
and may resort to The same legal means.
1t may DO through The medium Of bills
drawn Gy itsclf or purchased from olhors;
and IN these operations il may in manner IN.
doubtedly constitutional and Legitimate. facilitate
and assist exchanges Of individuals founded on
real transactions of trade"
These quotations we make, not because we
arc ct opinion that the sentiments they express
are TO be deemed imperative over all those who
"fNVc"teu wy citcuuh Oh the writers OF them,
but by showing that the Exchequer scheme aims
at comprchendng within its limits all that has
been suggested as the most subsoryicnt Of The
purpose Of producing sound utility in practicc
we may persuade the representatives Of the PEG
pie TO DO as the people appear TO have donc-giyc
FAe plan disrassionatc investigation. These
hints we throw cut for the presen,-wilh the in
fentlon OF examining the details hereafter.
The reader will find interesting letter from our
Correspondent q, London 1t will be seen that so,c
n the English journals are willing to establish The
Pght of mutual search between the two countries for
Pie suppression of the slave trade
We would not be understood as approria the mea-
are suggested, bui merely give it an insertion land