Mobile register and journal., 1841-12-31

the public the bill 10 establish " A BOARD, to be | called "THE EXCHEQuER OF THE INtrEn STATES" This new nuine is We suppose applied
 to take of the st prominent leatae of lhs new
 measure, which establishes a Government Basl, aut
 to put in relief, by ths christening, that secsndar,
 attribute winch chdrafterzes Il IS a mere re,enns l instrument
 1 kBLAcKsroNE tells us thai CHroUER, Fxcuy
 QUER is so called from ihe cheqEertd cloth r,.,oh
 ling chsss bOard, uhch nt faIle there ond .,
 uhich seaen cerfan ot s king accounts are no, vD
 hs suns are marked aud scored tph roantys' anal t,
 Court of Exchequer obtains that name because :. t, primary and origiaa! 6usinCyg g s to caH the kog, deltors 10 aecornf.
 Our "BoARD OF ExcHEQUER," it will be ob. served, has facilities extending far beyond any in England to the EXchequer.
 Our Exchequer IS not limited 10 the simple function of [. calling the King debtors to account" recey- ing the suins due, and paying the monies received oyer as appropriated Far more is comprised in inc brief bill submitted. l. It establishes u Board ol Exchequer, composed of high bnctionarcs of Gov ernment, connected with tne Cabinet and the Frea- sury, with three Commissioners added, with power to establish moneyed agencIes throughout the colinry and appoint the officers managing them reser,ing to the Secretary of the Treasury the appointment, o the inferior oIces--the Board of Exchequer fixing the compensatOns
 2. The Board is to have the whole finances of inc nation-the custody and disbursements of the National Treasury, confded to it.
 g. It is to have all the duties ol commissioner of loans, and manager of pensions added to its powers
 A. It is empowered to take itself that faculty which alone raised the old Bank of Amsterdam 10 such importance al period of European history that of receiving deposites of money from individuals and issuing certificates to circulate a currency in lien of the deposted-a per centage being a- lowed to risk of oss and remuneration for safe keeping.
 .. IL is zpwered to pass all bylaws that ii may Atrru s,,.fr. Ia.
 C |. Is autitorized lo issue paper currency 1T, i"". T, .un.ns uPiIom the denomination of five dol- ''S to one 'nousan and is only required to have on cy so issued. "
 2 It Is authorize to draw drafts or bills. and to sell the same for premium, without stint limit.
 s. It IS empoweed 10 purchase bills of exchange
 9. It Is autllorizsd to receive bank notes, and dead with the banks, producing between them and the Go- yernment the dei'tot and creditor relation.
 10. It is aulhorssd establish banks for it's agen- cies at its dscretia.
 H. It is empowaed to issue stock of tue Govern ment of the United States, and make loans (for the time limited to fvd mllions) at the discretion of the Board.
 In this we haY concentrated all the powers of d Bank, and more superadded to the independent Treasury, as orgaized by the lately repealed law If the latter embrced all the powers of the sword and purse, the Ixchequer system embraces both, with the additionof power over the eXclanges--n buying and selling them to any amount-not only with the money but with the credit of the Govern nent. In this, # once carrying the political machi nery of the natioh into the business-the exchange, or in other woras the transport trade of individuals which with is ranhcatioDs, embraces the vast emllo o,inents which in all countries ap- pertains exclusive to the mercantile classes.
 It not only takes possession of the purse of the nation, but tn of the private citizen, by taking deposite, and founding on it currency of ceri- icates.
 It rencws the connection, of the Government and the banks, ald in way giving infinitely more power over them hn could in any other form be obtained hy Goyernm n, by receiving their in deposilc, in the purchase Of the exchanges sold by il, as well Treasury receipis, which, with the power of selec ton given, gill enable the Government to build up favored banks and destroy others pleasure. It is, in word, vast Government Bank, in comparison with whic5 the hydra feared in the Independent Treasury, deprecated in the speech of MT. Clay, shrnks lnib nothing
 The papsr which accomp nies Mir. Forwards bill is understood to be Cabinet paper. It has marks of Mir. WdDster's powerful and plausible mode of presenting lhings throughout. We do not doubt but that Mr. Webster had hand in its preparation. In his letter through the National Integencer to sails fly hs friends that he should not go out with his col leagues of the first Cabinet, he promised them GAN INSTITUTION UNDER THE AUTHORITY OF CoE- GREss, TO AID REVENUE AND FINANCIAL oPER- ATIoNS, AND TO GIVE THE COUNTRY THE BLEs- SINGS OF coop CURRENCY AND CHEAT Ex- CHANGES" We take the present project us inten- ded by Mir. Webster for the niilment of his pledge
 There are one two concessions in It which ar que some change for the better in Mir. WEBsTER's notions of Government Banks and fiscal agencies By admitting the right of repeal as regards the fiscal machine, he admits the Democratic doctrine that Government cannot rrevocabl, alienate its pow CTS in favor of what must be considered subornate agency; in declaring that dscounting corporations not the proper sOuces or paper cuirency another evidence 2 of reformation thp of Mr. WEBSTER on the currency question. Wheth- CT Mir. WEBSTER has derived improvement touc- ing these vital matters, from the discussions of the extra session, his reflections, or the rapid pro- gress which public opinion has made in regard to them every where, cannot say but it certainly considering his stations, circumstance which the the country is to be ngratuated.-Globe.