New-York tribune., 1841-12-24
Report of the Secretary of the Treasury
Plan OF A FISCAL AGENCY

mitiipg the drausht OF bill Tor the establishment
Of Board OF Exchequer at tue seat OF Gov'rn'
meni, win asencie. IN the several States and Ter
ritorcs.
In preparing this bill, 1t has been bis intention
20 keep wiihis, and TO I'LL up. the general outline
.: the measure, proposed in the Message OF tn
Pres dent II; tue opening OF the session; but be
does not tlatter himself that It will be found 50
perfect i, It's details not 10 require modihcatIon>
and careiu. revision by the two Houses OF The
Legi. ,ture.
A. this measure has. necessarily, been for some
time under the consideration OF tae President and
his constitutional advisers, the undersigned * di-
rected by him TO accompany The bill with general
exposition OF the views entertained by INN, and
concurrcd il by them. respecting it.
In what manner and under what securities tn
public money slail be kept; in what manner. or
whether in ANY manner. TIN, Government shall at
tempt To supply sound paper medium Tor pay
nent- thr Treasury, and Tor the general uses OF
The People in what manner. Or whether IN aaH
manner 1t shall attempt 10 benefit the general bu-
,lneSs of the country by furnishing facilities Of eN
change, are questions Inch have not ceased 10
agitaie the community Tor eight wears. | pom
iuesc qGc5tious mech opposition OF opinion ha-
prevailed and ardent and intense political cOntro-
yersies and struggles have been founded. II l.
time that thi- STATE Of things were brought TO
end Il is nine that such provisions were made
Tor the custody o; the revenue a. tina; tire People
NAV feel that the public usasure- safe
1t Is time too tIar. IN rriuiisn TO currency ani
exchange. individuals may know what they gave
TO expect or whether 'hey may expect any ti4Ias
IRON. the measure, OF Government D0ubt and un-
certainty IN tins respect constitute the worst oi all
conditions. They affect every mans means Of
living, and instead OF giving encouragement, and
applying stimuli, to Individual eNcfton and
t.iori cueck tn hand OF industry suppress tn-
spirit of enterprise ami bring stasnauon and pa
rely-is upon tie productive powers OF tae country
On subjects - vitay connected with man PER
Sonal and domestic welfare, the People have
right TO require. tia, what J., to be done should b.
done without further delay, In order thar tiny ma,
accommodate rhcm,ciye, the policy of the Gov
eminent, whatever that policy may be, and Or
prepared to give CORES pondng direction TO their
own Industry aud business he great want OF the
COUNTY, IL the wan OF confidence confidence ~
the ,teadiness aud stability OF the policy OF thu
Government: confidence IN that which, regulates
the value OF property and the wages OF labor; aud
confidence IN the establishment and preservaroa
OF the necessary and ordinary means OF exchanging
production against produ, uon, and Of buying and
selling with security. that the intercourse be-
tween different parts Of the country may be- car
ried on with its former activity and usefulness.
The object of the plan suggested TO Congress IN
the Presidents Message. aud nov presented Tor
ii, consideration in the form of bill. Is To esnb-
lish this confidence. aud give the country tran
Gui!llty. L. l. designed to terminate contentious
of long standing. and restore that peuce quiet.
and satisfaction with the state OF public affairs,
without which men cannot pursue their vocatlons
either with cheeruness. with success Amidst
the connic; of widel, differing opinions, measure
i recommended winch avoids extremes both
sides. Ii proposes less, tar less, th"n many think
It desirable that Government should do, er attempt
TO do, and at the same time tar more than other,
are ready To recommend Ii aims at lust me-
dunn, n COMMON ground, on which those may con-
sstcuily stop vino might yet wish TO 20 further,
ana to which they may advance without scii-re-
preach who woud nevertheless have desired 10
fall short Of il. IL does not attempt 10 collect
capital by private subscription, for the general
PURPOSES ot loans and discounts and therefore does
not propose To perform the ordinary functions ct u
bank On the other hand, 1t does not propose 70
lock up the public moneys from the time OF coll
lection 10 the time OF disbursement, nor To de-
mand specie payment ior every debt due TO the
Government making no attempt at the same time
TO furnish the c.untry with Ter currency or TX
change and entirely contenlng sell with securing
SPECIE payments into the Treasury. In thee re-
spec,s it differs from the system established by the
law. now repealed, generally called the Sub-Tr-a'-
ury Act.
It's not intcndc hereo discus. the rective MGR
its OF these TWO systems which may be regarded
as extreme opponents OF each other. Bur II may
be proper to say. in regard TO ID Bank OF the Lni-
Ted States, that if there were in no quarter any
constitutional objection the creation OF such an
institution il would nevertheless not have been re-
commended to Congress, in tsc present conditoa
OF things a a measure likely to afford relei u
the country Such is the condition of The currency,
in many of the States, such the dePorabie dePre'-
SION of general credit, produced by that condition
of the currency and By other causes, and such the
exi,,isg pressure in the money market, airing,
a. is believed, in great degree from want OF con
idence that there little probability that private
subscriptions payable in specie, would De obtained
10 any bank with an ordinary charter. MS oFIn-
ion Is strengthened by the fact, that SIX per cent
stock. OF the bnted States, now IN the marAet'
90 slowly and heavily into private hands and al
though thi, Is doubtless partly attributable 10 the
short period within which those stocks are made
redeersabe vet the general fact concurs wiki other
reasons IN producing full conviction that 1t would
be useless. At the present moment TO attempt the
creation OF a bank, with capital to be furnished
principally By private subscriptions, and Intended
10 discount through il. branches, bills and notes
in all parts OF the country, even II constitutional
objections we're out OF the way. And IN regard TO
tae Sab Treasury system, 1t Is perhaps enough to
say that it Is Supposed return to that system, at
any time hereafter. : an event highly improbable
Between these-a Bank on the one hand, ana
the system OF the Sub-Tleasury on the olher-the
present plan i. offered, seeking to avsd the eoJec
tions that exist TO each, and to accomplish, to
some extent, the good designed ~ both. Inc
plan such as it IS will be received and considered
III. not doubted, IN spirit OF candor and concil-