The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-29
THE EXCHEQUER BILL.

The Exchequer scheme offered by the Pres-
dentfor the consideration Of Congress is, as we
nave already said, presented in a spirit of com
promse Its object is to mbody, as far as prac-
hcable the measures-sanctoned by the Con
,tjution-which would answer the great pur-
noses Of safely collecting and discussing the re-
venue, and of aflording a remedy for the vita
ion Of the currency. Such is the position in
which the financial question is placed at present,
that the accomplishment of both these ends was
necessarily kept in view Against the Sub
Treasury plan it has been urged, that it is con
fined simply to the collection, keeping and dis
bursement Of the revenue-and leaves the cur
rency of the country, without any regulator, TO
BE directed by the pernicious State Banks. Even
ifindrccuy, that plan could exert a salutary
control, and perform ID, the duties which its
friends maintain it had the power Of exertng,
still lis establishments impossible. lthas been
condemned the vote oflhe people Something
more seems TO BIZ required of the Government
Than the mere care of lis own isolated revenue.
Ii seems to be expected, that il should stretch
its arm farther, and endeavor, without neglect
INC lis own interests, To relieve the general dis
tress and promote the general prosperity. How
was il to be done The people themselves had
expressed their opinion, that the Sub Treasury
was insufficient to effect these Interior objects.
If the Executive had been among the warmest
advocates of that plan, would he have manifest
ed either wisdom or republicanism by an obst-
nate adherence to his own system, in spite Of
the opposition of his constituents? The Bank
plan had been repeatedly condemned the Sub
Treasury had been repudiated BY the people and
Congress was expected to devise some legisla-
ton which could remedy the evil 1t resorted
TO mcGsu res which the coordinate branch
thought unconstitutional il seemed resolved TO
resuscitate the dciurct Bank system, though in
a modified form. Amid the discordant ideas,
the President felt himself called upon to shape
such plan as would meet the general wants. II
could not be Sub Treasury itcould not be Bank
it must be plan which, forbidding the deposits
Of the revenue in the vaults of building be-
longing to chartered individuals, and retaining
it with properchecks and safeguards for It's safe
", in the hands of bonded officers should at the
same time exert, in some measure, direct in
huence over the currency and exchanges Of the
country. Tomeet these wishes, expressed BY i'm
phcation at least the Exchequer plan has been de-
vised; may not be all which the advocates of the
other two schemes may desire-nor, under the
circumstances Of its conception, could it ration
ally be expected that it should be? The people
called for plan Of finance, differing both from
Sub Treasury and an incorporated bank 1t
becomes the Representatives of the people to
obey their voice. The determined advocates
either of precise Sub Treasury, or Of an in
corporated bank, done act in accordance with the
voice of the people, if they show themselves
unchangeably hostile to the Exchequer scheme,
merely because il is neither the one nor the
other. 1t is for them to examine whether it
does not suggest the best feasible method for
diminishing the control Of the Executive over
the public treasure for collecting, fe-keeping,
and disbursngit and for regulating, as far as pos
sibe, our present anomalous currency, and for
equazng the exchanges. These are its OBJ
ecis, and these were made its objects, because
the people appeared to demand the attempt at
fulfilling these purposes. The subject will be
continued.