Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-30
THE FISCAL SCHEME

The plan for Treasury Agency recon-
mended in the Presidents Message, and call
ell for by resolution of both Houses, was
submitted to Congress by the Secretary of
the Treasury on Tuesday, accompanied by
report explanatory of the bill. The report
and bill occupy more than six of the broad CO.
lumns ofthe National Intelligencer.- fol-
loving notice of the report and synopsis of
the bill are furnished by the Madisonian.-
The report is Cabinet paper, and is said to
be from the pen of Mr.. Webster. So far
neither party in Congress seems willing to
commit itself to the scheme.
Inc report, we are given to understand, is a
general exposition of the views entertained by
the President on the subject of the Excheouer.
andconcurred in by his Cabinet.
Inc necessity Off National currency is dwelt
uPon-the safety of the public treasure consider
ed; but the great want of the country is the want
OF confidence" says the neutrality-suspicious.
In the steadlness and stability of the policy of
the Governnent.'
The difficulty of obtaining Government loans
is alluded to and Bank considered as out of the
question.
The provisions of the Bill are next considered
which has in view,-l. The safe keeping of the
public moneys.2 Furnishing the Government and
the people with paper currency equivalent to
gold and silver. Sd Provision for furnishing
medium OF Commercial Exchange safe and cheap.
lheprovlsions of the Bill are fully explained
under these separate heads. But we shall not at
tempt to follow the Secretary through all his views
and arguments, for no analysis could do them
justice.
In reference to the safe keeping of the public
money we cannot foTbcar to quote sentence
from the report, too opposite and emphatic to be
passed over:
"The People have right to be as safe as good
laws and faithful administration can make them
against both waste and loss. 1t was remark of
the late President, striking by its brevity as well
as It's truth, 1haf every dollar list Ly unfaifhfuk
ness an ;.Jce tends 10 create nc,O charge upon The
feop|e; and this truth cannot be kept too fully or
too constantly In view"
we must now hasten to the provisions of the
Dill, which consists of twenty sections.
L. The first section provides for the establish
lnent sin the Treasury Department, at the seat of
Government" of Board to be called,
The EXcHEQUER OF THE UNITED STATES, COM
posed OF the Secretary of the Treasury and Treas
urer' er-?Dtc,o; and three commissioners, whose
tenure OF office is severally to be for 2, 4, and
years, removable only for cause-one Of whom TO
be President of the Board by election, biennially;
tne secretary OF Treasury to appoint the subor-
dinate officers, requiring bonds; the Board to re-
ceiVe salaries, and sUbordinaies CONDENSATION
to be fixed by the Board.
.. The Board to establish agencies where
deemed cXpedlent, not exceeding two i'm anv State
or territory, and wherever required by law-tbe
officers to be appointed by the Secretary of the
treasury, on recommendation of the Board. who
are to fix compensation, and make regulations
duties to be so assigned as to be checks upon the
olfcers-io be removable by the Secretary. for
cause, reasons to be rendered i'm the Secreiarv,s
annual report.
3. The Exchequer and officers to be the oener-
al agents of the Government, for receiving. safe
Keeping, and discussing public moneys-fo give
bonds prescribed by the Secretary-to paw ali or
ders or warrants-the creditor to have his onion
OF Treasury notes, or coin.
d. EXcheqner to perform duties of loan commits
sioners pension agents, TO transfer stock paw div
idends &c. under direction Of the Secretary of the
treasury, and the regulations Of the Secretary of
war, NC, and perform all the duties relatinG In
the receiving and discussing the public funds.
D. The Exchequer and its agencies to receive
private DEPOSITS in gold and silver coin and bul-
lion, d issue certificates, redeemable whore issu.
ed-the amount not to exceed $4,000. 600 die
trlbuted among the agencies proportionabIv IN
their business-the premium for such issues not
to exceed one hoy per cent. All issues redeema-
bic where issued, unless the Board order other
wise.
6: The Board within three months after oroan-
Izatlon to establish bylaws, copies Of which to
be annually laid before Congress.
:. Secretary Of the Treasury to prepare notes of
4 denomination not less than S., nor exceeding
sl,OoOto be signed by the Treasurer, and counter.