Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-17
K ICH Nj OND.
THURSDAY MORNING. JUNE ~
THE FISCAL BANK

IdE FISCAL BANK.
rs '"'S Is the topic OF conversation in all Circles
we copy the detailed bill of the Secretary If ,L1
.'nsury' and su9jOin an article from the National
lntellisencer: '''O''''
NEhAhhS ON THE FISCAL BANK.
O'o oHerihs lew remarks more at LARGO NJ,
VIC pa" o' the Secretary OF the Treasury. for
Eau" VI inc united States, It may be proper to re-
cur 10 the general history of the country for so,o
''e past IN regard to the currency, and TO state lie
present condition '''' 10
IN 1881 President jackson ncsntived the hill G,r
eo"''nuins the charter ofthe Bank OF the Ini,cd
S'''eSi ara IN September, 1888, now nearly nine
years ago, President Jackson, thropsb tho ;,.,-,,
mentality OF the Secretary of the Treasury r.,,o
Gu the public moneys from their then e,is,;n, I,,,
iuI dePoslte. From that momen, n ,bi, ~. -
rency OF the country has been thorousbIv do,,r.,,
MS none can deny. Even il the cause may, Ia,
disputed, the fict cannot. Those ubo 80 -
may ascnoe the deplorable state of thing, ,vbicb
has been brought upon us, and which still -.
~ tue multiplication of State banks between Is25
anu 1886, to spirit of speculation ,,bi,t -,
upon inc public, to the NAL administration or tho
""'N VI 'he United States, after it had ceased
&c national institution, or to other causes Tins
P'''S inc inquiry, whether, supposing that these
VI any OF them, ought now to be regarded as
~ i'''eH'"'e productive agents of this mass of
Pu'"' e'i' lhey are not themselves detya,iye and
secondary all owing their existence and their now.
CT 81 mischief to the original acts of the Executive
Government.
NIhout discussing any OF these questions il Is
os" 70 say tnat' since 1888, the currency the
exchanges and the general moneyed affairs OF Tho
country nave been such rs greatly TO imn,ir IL
PuO.Ic prosperity. This notorious and lorncn,,I,I
IrGh Is TIE hrst element be regarded in the con
sderation OF the subject. '
In the next place, IL is true and ,o,o,;o. t, =, -
successive plans for relief and remedy ,ybch 49,
Government mas prepared and adopted since Is22
nave all sgnllly failed, and have only led ,,e,, 81
,ta' pubic interests, day by day, from bad
condition 10 a worse condition: nh a. ,bis -,
the local banks over three ou,rtsrs Of a., o'''e"
are III state OF suspension all the circpI,,;,T, -
per over lhe same space greatly depreci,fed and
dollar. '''" Ut 1S"'s III 'he
The next great and notorious fac, i ,b,,,t,.
'cy OF The government, in relation TO The currcn,
mas Deen the main topic of dispute between nol,,i
ca' parties and that, this point chiefly tbr con.
sesI ioio turned; and the result of that con,est
nos 'u''y SHOWN mat vast majority of the Peonlc
REJECTS and TepudIlteS all the dostrinss oil H.
Administrations - VIC last TWO
new Administration has now come into no,,o,
~ 81 NV 'SOl IS assembled. for the
pose Of reforming tins state Of things and endenyor
IhS TO restore the public prosperity oy ploc.ny the
revenue TIE currency, and tho finances of III.
country on a proper footing. w
rs mght nave been reasonably expected those
VINO compose the Administration and tho ,o,io,i
ties OF the two Houses, while all ngreeing in ,b,
| Necessity OF adopting Immediately some elfi ion,
measures, are not, perhaps, entirely of the sam
oplhon as 70 any particular measure, or modfcn-
uon OF measure. On the subject Of n Rant 60
calIy, It is well known there has eyis,.J 80, ~
| terence Of opinion among those who hoy. ncisJ ~.
ge'her most cordially IN opposing and oyerthrovy,
the poncy OF the preceding Administrations The
sentiments Of the President, for instanr. ne H.
nave been we'll known, and constantly rn,in,,inci
Tor the last fifteen years, not in nll rcspecs s
as the Secretary of the Treasury and oib.r -,
Dets OF the Cabinet nre equally well known TO have
enct'Nineo and expressed. These differences chief
" respect the extent Of the constitutional sutbo,;,
| u with powers. ""U ''o'"''B
what, then, is the line Of duty naturally recor-
mendns itse'i To those who, with these difference
| OF OPINION, find themselves called ON tn LiscLars
nisn oOgoiios 70 the country Is il their dutv 20
| beat the hcld Of constitutional ARGUMENT ali -,
again. IN the vain hope Of coming to a perfect un,tv
oI opinion on all particulars in the end7 Ig n rn
,l.neI 20 CONSIDER how FAR they differ, aud how r,r
'hey aBree, and 10 inquire with candor and bone,,,
| whether that on which they do ngree nnv M, T.,
H,oe eihcent Tor relieving the country
TVS m the spirit Of this last proposition that the
| 'u'i"l'Haton apIcOrs TO have acted. The usrti
GUAR pan before Congress, on the call OF the Sen
ate, nnd which IS now submitted To the vyisIo,, .,
me Two Houses, is the plan II the Sccrot,,v ~ ~
Iteasnryi but Il is reasonable to suopo.e the, i, @
nosn considered, and ts general outline approved
ltmay be presumed, then. that il is the oo;ni,r ~,
Inose connected with the Executive Administrator
u1.'Aurh blnk as IS proposed will bo useful and
sWclcnt as hscal agent Of Government and Iep..
le'' oso TO the exchange and currency Of the coun
Try. That u docs not contain aft the proyts on.
winch some would have wished, Is very t,rol,,Ii..
bul TIE objections toH, whatever they may lie. ,,1
OF lhis negative kind. IL may be taken for g,1,,,J
mat there Is nothing IN IL which those vim b,y,
concufred m u regard rs positively huufuL And
WINE some might be Of opinion that, with o,bc,
provisions, II would be more efficient vet he go.
lIon naturally presenting itself was Is Il NOT hes,
"r the country that We 20 on, m this me ,surc ,.,
50 iirus We can go cordially together ard atom ~
Is u not best 70 have measure before ,,e nil
aHi without Tie violation Of any pilneIpe or ons
! consistency, may unite IN supp0rtpgi Sya,u 49,,
propose something IN which friends can ss,cc =,
shall we propose that which some ~ -.
trends cannot support, and thus by divisioo ,L,c,
ourselves at once into the power Of the common a.,
|, | ycrsafy ~ ~"
Poorly, poorly indeed would the party now !,
power iulhl the high expectations entertained H.,
r the country, " they should not, with t, sc,,o,s,a,
becoming the solemn crisis Of the rount,v 49,,
the pride Of private opinion give 90 personal n,.J,
ltction'j and with singloncss of heart. and undor
inn sense OF the responsibility which rests uno,
themselves, unite their counsesf,ir and o,,li,
ahu NIKE rigorous eiiJrt 10 relieve the countrv
n ihat th'' mas been the governing motive in prs
e paring the plan laid before Conrress. ,b.,e !
-'no DOUBT That II will he the governing motiy,