The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-12
II HE M DISC M A N
A FISCAL AGENT.
VIEWS OF THE MESSAGE.

Inc principal ODJectlOnS we nave YET nedIu
against the Message are, l. that il is not suici-
emily explicit in reference to afinanical insttu-
ton, and 2 that it is not imperative in its recon-
mendations to Congress. Let us see if these OBJ
jections rest upon just foundations.
l. The Message states that the late National
Bank, and the existing Sub-reasury law have
been fairly condemned by the popular voice. and
that the State Bank Deposit system failed toan-
swer the expectations of its early friends. tits
explicit on these points.
The Message states that "the late contest
which terminated in the election Of General
Harrison to the Presidency was decided on prin-
ciples well known and openly declared and
while the Sub-treasury received in the result the
most decided condemnation, yet no other scheme
Of finance seemed to have been concurred in"
| This is explicit
But the Message states that should Congress
deem il to be its duty to repeal the existing Sub
treasury law, the necessity Of propiding a suit
able place Of deposit for the public moneys
which may be required ioifhin the District,
must be apparent to ALL No one can say that
this is not explicit.
i In another part Of the Message we find the
following paragraph:
cannot avoid recurring, in connection with this
subject, to the necessity lrhich crisis for adopting
some suitable measure whereby the unlimited creation
of Banks by the States may be corrected in future
Such result can be most readily achieved By the con-
sent Of The Stdtes, to be oppressed in the form Of
pact among themselves iohich they only enter into
Nth the consent and appreciation Of his Government
consent ichich might in the present emergency of the
public demands, jusiifably BE- gipen by Congress IN
adpance Of a.y action by the States inducem eni
4 to such action upon terms yell defined BY the act o,
tender. Such addressing itself tosthe calm
reflection Of the States would find in the perence
the past and the condition Of the present. much to sus
tain itand It is greatly to be doubted whether any
scheme Of finance can prove for any length Of time
cessfuI, while the States shall continue in the unres
trained power of creating banking corporations This
power can only be limited by their consent"
i The Message in another place contemplates
aprovision for suitable FISCAL AGENT,
capable Of adding increased facilities in the col
lection and disbursement of the public revenues
rendering more secure their custody, and con.
: sulting a true economy in the great, multiplied
and delicate operations Of the Treasury Depart
ment. Upon such an agent depends, in an emf
nent degree, the establishment of currency Of
UNIFORM value, winch Is Oh SO great importance
to all the essential interests Of society, and on
the wisdom to be manifested inits creation much
depends .64
Again itsays "With the adoption Of .fnan
ciai agency OF satisfactory character, the hops
may be INDUCED that the country may ono,
more return to state Of prosperity"
j Further, after reviewing the history Of tn,
late State Bank Deposite system, the Presiden
says
"If, then, any fscol agent which may be creates
shall be placed without due restrictions, either in tn
hands of the administrators of the Government, o
those Of private individuals, the temptation TO abus