Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-28
RICH MON ID:
TUEspA> MOANING. DEcGnuEn as.
THE NEW FISCAL AGENT-Siats Of parii.,
ia Washington.

THE NEW FISCAL AGENT-Siaie Of parlis
in Washington.
We have examined, with some care, the letter G
tho Secretary, and the Bill accompanying it, for th
establishment Of an E1chequer of the U. s., an
we have been unable TO satisfy ourselves that the dc
tails OF the proposed scheme are less excep,onabl
than the outlines, as given in the Presidents Mes
ssge. The views OF the Secretary ore certainl,
plausiblc-so far relates TO the currency featur
Of the scheme. We incline to the opinion, tina, III,
proposed currency will be one Of uniform value
will probably be stable, and furnish medium o
exchange to all parts Of tho country. But to ID
this. the Exchequcr must be in the hands OF honest
men, and who cannot he swerved from the line o.
duty by any ambitious aspirations. Ii the commits.
soners be men, who, to compass a political end
would make the power with which they arc invest
cd, subserrien, to tina, end, they might depreeate
this currency or appreciate it at pleasure.
But however convenient as a currency machine
the proposed measure may be-asa political engine,
III obnoxious to iusupsroble objections. II coners
upon the Executive, powers dangerous to the pub
lie liberty--aud which no considerations of COM
mcreal case should induce people jealous of their
rights, tosurrendcr. Il combines the powers Of a
National Bank, the Sub Treasury and the State
Bank system; and concentrates in the hands OF the
Executive the patronage, which pertains TO each Of
them The check upon tho Executive is mere
mockcry. The Board of Control, who will WELD
all the power, arc from their very constitution, the
creatures and dependents of the Executive. Two
Of the fve-ihe Secretary of the Treasury snd the
Treasurer-are generally heated par,isans-thcy
Il h,, nj l,,,,
the jackson doctrine, are his mere creatures bound
to obey his orders, and subject to be evciej At his
will and pleasure. The other three are TO be APP
pointed in the same way-but they are only TO DC
removed in case of physical inability, Incompetent
cy, or neglect, or violation of duty; and in Of
any such removal, it shall be the duty OF the Presi
dent to lay the reason thereof before the Senate"-
That is, the President is TO judge OF the manner in
which they discharge their du,Y-if not satisfactory
10 him, he removes and gives his reason 10 the Sc
nl,e-who have no power, however, be it observed,
to reverse his decision and rc.ins,a,e the commits
sioner. The power Of removal is then absolute
and the preience oflmng i, in the Bill is bu; little
better than mockery and insult.
Ii, then, the vast powers confded to the Borrd Of
Control he in fact conferred upon the Executive, as
unquestionNbly they are-the Purse and Sword arc
uniIed:-The Government becomes great banker;
and has at its disposal the liberty and property Of
every citizen ri the Republic. 1t may be argued,
that we need aPprehend no danger from our pre-
sen, ru.ers-,hat they honest and patriotic, and
will employ the power with which they are invested,
solely 10 promote the national prosperity and hap.
piness. The same arsumsn, would justify the alb.
Of N
upon Executive Agents. The true principle. is, that
the people should never p'rt with any more power
than just enough for salutary aud efficient admin
isiration of their aT1irs. In the construction OF
grea; systems, we not privileged TO rely upon
the hoaes.y and patriotism of existing rulers. We
must look to the future. and provide for the con,in
sency Of wicked and ambitious rulers. The former
require neither curb nor spur in the discharge OF
their duties-,he latter can with difficulty be re
strained by al the safe guards which patriotic sal-
ousy and wisdom may devise.
The increase OF Federal Office holders is another,
and by means a trivial objection to the proposed
scheme. In every State there will be fresh swarm
to consume the remaining substance of the people.
To the adoption OF this scheme thus aught with, or
a; east powerful Tor mischief We prefer greatly the
weak and defective system OF State Banks-resula-
ted by law.
To give the reader some idea of the reception
which this scheme has met with in Congress, we
give letter from very intelligent gentleman in
Washington, and add the comments OF the Inde-
pendent and the Madisonian:
EXTNAcT Of a letter from q gentleman in Yasiiag-
ton TO his friend in this Guy, da,.d 25M Dee.
"The long expected and much. ia ked. bout plan
Of Fiscal egent, has at length been submitted TO
Congress, and you have, no doubt, seen and read il
1t was preceded by many laudatory articles in the
Government paper-and the idea was h, Id o. az ths,
It was TO be panacea, not only for all our CONNER
cia and fiscal disorders, but also that il was TO heal
party diyisions-,o alay political excitement, and
to unite the Wings and Democrats in harmonious
support Of the administration. BY common con-
sent, both the great parties with the execution of
some few individuals, forebore to express anv de-
cided opinion upon the outline Of the measure. "a
skeiched in the Message, and awaited the advent Of
the maturcd system with earnest desire to give il
q fair and candid consideration. A. length, il has
come and the members Of Congress have been bu.
Sly engaged in examining It il all its aspects as
connected with the commerce, the finances, and the
politics Of the country. Thus far, there las been
nothing like public or general expression Of OBI.
Mon in regard to il, though am inclined to think
that very decided opinion has been formed by all
parties.
Presumirg that it would not be undressing to
you to have glimpse Of the position Of parties here
will give you my impressions ns to the present con-
dton Of affairs. This is the more necessary, as
many Of the accounts which you see in the news
papers, and particularly those contained in the let
tcrs Of the regular correspondents Of NEWSPAPERS.
IRE written by political men for political presses,
and to produce political effect and are therefore, not
TO be relied on.
My impression then, is that, but very small
portion Of the Wing party in Congress will supper,
the Presidents Tor Mr. Wcbsier's) proiect-I sov
or Mr. Websler's, because it IS the general opinion
here, that the scheme is Mr. websers, and that no
is the author Of the report which accompanied it.
Some few Of the Northern members, who represent
commercial and manufacturing districts, and whose
constituents take, exclusively, a dollar and cents
view Of subjects, and who are ready 10 take any
thing which gives any promise, however remote. Of
enabling them to collect their debts in remote parts
Of the country, will DO induced 10 20 for the nea
sure. Butthe mass Of the Wing delegation, even
from Massachusetts,, cannot be induced 10 civ, i,
their support. The Southern and Western Wbigs
are, so far as have gathered their opinions, almost
unanimously opposed to IT, They regard the
scheme us inefficient as a fiscal agent-incapabe Of
furnishing any thing Ike a sound currsncy-and ne
c0niering on tho Executive the most alarming in.
crease Of power and patronage.