The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-10-05
;. CONSTITUTIONAL FISCAL AGENCY.

/" CONSTITUTIONAL FISCAL AGENCY"
The article which recently appeared in this
paper, on this subject, and signed "A Member
of the 9th Congress-" is exciting extensive dis
cussion, and SO far as we have observed, is more
approved than condemned by both parties. The
Lynchburg Virginian is doubtful on the subject,
and says II is the same system in principle
which was proposed by General Jackson, and
thinks "it will be found TO look better on paper
than il will work" The Norfolk Herald seems
TO like the project "A Boston Merchant" in
the Bay State Democrat highly approves Of it,
as altogether the best and most desirable projet
ever yet presented To the American people" A
correspondent Of the Boston Post states several
objections TO the Details and fears il would be at
once establishing paper currency" which
seems to him especially horrifc, and fears it
would place the private funds of individuals too
much under the control of the Government.
The New York Tribune" looks upon the
scheme as only an improved edition Of the Sub
Treasury. The journal Of Banking" says:
II appears to to be the only kind of fiscal agen-
W Sai NC eptauiinhcu Wtiout NloldunE SOn-
siuon, and departing from the principles Of Go
vernment II will be that an issue of notes
forms part of the plan, but they would be the re-
representatives. Of gold and silver actually in deposit
they would be very different from bank notes. which
are mere bills of credit"
The article in question, although not endorsed
by US, has been extensively republished and
the discussion which is growing out Of il will
do no harm, but possibly may result in great
good.
The project is by no means new or original
Something similar has been tried, we believe,
at Venice at Amsterdam and at st. Petersburg.
Russia adopted similar system no longer ago
than January, 1S40-Russia with a population
of upwards of fifty five millions, and an extent
Of territory comprehending nearly one-sixth OF
the entire compass Of the earth. The system
there introduced having produced a great change
in commerce, relative TO matters of account and
the future calculation of goods by the silver
standard, at courses of exchange in foreign mo-
ney, has, along with the conversion of all duties
rates. and expenses Of merchandise into silver,
given rise to the publication in London of the
Russia Traders Assistant" fom which the
Merchants Magazine for October derives a mass
Of practical information, concerning Russian
moneys, weights, and measures, the course OF
exchange, bills Of exchange, &c.
The following extract will show that the Rus
sian system is quite similar to that proposed by
our correspondent, and it is one, says the Maya
zine, I" by which the Russian monetary and
bank note system has probably been raised to an
insuperabie degree ofpeyection.
EXTRACT.
"In Russia, an imperial manifest dated st Of July
1899 established the silver standard of currency
that country the lawful medium for the valuation Of
property, fixing the LIST of January, 1910, the time
from which the new system should be fully and gen
orally adopted throughout the empire, in lieu Of the
old bank notes paper roubes the latter were, by
the same decree, to remain in circulation mere
auxiliary medium Of payment at an invariable rate
Of 3 l-2 roubles bank notes for rouble silver
The amount Of these old bank notes not having in
latter times been increased and proving rather insult
icent for supplying the wants Of the country Of a
convenient paper medium Of circulation, new addition
al bank notes representing silver (probaby intending
to supersede the old by degrees, created,
By establishing sitperdepost office at 81. Peters
burgh, under the superintendent and management Of
a mircd board Of directors, composed Of government
bank officers and respectable frst-cass merchants,
aohih is empowered to receire voluntary deposits Of
specie and 10 issue in lien thereof sirer-deposit
notes, payable TO bearer demand, the deposits
ceiped haring 10 be held by the board untouehed at the
constant disposal Of the notes issued This deposit
cash began its operations in January, 1910, and has
since been very busy receiving deposits well as ex-
changing notes for specie. BY these important de-
crecs, the Russian monetary and bank note system
has probably been raised to an insuperabe degree of
perfection &c.