The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
THE BOARD OF THE ExcHEoUER.

/ THE BOARD OF THE ExCHEoUER.
The motion TO refer the report of the Secretary Of
the Treasury TO a select committee, was announced
| by the Chair the order of the day
| Mr.. MERRlCK said that the Constitution Conferred
unon Congress the rcusve control over the cur
Tency and the measures Of value, and they both
included in the same clause, with view, the pre-
ambe of that instrument asserted, 10 ENSURE dones
tic tranquility, and 10 promote the general welfare
/ That Congress had not exercised that grant, was
pain; and the necessity for doing 50 was never mon
necessary than at the present time. Therefore he held
be their bounden duty TO regulate the currency OF
the country, whatever It might be- and take such action
in the premises as would insure uniformity IN va
| lue. How this TO be effected Gentlemen on
the other side had conlended that this 10 be- done
/ by purely metallic currency banishing PIPER, and
having currency but gold and silver coin. Even
this were atainable would Senators be prepared TO
| perperate such act OF injustice would arise
| from such proceeding But could they, by any
process, expel paper money from the country
and prevent 1t from being circulated In the coun-
| try. Assuredly not for bank paper was not
| to be expelled; il had BEEN now, and
| would continue to be- circulating medium Al
| though they might use metallic currency they
would not thereby do their duty to the country for
the people desired that their general currency should
| be uniform. What then, must they do' Something
must be done lie held il to be their highest du to
take some steps to restore the currency the people
required ii al their hands, and they should be fathess
to them, if they did not do il. The question was,
then, what was to be done Let not gentlemen
ceve that they would be excused when they go hence
after doing nothing, for the people would hold them
| TO account for their neglect, and send others, who
would make effort TO relieve the distresses of the
| country, to take their seats What to be done
| As National Bank was out Of the question, they
must look for some other means OF relief. The Sub
Treasury had been repudated and the Pet Bank sys-
TEN had signaly failed. But here project from
the Secretary Of the Treasury, which had mol yet
been tried, and which had been placed before them
| for consideration, 1t the result of mature de-
liberation and no doubt emanated from the patriotic
| desires of the Cabinet. But could it be adopted
as il now stood If not, could it be altered amend
ed, improved as to make it answer the purpose
of relieving the distrcsses Of the country For him
self he had not been able to discover all these dan
gers and all the formidable objections to establish the
| existence Of which gentlemen had INDUCED in meta
physical dissertations. It might not be perfect, and
| the Secretary, himself, said so, for every knew
that any thing made by human hands must necessari-
~ be imperfect All power liable to abuse, and
the power for good or for evil must rest conf
dence, trust could be exercised without conf
dence. He was aware that in giving to this project
a liberal and fair consideration, he might be expos
| ed to such censure and nsinations showered
! upon him last summer; and 1t might be said that by
| so doing he was seeking Executive favors. Now
there was no man in the land against whom such an
imputation could be made with little Justice as
against him for he neither asked desired any thing
| from the Executive for himself any of his rela-
/ tiyes !; and none of his kth kin had held, now
hold, or sought employment by the Govern
ment. He was disposed to give to this measure
liberal candid and just consideration and his desire
was induce the Senate to take it up with sincere
determination to throw aside all prejudice, and all pre-
conceived systems, and TO make something of this one,
and also whether they could not to agree
ment TO effect substantial good to the common
try. His own opinion was that this bill was capable
OF being made productive OF great benefit if shond
be acted in the proper spirit 1t was unnecessary
go into discussion of this measure at the present
time, it contained features which were well known
to all There were provisions providing for the issue
Of Treasury notes, to issue checks individual de-
postes and 9TH modes were pointed out to inuse
sound and safe paper the circulation of the country
/ and to regulate the exchanges Some gentlemen
found great fault with the plan because it entrusted
its management to officers nominated by the EXecu-
tive and confirmed by the Senate but surely more
risk would not be incurred by tbs method, than by
entrusting the public money to National Bank Ii
was the earnest desire of the country that this ques
ton should be settled, and forever they
well aware that one of the causes Of the arrangement
of the currency resulted from the continued agitation
Of the subject Therefore, he felt that it mpor-
tan that the question should be settled There had
BEEN for the last twelve years, eternal display Of
elimination and recrimnation, one side and the
other with regard to this matter; the people
worried, and tired of the discussion. and now called
for settlement of it. They demanded it, and would
very soon have it. What their condition. Their
Treasury was empty, the country was i'll adetence-
less condition, and their peace threatened from
abroad Who that listened to the debate yesterday,
when cord was touched by the remarks OF the Sena-
tor from Kentucky, which vibrated through every
heart when he spoke of our relations with Great Br
tain could believe that they did not stand
smoudering volcano The pretence of good will,
and attachment and brotherly love, between the two
nations, was nothing but dead ashes thrown upon
living embers Their condition indeed critical
for no one knew how soon the conflict might come.
Look on the map /; they saw the English upon every
hand, who had seized our soil and murdered peo
pie. Look too, at Oregon, which the Senator from
Missouri Mr.. Linn was SO anxious to see under
the sole control of the American Government. Look
at the position of England, not only here, but in
other quarters OF the globe, which she almost
Swallowed by her powell, She proud and grasp
ing, and, as was observed the other day, she grew
with the food upon which she fed. She was jealous
of us, and was only waiting for favorable mo-
ment, which would be SEIZED to strike the blow.
And would Senators, in this state OF things,
continue to keep the currency open question tor
domestic agitation for strife DIVISION and dssension
and make no effort that might lead to its adjustment
Would they not do this, when dangers of this magni-
tude were tliroanupon every side} For his part
he earnestly hoped that Congress would take u the
question, for the purpose of settling it, they had other
work on their hands beside the engagement in party
strife. de would do anything, notwithstanding his
preference for some other PROJECT aud he would take
any scheme which, in his view, was constitutions
al If the question could thereby be put to rest forever.
! They must settle this question they would he hoped
and they must likewise for the national de-
fence
/ MIR. SEWER addressed the Senate and in the
4 course of his remarks in abiding to Senators who
h voted for the Bank bills which were passed last sum
mer, and which were vetoed by the President OBJ
served that if he had voted for either of those mon
sters he certainly could swallow this little monster
horns tails and ALL without stretching the juguar vein
ormjuring his wndpke. Ithad limit to deposites--
the Others had not All the profits arising from this in
Il stitutlon were to go into the Treasury for
the common good and, instead of inuring to stock
4 holders, were TO fall upon the Government. This
bill differed from the Others on the score Of eX-
I changes. They could deal in them without limit
this limited the amount. And now to his utter as
! i1,ni.l IL, IL, -.