The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20


BIO a body Of i56 officers, scattered though
out every portion of the Union, to perform
the BUSINESS Of tbs Exchequer Board.
What we're the functions 10 be discharg.
cd by this Board FIRST, it was 10 re.
ceiye, to Keep, aud to disborse the public
revenue. Il was also TO perform the duty
of Commissioners Of Loans aud Commis.
sioners Of Pensions. Aud here he would
remark, by the way, that these humble and
useful duties were, under the bill for the
Independent Treasury, 10 be discharged,
the whole of them, by four or five Recelv,
ers General For the mere performance
OF these duties Mr.. B. had no objection to
aimos, any proposal The Pfesldeu, might
nuke. To be sure, if the plan should be
cut down 10 the dimensions of the ludepen.
dent Treasury Dill, four officers would be
sufficient TO do the whole duty here assign.
ed TO one hundred and fifty SIX. And wha,
duties we're lhesei Were they the duties
Of Bank or no First, the Board might
receive fifteen millions ordoIars on deposl,e,
might cut up that amount into the smallest
fractions, for which it nigh, issue ceriifi.
Gates, 10 supply the place Of circulating
medium. THIS particular part, however, Of
The scheme was eR by the bill IN great OBJ.
security, as Il was ne, expressly declared
that these certificates should be receivable
IN payment of the public dues. He did not
know whether these were to constitute
part of the banking capital or not He
supposed, however, that such was the in
tention; but it was not expressed In the
bill.
The next duty Of the Board was to re.
ceiye deposits. THIS was one of the pow.
ers Of banking, and in fact SOME of The best
banks in the world we're limited 10 this
power Of receiving deposites and OF issuing
certificates. Bat Mr. 3. considered this
at the least an objectionable feature in the
sche1o. What came next The Board
was TO put 10 circulation fifteen millions of
dollars, reduced as low as five dollar notes,
and, he presumed, on the common principle
OF banking, that these notes might be is.
sued in proportion Of three TO one. For
every specie dollar in tie Treasury the
Board might issue three paper dollars
Then /! was bank Of issue. Was /, also
bank Of discount Could any man doub,
II? |, was the Exchange Bank of an hon.
orable friend near hin, only taken from the
control of private individuals and transferred
10 the Treasury. That was the whole
matter; because, whether the Board should
buy and sell bill Of exchange, or d!scoun.
q promlssory note, il came to the same
thing il was neither more nor less than al
accommodation loan. And il was loai
subject to all those risks to which banks,
brokers, and spectators could expose it,
No honest man would ever be willing 10
put bis own money into such hands. Mr..
q. therefore took il TOT granted that il
could not aud would not be denied ,ha, this
Eycheqner Board was a bank.
But 1t had another bank feature. He
mean; no dlsrespect 10 the honorable Sena.
tors from Alabama when be said It was
bank purely on the Alabama principle. If
the bank should run down, as i, might be
expected soon TO d., there was a provision
10 the bill that the United States Govern
meat might advance liYe millions 10 wind i,
up, which advance might be sold in the
marke; at any amount under par which ii
would bring. Now, when the General Go
yeumeut undertook 10 deal in banking, It
wight calculate on the same fate which had
attended banks owned by States. FROM
statements Nc. d. had lately seen, it ap
peared that the Alabama Bank had 20;
through five millions Of lis capital, and was
10 very fair way TO get through with the
residue. | A laugh. This would be Go.
veErmeni bank such as all Government
banks must be, where private and individual
interest was not brought 10 bear on its con.
cerns.
Mr. B. said he would now state few
objections 10 this plan, and would then re.
lieye the Senate.
And, in the FIRST place, the Wing party
Of this country had ever proiessed TO regard
the curtaIling Of Executive Influence as the
great polar star Of all their political move
mems Every distinguished Wing Sena.
tor had deprecated this as one Of the great.
est Of all evils. The very distinguished
Senator from Kentucky | Mr.. Clay had this
very morning repeated on that subject sen
tlnents which he had heretofore presented.
over and over again, IN that Chamber, and
the poor Independent Treasury bill Of MIR.
BIS party had been sssailed, and with the
uimast effect, on that very ground. The
country had been alarmed at the vast and
extensive patronage TO which il would give
occasion. The thought Of The appointment
Of foar receivers general had struck terror
and alara through the hearts of all his
Wing ffieuGs. But what had we here
Here we're five Commissioners TO be an
pointed at Washington, 9th fftyiwo SUD
ordinate agencies all OYER the country. each
requiring The additional appointment, Of
three principal officers, to say nothing Of
sobordinates. Here was corpse Of OH
GERS OF at least two hundred individuals
presenting two hundred placea very conye.
nient indeed for the friends Of any Admin
istralioD which nigh desire to secure and
10 reward their services. Mr. b. here
an rrofauteI T.