Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-26

Nv ~ ~ "N'hN WIN NtNHNfN
- muca OF the Message Of ihS President rs te,a,,
10 tho plan Of snnnce therein pinmsnJ to Gu
rrO-. NJ also Ihr letter from the s,cretar, ,r IN
Treasury accom- panied nv q draft ola hin f., the =.
iabii-hment IT 4 Board 81 Evchequer at lho se,, +,
Go'ernmeni.-rePori. in part
The Committee have bestowed ON the .bbi.c,
10 ti'e n, all the deliheration and ,pYi,u
consideration. which the importance of tAose subicct
demands.
IL became their duty 10 inquire as To- the wise.
ana hest method Of keeping the public mpnoys o
the Chiied Siaics, The material in which the sam,
'shoild be collected and discussed. and the poy,ci
md obligation of the Federal Government IN regard
10 The currency and exchanges ofthe Union.
They entered npnn the discharge Of this duty a.
n period, when. in consequence Of the magnitude
and pressure OF The public debts o. many uf the
states Of the Uniun. the condition of their hank.
ING institutions, and other causes. the currency and
exchanges ola large part Of the United Safes were
7nVolyed in calamiiouS disorder; at a period. when
tho pecuniary disasters of ihe country-lhe extreme
differences - long existing among eminent states.
men As To the Mature and cauSo of those disasters
'nd the proper remedy for them,-and the unrer.
1sinty and instability ct the financial pnlicy NJ the
fedcr1l G1Yenment.-had conspirdd To- render a
sor' OF anarchy Of cpinOn Characteristic Of the
times
Under thexe circumstances. the Committee felt
themselves called on hy the highest claims OF pat
rioiism aud OF honor, to endcayer to look steadily
and camly nj the facts surrounding them.-to sman
eipsie their mi Ids, 80 far as possible. from the do
minion Of all 2 conceived opinions.-lo bring To
the solution Of tho great question:. before Them the
benefit AT least "i unrnmmiited Judgments and an.
shackled freedom Of decisiun.-iO inquire, not mere.
~ what might be best IN the past or present view
OF each, but also what was The best OF thing. now
practicable; and having thus. without fear or favor.
folly discharged their own duty to their country and
themselves. to submit. unhesitniingly. the result Of
tneir deiiberahons TO the eandor aud wisdom of the
House.
They were the more strongly impelled 10 tho n
dopiion of these principles OF acIinn. in considera-
tipn, that the duty they were 10 perfirm vas one
supposed on them by the command olthe House. moi
sought nor desired by themselves and that. under
subsisting political relations. for the success of any
measure ihey might propose. they must Of necessi-
y, rely On It's intrinsic PmPriety and the impartial
sense ofihe Legislature.
the Constitution ofthe United States emroyyer.
Congress Ito lay and collect taxes, duties and i'm.
posts and eIcises. 10 paw the debts and provide Tor
the commsn defence and general welfare Of The U
States. md 10 recognises tho existence Of 1.-The
Treasury Of the United States" But IL does not
prescribe tho organization Of he Treasury, nor set
birth the mode in which its pcrssnncl shall be con-
sfituied, or It's business tnnsnrisd, Otherwise than
e. a provides that rs the P~residen'. with the AL.
wee and consent Of the Senate. shall appoint the
puncipal officers of the L. STATES. But the Con-
siiiuiion further provides that Congress shall have
power TO make all laws necessary and proper for
earrving into execution all other powers vested
by Al in the Federal Government. And under
these constitutional provisions is the Treasury of,be
united States TO be organised by legislation, and its
ront ems conducted: the President being empower.
ed and euioined 10 take care that the laws be farlh.
fully executed
Resides this. Congress has power Ito regulate
eommerce with iurcign nations and Among he Sc.
serai ; aies. power TO "coin money. regulate the
value ,hereofand nf foreign COIN. and To FIX the
standard Of all weight. nnl measures" aud also po-
aor Ito borrow money Ola The credit Of the United
States.
Aud, 0n The other hand. while conf.rring rhcse
powers on The Federal Government. the States
have expressly forbidden to themselves and 10 each
other. to emit bills OF credit, 10 make any thing
, u gold and silver coin a tender ia payment Of drbt
or to pass any law impairius rhe Obligations OF con
tracts.
BY Inc act In establish he Treasury Department.
spassod on the second day Of September. 1889, II
- pruyii"i that il shall he the duty Of The Trea-
, rcr 10 frcciv" mud keep the moneys Of the United
y al>s. md 10 di~bursS the slme upnn warrants TO
b. drawn nv thr Secretary Of tho Treasury; hut the
plan and IN de at So keeping The moneys nj The T.
mic States were not specifically p escibed; unlir-
he'd scope al ch"ice being lch 10 The Treasurer ia
th's respect. subject always 10 the authority nf The
tgrzident 10 see 10 The due execution of the laws.
his executive capacity 10 guard The interests
OF The Government.
Under these provisions flaw The fiscal opera.
lions af The Federal Government. as now censiitu .
ted, cemm-nced and so pn,ceeded until The 25'h OF
February, 1871 when the Bank ofihe United S ates
uas Incorporated for n eriod Of twenty years.
Prior "a which. ihere existed in The United Sta
three incorporated banks. namely-lhAto Of North a.
msrica in PhiladelphIa;that Of New York. in the city
Of New York; AMI that Of Massachusetts,, m Boston;
al Of them established before The adoption OF thc
Consti u ion. Each of these hanks was a State cor
TorprIoi ; fora though The Bunk ofNonh America wa,
ofiginaIly established by Congress in 1891 .yOt it had
isco accepted and now acted under a charter from
r nsylvuniu.
These banks it was thought were unfit. or iu.
renpatent 10 perform the fiscal business Of ihe Gov
se1nneni; besides which. they could not obSort ans
anount of the public deht, nor he relied on for adj
sances n money TO the United States.
The incorporation Of the Bank Of the L States or
izinRted in an order Of Congress calling on tn,
sSecreiary Of the Treasury 10 prepare and report q
proper plan for establishing the public credits; IN o
bsiienee TO which, The Secretary presented two re
p5rts; in ono Of Them, recommending that the
pnblic debt be funded, and additional taxes rasie,
10 pay the interests on it. and. m The other, recon
mending Inc incorporation Of a National Bank Ia
NNlng OF iIihh-y imIolAdlNb ~ W ptoopoiOhs ~
minislration Of the finnces." aud Of "the creates
nlflitv an IT, ~p~--s:--- ------.-I ---A- -i~ -~r'T-T
" pSoITC cfeIIi. "or,as set forth in the preamble OF th
nri, "as tending 10 give facility toiae obtaining q
foans for the use Of the Government To which, i
lhe same preamble. was added the iuuhest reason
advantage 10 trade and industry.
This Bank answered Immediately three purpose
81 The Governments. namely; |. or its capital ct lo
Hillion dollars, three .fourhs was composed Of far
oil debt. , twas made The fiscal agent Of ilie I'm.
81 States; and 3 It's notes were legulizsd Gu rcnc,
q ing receivable in oil payments at The Treasr
II.
And the system Of ihe Government was compl,
90 by the act Of tho I'd Of April. 1872. esiahlshin
: mint. and regulating the cola ofiho United State,
fpon tho basis of lhe dollarunit previously prescri
- BY the Continental Congress
The Incorporation ofthis bank was resisted in IN
mel sn considerations Of eNpsdiensy and ofconsi
t-fonaliiy; which considerations led 20 Inc ref
- of Congress to r,new its chnrier On The exp
,on of Us charter in docs not appear 10 have bee
mcd necessary or e]Spedient % legislaie fuuho
ter as 10 The means of collecting or The made
.Iatninu the public moneys. but this was left