Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-26

y.s; .hss ,hat e.,p, j.. sdoa 80 'ns'!'''' ss""S'
Ia ,,s,. however asfAla j! ,aoy =: "S.l,,' =; ~.
-, AMI me state e y,o ,iues demonstrates iha y %
,ed is stock caa:t not II taken up. so IS - ~ " "
successful! ctcr'iion -, go. ia.
aided and pa down by is uaa' pFonin'n' ilehus
-, ,yho wer. i,russ, in establishing !, before II
na we'd fair ;yai a. Oilers Of IL advocates &c
neyc Al however, near N saying ''@ '"'''''' -
rc-rs,aA.i,hcl. .,,,.,.
80. :; .nIIy comic ed /; Tie People; and C9ng:'ss'
in a-codancc with the poruiar viii! TOOK III e's Up
p1riua!ty ior'p'"a: .,;.:...,, s,,,.
,r ,rinrs il which either Of these discarded System"
.n T., oar time ii ever, he revived ears may
'n b. fore those who have the strongest rTeilieeofs
~ clc- can be graii!icd; and perhaps ihat nine VI"
,c- arrive sc that Is i mas, they are eac,i oil men,
=, q, SO L. lar enou III 6esonl orr rr"ch W NJ, 'i.i
Mil -, yain!v ATTEMPT 10 clutch alter thiig WIZ"
constantly scd-- our @.asr! ohall We Pel Tue
nv /, suffer under lis present cmharrassnrn'' .eohu
- canned bring to is .id our iaroTitc moic OF ietl
and more especially shall we permit this when lha
m,Je cannot be attained! The committee THINK no''
nd This brings them 10 the consideration OF Tile plan o.
Gsc,l aren't recommended by the President, reported
IN hv The Secretary Of the Treasury, and referred 10
| the., By order OF tho Senate r,.a
The proninen objections to tins plan, u ina'ca.cu
no The opinions expressed IN the Senate on the hu'.o
for reference, arc /. The patronage ana power ",eh
i gives 10 the Executive; 2 The Fafdh"Se ., oils -,
xch,pcc s. The issue Of Treasury notes on the crcau
nfthe Government. Can these objections pe onSiasu
~ removed Ard ifthey can, will the system re en-
Gent f,r the purposes for which It Is lntehu'ui "
cnuir,ce unhcsi,angly answer both these questions
IN tho affirmative, and proceed briefly TO cohsuci 'he
objections.
l. sto Ecccufirc Patronage AMI PorT'
.tsI N
p,niment 10 .ice and the power IN the removal from
ntce These objections will he, to greater or less eA
font 10 any system which can lie adopted hn' ''e
committee ;hinS audcr the aodlcnons proposed, my
viii be substantially ov:ated The PRESIDENT WIN lne
Jce and consent OF The Senate appoints three comn'-
49,. ,ybn form the Board ii Exchcqucr. These
commissioners are removable only with the concurrence
Of ,l,e Srnac aud for physical inability, lncomPfency'
or NEGLECT or violation OF duty They are therefore IN
dcuen,,ent Of any inprolc. Executive influence II any
should be acuu.c 10 be exercised over them. nc
nunbe, Of AGENCIES i to he determined by the Board OF
ncbrcncf bu; 10 lie limited 10 a. few as the eSi@enc'Fs
or ,hc service will admit and III no case 10 exceed TWO
innny State ar Territory. Ihcpro5ahlliy Is, that win
IN. exception Of or two States, there "onu DC no
Necessity for more than ono agency 10 cach, anu VI hd
nv instances even that might re dispensed WIFE, anu
these ccacrs nav bc the sound speclepayng banks oil
The S,,A wnerc would mol be desirable tor the agen
cyt i've de ses, or 10 accept or sell liiis OF drafts
an Hura Of hbc Board of Eychequer, which banks,
@cIiy tentSa prohibited TO do. lnall,hese cases
there Nyut 40 officers to he appointed and lne Sc
lectcu of a scce-p paving banks as agents would ne
made hy ne Beard OF Exchcguer, who, 1t has been al
o,dv shown p,e ndepcndcGt of Executive influence.
The only iccr~ them 10 he appointed, would be al the
orcnces established al OF the most Important com
ncrcal poiats These 10 be appointed ~ the Sc
cr,tarv oil the Treasury on the rsem"s"aa0n OF tue
Poari OF Exchrque and lhc Secretary % inc reasn-
re- apooin,. on like recommendation, such interior oit
I "a ,,a ilIJ
transactions of Us business may require.
~ uf The officers of The agencies may ne removed
bv The Secretary of the Treasury IN Tie rccnmmenda'
non of the ho,rd for physical lnahliy or incompetent
e. or NEGLECT or violation OF dut but he mast state his
reasons Tor The removal of any principal officer OF any
ag,ucy in his General annual report Of the transactions
of the EACieqler.
iii, Whole cx,en, Of Presidential patronage, under
the nan Of he committee is in truth ihls reduced 10
the simple a,shjatjoa Of three commissioners Of the
E,chequer subject 10 tc advice and conent o. the Sc
nate, tc appo! tnlent and removal Of all the o.he. DILL
Gers If ,hr Excscgurr chcr 1T the seat 4" government
or Inc arcnrc beng vr uay vested in the board, IT,
.eli made t,cual!y independent OF the power OF the
President ~ H. tenure Of office nov proposed
Fron thi, br,et yew u The appointing and removing
no., IL Vii hc seen tina, Tie Executive patronage by
reason OF the appointment 10 Office is very tile and The
Executive power by reason Of the removal IRON oiicc
is sill less.
> is n tdc purchase Of bills Of exchange.
To this feature OF the plan OF the Secretary OF the
Treasury the committee object: |. That II would be
exchanging the credit of the Government for tn re-
sposbiity OF individuals, and consequently expose the
Government to great hazard anu eventual loss -
'rhs it nigh, be used for political purposes, and for
parly iavorltls,n 3. That it wold lead 10 fictitious
dealings in exchange, without any real business basis
The evils which would flow irom all these sources
need pot be enlarged upon. They will at once strike
the mind Of every rejecting man.
III, a,sa nY n thprS
which would induce the committee to reject this loweI
10 purchase exchange. To exercise il discreetly and
safely three i!incs are necessary namely: individual
interest individual sagacy and individual vigilance
interest to proper attentions sagacty 10 d'stin-
ru.sh real from fictitious operations; vigilance, To watch
over the transactions from incc?llon 10 maturity and
payment. These qualities, from the nature of things,
cannot ne combined "a the desired extent IN pubic
officer however faithful and honest he may be- lie
nay ntend canscicnousy. 10 discharge his duty but
IA business operations o Ills description he cannot $.
cherre i, a. m individual would transact his own bust
ncss l. woull therefore be dangerous 10 give this
bower without Incorporating the interests OF lnIivlu-
ais n,p the system, which is not proposed TO be cone.
The conli;,cr, however, propose IN another mode TO
confer substantially the same benefits without any OF
the risks This can be accomplished by authorizing the
Exchcquc: and lis agencies 10 sell and collect bills OF
* -hansc In this there is possible hazard.
]. As to selling. This may be done, either ly one
ag,nc; drawing bill another, on payment Of the
ann ard premium IN specie, or ny accepting the OIL
p, lie at \ e agency where drawn, as will best CON-
BOD with state OF accounts between them, and best
pro o,c tt interests Of Ill parties. This will answer
4 all 6 uur srs OF buying dscoun'ng bills Of e1-
i ch &c fning or ,scouning bills on time is, in
9th word a mode Of anticipating funds. The legl
ma osiecrof bill Of exchange is not to anticipate
but 10 remit funds. These funds may be RENTED with
our the hazard the part of the Government, Of the
purchase OF the BILL and at the time accommodate
equally well the individual 10 whom they belong. Fol-
exainple, il a merchant in New York has funds in Gin
cinna for which he is entitled TO draw at sixty days
nc NAV direct his correspondent thcle, at the end o
that time to dcposi,e tie amount in the agency at that
place and send him bill at sight on the agency a,
| New York where he can receive the amount pre-.
sents,ion of the bill. In the time, i. he wishes
10 anticipate his funds H. get his note done at
of the local banks whose business II is to discount and
ely upon the bill Of his correspondent at Cincinnati to
meet il at maturity.
. AS to collecting, the committee propose 10 author
lze the BOARD of Exchrqucr and lis agencies under
regulations 10 be prescribe By the board, 10 receive and
collect such drafts and bills oil exchange may be de-
D sed with them IL: that purpose, drawn any place
where an Office ofthe Exchcqusr may be established
hu, tina, NJ advance payment shall be male such
draft or bin until it shall have been actually collected
and advice received Of snch collection, when the pro-
cceds shall be pail to tho 'rson entitled to receive