Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-28

uon VI the BOARD OF Exehequer, and the Secretary
OF the treasury appoints, on like recommendation
such inferior officers OF the no ard as in the iudg-
meht OF the board the Transaction Of its business
may require.
Any OF the officers Of the agencies may be re-
moved by the Secretary of the Treasury on the re
commentator OF the board, for physical inability
or lneompeteney, or neglect, or violation of duty
ne must state his for the removal of any
principal officer Of any agency, in hi, general an
nua. report oi the transactions OF the Exchequer.
The whole extent Of Presidential patronage
under the plan Of the committee, is in truth thus
reduced 10 the simple nomination of three commits
s'oners OF the Exehequcr, subject to the advice and
consent OF the Senate; the appointment and removal
OF oil the other officers OF the Exchequcr either nj
the seat OF Government or the agencies, being vr-
tualiy vested IN the board, Iself made eifeetualy
! Independent of the power OF the President by the
tenure of Office proposed.
From this brief view of the appointing and re.
moving power; it will be seen that the Executive
patronage, 10y reason OF the appointment to Office
is very little, and the Executive power, by reason
oil the removal from Office, is sil less.
2 rs 10 the purchase Of bills Of exchange.
To this feature of the plan of the Secretary o
the treasury the committee object: I. That i
would be exchanging the credit of the Governmcn
Tor the responsibility OF individuals, and consc
quenty expose the Government TO great hazard
and eventual loss: ,. Tha,t nigh; be used for pc
hIica purposes, and for party favortism; }. That il
would lead TO fictitious dealinse IN EXCHANGE with
out any real business basis.
The evils which would flow from all these source.
need not be enlarged upon. They will a, ono,
strike the mind OF every rejecting man.
But, aside from these objections there are other.
which would induce the committee TO reject this
power TO purchase ex;hausc. To exercise i; dis.
Greatly and safely, three things are necessary NAM.
~, individual inieres, Individual sasa-ity ard indi-
1ual viSanee: inieresi, TO secure proper attention;
sagocity, 70 distinguish real from fictitious opera.
tons; vigilance, to watch the transactions iron,
inception 10 maturity and payment. These quail
ues, from the nature OF things cannot be combined
| 10 me sesited extent in public officer however
faithful and honest he may bc. He may intend,
conscentiously, To discharge his dnty; but in bust
ness operations OF this description he cannot dis
charge It as an individual would uansae, his ow n
business IL would, therefore. be dangerous 20 give
tn,s power, without Incorporating ID interests OF
individuals into the system, which Is not proposed
10 be done.
The committee, however, propos, in another
rnoGe 70 confer substantially the ssmc BENEFITS
without any OF the risks This can be accomplish
ed by authorizing the ENehcQuer and is agencies
TO sell and collect bills OF exchange In hi, tber.
IS no possible hazard.
J.. as 70 selling. THIS may be done. either bv on.
agency drawing bill on another, on pavment OF
the sno nut ana premium in specie, or by accepting
the bi payable at the agency where drawn. as w i
hes, compOrt with the state @! accounts 5s,ue.,
them ard best promote the interest o. all na,tes-
Ihis Will an'wer Al! the purposes of buvn- or dis
counting bills OF exchange. BaYirg or Giscoun,irg
uit's on VINE - IN otner words mode of autciu1
ing funds. The legitimate ohiec; Of bli of er.
change Is motif anticipate, but to fsmi; funds
These funds may be RENTED, without m, b,-,,d
on the part OF the Government. OF the purchase al
the oli, and al the same time accommodate equally
well the individual 10 whom thew belong Fn- ~
ample, II q merchant in New York has funss !,
Cincinnati tor which he is entitled 10 draw al sirtv
days, he may direct his cores pendent there NJ b
end OF that time, 10 deposite the amount in the
agency at that place and send him bin s;sb on
Mem NrE -r-t,. l.. .
amount on presentation of the bill. In The mean
tune, II he wishes 10 anticipate his funds he car cot
hrs note done at ore OF the Local banks, whose bu,i
ness II IS 10 discount, and rely upon the bin OF his
CORES ooncent at Cincinnati TO meet It at maturity
=. AS TO collecting, the committee propose 10 aii-
thorize the Board of Exchequer and i;s aseneies
under regulations 10 be prescribed bv the boa "A q,
receive AMI cneci such drafts and bills of EXCHANGE
as may be deposited with them for tina, purpose.
drawn on any phase where a Office OF The Ercbo
quer may be established; but that no advance n,
payment shall be made such draft or bin until !,
shall have been actually collected, and advice re-
ceiVed oi such collection, when the proceeds shall
De PAD over to the person entitled to receive them
alter deouctIng reasonable charges and commission
The facilities afforded by this system for seiin,
and collecting exchange will promote the interests al
me whole country equally well with the power 10
purchase, and at the same time save the Govern
meni from the possibility Of loss or hazard.
j. rs 10 me Hsueoi Treasury notes on IN. credit Of
From the view taken OF this subject bv the ron,
mtee, Il IS unnecessary TO discuss the ouestion a,
10 how far the issue OF Treasury notes on the credit
OF The Government 10 circulate rs curren-y, is oh
hoxoas 10 the constitutions! objection to bills OF
credit. VI
The committee OF opinion that no ,Der should
issue on the credit OF the Government 10 circulate as
currency. %
There can be but two motives for the issue NJ
sucn paper l. 10 anticipate the revenue 10 meet
Df thef
currency OF the country by this addition N the e.
eua iing medium. N ="
As 10 the FIRST, the committee hold il wrons in
principle for the Government 10 antcipate ,is SO
hues oy 'his means Its tendency would be 10 ex- !
cessNe issues, ana TO reluctance on the p1r oftbs
Government TO levy adequate duties for revenue |
bether result would be IN the highest degree de.
regatory TO our national character. The revenues
OIL The country should always be ADEQUATE 10 i.e
economical wants of the Government and the c. (
Nsfhmehi should never have occasion 10 anticina,e
IT'S revenues. But ii an emergency should bapren
when ITS means are no, sufficient To meet i,s a., /
gaseme nis II may get the authority of Compress a
mas often been done before to issue notes
~ NOT as currency, but as means OF borrowing:
treasury notes, bearing an interest, TO be taken as
an investment ny capitalists, and not us n circula
ting medium for the People
AS TO the second, the committee DO not perceiv.
ho" currency issued on the c edit Of the Govern.
meni can make any permanent addition N lie 90,
cuiating medium beyond the wants OF the co,n,rv
Sneh currency, If u could be put in circulation
reyond those wants, would disp.lce and send in.o
retirement an equal amount Of the local currenrv-
% 'hal me aggregate amount remaining would Inc
INC same as before. Any benefit to be derived bv
lh'S Oe'er currency OF the Government If perchanrs
currency issued on rs credit should eyentu,llv be
oeuter would not compensate for the violation ~
"hat me committee deem q great aud fIndarnen,,i
principe, namely that no pager should issl,e
on the ctedI; Of the Government. 10 circIlste ne
currency. 30
The Secretary Of the Treasury p-oposes IN i,,,.
3OOlOUO OF Treasury notes founded ON \ snsris
oasS OF S5,OOO,VOO. Ia o'hcr words 10 g,ue \ uo.
Per currency convertible into specie in the ratio OF
'htee dollars Of paper to ono Of specie. In ordinary
"anA"s operations TINS - deemed perfectly safe
Ia"o: 10 rum, the circulation o. most banks il not
regulated by the specie IN their vaults Tbe, iss,s
| arc sometimes In proper ion 10 enpi,aI ami -,
times graduated By dlscounts. The r,t,o bo,,..o,
OF Three TO one has always been deemed saf. ~
banking Operations. But would Il be a safe nrinei
pie Tor the Government TO adopt In regard 10 nny
paper u may ISSUE 20 Circulate as currencv7 Tho
! committee think not. The officers Of Goyernmen,
cannot provide Tor contingencies and emergerces a.
individuals, or as banks controlled bv in5,vd,af.
can do. However faithful and honest thew NAV he
and however conscientiously they may intend ~
discharge their duties they have not the interest no,
the means TO provide for such occasions.
individuals inleres . in, and concerned in. ,b,
arrangements Of banks, are always looking ont srr
/ providing IN advance FOR any sudden dem1rd Moor
them iof specie. And with al. their interest. =,
gucly' and vigilance, they arc not always able q,
/ pfOyiie az ~ a suspension Of specie p,vmerts -
! VIII TIE cili G Of Government 6o any bsuor Ali,
To provide against in There might tc sujder
mN