Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-12-23

the large impOrta'iohs VI 'u"
hro,d he resul. Of stock sales and loans
M one can be surprised at the apparent
h,t nnsubstanlial, state Of prosperity wh'cl
ererv where prevailed over the land; ana
while little cause OF surprise should DC lel'
at the present prostraiion Of every 'hing'
and The ruin which has befallen SO many
of our fellow citizens in the sudden wins
drawal from circulation-of so large ah :,
mount of bank issues. since Io31-eAcee-
dino. as is believed, the amount ADDED 10
the naper currency for similar pefiou'
or,ecedent to 1887, it ceases to be mat
,er If astonishme mt that such extensive
sh;nwrecks should have been made OF pr.
ya,e fortunes or that difficulties should
exis, in meeting their engagements on Inc
mart Of the debtor States. Apart from
which. If there be taken into account the
immense losses sustained IN the dishoho[
Of numerous banks, it is less ma''ei u
surprise. that insolvency should have visit
ed many of our fellow>ciizens, than ,ha'
so MANY should have escaped the blight
ing influences of the times.
In the solemn conviction of these TRUTHS
and with an ardent desire to meet the pres
sing necessities of the country. l felt 1t 10
be INV duty to cause to be submitted 10
YOU at the commencement of your late
session, the plan of an Exchequer the
whole power and duty of maintaining
which, in purity and vigor, was 10 be ex-
ercised by the Representatives OF the peo-
ple and the States. and. therefore, virtual
~ nv the people themselves. II was pro
nosed to place it under the control and d.
rection of the Treasury board, 10 consist
of three Commissioners whose duty II
should be to see lha, the law OF Its crea-
lion was faithfully executed, and that the
great end of supplying paper medium OF
exchange. at al times convertible INTO gold
and silver. should be attained. The board
thus constituted, was gi en- as much per-
manency as could be impaired to It, with
out endangering the proper share OF re-
sponsibility which should attach to all pub
lie agents. In order TO insure all the ad-
vantapes Of a wel-matured experience,
the Commissioners were to hold their 9th
ces for the respective periods of two, four.
and six years, thereby securing at all times
in the management of the Exchequer. the
services Of two men of experience; and to
place them in a condition to exercise per-
feet independence of mind and action, 1t
was provided that their removal should
only take place for actual incapacity or In
fidelity to the trust, and to be followed by
the President with all exposition Of the
causes of such removal, should it occur
1t was proposed to establish subordinate
boards in each of the States, under the
same restrictions and limitations of the
power of removal, which, with the central
board. should receive, safely keep, and
disburse the public moneys; and in order
TO furnish sound paper medium OF ex-
change, the Exchequer should retain OF
the revenues of the Government sum not
to exceed $5,OO0.OO0 in specie. to be set
apart as required by its operations, and to
pay the public creditor at his own option.
either in specie or Treasury notes, OF de-
nominations not less than five, or exceed
ing one hundred dollars, which notes
should be redeemed at the several places
of issue, and to be receivable at all times
and every where in payment of Govern
ment dues with restraintupon such lss-
ne of bills that the same should not ex'
coed the maximum Of $l5,O00,00G. in
order TO guard against all the hazards in.
cident to fluctuations in trade the Secreta-
ry of the Treasury was invested with au
ihorily to issue 100000 of Govern
ment stock, should the same at any time
be regarded as necessary, III order to place
beyond hazard the prompt redemption of
the bills which might be thrown into cir
culaton. Thus. in fact. making the issue
$l5,O0O,0OO of Exchequer bills, rest sub
stan,iaIly on $l0,0oo,O0O; and keeping
in circulation revenue more than one and
one-half dollars for every dollar in specie.
When to this it is added that the bills are
not only every where receivable in Gov
eminent dues, but that the Government it.
self would be bound for their ultimate re-
demption, no rational doubt can exist that
the paper which the Exchequer would
furnish, would readily enter into general
circulation, and be maintained at all times
at or above par with gold and silver !;
thereby realizing the great want of the
age. and fulfilling the wishes of the peo-
pie. In order to reimburse the Govern
ment the expense of the plan. it was pro-
posed to invite the Exchequer with the
limited authority TO deal in bills of ex
change unless prohibited by the State in
which an agency might be situated, hav-
ing only thirty days 10 run, and resting on
fair and bona fde basis
The Legislative will on this poin, might
be SO plainly announced as to avoid all
pretext for Partially or favoriteism. 1t
was furthermore proposed, to invest this
Treasury agent with authority to receive