The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-07
THE EXCHEQUER BILL.

The safekeeping of the public money must,
no doubt, constitute the leading object OF every
financial scheme that may be devised. Con.
corning the high importance of this object, we
can add nothing 10 the terse and forcible Ian
guage of the report: g The public moneys are
received by the Government from the people Tor
the necessary uses of the country, according 10
the Constitution, and ought ever to be esteemed
a sacred trust. They are earned by the indus
try Of the people and while safely guarded and
applied only to really necessary and constu-
tonal purposes will be eheerfuly contributed by
apatriotic community. The people have right
TO be as safe as good lawsa and faithful admins
traton can make them against both waste and
loss To effect this first purpose, we believe
that a comparison between the different modes
that have been adopted, at various times. for
the safe custody of the public treasure, will
manifest that the scheme proposed, at present
contains the most useful provisions that can be
desired. The checks and safeguards which it
conlemplates are supposed to be such as will
most efectually secure the funds from pecuaton
as far as human foresight can contrive protec-
tive agents against the ingenuity Of human de-
pravity. We have already, in previous arti-
Gle, made some remarks on this part OF the Elk
; chequer scheme, and we deem it unnecessary to
expaliate farther on it at present.
Blu, whatever contrivances have been formed
to secure the public money from the frauds Of
the officers more immediately intrusted with its
satckeepng, in the proposed plan it is left com
petely under Executive control, and thus a
union is effected between the purse and the
sword. We have this objection urged on the
floor Of the Senate, and find it re-echoed from
other quarters. A union Of the Pureo and the
sword in the same hands, is, we know, justly
dreaded as the most dangerous foe to the perma-
hence of our free institutions. In the proper
spirit therefore, of patriot, the President, in
his Message, urges on Congress the necessity
Of dssolving, as far as possible, the dreaded
connection. Il cannot" he says, ."abandon
this subject without urging upon you, in the
most emphatic manner, whatever may be your
action on the suggestions, which have felt it to
benny duty to submit, TO relieve the Chief Elk
ecutve Magistrate, by any and all constitutional
means, from controlling power over the pub
lie Treasury. If, in the plan, that separation is
not as complete as you may desire, you will
doubtless amend it in that particular" The
language, here quoted, evinces not only that the
importance Of discovering, as far as possible The
money power from all association with every
other, was strongly felt, but shews, also, deep
sense of the difficulty of effecting this purpose
so as to satisfy the national jealousy of too in
innate conjunction between the two prerogativss
The President and his Cabinet had sedu,ousy
studied the question in every aspect with which
it had presented itself to their minds, and vet
after the most mature reflection and the most
anxious consultations, they fear that something
which might be done has been left undone, and
the President, therefore, implores the wisdom of
Congress TO perfect the suggestions he has
made
He has proposed all the safeguards which his
reflections suggested, and no more could be cx-
pected from him. Let Congress do the rest.
What new plan can be devised to effect the
separation Of the powers, the junction OF which
Is SO much dreaded? Are the Iurse and sword
more intimately and portentousy united under
the proposed scheme than they are at present
Does 1t draw the connexon closer than did the
Sub Treasury? Does the Executive possess
more control, under this plan, over the public
lunds than when they were deposited in The
BANK or IN the Banks2 We hold that
he does not. The Banks were mere deposita.
res; the receiving officers who placed the mo-
ney in them, and the discussing agents who
drew il from them, were appointed by the Exc
cutve. The money collected was, before il en-
'eredthe vaults Of the Banks, as much under the
control of the Executive as if there had been no
nshk at all; while in the Banks it was necessarily
''@o'e 70 the check of other agents appointed by
ne Executive, and in many instances, when