The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-31
From the Boston Daily Times
THE EXCHEQUER.

We have said that the settlement Of our financial
embar lassments by the establishment of a fiscal
agency should not be made party question. A sub
iect of such vital interest to the nation should m ct
with calm consideration, and the Exchequer plan
should be approved or condemned for its merits or
defects, and not from any influence its passage may
have upon either party. There is little hope, how
ever that the ultraiss of party will listen to
Already there indications Of furious war to
be waged upon the scheme on party principles. One
division of the opposing force is to be led On BY and
composed of ultra wings, who will raise aloft the
standard Of "National Bank" the other division
will be composed of those who advocate Sub-Trea-
sury. Neither Of these parties carry its
by popular vote, but united in opposition to the
scheme Of the President they may succeed in de-
featng the hopes of the people We may be asked
what are the peope to do in this extremity We re-
ply-make their wishes and their views heard and
known at the Capitol. And this is to be done by
sembages of the people in the large cities, the towns
and the hametsby petitions, circulated everywhere
and telliag in black and white plain unvarnished
tale Our difficulties must be setted-they must no.
longer furnish capital for gambling politicians to trade
upon-we must no longer be insulted with postpone.
ments and delays-some plan must be adopted-and
in our view, the Exchequer plan is the most eligible
yet offered.
The opponents of the Exchequer plan assert that
differs only in from National Bank, but in
sober truth the two wide asunder the poles.
The Exchequer, while it NEEDLES not with foreign
exchanges, can never De the instrument oil merCan-
tile despotsm the exploded United States Bank was.
To National Bank we have always been opposed,
AMI could we trace in the Exchequer plan the germs
of power and system SINH ar to those Of the
late National Bank we would repudate it at once
We oppose, in fact, not only National Bank, but
the banking system. Nothing but evil has ever come
of it. There can be no standard of value
but the precious metals. Gold and silver have al
ways been considered the only true medium of ex-
change and of value by all nations and they
always will be regarded in that light. History tells
us that from time, monarchs and rulers, under the
pressure of necessity for other reason, have
to substitute other mediums of exchange
such az iron and even leather, for the precious
tals-but history also informs us that these attempts
were signal failures A nation may make such sub
stitute within its own territory, but il never con-
vince those who reside without its territory that
iron dollar is precisely good to all ntents and pur
poses, a silver one.
No substitute for gold and silver has yet been
found to succeed. The bank rags which have been
poured so lavishly into circulation in this country,
we're pamed of on the people, as representatives OF
gold and sver-but they were no such thing they
we're promises pay gold and silver, when the ina
bty of the issuers of the note to redeem them was
confessed For a capital OF one mi lion oil specie,
bank is authorized to issue double that amount OF
notes nod on deposites, uctuating basis promises
to pay are issued and the issue is curtalled or ex-
banded without warning, subjectng the community
to the utmost embarrass lent and confusion. Agains,
this worthless currency the Exchequer will prove