The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-03-17

is TO be removed; If not, he is to be restored
The inferior officers OF The Board OF TX
chequer, as well as the officers OF the agen
cies, are TO be appointed by the Secretary
Of tho Treasury, on The recommendation 81
the Board; and mly be removed by hun
on like recommendation.
From all which il will be seen, that
there are to be mutual checks upon the
Secretary of the Treasury and the Board ;
and the President will have no patronage
or power, except the appointment OF the
three Commissioners, with the advice and
consent of The Senate TO be removed by
him only with the concurrence OF the Sen
ate for the above specified causes.
Again; as TO dealing in exchange
The Secretary's plan allows the Exche-
auer and its agencies TO purchase exchange.
This was deemed, on all hands, we be-
lieye, dangerous, il not the most danger
Gus and alarming feature in it. 1t was
thought that the Board, possessed Of such
a power, might put the credit Of the Gov
eminent afloat to an unlimited amount,
taking the doubtful responsibility OF lndl'
viduals in place Of it; and that the eXer-
else of this power might lead TO personal
and party fayoritism.
The Senate Committee have therefore
stricken out this feature, freeing their plan
from all that danger, and substituted for II
the selling and collecting of exchange the
selling to be on the deposiie Of specie by
individuals, and the collecting to be OF bills
left for tina; purpose, payable at any point
where an agency is established, but no adj
vance or payment to be made till advice is
received that the bill has been actually
paid. These provisions afford all the IA
cilities, and confer ali the benefits, with
the power to purchase, and without the
possibility of risk to Government, or IA
yoriiism to individuals.
Then, as TO The paper proposed to be IS
sued as a currency. The Senate Com
mittee's plan does not allow any paper
to be issued on the credit Of the Govern
ment to circulate as currency; whilst
the SccretaIy's plan allows an issue Of
paper, in the ratio of three dollars Of paper
to one of specie. The Senate's plan al
lows specie notes to be issued as specie tC
the public creditor, and TO individuals OF
the deposite of specie; but such notes are
always to represent, dollar for dollar, the
specie on hand for their redemption
This will furnish a currency, having al
the conycniences of paper and the value
of coin, with perfect safety to the People
and no risk 10 the Government.
To the Sub-Treasury system, to which
it has been lkeued, the plan proposed BY
the Senate Committee presents, on the
contrary, striking contrast, in the fol
lowing particulars
First. The Sub-Treasury iSOiated the
Government from the interests and con
Germs Of the great body OF tho community
1t provided the better currency for the
office holders aud the contractors IN Go
yernment employ, but abandoned the PEG
pie to all the evils Of deprecated currcn
cy; proceeding upon the principle that the
Government should receive nothing but
gold and silver in payment Of public dues,
and dishurse nothing but gold and silver in
the payment of the public creditor. But
the Exchequer is to receive the public
dues IN the sound specie papag bank pa
per of the States, at the place where re.
deeniabIe, as well az il gold and silver,
and at the same time to furnish new pa
per currency Of TIC most impreguablc
soundness for the use ofthe community, as
we'll as the wants OF the Government; a
currency which will find It's way into the
hands of the mechanic, tie farmer, and
the merchant, as well as tho salaried office
holder.
Secondly. Instead Of locking up the
public money from the use OF tue commu.
nifty, whilst II is not needed by the Gov.
eminent, as the dog IN he.zsanger policy
of the Sub-Trcasury did, the Exchcqucr
makes it instrumental in aiding the grca,
operations Of commerce and productive in.
dustry, BY the safe and legitimate opera.
tons of furnishing and collecting exchange,
on distant points, often accommodating the
wants ofindiyidulls and the Government in
one and the same operation. These i'm
Por;ant benefits, too, are to be conferred
Oh the business Of tho country without al.
lowing the Exchcquer to engage in the
more questionable aud hazardous opera.
ton Of discopnting bulls, or making loans
Of the public funds, under any form what.
ever.
Thirdly. Because imparting q saluia.
~ activity for public accommodation to
the idle boards Of the Treasury the Ex-
chequer invites forth, under the guaranty
Of the public faith, the boarded treasure Of
individuals which would be otherwise lost
to all the productive empoyments Of the
country; and makes it the source Of new
and accredited circulation, which, with
that founded on the public revenues, viii
furnish national currency adequate to all
the wants Of the country, and Of the high.
est conceivable credit and convenience.
Fonrthiy-The Exchequer is 10 be so
organized that it is rendered cficctually in.
dependent of the executive power. The
three Commissioners at the head of il are
removable onlv with the concurrence Of