Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-08-20
NATIONAL EXCHEQUER.
From the National IntelIigencsr.

From the National Intelligencsr.
read some time since. with much pleas
ure, your remarks upon MIR. TALINADoB's
able report on the Secretary's project OF
Fiscal Agency; and feel confident that if
Congress should adopt the measure, in the
shape proposed by him, or by the bill of
Mr.. CUSHING, in the House of Representa-
lives, il would prove to be national bless
ing. The ability with which those gentle.
men have presented the subject to Congress,
in all its bearings upon our moneyed and
commercial interests, cannot fail te enlight.
en- the public mind and to be highly aPpre-
ciated by all persons who are conversant
with fiscal operations, and free from the
bias of political influence. The plan is the
only feasible one which, in my judgment,
can now be devised for the attainment Of
the objects for which it is designed; and for
the collection, disbursement, and safe Gus
,ody of the public revenues, it il incom.
parably preferable to the sub. Treasury or
the employment of State Banks.
entertained the opinion that the faculty
10 discount inland bills of exchange, as con.
templated by the plan of the Secretary OF
the Treasury, ssyould greatly extend the
usefulness of the proposed department. and
had contemplated its incorporation IN the
bill; but as il would require, at least, cap
ital of fifteen millions of dollars, viewing
it as a speciepaying functionary at all Its
places of issue, and as the discount privi-
icge would not be likely to receive the
sanction of the present Congress, it may
be iudicious that the committee OF the
L. H. Id e IN
ion of public opinion at subsequent peri,
cd. But the privilege to collect bills and
notes will materially aid the institution In
the equalization Of the exchanges, by fur.
nishing extensive means to meet the con-
slant demand for drafts in the regulation OF
the great operations of internal trade. And
as the superior security of the Government
and reduced rates at which collections and
remittances may be made through its agen-
CIV, will prevent competition by banks or
individuals, the exchequer would become
an important source of revenue to the
Treasury, and relieve our internal com
merce from the onerous and uncertain
charges to which it has been subject for
several years past.
The drafts or bills of the Exchequer for
remittances will always be preferred to in
dvidual responsibilities, and consequently
the amount of its transactions IN that de-
partment would be very extensive, and Its
circulation, although based upon specie,
dollar for dollar would soon become great
ly diffused, and equal in amount to the ne
cessities which may exist for such medl-
UNI, and il would be much less subject to
expansion or contraction than the issues of
ordinary banks, being regulated by the ac-
tual wants of trade, and not stimulated by
excuses in the use of the discount power,
which should be limited by law to thirty
millions of dollars. The aggregate proba-
BILE amount of the circulation and deposites
in all the branches combined, would be full
ly equal to the contemplated capital
Its notes would be more acceptable than
the paper of Bank of the United States
founded upon the principles of the late in
stitution, because the basis upon which they
are proposed TO be issued would be deemed
indestructible, from the actual deposite Of
coin in the custody Of the Government for
their redemption. The demand for them
would be constant and great throughout
the States, and the lesser denominations
would become novelty of much attraction
to travellers and persons disposed 10 keep
money in possession, for they would an
swer the purposes Of specie, and be more
convenient and less liable to risk of loss;
and no injury could be occasioned by the
accumulation of coin in the vaults Of the
Exchequer, for the reason that every dol
lar there deposited will have its represen
tative in circulation in the shape of Urea
sury specie bill, by which the greater pro-
portion of the precious metals held in the
United States would be appropriated to &C
tive and useful purposes, and not boarded
and kept stationary at their places of de-
posite. The notes would likewise be helo
20 considerable extent by the State banks
as the basis of their issues, and become az
valuable as specie in the liquidation of de
mands upon them for coin, or in the settle
ment of balances due 10 distant creditors
The proposed Exchequer, with capita
of fifteen millions of dollars, appropriate
exclusively to the purchase of inland bills
of exchange, payable at period not eIcee,
ding ninety days, and to the regulation OF
the exchanges, would afford important ia
cilities to our commerce, and be competent
10 meet the wants of the Government.
And as its notes are no, proposed to be is