Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-01-03
g. STATE JOURNAL
MONDAY, JANUARY 8, ls4s.
THE NATIONAL EXCnEQUER.

In this number we give the bill for the National
Exchequcr, and the exposition of il by the Secre-
tary OF the Treasury-and masery document
the latter is. To these important papers we invite
the attention Of our readers. As an index OF the
temper Of no small portion OF the wings -proba-
blv. indeed of rearly all of the Whigs-on this
subject we extract from an article in the Boston
Atlas of Dec. 26:
No recent measure of the Government Of this
nation, viewed in oil lis aspects, has deserved more
careful and attentive consideration than this which
is now laid before the public, in the Report Of the
Secretary of tho Treasury.
In the first place, it must be admitted, that the
currency question was the leading one in the rev.
oIution of 1910. The Locofoco dynasty had cs.
tabshed the SuB.TREAsURY and upon this they
appealed to the people. There were other ques-
tions-but this was the main one. The decision
was emphatic, md the Sub Treasury was condcm-
ned by the most formidable vote ever given by any
free people against any measure.
The Wings came into power, pledged 20 offer a
substitute. The leading notion, doubtless, was
that of n National Bank. Two projects for such
an institution were accordingly offered at the ex-
ira scsson--hoth Of which failed, through the
Presidential veto. Whether this was wisely or
unwisely interposed, it 10 now generally admitted,
that National Bank is out of the queslion,-frst,
because of the objections of the Executive; sec
ond because, in the state Of the county, the cap
ilal could not now be taken up; and third, be-
cause the people at largc,-owing to the recent
disclosures of bankruptcy. fraud aud corruption
az banking institutions Shave such Gistrust, that
no national establishment OF the kind could either
obtain their approval or confidence.
The only project now before the people, is that
set forth in the Treasury Report, and which pro
poses to establish an institution, to be entitled n
National Erchequer The question is, shall this
be adopted by the Wing party? This involves
two other inquiries. Is il compatible with the
principles the Wings have avowed? viii it pro
mote the happiness of the nation? If we can all
swer these questions in the affirmative then as
suredly we are bound 10 adopt tho measure pro-
posed
The inquiry then is, how will tllis scheme oper-
ate /?
The two main objections TO the "Sub- Treasury
were, first, that it united the purse with the sword
and second, that it was n selfish scheme to sustain
the administration, in descrtiOn of The people and
the great interests of business. On mature delhi.
Grafton, we think neither of these charges can be
sustained against the project now under consider
alton. The Board OF Exchequer is so constituted
rs by no means TO be made an Executive tool. Ii
is so checked ard guarded and so completely
placed Mt the disposal Of Congress, as to be be.
yond the reach of nny ordinary means of currup-
ton or usurpution on the part OF the administers
ton. Any attempts 10 scduce or abuse it, to per-
sona PURPOSES must speedily be detec ted, and this
is SO obvious as to secure the people against dan
ger from this source. The responsibility to Con
gress is so direct, every transaction being open tc
inspection, tina. even it evil creep in, it must b,
of short duration, unless, indeed, we assume tina
the Executive and Legislative branches Of TIT
government viii conspire against the nntion-
Whch we are driven 10 this assumptions our rem
resentalive government, founded as it is upon th
bestowal of discretionary, though guarded trusts
must he abandoned as n failure.
1t is this feature of the scheme-its dependence
upon congress for part OF ills chief officers il
obligations 10 make irequen. and full rerurns it,
openness to investigation: its clear aud explici
dependence upon Congress for its existence ant
its mana lement-ihlIs separating it from the Elk
ecutive clutcl--that constitutes one of its highes
recommendations. In this respect, it has an ad
vantage over Il bank for il cannot turn n lock aut
key upon It's transactions and in darkness decd,
upon questions which affect the interests of eve
ny member of society," 1t is, Mt least, a day -lisl
affair-and whether lis deeds he good or evil the
mnst be subjected to the peoples gaze, and to TN
tribunal of public opinion. We know of no bet
ter and safer check than this.
There is another quality Of the Exchequer plan
which brings it out in strong contrast 10 that O
the sub-Treasury it recognizes the obligation q
the Government to provide currency; to reg
uaie exchanges; TO furnish aid and facilities /
trade an obligation denied by the Locoloco pc
ticians. 1t admits and seeks TO fulfil this high d
~ OF the Government. 1t admits, on this point,
that the Wings claimed. In principle, therefore
it comedies with Wing views Is it calculated
Then, practically, to accomplish its ostenshle pun
poses? Wlll it furnish us with a currency, sui,
ed to the exigencies of trade Will it regulat
exchanges? Will it, in short, revive the pros
trate and crushed energies of the land?
In reply to these inquiries, we canno, hesitat
to say that we believe, should it become law,
will have these effects. We do not mean TO a
firm that the Exchequer plan will accomplish a
that can be wished We 10 not mean to say III,
the plan is unexceponablc--ihat it is incapable {
improvemenl-but wo do affirm that, so far rs on
judgment goes, it is, in its general scope and fet
lures, worthy OF the favorable consideration {
Congress. We believe it will be approved by me
OF business by the working classes, who M
yearning for some means by which the produc
OF thei' industry may go forth and find their be-
market, and get back a return, untaxed by the ,
normous impositions of the present ru.es of C,
change
AT all events The people will rejoice in almo
any plan, which may give us a settled poIicy-ft
more evils arise from protracted agitation unce
iainty and panic, than from almost all other sou
ces.