The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-06
THE EXCIIEQUER BILL.

We had purposed to devote an uninterrupted
series Of articles to candid discussion Of the
principles promulgated in, the report accompa-
nying the Exchequer Bill, but we have been
driven from the exact ful6lment of our original
intention by the debate which has taken place
in the Senate, to devote some remarks to COLA
teral questions incidentally suggested by that
debate. As we have already said, we were
pleased with the candid and statesmanlike tone
with which the discussion on the Exchequer
scheme, was opened in that body. In an equal
spirit of candor, we have been led to examine
the protessed principles Of those, who have I'M
dertaken TO assail the Exchequer, and to tell how
far in consistency with the doctrines they have
formerly taught, they are justified in the at
tack which they have prematurely made on 1t,
BY some it has been assailed as great Go
vernment Bank, because it authorizes the Is
sue of Treasury notes Of such a character as to
ming(e in the currency OF the country to them
we have proved, as we conceive, that their
charge is inconsistent with their own princi-
pies, as they themselves have more than once
evnced their appreciation Of similar issues.
ONhVIo, We PSitoiNOs nave ihuuiSVu III iou-
guage far more denunciatory, and have shown
a stubborn repugnance to enter into the spirit of
Cancellation which had dictated the bill proposed
to heal the wounds now fostering in the cur
rency. These had proposed their favorte mea
sure OF iinance-an incorporated Bank-and be-
cause that had been disapproved by the co-or
| dinatc branch of the Governments, the irrita-
ton produced by their disappointment, has in
| duced them to treat every plan, not actually in
accordance with their own, as unworthy even a
candid examination. There is an acknowledge
ed vitia,on of the currency-their remedy is,
| in their opinion, the only one capable of effect
ing its cure. They IRE the only doctors who
should be allowed to attend the patlent-all
others are mere empiricks-they alone hold in
their hands the elirer ritoe-all other medicines
are mountebank nostrums.
Without farther adverting to the motives
which prompt the violence of their vltupera-
ton against the Exchequer, we need but
remind them that their remedy has been tried,
and been more than once found wanting-nay
more, it has produced the disease which it pre-
tended to cure. We suppose, of course, that the
fautors of a bank, who condemn the project pro-
posed by the Secretary of the Treasury, place
their only hope on the resuscitation OF good
old fashioned incorporated Bank. We know
that such an institution has been declared
by more than one on the floor OF the Senate, to
be at present out ofthe question. But we know,
at the same time, that many fond lingering
look is cast back upon it, and that many mem
Der of Congress is still its friend, and many
presses still preach up its excellence regu-
lator Of the currency, and as the only instrument
to equalise exchanges. No longer than two
weeks since, we, TO our surprise, read in one OF
our exchange papers, long and elaborate eulo-
gy on good old United States Bank, and found
it pronounced, in spite of all experience, the
great panacea.
| In the novel of Vivian Grey, the hero, glauc-
ing at the books in the house OF some noble
man, where he is represented to be OF visit,
declares, sarcastcally, "Tremaine" TO be 4
| specimen of the ancient literature, to be found
in the fashionable part of the library. When
does the period of ancient history Of the friends
of the Bank terminate, and the modern era be-
gin The middle age of the Bank was paint
ed into some healthfulness of appearance-and
to that epoch its friends refer with pride. But
what was its infancy and youth Was tai
ways sound regulator Of the currency We
wish its ancient history to be read-and when
that is known, what becomes of the confidence
of its friends in its strength and stability DO
not only tell US what the Great Bank was IN
1928, but inform US also what it was IN 1878,
and 1924.
We are not going to burden our columns with
extracts-but as specimens of history-of an
Client history we mean-we will quote TWO pa
ragraphs the first, to say the least of it, is IN
dulgent, the second was intended to be vindica-
tory. In number of the Intelligencer of 1918,
we find the following passage I'VE Published
without remark a day or two ago, a circular from
the Bank of the United States, announcing the