Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-02-05
No. a..


= inAexible adherence to the policy of tn,
= resolution Of 1916, in refusing in all trans
; actions Of the Federal Government. the
paper of non-specie paying banks, have
ever considered of vital and indispensable,
; importance. In the present unfortunate
, condition of these institutions in a large
} portion of the Union, SO long as it shall
/, continue, there would be an insuperable
obstacle, therefore, to their employment
wherever that state Of things exists; and il
cannot be disguised also, that under the
united hostilties which both of the great
political parties of the country have OF
late strangely concurred in waging on the
system, a return to it, as a measure of
practical administration, would be embar-
rassed by many difficulties not inherent in
the system itself Until more propitious
state of things and of feeling, then, shall
be developed, which | am not sure that
the force of circumstances is not even now
silently working, in the narrow choice of
expedienCc that is left, the State-bank svs-
tenn like its rivals, must remain a matter of
speculative preference and opinion. rather
than Of available, practical staesmanship.
How, then, do we stand said NJ. Rivcs.
The sub-Treasury system, a National
Bank, the State bank system, are all, for
the present, to be laid out Of the question.
And yet the country demands that some
thing shall be done for its relief. If can
not get what shall appear to me to be the
best measure, / will 90 for the next best:
and, if | caunot get that, | am willing to
try any constitutional cxpedient not cx-
posed to gross defects, which shall hold ont
the prospect of ameliorati0n in the present
condition Of things. In regard to the
scheme which is presented to us by the
| Administration, am bound in frankness
to say that there are parts of it which, nf-
ter the best consideration have been able
to bestow on the subject, appear TO me to
be liable to Just and strong objection. But
these are susceptible Of amendments: and
u committee, acting upon the whole sub
Iect in that spirit Of candor and Cancellation
which is so properly appealed to. may pre-
sent to us a modified measure, which may
unite and reconcile opinions now divided
in relation to the proposed scheme. The
power proposed TO be conferred on the
| Exchcqncr Board and its agencies, Of buy
ing bills of exchange on time. appears to
me to be one of the most dangerous char
acter in the hands of Government AGENTS
committing the public credit to all the haz-
ards of private dealing in one of its most
abused forms, with the safeguard of pri.
vate interest, and leading almost necessarily
to abuse from the convenient cover it
would afford for collision and infde!itv on
the parto public officers, under the plausi-
bic prctcxt of errors of judgment. In the
present condition of the country, when the
credit of this Government has become al
most the last resource Of the national safety
! and honor, cannot think that an employ
mcnt Of the public funds 50 full Of hazards
and temptations to abuse could be justified
in a sound view of the interests committed
to our charge, even if il were obnoxious to
no other objection. An authority to fur
n.sh bills Of exchange on the public deposit
tories at distance, to individuals APPLYING
and paying for them in cash, would be cx-
posed to none of these hazards and abuses
would afford important accommodations to,
the BUSINESS community in Facilitating the
operations Of exchange, and Justly claims
consideration whether il may not be safely
and properly Incorporated with the plan
proposed.
In regard to the machinery By which the
proposed system is to be worked, it ought
in my opinion. to be rendered ehectuaily
independent OF Executive control. This
consideration from its intimate connection
with the principles Of public liberty, is of
vital Importance. | am gladto perceive.
from the Message of the President, that its
de!icacy and Importance are not unappre-
ciated by him, and that, in the plan sub
mitcd by the Secretary Of the Treasury.
some provisions are introduced looking to
the same object. 1t is proposed 10 qualify
the Presidents power OF removal over the
members of the Exchcqucr Board by limit
ing il to specified causes Of removal, and
requiring, in every case Of removal, that
he should communicate to the Senate his
reasons for the exercise of the power But
these provisions do not 90 far enough.
They do not effect that substantial indie
pendence of Executive power which is
imperiously requisite in regard to so high
and delicate Il trust as is proposed to be
dcvo!ved on the Board OF Exchequer.
know, sir, it is said that this independence
is not attainable under the form of our
institutions, which refer both the appoint
mcnt and removal of public officers to the
Executive head. But is this true in the I'M
qualified sense here stated! The appoint.
ment 10 public Offices is, atleast, as much
the undisputed prerogative of the Grown
in England as it can be claimed 10 be an
appurtenance to the chief Executive Mag
istracy in this country. But this has never
! IL Al.