Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-10
tNs.. MONDAY MORNING. JANUARY 10. 1912.

pan submitted bN the secretary IN every aspect and he
could STE nothing, nothing IN II but great Government
bank It's business be conducted exclusiv civ by
the governments; its capital was To be furnished cNelu-
ssey by the Government; Its paper To be issued
clnsvely by the Recommendation frst 10 last ii was
nothing but n Government bank
What the functions of bank of bank of the
highest character II received d,spostes il circulated
paper currency and loaned money bills Of exchange
OF on promissory Notes Those were the three functions
I which belonged To and distinguished il MS a bank And
not each and all of these functions To be discharged
/ by tbs new "ENehcqucr Boad p Yet with the
greatest appearance 81 ndeee the Secretary told Con
sress that this wasnot at'ovonment bank. Mr. Is.
would first brei, state what this PLAN asbcore
inc h,a objections To it,
The bill proposed the erection of an Exchconer Board
10 consist oi five members and to be located the scat
i ut Government The Sccretar, of the Treasury and
the Treasurer OF the United States were or ocdoio
constitute two Of Its members. In addition 10 whom.
there were To be three commissioners, appointed by the
President by aud with the consent Of the Senate who
We're 10 hold their ollices for years. One Of them
WAS al first 10 be appointed for two years. another lr
four and another for siN, that there was TO be u
change OF one commissioner every two years. These
officers were 10 he removable at pleasure; no, he
wrong they To be removable IN case of ply seal
inability olncgoc, of duty incapacity to discharge it,
And What was to be the power OF the board thus const
tuied} There were To be- or might he, fifty two suboI
dnato boards. which might be scattered all Amer
ca. There 10 be branch agencies. not over two in
~
board To have three principal officers at each agen
cy that the whole establishment aud its branches there
would be body Of l56 officers scattered throughout
every portion of the Inon TO perform the business OF
/ tins ENchelncr Board
What were the functions to he DISCHARGED Ivy this
Boad FIRST II 10 receive. To keep and To dshursc
the public revenue |, also perlutm the duty OF
Commissioners OF Loans and Commissioners ol Pensions.
And here he would remark by the way that these hum
bic and useful duties Were, under the bin for the Indie
pendent Treasury To be discharged the whole ii them.
by four or five Receivers General For the mere per
ionancc OF these duties MIR. Il had objection al
most any proposal the President might make. To be-
sure If the plan should he cut down the Dimensions OF
the Independent Treasury Bill, four officers wond be
sufficient 10 DO the whole duty here ASSIGNED hun
drcd and fifty SIN And what duties were thcso' Were
i they the duties Of Bank MOI First. the Board
might receive fifteen millions of dollars dcposc,
might cut up that amount into the smallest fractions for
which might issue certificates. supply the place Of "A
circulating medium. This particular part however. OF
the scheme lcii Ivy the bill in great ohscuriy
Expressly declared that these certificates should
he receivable in payment of the public dues He did not
know whether these 10 constitute part of the
banking capital not. He supposed, however, that
such the intention but ii was not expressed in the
/ bill.
The next duty Of tho Board To receive deposilcs
Tins Of the powers Of banking and in fact
Of the best banks IN the world were limited 10 this
power o receiving dcposos and OF issuing corticatcs
Bat Mr. y. considered this the least Objectionable ca
ture in the scheme What came ncNtl The Board
10 rnt IN circulation fifteen millions Of dollars
dueed AS low five dollar notes, and he presumed. on
the common principles Of banking. that these notes
might he issued the proportion OF three TO one For
every spcrie dollar IN the Treasury the Board might Is
three paper dolIas. Then ii a bank Of issue
Was II also bank of discount Could any man dodbl
it? 1t was the Exchange Bank OF an honorable friend
him, only taken from the control OF private ind
yduals and transferred to the Treasury That the
J..I a..
and sell bill Of exchange. discount promlssory
IT came 10 the same things IL was neither less
than accommodation loan. And il loan subject
TO all those risks to which banks brokers' and spula
tors could expose IT, No honest man would ever be vii
ling 10 put is money into such hands Mr.. Il
therefore took II for granted that ii could not and
would not be denied that this Exchcqncr Board was
bank.
Butt had another bank feature He meant no dis
respect TO the honorable Senators from Alabama when he
said a bank purely the Alabama principle. II the
bank should run down. might be expected do
there prospotlon in the bill that the United States
Government might advance five millions 10 wind IL up
which advance might be sold in the market at any amount
under par which it would bring. Now, when the Gen
cTal Government undertook 10 deal IN banking, II might
calculate on the fate which had attended banks
owned by States From statements Mr.. u. had lately
SEEM it appeared that the Alabama Bank had got through
five millions OF its capital and in very fair way
To get through with the residue 4 laugh This
would be a Government bank such ms all Gov
ernment banks must be. where private and nd
/ yidual interest not brought to bear its
Germs.
MIR. IL SAID he would state few objections 10 this
/ plan. and would then relieve the Senatc.
And in the first place. the Wing party of this coun
Try had prOcsscd to regard the curailng oi EXcc
tive influence the great polar star of all their political
movements. Every distinguished Wing Senator had
deprecated this of the greatest Of all OWLS. The
very distinguished Senator from Kentucky (Mr. CLAY)
had this very morning repeated that subject sentiments
which he had heretofore presented and over again,
in that Chamber and the poor Independent Treasury
most effect on that very ground. The country had been
alarmed the and extensive patronage to which it
would give occasion. The thought Of the appointment
of four receivers general had struck and alarm
through the hearts Of all his Wing friends. But what
had we herc2 Here were five commissioners 10 be ap
pointed at Washington, with fittytwo subordinate agcn-
cics all over the country each requiring the additional
appointment of three principal officers to say nothing OF
subordnats. Here corps of officers OF a1Jcast two
hundred Individuals presenting two hundred places very
convenient indeed for the friends of Administration
which might desire To and TO reward their servl
Mr. b. here again protested that he intended no
personal reflection the present Chief Magistrate in the
remarks he now made He did not entertain the re-
hottest fear that President Tyler would abuse his
trust. Public liberty not in tho least danger from
him. Mr. b. was governed entirely in the ground he
took BY general principles of policy and not by the
slightest possible dsrcspcct to the present Chief Nlagis
trac.
What he had stated was, however, the smallest Oh
jrcon the bill; for it 10 effect perfect
iraton the hands of the Executive of both the polti
cal and the money power How could it possibly be
supposed that any honorable Senator belonging to the