Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-03

!he course he had ever pursued since he had en-
lJcyeu me honor OF a seat In that Chamber woulG
Sa'e'd MN from any suspicious of this character
ne would now, then, move that the report I've re
ietrcd TO n select committee Of nine Senator's e
be appointed by the Chair.
In making this motion. he did not feel il incum
ooni upon hum to offer any remarks upon the mer
IT'S OF the plan submitted IN the report; the state o
health admonished him to forbeat; nor was il call
&C for on mere motion to refer. AS the subec
was not now beto the Senate for its definite ac-
ION, he should reserve what he had TO say until the
committee, should one be appointed, should have
brought IL It's report.
MIR BUCHANAN observed tina, when this sub
eel mad boon up some days ago, 1t had been at tina,
Tune his intention 10 submit some thoughts upon it,
anu subsequent reflection had induced him 10 be.
lieve that II was his duty now, at least TO expires.
ms general opinion of the measure proposed in the
report. Were this merely report from the Secrc.
iary oil the Treasury. containing the individual
views anu opinions oi that officer alone, MIR b..
should not deem It proper in this preliminary stage
OF proceeding, TO 90 into any investigation Of the
document. But such was not the case; the plan
came before the Senate in novel and imposing
form, as they were told that IT measure in re-
gard to which the Cabinet were unted in opinion.
The bill which followed the report had been drawn
with the utmost care, and was accompanied with an
argument IN its favor able as he had ever seen
presented to Congress it clear in its state
ments, logical IN its deductions from the premises
as stated, and well calculated TO produce striking
impression upon the country.
Under such circumstances, aud particularly MS il
had been every where circulated that MIR B. was in
favor Of the plan, it was duty he owed to himself,
AMI not less to the party with which it was his no.
nor 10 act TO state briefly his opinions in regard to
u. lie could say, with the most perfect TRUTH that
he had had, and now la J, every desire to support
any measure which should he recommended by Pre-
sident Tyler for the collection, safe keeping, and
disbursement OF the public rev ,nue; because, in
common with millions, Ia felt that lie ow cd him a
deep debt Gratitude HAVING ,I,o
two vetoes of the last session. the Fiscal Corpora
ton" and the "Fiscal AGENT then presented TO him
Tor his sanction. He had never been more sincere
than when he had declared himself ready TO take
any measure which the President might recommends
temporarily, for the fiscal purposes of the Govern
ment. lie was disposed 10 put into his hands
earle blanche provided he confined his recomme nd,.
ton 10 the constitutional objects DC accomplished
But when the President extended his plans beyond
that limit, when he proposed to issue a Government
paper currency, and put the public money in leo.
pardy by placing i! in the hands of spectators or
lending It TO merchants, or to anybody else, the
plan must encounter his determined opposition. IL
was right thatihc country should know the opinions
oi gentlemen, and know them know The energy
anu industry which marked the American character
were such that, il left 10 themselves they would
socn relieve themselves from their present depressed
condition, and elevate themselves TO their former
prosperity; bur, as long rs they were looking 10
Congress Tor relief, their energies were paralyzed-
they looked 10 source whence etfectual relief
could ever come; and, while thus waiting and hop.
Ing they were led neglect that industry and eco.
nomy which alone could elevate them us a People
TO their high DESTINY
MIR b. went on to say that he looked at the plan
by the Secretary in every aspect and he
could see nothing, nothing in it but great Govern
meni Bank; ITS business was TO be conducted exclu-
sively by tue Governments lis capital was 10 be fur.
nished exclusively by the Goyernment-its paper
was 10 he issued exclusively by the Government
-:roEl frsi I" last 1t was nothing but Government
bank.
What were the functions of a bank7.of bank of
he highes, charlctet2 IL received depos;es it cir
,ulaed paper currency, and 1t loaned money on
bills OF exchange or on promissory notes. These
we're the three functions which belonged 10 and dis.
inguished it as n bank. And were not each and all
If these functions 10 be discharged by this new
'Exchequcr Bolrif Yet, with the greatest np-
'earance of naireie, the Secretary told Congress
hat this was rot a Government bank. Now MIR
8 would frs, briefly state what this plan before
his objections TO it.
The bill proposed the erection OF an Exchcquer
Board, TO consist Of five members, and to be located
At the seat of Government. The Secretary OF the
Treasury ana the Treasurer of the u States were er
ofeio 10 constitute Two oil It's members. In addition
10 whom, there were 10 DC three commissioners APP
pointed 10y the President by and with the consent
OF the Senate who TO hold their offices 10. six
years. One OF them vas o. first, TO be appoin. ed
for two years, another Tor four. and another for
six, that there was TO be change OF one commits.
soner every TWO years. These officers were 10 ne
removable At pleasure; no, he was wrong; they
to he removable in case of physical inability
of neglect o, duty, or incanaci,y to discharge it,
And whl, was to be Tie power Of the board thus
consiitutcdl There we're 10 be, or might be- hity-
two subordinate boards, which might be scattered
all oyer America. There were to be branch agen-
ces not over two ia each State of the Union The
bill proposed that the board was 10 have three prn-
cpal officers each agency; that in the whole es-
tablishment and It's branches there would be Il body
of l5G officers, scattered throughout every portion
the Union, 10 perform the business OF this Exchequcr
Board.
What were the functions &c be discharged by
this Boardl First. 1t was 10 receive, TO keen, and
TO disburse the public revenue. II also TO per-
form the duty o: ACCOMPLISHMENTS Of Loans and Com
mssioners OF Pensions. And here he would re-
mark, 10y the way, that these humble and useful du-
ties were, under the bill for the Independent Trea-
sury, 10 be discharged, the whole Of them by four
or five Receivers General. For The mere perform
ance Of these duties Mr.. B. had no objection to al.
most any proposal the President might make To
be sure, if the plan should be cIt down to the di
mansions OF the Independent Treasury Bill, four
officers would TIC sufficient TO do the whole duty
here assigned 10 one hundred and flty-siX And
what duties these7 Were they the dutie, Of a
Bank or nol First, the Board might receive fifteen
mil ions Of dollars on Geposite, might cut no that
amount into the smallest fractions, for which Il
might issue certificates, TO supply the place Of a
circulating medium. This particular part however
OF tNe sCneC WAS elt Dy tue Dlii IN great obScury,
as it not expressly declared that these certi.
Gates should be receivable in payment Of the pub.
lie dues. He did not know whether these were to
constitute part Of the banking capital or not He
supposed, however, that such was the intentions;
but it was not expressed in the bill
The next duty Of the Board was 10 receive Demo
sits. This one Of the powers Of banking, and
In fact some Of the best backs in the world were
limited to is power OF receiving deposits and of is
suing certificates. But Mr. B. considered this at
the least Objectionable s 1ture in the scheme W ha,
came next! The Board was to put in circulation
fifteen millions Of dollars, reduced as low ug FIVE
dollar notes, and, he presumed the common
principles Of banking, that these notes might be is
sued in the proportion OF three 10 one. For every
specie dollar IN the Treasury the Board might issue
three paper dollars. Then twas a bank Of issue.
Was II also bank Of discount Could any man
doubt III II was the Exchange Bank Of an hon.
OF private individuals and transferred to tho Treasu-
ry. That was the whole matter; because, whether
the Board should buy and sell a bill Of exch1nge
or discount u promissory note, It came to the same
thing; II was neither more nor less than an accom-.
mediation loan. Audit was loan subject to all
those risks to which banks, brokers, and specula
tors could Expose It. No honest man would ever
be willing to put his own money into such hands
Mr. -. therefore took it for granted that /, could
not and would not be denied that this EIchequer
Board was bank.
But il had another hank feature. He meant ma
disrespect to the honorable Senators from Alabama
when he said It was bank purely on the Alabama
principle. II the bank should run down, as il might
he ex peced soon to do, there was provision in the
bill shat the United States Government might ad
vance five millions to wind 1t up, which advance
might be sold 10 the market al any amount under
par which 1t would bring. Now, when the Genera