The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-19
From The Columbus { Ga. Enquire.
THE SENATE PLAN OF AN ExcnEa YER

THE SENATE PLAN OF AN EXCHEQUE
We have surrendered our columns to-day almost
nely TO the very able report OF the Senate conmittee
on the subject Of Fiscal Agency, The views pre-
scented ia The report such Will secure the tellbe
rate consideration of the country. We bespeak for
them The careful investigation OF readers and pre-
dict hat they will be avoably received by every can
did man, who Is more concerned for the welfare 81
the country than for the Triumph Of party.
We have heretofore clearly intin,ted the favorable
regard with which we receive the proposed organzl
Ton In the absence of all hope tn. any lhIng better
can he done at present 1t seems to 10 be the iel
'onable duty OF every patriot to come forward in suP
port OF this the best atianuble project of the present
Congress The plan, it is true, is not without its OBJ
jectionable features A better one could doubt be
framed But the question is is there any hoI e OF Sc
curing, by the rejection Of the proposed measure,
greater benefits than those now offered the counuyl
And still graver question than this light be asked
Is there any hope OF escapin. the reorganization OF
lncomparaby worse system, if the proposed measure
should fail
1t may be said that the proposed plan differs very
hule from the Sub Treasury. Such remark is GER
talny not well founded. There is wide and essen
tlal difference between the two systens--and that
difference is all in favor OF the plan. One OF the
strongest features of the Sub Treasury lis entire
separation of the interests of The people from hoe
the Government. 1t aimed to provid good currency
for the office holders, while it studousy guarded
against similar advantages for the ordinary classes II
contemplated neither the receipt disbur,e 6ent VI
u
lis operation gave 10 those who connected w'h
the Government great and oppressive adj cottages
the trading and laboIing classes. his Objection
cannot lie against the proposed Exchequer 1t 10 To
deal not only in gold and silver, but also IL sound
convertible paper currency. And 1t will not only
furnish the office holder, but also the melohant and
mechanic with undoubed medium of crcuiaoni
good everywhere
Again il was Justly objected TO the Sub Treasury
system that ii the tool and creature o. the Exc
Ia no he Ipf in q or
AMBITION selfshness. The present plan cunteut
plates an organization almost entirely independent
upon Executive favor, AMI free from Executive
huence and control
Aga under The operation of the Sub Treasury,
vast sums of money were continually locked IN
the Government Golfers, and to all nten,s and pur-
poses distracted from the channels of trade and
Inerce. By the s. stem ample provision is made
to secure the untirng activity Of every dollar of the
public funds, by selling exchanges and furnishing
drafts as they may be required in the operations Of
commerce.
Again by the Sub Treasury no Involvement what
ever was held out 10 draw into the channels OF use
1ul enterprise the immense hordes OF wealth tucked up
IN the cbiers OF rich but suspicious money holders
BY the new plan, every nducemcnt that consdera
tons of increased security offer, is here present
ed TO draw these idle hordes from their dark hiding
places and II Is but reasonable to expect that thou
ssAds upon houss nds that otherwise might have lain
in some secret, silent bourne for century, will BY
these Inducements, be attracted into the channels OF
useful enterprise,
These are sore of the apparent advantages, cus
tering around the plan, as now submitted. They
considerable to be overlooked or lightly esteemed
in time like the present-when all asses are sui-
ferng Unparalleled distress fot want of safe and
permanent system OF the kind. As before remarked,
do pretend 10 think the plan perfect one, but
this much be said for il, il is the best thing yet
proposed the country, which is not liable to the
rious objections which have been urged against Ma.
tlonal Bank; and for aught we the con
I th, hnna
that would be attained through bank tho
equalization OF the exchanges, aud restriction of ire
dc, nable bank issues. We have right To ex pecl
more than this o. the Government. The other advan
tages aimed at are such properly depend upon
the industry, enterprise and of the people IN
the various departments OF business and trade.