The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-15
From the st. Louis Bulletin, March 2.
EXCHEQUER.

We presented to readers, yesterday the bill re-
ported to the House of by the Select
Committee on Finance, but we had then for
comment upon its provisions.
To-day our columns nearly filled with the
defence of Judge Upshur, against the charge pre-
ferred by Mr.. Botts, that submit only short
notice ofits general character.
Three modes of receiving and disbursing the public
moneys have in turn been tried and abandoned by the
General Government:
| lst The United States Bank.
ID. The State Bank System.
3. The Sub. Treasury.
Each of these plans still has its advocates and its
opponents.
! A National Bank is entirely out of the question
| during Mr.. Tyler's administration; for his solemn
and conscientious convictions of duty forbid his sane
! toning it,
Indeed it is very questionable whether, since the
developments of the rottenness of the late Bank OF
the United States, majority Of Congress would now
create such fiscal agent were the President to re-
commend one. Be this it may, it is reduced to a
certainty that he will not either recommend or sane
| ton such institution.
The State Bank system Gas Banks are now con-
duced) would meet with no favor from any party in
Congress, much less from any considerable portion of
! the people.
| The Sub-Treasury scheme has advocates, except
among those who belong to the humbugging party,
who would destroy the whole credit SYSTEM to get
into power by feeding the people with the fancy, that
an exclusive metallic currency is practicable In this
great commercial nation
| What then is to be done? Will the advocates of
these different schemes insist upon the adoption of
their favorte pan and refuse to cooperate with the
advocates of any other plan? Are they so welded
to party that they will not yield their views to snatch
the country from deep financial embarrassment and
threatened ruin?
We hold that the Exchequer combines the uirues
of all these plans, without the uices of either of them
The Treasury notes and certificates of deposte will
furnish exchange for the commercial community and
wi he he evil
existing in this respect will at once be remedied-
The State banks will be relieved, measurably, from
demands for exchange, and can be permitted without
molestation to furnish each within its sphere, local
circulation. Thus the pirtues of the United States
Bank will be felt whilst the evils arising from the
tremendous power of such an institution, and from
the controversies touching its unconstitutionality
will be obviated. We shall have undoubted gene
raj currency for trade and exchange and avoid the
consequences of the adoption of an United States
Bank, arising well from the apprehensions from
| the opposition of its foes.
| The Exchequer is not obnoxious to the charge Of
unconsttutonality nor can it with any truth be said
| to be clothed with any dangerous powers
But it also has the urtues of the State bank system.
1t recognizes the existence Of and does not improper
y CONTROL the institutions OF the States, but, on the
contrary, gives the individual States the benefit OF
Congressional or National confidence, by receiving
the notes of their specie paying banks, thus aiding
| them in furnishing local currency and exercising
no other check them, than by periodically re-
quirng redemption of their paper collected for pub
| lie dues.
| The State banks are at once benefited by Govern
mental confidence and restrained from over-ssues by
salutary, but not sudden or tyranncal exercise OF
| Governmental power.
The evils of the State bank system of deposes are
avoided both 1t regards the Government and the
| people,. The Government cannot lose much from
State bank failures, because it requires payment from
State banks at stated periods. The State banks
not food the country with irredeemable paper, be
those banks only would be in good credit which
puncually met the periodical demands of the Exche-
| quer.
But the advantages of the ub-Treasury system
are attained, and all its evils are avoided
| The advocates of the Sub Treasury system, who,
men in the country, have vociferously demanded a
diuorce of the Government from all banks! The Elk
chequer grants that divorce. The connexion is dis
solved not merely Ell h0ro, but rincuto ma
trimom They may indeed visit each other as neigh
4 bors but there is communion between them. The
Government may trust the bank for brief periods,
but it neither provides them with food clothing, or
shelter. They must take care Of themselves!
Thus the advantages of separation are realized,
whilst the evils of collecting the specie of the coun-
try at different points-transporting it in wagons from
East to West and from North to South, at an enor-
nous expense-of hazarding its loss from robbery
and casualties-and the ten thousand inconvenience
| of that plan are avoided
| In whatever point of view, then, the Exchequer is
regarded, it seems to us to meet the wants both of
| the Government and the peOple-tO combine the adj
vantages of the three other systems which have in
turn been tried and abandoned-to be free from the
evils of each and all the other plans, and to demand
in the present condition of the country, the united
support of all who are prepared to surrender their
own peculiar notions upon the altar of their country
|