The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-08-16
THE ExCHEQUER.

Under the existing excitement caused by the
Veto of the Revenue BILL" ($120O ,O0O,) 1t is
difficult to realise what may be the state OF
things should Congress adjourn without per-
fecting another bill on the same subject, and
still more difficult calmly to devise and present
for public consideration any plan by which the
public faith may be preserved. And yet the
magnitude of the danger to the honor and pros
perity of the nation loudly appeals to every citi-
zen who loves his country to ponder the subject
with the firm conviction that it is an imperious
duty to give his aid to attain so desirable an OBJ
ject. The Secretary Of the Treasury apprised
Congress, at the opening of the session, that
there was in the Treasury on the first of Janua-
ry, 1941, less than one million of dollars; that
on the first of January last, there would be de-
fciency of over half million, which would be
increased in the course Of the year to fourteen
millions. With this warning we are threatened
with an adjournment rebus infectis,' the public
creditor unprovided for, and no means provided
to carry on the Government until the annual
meeting Of Congress.
Can it be credited that the agents of People,
who are looked up to by the whole world as the
model by which to reform and fashion de-
fective institutions, are about to bring such dis
grace on their country and render popular gov
eminent the subject of mockery and reproach
with their enemies, and of modification and dis
appointment to themselves and their friends 7
Is it yet too late to appeal to the patriotism, to
the plain common sense of all parties to prevent
such result? The object is worthy the effort,
however imperfectly made, and the conscious
the result what it may.
On the Tariff, we are told the Executive and
the Legislature differ irreconciliably. If this be
so it is much to be regretted, and great is the
responsibility which must rest somewhere
But is there no other measure calculated to give
relief to the People and strength to the country
The increase of the public debt, and the govern
mental embarrassment between the adjournment
and re-assembling Of Congress, would be the less
grievously felt were the business community in.
sured of an improvement, in the interval, Of the
general currency and we may well ask the ques-
ton, if Congress can claim credit with the Peo-
pie for having endeGpored to relieve their dis
tress, when the measure designed, especially,
for that object, has never been regularly taken
up for consideration in either House? The OBJ
lection most strongly and perinaciously urged
to the Independent Treasury was, that it pro-
vided for the Government and left the People
to take care of themselves. But how have the
present majority improved on the system they
then so loudly denounced2 Have they extend
ed reliefto the large body of the People to whom
the currency is the great measure of interest
The Sub-Treasury commenced with req airing
but one-fourth of public payments in coin, bu
now all payments must be so made throughout
the larger portion of your country, and no sub
stilute is provided, saving Treasury notes, which
immediately pass out of circulation. Can M
relief be afforded without Incorporating wealthy
capitalists to break down the State banks, ant
after years of restriction and suffering to thu
People, when all competition has been born,
down, to have it in their power to gran