Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-10

When this same Exchequer project submitted last
year noticed at some lcngth aud beg leave TO
introduce the following among other remarks made in the
aerican that occasion: "Thc Secretary declares that
the institution which he proposes cannot with Justice
pTope,y be called Government Bdak. lie atirms that
the essential elements OF Bank still wanting To IT, that
Government seeks ill its Golfers by discounts
TO make gains by the of its credit. make the
issues OF the Eschequer substitute for revenues in order
meet its necessities. We wish could be ~ free
from appchensions this last point Mr. Forward up
pears To he. is proposed limit the tissues Of the Tx
cheQuer notes To fifteen millions Of dollars. That
u begin with. But where is the rule gaguc by which
the amount of issues is 10 be regulated hereafter There
is satisfactory this question in tue Report
The Secretary remarks with candour: 'Ihc extent 10
which this paper be issued and circulated is, must
be confessed, IN degree uncertain This must de-
pend the OF collected and discussed.
and on the degree OF which attend the opera
tons provided for by another part of the BILL Vague and
indefinite hisSnd herein be found the chief objection
that rises mind agains; the Exchequer We
discover in solreguatng principle espec
Is the amount OF Its circulation he left the discretion OF
Congress after the depreciation OF snotes
be waited for the signal for issues We shall
dispute about The Exchcquer may may not be
Government Bank in the full sense Of the erm hut i,
strikes US that the only really dangerous quality of Co
Ncrnmcnt Bank does belong it, The power OF making
issues, of creating money circulation upon the credit of
the Government, liable be influenced its exercise by
thousand temptations To easily excrted-so
fascinating in hseSo subject the pressure cf cSigcn-
cics iet may demand relief the expense OF flu
ro end more gdevous embarrossnons-ihis is the DANCE
roS power which government yet learned
cie discreIy without dsas results L. the Secretary
that the issue Of the EXcheIuer would he made
substitute for revenue in order the Governments
necessities Lctus but have of this and the
objection that know of against the sinks
at once. Mr. Van Burcn's Treasury Notes, recently
used "a substitute for revenue" and in anticipation of it,
too freshly remembered in the public mind allow it
to be free from all apprehension of similar result in the
case of future Exchequer issues. Nor forget what
history tells us of the old Continental money!
We cannot escape the conviction still that this proposed
EXchequer is Government Bank-and only So, but
that it Is Government Bank without capital Besides in
well regulated Bank, the demands of wholesome bust
ness IN the community regulate emissions which
cd upon some substantial consideration But in the
this Exchequer Government Bank the Of the
veInmcnt enforce issues without any security except
an indefinite credit, whichmay be nothing at all.
The only recommendations thai speak in favour
OF the ESchequer st that nothing better il likely
be had IN the of fiscal institution for wears;
condy, do much harm during the remnant OF Mr.
Tyer's administrations thirdly II may be repealed without
causing trouble any time; and lastly, if docs
into and swamp the credit of the Government
years, and flood the country with deprecated paper
same time, will do good by supplying national curcn-
ey for present and filling the almost exhausted channels
OF circulation The danger i that for the sake OF present
relief we may shut cur against the fearful evils which
may afterwards from that source of present re-
lief.