The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-16
From The Louisville Gasete.
THE NORTHUMBERLAND OF MESSRS
TALLMADGE AND CUSHING.

Messrs Tallmadge and Gushing, 10 the Senate and
House of Representatives Of the United States, and
each bill presented establishing Board OF En-
chequer. To attempt comparison between emana-
tions so luminous, profound and elaborate, would be
labor of supererogaton. Each is mastery They
are different but not adversary The statesman sol-
cito,,s of his countrys good, is equally manifest IN
each No partisan cayllllng-no petty criticism-no
contrasting opinions-no efforts to establish neon
sistency-no peevish attack upon political anita
gonists degrade and disgrace the report OF either
gentleman Ii it be permitted to make pre-
ference the plan proposed to the Senate, seems the
least obnoxious to objection NO intention to place
the report of the Senate Committee in front of that
made to the House, is proposed to be ntimated.
Either is a production which the most distinguish
ed politician and financer in the nation, or OF any
country, might feel that his Tame was exalted and his
reputation made more firm and extended
The Senate plan avoids the objection ever urged to
the extension of Executive patronage and power and
influence, resulting from the right to appoint and re-
move. 1t adds but three officers to the Government,
the three Commissioners of the Exchequer, who are
to be nominated by the President and confirmed by
the Senate. These may be suspended during the re-
cess of the Senate by the President, for specified
causes physical inability or neglect or violation of
duty-the TO be reported the first week after
the meeting of the Senate and If not concurred in
by that body the Commissioner to be restored TO his
station. Here then can be no 'malign exercise of
Executive influence.
None can foretell how this scheme will develope
itself when reduced to practice. To us It seems to
promise well as a fiscal agent for the Government,
and having all the power to control excessive issues
of paper, by the local banks, which has rendered
Bank of the United States upon the plans OF 1871
and 1916, the object Of such praise and admiration;
viii at the time il is itself free from the dan
ger Of the same excuses Ii will offer no crcula-
ton which is not based upon specie dollar for dollar
1t will not expand and initiate the circulating medium
nor exaggerate prices. II will not create capital or
establish or sustain business in commerce, manufac-
H. ~. A. n.
will fly kites-run no RACE HORSES Ii will effect
legitimate and real exchanges, but anticipate.
4 his plan will not be acceptable to such have
looked for Bank Of the United States the
Of paying their old debts by creating new debts
Of con il ung bus, ness by additional loans. To
theu it offers hope, extends no consola ion but
whoever has money and wants to remit it TO another
point may deposit il and obtain what is termed spe-
Gle note, which will pay his debt or supply his wants
in any part of the Unon If he deposlte his money
in any agency, he can obtain an acceptance, which
well as he specie note, will place him in funds,
small exchange as either will be received for the pub
lie dues and will be of undoubted credit and unim-
peachable character.
The analysis of the Senate plan should be widely
published well the report to each branch of the
National Legislature. We shall do SO in the
of few days Circumstances which we had
control, have alone prevented it ere this,
Experiments In government finance are not
peculiarly agreeable 1t has ever seemed wiser to
hold on 10 that which has been tried and ascerained
to be ample for the end d. signed than to be making
attempts to find out if something else might not
swer the purpose well, nearly as well. Yet in
respects this Exchequer scheme appears pro-
mise better than old fashioned Bank OF the United
States 1t does not enter into competition with the
local Banks in dscountng in the sale purchase
of bills OF Exchange upon time. The incentives OF
avarice do not ''prick it on to make large dividends
for stockholders. Ii expand and contract the
circulation at pleasure. 1t will not give excessive
loans and create groundless credit TO enable favortes
to monopoise business, swell IL to such dimensions
as to be nageable; and at last burst into impal
pabe fragments, and leave misery and desoation the
only evidences that it II will not establish
supecllious little green board arstoeracy who feel
the arrogance of Office and the selfimportanGe which
results from their brief authority and unhoy power
The credit and fortunes of competitors in business
or less prosperous eighbors.
In the Exch, quer, each man has the privileges.
He deposiles his cash and gets specie note accep
lance, or Bill of Exchange. There is no awning, OF
cringing or begging for favor-no pay day 10 come
pestilent notary with his insulting rap and his In
dia-rubber conscience.
The Exchequer and its agencies will receive, keep,
and dsburse the Government money, and il will fun
ish convenient currency, aid in the exchanges of
commerce but it will not create credit capital To
these purposes il is not established do its projec
tors present any such deuson. The objects OF its
creation and what they promise il will do does APP
pear may be expected to be done and performed.
Such antcipations are not unreasonable