The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-12-10

exercised by the Representatives OF the People
and the States, and therefore, virtually by the
People themselves. 1t was proposed 10 place
il under the control and direction of Treasu-
ny Board, to consist of three Commissioners,
whose duty it should be TO see that the law OF
its creation was faithfully executed, and that
the great end of supplying paper medium Of
exchange, at all times convertible into gold
and silver, should be attained. The Board thus
constituted, was given as much permancncy as
could be impaired to it, without endangering
the proper share of responsibility which should
attach to all public agents. In order TO insure
all the advantages of u wcll-maturcd expert
ence, the Commissioners were to hold their
Offices for the respective periods of two. four,
and six years, thereby securing at all times in
the management of the Exchequer, the services
oftw men of experience; and to place them
in u condition to exercise pcicct independence
of mind aud action, it was provided that their
removal should only take place for actual inca
pacity or infidelity to the trust, and to be fol-
lowed by the President with exposition of
the causes Of such removal, should it occur. II
was proposed to establish subordinate boards
in each the States, under the same rcstric-
tons and limitations Of the power of removal,
which, with the central board, should receive,
safely keep, and dlsburse the public moneys;-
and in order to furnish sound paper medium
of exchange, the EXchcqucr should retain OF
the revenues of the Government Il sum not to
exceed S5,C0O,OO0 in specie, to be set apart as
required by its operations, and to pay the pub
lac creditor at his own option, either in specie
or Treasury notes, of denominations not less
than five, nor exceeding one hundred dollars,
which notes should be redeemed at the several
places Of issue, and TO be receivable at all times
and every where i'll payment Of Government
dues; with restraint upon such issue of bills
that the same should not exceed the MAXIMUM
of SIS 100000. In order TO guard against all
the hazards incident TO fluctuations in trade,
the Secretary Of the Treasury was invested
with authority to Issue SJ00O,000 ofGovern.
mcnt stock, should the same at any time be re.
gardcd as necessary, in order 10 place beyond
hazard the prompt redemption of the bills
which might be thrown into REGULATION. Thus
III fact making the issue Of ST. ,OGO,O0O ni tx
chCquCr bills, r. st substantially on Sl0,00O0OO;
and keeping III circulation never more than one
and one half dollars for every dollar in specie.
When TO this il is added that the bills are not
only every where rcCciva BILE in Government
dues, but that the Cove rnmcnt itself would he
hound for tlrr ultimate redemption, no ration
nl doubt can exist that the paper which the
IXChcGucr would furnish, would readily enter
into general circulation, and he maintained at
all times at or above par with gold and silver;
thereby realizing the great want OF the age, and
fulfilling the wishes of the People. In order
TO reimburse the Government the expenses OF
the plan, it was proposed to invest the Exchc-
qucr with the limited authority to deal in bills
oirXclInngc; unless prohibited by the State in
which an agency might be situated, having on
" thirty days to run, aud resting on a fair and
bona fidc basis. The Lcgislht We will on this
point might be so plainly announced as 10 avoid
all prctcXt for partiaIity or favortcsln. Ii was
furthermore proposed to invest this Treasury
agent with authority To receive on drpoStr, TO
Il limited amount, the specie funds of indlvldu-
ais, aud TO grant certificates therefor, to be re-
deemed on presentation, under the idea, which
is believed to be " ell founded, that such ccrtti.
Gates would come in aid of the EXchcqucr bills
III supplying safe and ample paper circulation.
Or, in place of the contemplated dealings in
exchange, the Exchcqncr should hc authorized
aot only to exchange its bills for actual dcpo-
sites OF specie, but for specie or its equivalent
To sell drafts, charging therefor small but rea.
sonahlc premium, | cannot doubt but that the
benefits Of the law would be speedily manitcs-
ted in the revival of the credit, trade and bust
ness of the whole country. Entertaining this
opinion it becomes my duty to urge It's adop.
ton upon Congress, by reference 10 the strong
est considerations oithc public interests, with
such alterations in its details as Congress may
in its " lSdom sec fit TO make.
am well aware that this roposcd alteration
and amendment of the laws establishing the
Treasury Department has encountered various
objections, and that among others it has been
proclaimed Government Bank of fearful and
dangerous import. 1t is proposed 10 confer
upon 1t no extraordinary powers. 1t pnrports
to do no mere than pay the debts ott!c Govern
men, with the rcdecuiablc paper OF the Gov
trumcut-in which respect it accom- lishcs pre-
ciSely what the Treasury does daily at this
lime, III issuing to the public creditors the Urea
sury notes which, under law, ii is authorized
to issue. 1t has resemblance to an ordna-
~ Bank, as it furnishes no profits TO private
Stockholders, and lcuds no capital to indvdu-
ais. Ii it he objected to n as Government Bank,
and tic objection be available-then should all
the laws in relation to the Treasury be repeal
ed, and the capacity of the Government to col
lrct what is due TO ii, or lay what II owes, be
abrogatcd.
This is the chicc purpose Of the pro-
posed Exchequcr and surely if, in the
accomplishment Of purpose so essential,
it affords sound circulating medium to
the country and facilities to trade, it
should be regarded as no SilSht recon-
mendaton Of it TO public consideration.
Properly guarded by the provisions Of
law, il can run into no dangerous evil,
nor can any abuse arise under it bu: such
as the Legislature itself will be answera.
bile for, if it be tolerated; since it is but
the creature Of the law, and is suscepti.
ble at all times of modification, amend.
ment or repeal, at the pleasure of Con.
gress. | know that it has been objected
that the system would be liable to be
abused by the Legislature. by whom
alone it could be abused, in the party
conflicts Of the day. That such abuse
would manifest itself in change OF the
law which would authorize an excessive
issue of paper for the purpose of initiating
prices and winning popular favor. To
l.. bat hn -,