The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-19
From the Columbus Ga. } Enquirer
THE SENATE PLAN OF AN ExCHEo UER

The SENATE PLAN OF AN EXCHEQUER.
We have surrendered our columns to-day almost
Iey to the very able report OF the Senate committee
on the subject of Fiscal Agency. The views pre-
scented in the report are such as will secure the debe
rate consideration of the country. We bespeak for
them the careful investigation of readers and pre-
dict chat they will be favorably received by every
did man, who is more concerned for the welfare of
the country than for the triumph of party
We have heretofore clearly intimated the favorable
regard with which receive the proposed organiza-
tion In the absence of all hope that any thing better
can he done at present. it seems to TO be the rca
sonabe duty Of every patriot to come forward In sup
port Of ths, the best atainube project of the present
Congress. The plan it is true is not without its OBJ
jectonable features A better could no doubt be
framed But the question is, is there any ho of Sc
curing, by the rejection of the proposed measure,
greater benefits than those offered the country?
And still graver question than this might be asked
s there any hope of escaping the reorganization OF an
incomParably worse system if the proposed measure
should fail
1t may be said that the proposed plan differs very
little from the Sub Treasury. Such remark is GER
tainIy not well founded. There is wide and essen
tial difference between the two systems-and that
difference is all in favor of the plan. One of the
strongest features of the Sub Treasury was its entire
separation of the interests of the people from those of
the Government. 1t aimed to provide good currency
for the officehoders, while it studioasly guarded
against similar advantages for the ordinary classes 1t
contemplated neither The receipt disburse ent OF
yhng but gold and silver, and consequence OF
it's operation gave to those who connected with
the Government great and oppressive adv antages over
the trading and laboling classes. This objection
cannot lie against the proposed Exchequer 1t is TO
DEAL not only in gold and silver, bat also in sound
convertible paper currency. And it will not only
furnish the Office holder, but also the merchant and
mechanic, with an undoubted medium of circulation
good everywhere.
Again, it justly objected to the Sub Treasury
system that it the tool and creature Of the Execu
tve-a dangerous engine for mischief in the hands Of
ambition, or selfishness. The present plan contem-
plates an organization almost entirely independent
upon Executive favor, and free from Executive
fuence and control.
Aga II, under the operation of the Sub Treasury
vast sums of money were continually locked up in
the Government Golfers, and to all intens and pur
poses distracted from the channels Of trade and
merce. By the new system, ample provision is made
to the untirng activity Of every dollar of the
public funds, by selling exchanges, and furnishing
commerce.
Again by the Sub Treasury no nducement what
was held out 10 draw into the channels of use
full enterprise the immense hordes of wealth locked up
in the Golfers of rich but suspicious money holders
By the new plan, every inducement that cOnsidera-
tons of increased security Offer here present.
ed to draw these idle hordes from their dark hiding
Places and it is but reasonable to expect that thou
sands upon thousands that otherwise might have lain
in some secret, silent bourne for century, WILL by
hese inducements, be attracted into the channels OF
useful enterprise.
These are some of the apparent advantages clus-
tering around the plan, as now submitted They
considerable to be overlooked, lightly esteemed
in time like the present-when all classes suf-
fering unparalleled distress fot want of safe and
permanent system of the kind As before remarked,
do pretend to think the plan perfect one, but
this much be said for it, il is the best thing yet
the country which is not liable to the
rous objections which have been urged against Ma
tional Bank; and, for aught We can to the con-
trary will efectually the prominent benefits
that would be attained even through bank, the
equalization of the exchanges and restriction of ire
deemable bank issues. We have right to expect
more than this OF the Government. The other advan-
tages aimed al such properly depend upon
the industry enterprise, and of the people, in
the various departments of business and trade.