The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-26
MR.. WooDBURY-THE EXCHEQUER

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tracted debate, on the reference of the Exche-
quer bill, was, that il was necessary to enable
the committee TO commence its labors with all
the lights which the wisdom Of Senators on
both sides Of the chamber could shed upon
il. discussion, at such time, is, we be-
lleye, unusual ard, in consideration of the mo
lives assigned for il, we did not quarrel with
tested 10 extend il TO an unreasonable length.
We feel no objection that the committee should
retire TO its deliberations with ample instructions
as TO the views Of others associated with them
in the discharge of Senatorial duties; on the
contrary, we of opinion that il should not rest
satisfied with the lessons impaired during the
debate which closed the other day, but should
push its researches into the opinions express
ed at other periods by those who participated in
that debate.
The opinions of Mr. Woodbury. are entitled
to much Difference. He is gentleman endued
with habits of untirng industry; his position in
the Cabinet led him into practical acquan-
ance with all the details and mysteries Of
finance; he was Secretary of The Treasury dur
ing the long period in which the character Of
fiscal agent, suitable 10 the wants of the coun-
try, was anxiously canvassed. He was fire.
qucntly inpelled therefore, to communicate his
views on this subject 10 Congress. Our oppor-
tunity Of obtaining knowledge Of his senti-
ments is not limited TO his last speech. We
have access also TO many of the reports trans
mitted by him to the House of Representatives,
while he was at the head of the Treasury Depat-
ment; we would wish the committee TO obtain in
stuctions not only from the late argument on the
reference but from his several reports. From the
tendency of the Recommendations contained in
some of them, it will be perceived that he can
not be so decidedly opposed to the Exchequer
scheme as his speech might lead US TO suppose.
When he had the responsibility of the public
Treasury the difficulties of managing the dis
bursement and transfer of The funds forced upon
his mind the conception of the indispensable
necessity Of employing paper medium of
higher character than bank notes, and of the ex-
pe'liency of facilitating domestic exchanges
The memory of the perplexities with which he
was harassed while Secretary has in all proba-
bility become faint for he seems, from his late
speech, not to have retained very vivid impress
sion Of the lessons which necessity taught and
which he then deemed proper to inculcate to
others
In his speech he condemned the section grant
ing permanent authority to issue Treasury
notes, as contrary 10 the spirit Of the Constitu-
ton, and read the report of the proceedings of
the,conventon in confirmation Of the assertion.
We differ from him in the construction of the
Constitution and we think the proceedings Of
the convention tend to show our view to be cor
rect. He was still more severe on that part of
the Exchequer plan which treats of Exchanges.
We are here again at issue with him. But if
we rightly understand his language, he is on
these two points equally at issue with him
self We have already read Mr.. Woodbu-
ry's reports with interest. We have once
before given short extract from one of
these reports, intoxicating doctrines rather at
variance, as we think, with those enforced in
his speech. We suojoin another-which gives
opinions expressed by him al large on the two
points of paper issues and exchanges:
''Shoud Congress determine that it is proper 10
tore mentioned some paper medium Of higher character
and other than what now exists in private bills of ex-
change notes of State Banks no doubt exists that
any benefits which may occasionally be derived from
its employment can be readily secured, without tread
ing on the debaeabe ground of either the power or
the policy of chartering National Bank. Certif-
Gates not interest but payable specie bearer
der, nell as being receivable for all public eScod
be authorized 10 be gren in payment TO The public cred
tor, tchenerer preferred by him and sufficient specie err
isted in the Treasr This kind of paper trottd be re1u
Convenient in FORM and ,couM differ little from the drafts
noc IN banks, ercept being drdrn kno,rn spe
Gle fund, and expressing its face only this, bat its
being receivable in the first instance, for all public dues
" The common drafts of this Department in
the present convenient form, possess one advantage
which would be impaired to the certificates When
used at places against which the balance of trade ex-
lists, but drawn places in whose favor it is, the
former do now and may hereafter not only FACILITATE
ESSENTIALLY THE DOMESTIC EXCHANGES, but at the
same time supersede numerous bank transfers. &c.
These and similar passages in the various
reports of Mr.. Woodbury. clearly indicate, we
conceive, that the opinions expressed BY him in
his speech. vary considerably from those he fire.
quently Swallowed forth when his position was
different; and that he contemplated formerly
10 supply paper medium through the fiscal OBJ
eratlons OF the Governments and that no scru-
pies existed in regard to the consitutionality Of
such an issue. Encounterng no constitutional
difficulty, he was as earnest an advocate OF
paper emission by Government as Mr.. Calhoun
himself, and ventured TO predict that immense
advantages would be derivable from it, More
anon