The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-07
From the .MilledgeriNe Rreorder

The reader will find in another place an abstract
of the Fiscal plan, proposed TO Congress by the com
mitee of that body TO which that subject was refer
red We have hardly had time to give to the plan
proposed casual examination, much less that reec-
ton altogether necessary to the formation Of a ma
judgment and not less proper before the express
sion Of any.
But Of one thing are perfectly convinced
There is no species of fiscal agency Of which we
have any knowledge, whether that be United States
Bank, the Sub-Treasury or the proposed plaD which
is capable Of working immediate relief for those who
pressed the present embarrassed state of things
A United States Bank If that were attainable would
in time regulate the exchanges but the modus ope-
randi, the mode of doing this, would unquestonably
for time at least rather add TO than relieve the pres
sure Of the people. A United States Bank would re-
gulate exchange by reducing it To the mere charge OF
freight and insurance on specie from point
Their with small charge for the transaction But il
would be enabled thus to do, by reducing the crcula
ton OF the State banks TO an amount which they
would be compelled to redeem probably weekly hay
ing by ITS oyershadowing capital and its branches at
the various commercial points complete control over
the bank capital of mere State Institutions And
thus keeping exchange regular, il would reduce OF
course the circulation of the State banks to the mar
rowest limits We do not perceive how thus dmin-
lshing already meagre circulation, could alleviate
for the time the embarrassments under which the
country is actually laboring.
In regard to the Sub Treasury scheme, our opin-
ions have been too often expressed to our readers 10
require reteration at this day. II is enough for Us
merely to express continued and doubly fortified
Judgment, that it is amongst the most destructive
schemes ever devised to wther the energies of enter
prslng lndustryand if carried out, instead of re-
leylng the present pressure, would but perpetuate
our embarrassments, which we confidently hope and
believe will, without it, prove but temporary.
| Upon the proposed scheme, we shall reject more
deliberately and use the light that discussion may
cast upon it, before offer an opinion giving to il
in the time this confessed advantage in our de-
berations our settled convictions, that some fiscal
agency must be tried, and that, if better cannot be
done, this has at least the merit of not yet having
proved failure and that it cannot be proved such
without trial when, should such be the case, il
can be either modified to make it suit the purpose or
be repealed and give place to something better But
| of the merits dement's of the scheme itself We
| feel ourselves unprepared to offersan opinion.
| In conclusion, men may talk of banks and fs-
caties and all that sort Of thing, but we can see
no relief for the pressure but by the patient for
| bearance of creditors on the one hand, and the
industry and economy Of debtors, on the other
These faithfully generously, and honestly practced
will, and will alone relieve the present pressure un-
til our generous mother, Earth, in reward of the
honest perseyering industry of her children shall
pour from her bosom streams of prosperity that will
relieve all our pressure, and turn the murnurs Of our
present adversely into songs of gladness.