The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-09
REVIEW or MEssRs. BENTON AND Bu.
CHANANs SPEECHES ON THE ExCHE-
QUER BOARD.

CHANAN's SPEECHES ON THE ExCHE
QUER BOARD.
In pursuance of the intmaon which we gave IN
former article we beg leave now to continue our re-
view of the arguments which have been delivered in
opposition to the establishment of an EIchequer
Board.
We do not expect to be able TO change the opinions
Of the learned Senators whose speeches we intend to
review or to make proseytes of them by any efforts
of ours-many considerations exist to prevent the in
diligence Of such hope. The public avowa Of there
opinons, must convince US how vain would be the
attempt to overthrow "od mems opinions" thus sup
ported by their pride and preudices II is possible too
the discharge of this duty that we may indulge in
freedom Of remark, and rigor of examination moi
altogether reconceabe with the quiet of their feel.
ings, and of those with whom they acting. But
we beg leave to remark that shall not wanonly and
unnecessarily seek TO place their principles upon
improper basis. But when principles and objects are
avowed, which threaten the destruction of the pros
pety OF the country, and for the attainment Of which
the Federal Constitution tselfis to be violated it be-
comes the duty of every good Citizen not only to de-
nounce the mischief consequent their course of
action but to point the finger of and disap-
probation at the authors should they
suffer from so unpleasant a distinction, their reHec.
ton must be- that its correction is at all times in their
own hands
We will now proceed to trace the progress Of the
action Of the Federal Government on the question of
currency-and in contemplation Of this subject, il will
be Of little instruction to us, to take brief
view of the state of public sentiment upon the sub
ject of fnanceand currency, as 1t existed under Mr.
Madson's Administration and from thence up to the
period of Mr. Monroes; and to contrast the harmony
and general tranquility which prevailed in all parts of
the U Mon, upon these subjects with the alarming
doctrines and excited sensbly which recent political
movements have developed
It's well known, that the Constitution Of the Uni
liberal spirit Of compromise of the various views and
dscordant interests which obtained in those portions Of
the Union. Upon no one subject was the spirit Of
liberality and mutual concession distinctly mani
tested, than upon the subject Of commerce. 1t has
been, and believe successfully, stated that the pow
er to regulate commerce. drags with it the con
secutive power of furnishing sound and circulating
medium, by which commercial operations may be ia
cilitaed To offer proof Of the facts upon which this
opinion is founded, cannot be necessary. In our last
article we produced a mass Of testimony emanatinp
from the Administrations of General Jackson and Mr.
Van Buren, strongly contirmatory of this position
Wewil however adduce few Others showing most
conelusvey that the views Of the Executive in regard
to the necessity of the Government assuming a con
trolling power over the currency question, are sound
and constitutional
In 1915, with the view of relieving the country
from the embarrassments produced by the want Of a
national circulating medium, and to overcome the
inequalities of exchange and to afford adequate
medium for all local purposes, the Secretary of the
Treasury recommended plan to receive the co-ope-
ration of the Banks with the Treasury that Treasu-
ry notes would be received and credited and re-issued
at par by each and every of the acceding banks.
The Secretary of the Treasury shows in his report
that the principal object of the proposition is TO
tribute to relepe the country from the embarassmes pro
dueed by the ,0ant Of national circulating medium and
in that respect to the cooperation of the Banks
with the Treasury3 See the Secretary's report Au-
gust Is, 1915.
The absence of the precious metals will, is be-
eved be temporary evil; but, until they again be
rendered the general medium of exchange, it de-
wolves on the wisdom of Congress to provide sub
stitute which shall equally engage the confidence
and accommodate the oants Of the citizens throughout
The Union. If the operation of the State Banks
not produce this result the probable operation of a
National Bank will merit consideration and, If ne-
tier Of these erpedients be deemed etecai, ii may be ne
cessary to ascertain the terms upon phich the notes Of the
Government (no longer required as instrument of
credi shall be issued upon notifies of general policy
medium Of circulation" See, December 5th
1915, President Madson's seventh annual Message
Again in 1915, the Secretary of the Treasury OBJ
served in his annual report:
"That the constitutional and legal foundation of
fhe monetary system Of the United States is thus dis
tincsly seen and the po,oer Of the Federal Gopern
mer to institute and regulate it.; ptetter the circu-
must in its general policy, well in the terms Of
the Constitution, be considered an exclusive power"
Again:
"The po,csr Of the Government to apply and main
tain proper medium Of erchange ,oiH not be qIes-
toned"
1t has also been maintained by the distinguished
Secretary of State:
"That it is the constitutional duty of this Govern
men to that paper currency suitable to the cir
cumsances of the times and to the interests of trade
and business as well to the payment of debts due
to the Government be maintained and preserved; a
currency of general credit and capable of aiding the
operations of exchange far these operations may
be conducted by of the circulating medium
and that these duties, therefore, devolvng on Con
yless in relation to currency beyond the regula
ton of the gold ond silver coins"
See Mr.. Webster's speech in 1887 on the Sub
Treasury.
The laws of antecedent Congresses, approved o.
by successive Magistrates, and the acts of Executive
Magistrates themselves have been referred to in sup
port of our position and, without the abduction o
other proofs, it appears to be decidedly manifest
from fOrepOinp extracts that the mower repll
lating the currency has been broadly maintained,
wisely exercised, by the Federal Government
This view of the subject directly leads us to tn
examination of the second topic which we have sug
gested for the consideration of our readers.