Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-12-17
THE ExcHEQuER PLAN.

condensed form, the substance of the Presidents
Message, wi h copious extracts Of the most impor.
9nl parts. The Exchequer Plan is he mosi P'omi-
rent and pe'haps the only real interesting topic in
the message As we only had room 10 give our
readers portion Of his views on hs subjec, los,
week I'VE now lay before them all he says in rela-
L.on 10 THE imporsnt matter:
In view ci the fact that, in 1890, the whole
tank note circulation within the United States
anonnted to but SCI, ,223, ,ses, according to the
Treasury statement, and that en- addition had
heen made thereto Of the enormous sum of
S3S,0O0,000 in seven years, CHE circulation
on the first January, 1887, being stated al Sl49,
195S0o.) aided by the great facilities afforded
m Obtaining loans from European capitalists,
who were seized with the same speculative
manis which prevailed in the United States
and the large importations Ct funds from
broad, the result OF stock sales and losns-no
one can be surprised at the apparent, but un-
substantial state of prosperity which every
where prevailed over the land while as lit.
tie cause Of surprise should be felt at the pre-
cent prostration Of every thing, and the ruin
which has betallen so many of our fellow citi-
zens in the sudden withdrawal from circula-
tion Of SO large an amount Of bank issues, since
lS31-exceedng, as is believed, the amount
added to the paper currency for similar Pc
riod antecedent to 1887, it ceases to be a mat
Ter ofastonishmcnt that such extensive ship
wreck should have been made OF private for
tunes, or that difficulties should exist in meeting
their engagements on the part Of the debtor
States. a part from which, if there be taken
into account the immense losses sustained in
the dshonor of numerous banks it is less
matter Of surprise that insolvency should have
SISTED many Of our fellow citizens, than that
50 many should hage escaped the blighting in
fuence Of the times
In the solemn conviction Of these truths
and with an ardent desire TO meet the pressing
necessities of the country, felt it to be my
duty to cause to be submitted to you at The
commencement of your late session, the plan
ofan Exchequer, the whole power and duty OF
maintaining which, in purity and rigor, was
20 be exercised by the Representatives of the
People and the States and therefore virtually
by the People themselves. II was proposed to
place it under the control and direction of
Treasury Board, TO consist Of three Commits
s!oners, 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
et exchange, at all times convertible into gold
and silver, should he attained.
The Board thus constituted, was given as
much permanency as could be impaired to it,
without endangering the proper share of res
possibility which should attach 70 all public a.
gents. In order to insure all the advantages Of
well matured experience, the Commissioners
were TO hold their Offices for the respective Pc
RODS of two, four and six years, thereby secu-
ring at all times in the management Of the Ex-
cheGuer, the services oftNo men Of experience;
and TO place them in a condition to exercise
perfect independence Of mind and action, 'it
was provided that their removal should only take
place for actual incapatiiity or nfideity to
the trust, and 10 be followed By the President
with an exposition Of the causes OF such reno
val should it occur. It was proposed TO estab-
lish subordinate boards IN each ofthe States, un-
der the same restrictions and Limitations of the
power of removal, which, with the central board,
should receive, safely keep, aud dsblEse the
public moneys; and in order to furnish a sound
paper medium Of exchange, the Exchoquer
should retain oftte revenues ofthc Government
a sum not to exceed S5000,0O0 in specie, to be
Get apart as required by its operations, and TO
pay the public credit at his own option, either
in specie or Treasury notes, Of denominations
dollars, which notes should be redeemed at the
several places of issue. ard 10 be receivable at
all times and every where in payment Of Gov
ernment dues; with restraint upon such is
sue Of bills that the same should not exceed the
maximum of $l5,0O0,0U0 In order to guard
against all the hazards incidert to fuctua-
tlons in trade, the Secretary of the Treasury
was invested with authority to issue s., 100000
of Government stock, should The same at any
time be regarded as necessary, in order 'opisce
beyond hazard the promP redemption Of the
bills which might be thrown into circulation.
Thus in fact making the issre OF Sl5,OO0'0Oh
of Exchequer bills, rest substantially on Sio,-
100000 and keeping in circulation never more
than one and onc-half dollars for every dollar in
tpecie.-When to this ii is added that the bills