The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-18
From the philadelphia .4meriean Sentinel
The EXCHEQUER AND A BANK OF THE
UNITED STATES


The EXCHEQUER AND A BANK OF THE
UNITED STATES.
We are astonished TO find that there is so much OBJ
lection made in Congress 10 the Exchequer Bank
Tor members may rely upon it, the people are no
opposed to IT, Every man of any reflection knows
that We must have some currency scheme, and that
if the members of the two houses OF Congress intend
To relieve "A suffering community from their present
financial embarrassments, they cannot achieve that
object by hostile course towards the only practical
BILE mode within their reach NO United States
Bank charter can be passed at this time. There is
therefore no mode left by winch TINS desirable help
can be obtained but by the aid OF the Government
There is no paper currency that for years will com
mand respect all over the Union, except such as is
sustained by the credit of the United States and the
earlier members of Congress look at the subject in
this light the better. They will have TO come To il
sooner or later. So far as we have been able to col
ect public sentiment this subject have arrived
at the conclusion that the people do not desire to
their representatives return home without creating
some kind of national currency that will pass readily
in all parts of the nation. The energies Of all are
crippled; kind of blight has gone over the whole
United States account of the badness OF circu
laton. The people, therefore, ask their Senators
and representatives for full and ample remedy, and
that they say is the proposition sent by the Govern
ment to Congress. They enter their solemn protests
against the policy of those who assail II and do moi
give better plan. 1t will not meet public approba
ton TO defame proposition Ii is required, if what
is offered is not precisely in the shape desired that
it should be modified Those representatives are
wholly mistaken, who suppose the people approve OF
their assaults upon the proposition submitted by Mr.
Forward The universal voice OF the soberminded
and rejecting, is in favor of useful Legislation
ON the subject OF currency. The people fatiguec
with long and labored debates against the Excheque
measure. They say, give US that, or give us some
thing better but do not destroy it, and leave us with
out any substitute.
We have read the argumentatye report in favor o
the Exchequer Bank and feel free say that
mastery production. And all that we have read il
opposition to it, has not changed our mind upon the
proprety of the Exchequer scheme. We ask oui
Members of Congress to permit the people ry hon,
hoo ii iciH operate We mplore them not to strange
il by putting violent hands upon it.
Whatever may be the final result of this measure
thing is certain President Tyler will have clear
ed his skirts on this subject. Every man in the Re
public sees that he is DESTROYS of afording relief tt
the people. And those who think that they will low
er him in public esteem by assaultng this great mea
sure, will find themselves wofully mistaken The PEG
pie fully comprehend the proposition and ask for ac
ton the part of Congress- They distinctly So,
rhat relief they get, if their Senators and Repre-
sentatlves do not throw themselves improperly be-
tween them and the Presidents wishes They know
if the proposition should be trampled under foot
will be by those who should come to its rescue VIZ
have said thus much, feeling ourselves conscientious
ly called upon to deliver our opinion frankly upor
this interesting question. We wish to offend no one
but with that openness and candor that has ever mark
ed our editorial career, speak out upon the subiec
III behalf Of the people We may ourselves do without
proper currency, but the whole nation cannot anf
will not. If this proposition shall be rejected may
not eventually end In driving the people to another
United States Bank, resort Of liecessitu Does i
not, therefore, become all who have scruples on Thu
question to examine with care their present career
NOW Is the very time, In our Judgment, to settle Thu
yeXed question forever. Give eve say to oul
Members OF Congress) act that will for all time
shut out all hope of another United States Bank |
is plain result, if we take not the Excheo,ier Bank
the country will turn its eye, at future day to ;
Bank of the United States. One or the other o
these modes OF supplying currency must become
law. The nation will be divided between them Ii
this great contest where will be the neutral stand
We ask, where will the opposers of the Excheque
scheme be found, when the contest shall arise be
tween It and Bank of the United States' We
ask all the sincere opposes of Bank of the Uni
ted States to pause and resurvey the groune
that they are careessy passing over and see whe
uer Is not best every thing considered take Pre-
s,lent Iylers proposition it, for other reason thar
horely to blot out all future expectations Of Bank
The United States Suppose it may not be atogethe
perfect at first, can it not be improved by time Be
ing substitute for Bank of the u n,ed States i
ought to be looked upon with afiectionate eye
IS unjust TO cry il down before it has been tested
Nay we not say In all sincerity, that every argumen
that Is used to lessen the esteem Of hA public foI is
- oh, uiat.d urIve men TO Bank of the Unitet
States as the only safe alternative. The jealous an,
hearty opposers OF Bank of the United States ought
therefore, to take this proposition into their kindes
embrace IL rs no corporation 1t is to be Govern
ment institution, constantly under the inspection ant
watchuness of Congress If it moves with less eff
cheney that could be desired surely the two Houses
Congress will have only see its defects to remov,
ihem In any light, therefore, in which this subiec
casts Its Impressions upon mind we are compelled
to say that the members of Congress ought to pas.
the E1chequer bill, with possibly some small allera
tons, before they adjourn They cannot look to the
Sub reasurythe people, after most deliberate con
sideration of that subject have rejected it, with their
most marked disapprobaton. The support of that
measure carried Mr.. Van Buren, into retirement
Nor can any party hereafter be found weak enough to
60 into the field again with that repudated flag its
head. To what plan then can our fellow citizens
then look for relief but to just such bill has been
presented by the Secretary the Treasury. 1t mus
pass something like it, il it is expected put
the question of thartering Bank ofthe United State,
at rest, forever To such tmbcrs believe thai
Congress cannot constulionalIy charter Bank O
the United States it may be said that they have now
the bane and andote both before them.