Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-27
TWEyTY-sEyENTH CONGRESS- I'D Session.
from the Gicbe.l
FEDERAL EXCHEQI Err.
SPEECH OF Mr.. BENTON, OF Missouri,
!. On ihs. Cah.nef Plan 4

In Senate January -, l-i2On the Cabinet flan !oi
Federal E1chequer.
iC0neiuded.l
How capricious, Mr. President, are the ways OF Tor.
tune. how differently she treats different men, and
even the same thing coming from different men. Vi
this we hav signal instance IN the case now before
rs We the American Senate, are now gravely en-
poyed in the consideration OF plan 10 establish g
deral Exchequer sent down to US by the Acfnn'sua-
ton when the same plan, submitted to US lev years
ago. by respectable citizen OF the South, received not
the slightest attention; and suffered to SINK down
feless fro IN the hands of the author What thus Tell
dead from the hands Of respectable citizen IN the
South is now picked up by half dozen gentlemen al
the west end Of Pennsy avenue, adopted Tor Their
own, and sent down TO US Tor The most grave aho
wejghty considerable OF the two Houses OF Congress
Coming from their hands, we respectfully entertain
what before, dsdained; and 50 uncertain Is tame
10 caprclous is for,une-that many Senators now pre-
SENT will hear for the first time tina. THIS plan on winch
we are called deliberate, fresh conception oil oar
Cabinet is actually old copyright invention Of 4
Southern citizen, Strange IS this may be, i IS no less
true than strange; and, as the maxiin-snnm rnque-
let every have his OWLS as lair IN It's application
To the mental productions It rs 70 the fruit OF any
other industry so proceed to yindcae the TILE of the
true author OF this plan Of n Federal ExcheGuer BY
throwing the original plan itself Here II IS, SAID Nr
B. holding up aprinted pamphlet IN his hand here II
is. and will read some extracts from u, TO show the
identity of the two propositions And rst, the title
page. "All The world IS title page. So says VIM.
Shakespeare, the Senator from Pennsylvania (Nlr.
Bucbanap) reminded Us the other day; the SAID VIM.
Shakespeare meaning thereby, that every thing in the
world is falsely labelled Without going into the cues
ton of the general truth of,hat auendo must be per-
nited to say of the pamphlet from which propose 10
read that it IS truly ensdiis title true label;
and that in this ,ncg!7r well others, i, pos
sesses marked advantage over the caoGet edition OF
the same WORK The title - th;s.
plan establishment b. nc q Congress mt coming
fof there = one already be: ,N.RA pEiht NM At
perhaps hundred millions 81 dollars; 70 be founded on
rock ana %" n @ f spy m ~ i o. per
90 per cent perhaps ny John H. safss,t Eq At,
c Council No Green street, Ammo Domin 1885," Entered
copyright secured according 70 aw.'
This is the title: and admit Mr.. President, that 1t
differs from the title which our Cabinet production
bears but bc permitted 10 say that It - only the
difference between q false and true label upon the
game box Of sundres Mr. Sargent entities his plan a
General Print Hnt 10 strike two hundred millions oil
paper money for national currency, and IN 50 dong
he truly entities II, and gives clear perception OF
its design Our Cabinet the contrary, cntic theirs
"a bill 10 amend he scr,a acts estabj,Sht"g The IreG
sury Department" which IS a mysthcaton and BAN
boozlement, there being such acts 10 which II can
apply amendment, nor any thing IN lhe ttle
which give the eust idea OF the design OF the plan
In this the titles dfer-one enightens US, and the
other mysties and bamboozlcs us-and in this differ
ence we see the difference between The confidence o.
the two parties in the merits of what they propose
one exhibiting his wares fairly and calling every thing
by its true name, and showing his confidence in
cess by fair means-the other conceang theirs unde!
fictitious appcntion, and showing their belief that i
can only be passed BY being Struggled through undo
the disguise of false character.
MIR. b. then continued his reading:
g. The plan "Let the plan be this that Congress
pass an act for the formation or establishment Of pape
money mandatory, to be called the PRINTING
MINT, analogous to the gold and silver and cope
money mandatory, or the coming MINT. And as Thu
produce of this coming Mint called and known b.
lcL1a tha ,,-Ie tn
by analogy the produce Of the printing Mint, may b,
called and known by the first syllable Of the word print
ing, to wit, print; both Of which words being shor
and convenient for common use, oil course the
language for distinction will be thus: What did 20,
pay him I'M paid him in coin: s'gn'iyng that thu
payment was made in metallic coined money. But
the answer is, paid him in print; the meaning vii
be that the yment made in printed paper money.
amy proposition then 10, that ior the convenience o
the Treasury of the United States and the good peop,
thercof there be issued emission of print TO The
amount Of fifty or one hundred, or two hundred mil
lions of dollars in bills or notes Of the form following
TO wit:
awe the two undersigned, Commissioners of The
General Print Mint Of the u. States promise to pay
on before years from this date, agreeaby the
terms of an act of Congress passed the &c. in the
year, &c. TO A b, Commissioners Of the Print Mint
No L, in the State of S. Carolina, the sum Of
dollars in the coin of the United States, &c.
Washington, January ] 1889.
(Signed) JOHN NOkES,
Commissioner OF the General Print Mint.
THOMAS STILES,
Commissioner ofthc General Print Mint"
This is the form OF the note which Mr.. Sargent pro
poses and he gives the proportion OF each denomna
ton be issued from one thousand dollars down &c
one Our cabinet plan stops at FIVE; but Mr. Sargent
seeing full well that all the specie the country would
be banished by this national issue of paper provides
once for the scarcity of coin which to De produced
and the consequent -ficul,y of making change by
ducing bis issues to dollar at the start In this he
4. al nd ~
cabinet If their plan succeeds would have TO in the
end; for ifthey get their paper machine in operation
they will soon have to send down us for authority &c
issue small notes for change.
But to proceed with the reading:
"When these bills are thus prepared, the next thing
will be TO send them the commissioners of the
raj PRINT the States, proportionate
to the populations thereof not forgetting the District
Columbia. The commissioners on receiving the same
will fill them up with their names the body of the
bills and then ndorse lhem" &c. "That the business
of the Offices in all cases of punctualty be done free
expense to the borrower unless be where ap.
plication is made to redeem any mortgage pledge in
less than nine months-in which case his mortgage
will have produced but little profit to tie MINT it will
be no more than Just that he should be Obliged 10 paw
such fees may be usual in such cases. for the trouble
occasoned to the Office" "That the General Print
Mint in Washington shall also be the General Trea-
sury Of the United States place of deposite of all
the money and treasure thereof and the print offices
in the different States shall be considered branches
thereof where all the money belonging to the United
States shall be deposited and where all moneys due
them shall be collected and paid-uoless, for
nience certain other places in each Stale, perhaps
tain banks should be appointed pro tenn for that pur
pose-responsbe, Of course, TO the General Treasury
1.-THE prI. to be receivable in all payments to the
United States" "That tile commissioners of the Ge-
neral Print Mint shall be appointed by the President of
the United States, and be allowed competent salary