The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-23
From the st. Louis Bulletin
THE EEXCHEQUER,

We copy from the Union Democrat, Van Buren,
paper, edited by Amos Kendall, late Postmaster Gen
eral an editorial article giving his views of the Ex
chequer. 1t is worthy of perusal. MIR. K. has
figured largely In the political world, and, with all his
faults he has much talent. To Western men Mr.
Kendas objections will address themselves with
different effect from that which he desires to produce
The utility of this plan far the wants and int
rests of the West are concerned, is placed by M.
Kendall beyond all cavl. By this plan specie here is
specie, or its equivalent In New Orleans and New
York. This equalises exchanges
Nj. Kendall seems to object to the plan because 1t
will impose great burden upon the government for
the benefit of the people! most singular objection
for "dear lover of the people" to make truly lie
seems however to have overlooked the fifth section
of the BILL which limits the for which certif-
Gates are ssuabe and subjects that portion of the gov
ernments duty and responsibility to governmental reg
ulation. Mr. Kendall very strongly intimates that
Mr.. Cushings bill does too much for the w est
One of the main purposes of Banks IS to facilitate
trade and commerce by promoting an interchange OF
commodities through purchases and sales. 10 this
interest they are peculiarly favorable But they should
be conducted not to weaken impair other in
terests Indeed, they ought to be, and be- so es
tablshed and conducted TO aid all The various inte-
rests ia a community. There is no plan so admira-
bly, adapted to produce this result our judgment as
the Erchequer. 1t is not rival to any banking m
stitution but an incidental regulator OF all OF them
On this point, however, we have heretofore SO fuly
and plainly unfulded our views, rePeuuoh OF them Is
wholly unnecessary.
1t is perfectly obvious that the Exchequer would
give us paper currency of equal value ,uhere Is
sued to specie. The receivabiiy of Exchequer
certificates of deposite for all public dues at any and
all points where the United States collect revenue
from any source would make them equal to specie
Throughout the country. Certificates issued specie
here would circulate at any point, from New Or
leans to Boston, and thus the specie would remain
here to be disbursed by the Government when wanted
and again distributed amongst us. 1t would not be
locked up for its representative would pass from hand
to hand with safety and despatch. Every dollar that
can now be purchased here is shipped East, as the
foundation for drafts Our specie is leaving us and
the drafts which represent it are at once sent to their
destination and tollo,c the specie.
Pass this Exchequer bill, and its friends ,cH I'm
the language of Mr. KendalD hare achieved all that i
possible Che thinks) vhen they shall hare giren tn,
people paper medium truly representing specie in IN,
regions ,phers it is used-and think equal to spe-
Gle at eper point where the Government entitled to
receive public dues-to wit at all the sea-board
towns and at all the public land offices in the Union
Mr. Kendall proves that the plan will be rather useful
We think will be exceedingly so, and, hen f''ed en-
| trey satisfactory.
| Passengers are taken from Detroit TO Buffalo a