The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-24
SENATE COMMITTEE REPORT.
MONDAY, FHBRuARY 81, 1912.

the Report from the Treasury, and so much Oh the
Presidents Message relates to Fiscal Agent de-
lyered in the following Report which he read at the
Clerks table
The SELECT COMMITTEE, to whom was referred
the Report from the Secretary of the Treasury
communicating plan OF Fiscal Agent OF the Co.
vernment" respectfully REPORT
That they have given the subject that consideration
which its Importance demands, and present to
the Senate of the views which have brought
them TO the conclusion to which they have arrived
The committee do not intend to go into elabo-
rate argument in favor of such The late
period at which this subject referred to them,
and the anxiety of the public mind for speedy action
it, has left them but little time, amidst their other
pressing engagements, to prepare an extended re-
port. They therefore content themselves with re-
porting bill to establish Fiscal Agent of the Go
vernment, accompanied by such remarks upon its
leading features and principles as seem to be called
for by the occasion.
Since the adoption of the Constitution of Govern
ment under which we live, the country has expert
enced much financial and commercial embarrass-
ment But at no period has it been suddenly pre-
ciptaed from apparently high state of prosperity
to the lowest point of depression, at the present
time. The committee will not attempt enumera-
ton of the which have led to this disastrous
result. But they take leave to say, that amongst
them inflated and deranged condition of the cur
rency is the most prominent. There may be diffe-
renee of opinion as to hou this initiation and dsar-
rangement have been produced, All, however, will
agree, that the excess in trade and business conse
quent upon such a of things is in some Sort in
cid ~, e o,phic lie
characteristic feature of our free Institutions In
attempt to correct these excuses, the committee
would wish TO preserve and regulate, but not destroy
the system itself The efforts which have heretofore
been made to correct them, have always encountered
grand obstacle in the difference of opinion which
has prevailed in the community to the kind of cor
receive and the in which it should be applied
This has led, in instances, to reorganization
and hostile array of political parties and the great
question OF regulating the currency OF the country
has formed the issue upon which, for years
past, the most violent political battles have been
fought. Experience has shown that in such con-
tests the business of the country must always be de-
ranged And the greater the sincerity with which
the war is waged, the side and the other the
fcrcer will be the conflict, and the disastrous
the consequences, long the great matter in diff
ference remains unsettled. There can be peace,
prosperity, until it be settled. Other questions
harmless. No matter how violent the contest, the
business of the country is not affected by it. midst
the excitement of the public mind, the country pur-
sues its onward march to prosperity and greatness
But the instant the question of currency becomes the
issue, it is felt, like electric shock from one eX
tremity of the Union to the other.
1t behooves, then, every good and patriotic citizen
to lend his aid in the settlement of this question His
inquiry should be, not what ought to be DONE but
what can be done' He should be prepared to sur
render his Individual opinions, if necessary in order
that some system may be adopted which shall prom
Use stability and permanency in relation to this all
absorbing subject The distresses of the country are
beyond much further endurance. The People
throughout the extent of this broad land cry aloud
for relief Thousands and thousands Of our fellow
citizens have been FRUSTRATED by the caamtes of the
times which have overtaken them. They have been
Suddenly reduced from affuence to want. Their
property, which under ordinary circumstances, would
have been ample to meet all engagements and leave
a competency to themselves and families, has been
most cruelty sacrificed Others, who have survived
the fearful wreck of the hopes Of thousands are still
suffering by dlsordered currency, and the unregula-
ted exchanges between distant points. The one class
looks to the settlement Of this question as means of
once more engaging in successful business the 9TH
er looks to it as means of proftaby carrying the
business in which they already engaged. All
look to Congress for that relief which Congress alone
has the power to grant.
BY relief it is not meant that Congress can furnish
to cancel the indebtedness into which the COM
cy and exchanges of the country, it may enable the
People not already in hopeless dependency, to liqu
date their own debts With such aid, the productive
industry Of the country will in due time wipe out
every trace of distress that left by the desoatng
fury of the storm which has swept over the land ;
and our great object should now be- to adopt such
measures as will protect from its ravages in flu
ture.
The ruinous rates of exchange result essentially
from deprecated paper circulation If the curren-
canb he adj nd form tx,yn 49,
go very far, and with the facilities which the General
Government can give, will efectually regulate the
exchanges.
The great evil under which the country now labors
is the want of uniform currency and an equaliza-
ton of the exchanges.
Can the General Government remedy this evil p
This Government must have some mode to collect
keep, and dlsburse its revenue. This involves both
the question OF currency and exchange l. sound
currency to receive IN payment of public dues. 3.
Exchange to transmit to distant points the revenues
of the Government in payments of the public Gre
ditor.
The committee propose, then, to adopt SYSTEM on
the part of this Government for the collection safe
keeping, and disbursement Of the public revenue and
thereby, incidentally aid in furnishing uniform cur
rency, and equalizng the exchanges.
This is deemed the right and duty of the Govern
ment; and the only question which remains is, How
shall it be done
Different modes have been proposed and tried
They are, first, Bank of the United States sec
ondly, the State bank deposte system: and, thirdly
the Sub Treasury
The first, Bank of the United States, is at this
time utterly out of the question. The history of the
past year shows that charter for such an institution
cannot be obtained, however desirable it may be
deemed by many and the state of the times demon
strates that If obtained its stock could not be taken
up, SO as to put 1t in successful operation.
The second, the State bank depose system, was
discarded and put down by its most prominent friends
those VINO were foremost IN establishing it-before
it had received fair trial. others of its advocates
believe. All, however, in saying that it can
not be re-established.
The third, the sub Treasury, as the committee