Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-02-03
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w..u,xoroy. Jan. 90. Is42.

Anxious ewes are turned to the Select
Committee on the Exchequer 10 reference
10 the repov. which they will make on this
interesting subject. learn from a high
source to-day, that they have already de-
cidcd on the modification which will be
pre- pc ,ed in their report. II is possible Of
COZ rse that the views of msjority ofthe
Committee, may undergo some change
before The report is made but | will re-
hearse the features Of the plan which tney
are determined TO present to the Senate.
This plan will par,ake a little o.
the characteristics Of the Sub'Ifeasury
scheme, the National Bank. and the Pet
Bank system. II will grant to The tx
chequer the privilege Of selling exchange,
but will prohibit the right TO porchas".-
Ii will provide for the establishment of
Board of Comptroliers here, 70 be APP
po;uted by the President, by and with the
advice and consent Of the Senate, and
not movable without such concurrence,
except in the event Of particular emer-
p~encies taking place during The recess Of
Congress, when removals may be made
by the executive and new appointments
made, subject to the future action Of the
Senate. The boards OF Directors in the
several States, proposed in the original
plan, will be dispensed with, and the bust.
ness Of the Exchequer transacted entire.
Iy by the State Banks Of each several
State. The particular sum which the in
s,itution will, by this proposition, be au-
thorized to issue, will be limited to the
amount OF actual cash in the Treasury
dollar for dollar being required, and no
more allowed-th notes to be merely the
opponents of so much reel convertible
capital IN the vaults of the Treasury
Such is a brief condensation ofthe report
of the select committee on the fiscal a.
gent in the Senate, Us it is now arranged
by the members ofthat committee. Cir.
may transpire to change their
views which may alter the report in some
particulars. But that | have given a fair
abreviation of the report as now contem-
plated, | can have no doubt, as | have
received my information from authority
altogether conclusive.
Whether such a plan as is o propos
ed by the committee, would entirely meet
the view Of the community, seems very
doubtful. The attempt to revive IN part
the Pet Bank system (for this feature the
COMMITTEES are indebted to Mr. Rives)
cannot be popular, as its tiiai in full, has
heretofore failed so signally. Again, the
restriction of the issues to dollar for dol
lar Of the money actually at the time IN
the treasury seems in the first place m
practicable; and if possible, calculated
to destroy the entire usefulness Of the pro.
ject.
The amount Of funds in the Treasury
is subject to luctuation almost daily
Five or ten millions Of dollars may be de-
posted during the recess of Congress,
half or the whole of which may be taken
out a week after that body is in session
under the force of an appropriation bill.
But the Ex~chequer Bills issued to repre-
sent the five or ten millions in the Trea-
sury, cannon, be at once recalled, TO be
again re.issued when he Treasury is re-
plenished. On the contrary they will
in all probability be spread over a vast
extent Of country, and not be collected
until the lapse Of months after the change
has taken place in the account of capital
in the vaults Of the Treasury.
Again, no reasonable man can expect
hat a greater sum than FIVE millions OF
dollars will, for some years to come, be
deposited in the National Treasury
Notes TO the amount OF this only, if they
possessed every other requisite for con-
mercial purposes, would go but a small
way toward supplying the demand for a
medium Of exchange, and would be a
mere drop in the bucket 10 what would be
required to relieve the present disorder
ed condition Of the currency.
But on This subject more hereafter.
A. Il.