The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-03-17
From the National Latelligencer.
THE SENATE COMMITTEES PLAN OF
A FISCAL AGENT.

The SENATE COM NIL ELS Els.AN oI
A FISCAL AGENT.
Having allowed to our readers time TO
possess themselves fully oflhe Report of the
Selec, Committee of the Senate, explanaio.
~ of the plan Of an Exchequer proposed by
them, we shall now redeem our promise by
making few observations upon the merits
Of the plan.
That general disorder yiIa,es the cur
rency of the country, and TO an extent be-
yond recovery without the aid OF the Gen.
eral Government, is our first position. All
parts of the country are 10. equally afillct-
ed, it is true, any more than all parts OF the
animal body are equally affected by NOR
bid cause IN any one part but no several
States, nor scarcely any one State, OF this
Union, can be seriously affected without the
whole circle of States suffering sympathei.
cally moro or less. The suffering, howev.
er, is sufficiently painful TO demand relief
At li,,s very moment what is the state OF
the currency What is called currency"
in this City-of which, by the way, there is
none to DO had without paying high pre-
MUM for it's from three 10 three and
half per cent. below the par of Specie, the
only legal tender; and, If the currency"
was no worse elsewhere, it might, perhaps,
be borne with. But here, in Washington,
on what terms can you make use OF this Pa.
per which constitutes the only circulating
medium of the greater part OF the Union
Ga Virginia Bank paper you must, in con
verting it INTO "curren, money!" lose ire
and u half dollars IN the hundred on
Wheeling (Va.) ten dollars in the hundred !;
on Tennessee paper, fifteen dollars in the
hundred on New Orleans paper ten in the
hundred on Alabama fourteen in the hun.
bred on some other States yet more and
for the Bank Enper of Ohio aud Illinois,
you can get absolutely nothing at ALL
These States are pariicularIzed only be-
cause We have had, no later than an hour
or two before pcnning these lines, practical
demonstration, 10 cur cost, that such are
the rates of exchange of Bank paper here.
That this is state Of things demanding
whatever action the General Government
can exert to relieve it, IS our next position.
Ii is not case, therefore, we say with the
Senate Committee, in which Members OF
Congress are at liberty TO fold their arms
and reSolre to do nothing. Neither the
friends of National Bank (the most favor.
able opportunity for establishing which has
mos. unhappily been allowed 10 pass away
without Improvement nor Of the Sub. Urea.
sufy (which has been repealed in Difference
10 the public will can Justify themselves
to their constituents or TO their country IN
such a course. Failure 10 an attempt to
accomplish any thing for the good OF the
country would yet be merit in the eyes
of the people but 10 refuse even 10 make
The attempt must involve a very serious re.
sponsiblll,y on the par, of Representatives
TO their constituents. In this view Of The
subject, i. may be said, We are governed
by our own particular feelings. We con-
TESS il. We cannot behold the public dis
tress unmoyed and he who can must be
either more or less than nan.
II is therefore that We have seen with
pleasure, in the Reports which have been
made in the two Houses Of Congress, the
first signs of a serious purpose to attempt
something Cor the relief of the Government
and the People. We hope much frolo o
in this purpose, in spirit of
concession such Us the emergency invites
on the par, Of the Patriots aud Statesmen
TO whom the Constitution has conhded the
trust, which none but they can exercise ef-
tectiyely, Of reformug and regulating the
currency.
OF the two plans which have been re
ported in Congress, we have a decided pref.
erence for that of the Senate, as expound.
ed and explained BY its Committee. The
reasons Of the preference, however influen
iial, it viii be unnecessary to give, when
we say that we believe that the Senate
plan holds forth the promise Of great good
10 The People as well as convenience 10 the
Government, and, being 10 our optn.1n the
least liable TO exception, IS the most likely
10 secure the appreciation OF Congress
We do not mean 10 say that It IS perfect,
or that II may not be improved by amend.
ment but that, as il stands, we believe It
"Ouhi "Oih WtlfI uliI We dIt ftIy 6GEt
could not by any possibility make things
worse than they are.
Our view Of The particular merits Of the
Senate Committees plan will be best ex.
planned by brief consideration Of two Oh.
jections, from different quarters, which we
have heard made 10 il, the answers 10
which will bring out the leading features Of
tho plan.
The Gre; Of these objections is, that the
plan is substantially the same as that furnish
ed by the Treasury Department, and sub
ject to oil the objections which have been
regarded by many,o be lnsupcrabe, 10 that
project. The other objection (not alto.
gether reconc!lable with the fifsi) IS, that
It IS but the Sub Treasury scheme under a
new name.
These objections we answer.
A very brief examination will suffice TO
show that the plan proposed by the Senate
Committee differs from tina, reported by the
Secretary of the Treasury in some very es
seutIal features. For instance, first, as 10
the promotion of Executive oatrona ge and