The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-24

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to the market Of amedium of equal amount ana value
with that which is withdrawn, will enable those IN
stltutions at any time to command the specie winch
they require As ju price is to be palu lot q
changes, is believed that all the expenses oil e"h
Quoting the business of the Exchequer and It's agen-
cies will be betrayed from that source, an' prooA'l
much larger sum may be realized. Ihe lusss' "
the currency by fire, shipwreck and other casua,,s,
as shown IN the experience OF banks, Wou'" -
inconsiderable item of gain. a small premium
say half or quarter of one per cent, m'eht iengo
bly, be exacted of depositors, il hereafter ue'V" -
cessary, upon notes issued IN exchahRo ~ sp e.
While this system will furnish the desired means ioi
the collecting safekeeping, and disbursement, Oh 'ne
public revenue and all the requisite facilities for ex
changes between different sections OF tue county,
well as create sound and convenient currency,
is exempt from the Objectionable features oil o'hsr
modes of ehecting, IN part or IN whole, tne same w
lects heretofore presented for consideration IL au'
thorizes banks other corporations no discounts,
no lending credit in any form whatever, no expah-
sion of the currency by public drafts or otherwise 10
paper money resting the credit of tie Government
and depending accIuing revenues for redemption
II coners extent of Executive patronage or lhiiu;
Nc officer be either appointed or removed
by the President without the concurrence OF the De-
nate, and only for certain specified causes II con
iers discretionary powers 10y which paItlaes may
he dulged in behalf of personal political iavo-
rite Whoever presents his specie notes or bills of
exchange at maturity is entitled to his specie, and
whoever presents his specie is entitled to the paper
which he selects. The rights of every applicant are
defined by law, and his transactions at the agency
Of the simplest character. The laws of trade, and
not any experimenting board public agent decide
the amount of deposites, bills of exchange and paper
currency. The wants and means of individuals com
posing the community will best regulate the proper
tons of paper and specie in the absence of all arti-
fetal rslraint and supervision Of the Government
Another important consideration which the com
mttee would add TO these views is, that while the
operations of the Exehequer would tend to promote
tntnn c..f fha
time tend to drive into liquidation the unsound
ones. Banking capital, which has so enormously in
creased within a few years past, would be reduced.
There would eventually only enough remain to
swer the commercial and other business wants of the
country The large surplus of capital which sought
Investment in banks for the exorbant profits of those
institutions, under an inflated and unnatural state of
the currency, would retire, and perform the more e
gitimate office of permanent loans on bond and mort
gage, TO the agricultural interest of the community.
One great evil which the country has experienced,
has been from the withdrawal Of capital from the
farming interest to invest it in banking operations
That interest from the very nature of their business,
ought not to be driven to bank accommod ations they
should be able to command permanent instead of
temporary loans. Any system therefore, which
should aid the retirement of the surplus banking cap
tal would greatly benefit the substantial producing
classes of the country.
From what has been said, it will be seen that the
Exchequer will furnish uniform currency, and eff
power like that of the late Bank of the United States
"a power which was the principal source of all the
difficulties and of the subsequent disasters of that in
stltutlon In order to make dividends it neces-
sary to employ its enormous capital in the shape of
discounts. The great portion of those discounts was
not based upon legitimate business paper. They were
long loans, stock loans accommodation loans, perma
nent loans. And one reason for this was, that with
in the sphere of the operations of the bank there
not enough of legitimate business paper to employ the
L. "a If upcps SSH ~ If
employing it otherwise; and that apparent necessity,
in the otherwise disastrous state of the times has led
to its final overthrow
The Exchequer will possess all the benefits of
Bank of the United States without its attendant evils
is Yegfsl 70 ao ge9d ,bu but gowerless to do harm
will be once more to restore the confidence of the
country. That confidence is every where impaired
1t is impaired in individuals it is impaired in banks
it is impaired in State Governments and even
shaken iii the General Government The people re-
qure some action on the part of Congress which shall
restore it. That only be done by the adoption of
system like the one proposed; system which, in
its leading features is perfectly unassailabe. 1t will
lay the foundation of public confidence so broad and
so deep that it cannot be shaken. That confidence,
once restored will extend itself throughout the
country, and peace and plenty will follow in its
train.
But, if any suppose this system will not accom-.
psh all that its friends anticipate, it will certainly
accomplish much and, inasmuch as we can do no
in it, why should we hesitate to try it We shall at
all events have established great and fundamental
principle-a principle which lies at the bottom of
this currency question, namely, that is the right
and duty of this Government, in the collection, safe
Keeping and disbursement of the public revenue, to
aid in furnishing uniform currency, and equalizng
the exchanges of the country. And if, in the udg-
ment of any, the measure does not go far enough
we shall have a stock on which engraft here
after such farther provisions shall within
(Onprp he
great principles which have been laid down-and
such shall be deemed expedient, and justified by
public sentiment.
The system can be tried without risk and during
period when there be hope ofadopting another
favorite measure IT, trial. it shall be found to an
the purposes for which it is intended, then the
necessity of National Bank will be superseded and
its friends will have desire to urge it,
If il should not answer those purposes then the
opponents of National Bank may become satisfied
that such Institution is the only remedy for the
evils of deranged aud disordered currency. But
until some such system be adopted it may well be
doubted whether in the present aspect and past can
perience of our banking Institutions the people eX.
be brought into the support of a National Bank.
Shall we then fold our arms, and deliberately re-
solve to do nohing Can the friends of a National
Bank well the friends of the Sub Treasury JUS
tfy themselves to their constituents or the country in
such course? These are questions for grave con-
sideration Both these systems, in shape and
another, have been dscredited; and with present
prospect of either of them being re-established
What, then, remains to be donea The people expect
and require action at our hands. The committee
present the Exchequer plan, free from the objections
which urged. against it on its original introduce
tion--a plan which, in their Judgment, unites the
benefits without the evils of the Others and ask for it
that consideration which it is SO justly entitled to re-
ceive.
In proposing the bill which the committee now
submit to the Senate, attempt has been made, as
far as possible to consult the views and avoid the OBJ
jectons of all parties, as disclosed in the history and
discussions of the several plans heretofore suggested
for accomplishing the Objects and it is submit
ted in the hope that the attempt will prove
full.
Prom the Portland Advertiser.
The Postmaster General has caused certain state
ments To he pub shed in reference the sagreement
h.i.t nnr