Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-24
CURRENCY REPORT.


gr'sa. as also the letter from the Secretary Of the
Treasury accompanied by u draft of bill f1r the Is.
'ahlishment Of a Board Of EIchsqasr al Tho seat Of
SoVemmeni,-tePori. in part
The conun,tee have bestowed. On thr subject.
Ia hem. all the deliberston sRd anKioas
consideration, which the Importance oftAcse subject.
demands.
IL bs-ame their duty To inquire no to the wi,ss,
and best method of keeping the public moneys of
the UaIted States; the material in which The .ams
shoald be collected and discussed. aud The power
aud obligation Of the Federal Govsrnusn, IN regard
10 the Currency and ereh.Bges ofths onion.
They entered upon the discharge Of this daiy at
n period. when, in consequence Of the magnitude
and pressure OF The public drn. .: many cf the
States of the Gnion. the eondinsn ur their hank
ing institutions. and other causes. the currency and
exchanges ola large part OF The United Safes were
involved in ealsmiious disorder at a period. whom
The peeuniay disasters of The coIn,y-'he extreme
1ihefenees - long existing among eminent states
men AZ to the Mature and cause OF tho.e dtsasisrs
and the proper remedy FOR thsm.-and the uncsr.
us'niY and instability Of the financial p,licy Of the
Federal GoNernment.-had coaSpinlj 10 render a
-nft OF anarchy Of opinion Characteristic OF the
times.
Under these circumstances. The Committee felt
themselves called on hy the highest claims Of pat
uoiisn and uf honnr. to Cndeavsr 10 look steadily
ana eauliy nj the iacts surrounding them.-to smln.
Nh "h'Nass ~ III ~ VhRsNlfAfs lTtm inc 10
minion OF all prseonceiv~d opinions.-io br:ng to
Tho solution Of the great queSiiaiIs before lhem the
bensht nj least of uncuTnuittSi judgments and un.
shacklrd freedom 81 decision .-lo inquire, not mcrs.
y what might be best IN lks pa,I OF present view
"i eaehi bHt also What Was lbs hest Of things now
pracucaole; aud hnyisg thus without fear or favor.
folly discharged their own duty to their country and
-~emselvss. to submit. unhesiIaiinyly y. the result Of
their deliberations TO tie csndof and wisdom of the
H,use.
They were nc moro strongly impelled to the A.
dopiion Of these principles OF aciinn, in eln-iderr.
tiun, that the duty they were to perform vas ons
imposed on Them Ivy The command ofihe House, not
sought nor desired by rhemselvess and that. under
subs,siing political relations. for the snccsss OF any
measure the, might propose. they must Of neeessi-
". rely On cts intrinsic PpPristy and The impa 'tal
? sense OF the Legisf iure.
> The Constitution Of the United States smTorers
Congress -o lay and collect tsrss. duties and i'm.
pests and eT~is-s. 10 paw the debts and provid. for
the eommsn defence and general welfare Of The 4
; Siatss' and u recognises the existence of 1.-The
= Treasury OF the United States" But IL docs not
prescribe Inc organization Of he Treasury. nor set
forth the mode in which in psrSsHnsi shall be Gun
siituted. or ia. business transacted. otherwise than
as IL provides that NJ the Presiden', vi n the adj
vice aud consent Of The Senate. shall appoiat the
principal officers OF the L. States. But the CON
stiIuiion further provides that Congress shall have
power TO make oil laws necessary and proper for
carrying into execution" oil other pIwSrs vested
by IL in the Federal Government. And under
these constitutional pro wilson's il the Treasury ofthe
United Sales TO be organised by legislation. and 4,
concerns conducted: the President being empower.
ed aud enioined to take care that The laws be faith
fully sHecuted'T
Resides this, Congress has powsr ito regulate
commerce with foreign nafions and smorg The 81.
veusl 3 States" power 10 "eoin money. regulate the
value lhersufand "f foreign cOin, and 10 fI The
standard Of all weights AMI mrasures;' and also 20
wer ito borOw money oh the credit Of the United
States.
And. on the Other hand. while ronferrinr these
powers on the Federal Government. hs St-ies
-, have expressly forbidden tn themselves aud 20 zach
other. to emit bills of credit. 10 make any thing
r but gold and silver coin a tender in payment ofdebI
or to pass any law imPairng riS obligations of con-
Q tracts.
BY the net to esiahlifi he Treasury Department.
passed on The SECOND day of September. 1889. Il
was provided that il shall he the duty IT the Tres.
. surer 10 receive and keep the money Of the United
SlnIrs. and To ,dIsburSe the same upon warrants In
DO drawn 10y the Secretary Of the Treasury; but the
plan and mode ofsn keeping The moneys Of The u
niIe1 States were nat specifically prescribed; unlin-
= lied SCOPE Of chsice being EFF 10 the Treasurer in
this respect. subject always 10 the authority VI The
President To see 10 The due execution % The laws.
and in bis executive capacity to guard the interests
g. S0f'Ss Government
Under those provisions oflaw The fiscal opera
tons u ih0 OnNerln1euts ~ now Cenetiiu-
ted, COMMENCED and 90 proceeded until The 2Srh Of
February, 1871 when the Bank Of the United States
WAS incorporated for a period Of twenty years.
Prior To which. there existed in The United States
three incorporated banks. namely-ihnto Of North A
merica. in Philadel phIathai Of New York. in The city
OF New York; anil that Of Massachusetts IN Boston;
all OF them established before the adoption OF the
Constitution. Each Of these banks was n State cor
poration; for, though the Bunk ofNorih America was
originally established by Congress in 1871 yet il had
since accepted and now acted under q charter from
Penusy lvanin.
These banks Il was thought were unfit. or in
eompatenr to perform the fiscal business fihe Gov
ernmoni; besidel which. they could not ohsorb any
amount Of The pablo debt. nor be relied on for adj
vance. = fmoney TO The United States
The incorporation Of Ihe Bank Of Ihs L States or
iginsied In an order OF Congress calling on the
Secretary nf The Treasury TO prepare md report n
proper plan for establishing the public credit; ~ o
ksdienes 10 which, The Secretary presented two re-
ports; in one Of Them. raconm 'nding that tse
pnblic debt be funded. and additional taxes rasisd
To pay the Interests on IL. and. in Inc other. recon-.
mending Inc Incorporation Of a National Bank tn
heing Of primary importance 10 the prosperous nd
ministrziion Of the finaces ~ and Of "the creates
Entity in the operations cnnnertcd with Inc supppr
Of public credit, Ora set fbTth in tie Irsamble ofIh'
act. "as tending 10 give facility iuise obtaining o
% loans for The use OF the Govemmsnt. 10 which, IL
the same preamble .wns added the frubest reason %
v advantage 10 trade an industry.
! This Bank answered Immediately three purposes
Of the Governments. namely: I. OF lie c1pisl &c tel
=, million dollars, three -fouuhs was composed Of ian
dsd debr ? 10 was made tho focal agent ofihs Uni
=, ted States; and 3 Tis mics were leguiizsd currency
nj being receivable in all payments al Tho Treasu
~.
Andfho system Of he Government was comPie
a ted by the act Of Inc 81 Of April. 1892. esIahIshin
ii n mint. and regulating the coin ofliIe United States
upnn the basis ofihe dollor-uni, previously prescri
!, bed by The Continental Congress
The incorporates ofthis bank was resisted in tn
Outset IN considerations of eKnsdienSy and ofconsti
iuiionaiiiyi which considerations led 10 The rcfr
sal ofCOngress 70 r'Derv lis charter On The expi
ration Of is chans in doe. NOT appear 10 have beef
deemed Necessary or e~rpedient 10 ~legislnie further
oc either a. 10 The means of collecting or the made o
keeping The public moneys. but this was LEFT .