The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-27
REVIEW OF MEssRs. BENTON AND BUCHA-
MANS SPEECHES ON THE EXCHEQUER

dsburse the revenue Of the Federal Government,
whenever an effort should be made to give il an ex-
siehce, would have TO contend with most stubborn
opposition that there was no measure in which the
Congress OF the United States could engage, little
ikely to be viewed according to its intrinsic merits
SO very likely to encounter misconception, Jealousy,
and determined resistance For this state of oppo-
sion, many reasons may be assigned, if it were
cessary But il is only to know the vanity and vim
dlctlyeness of human nature, to be convinced that
uhere VIII always exist among US, politicians who
VIII oppose the establishment of any measure when
proposed by the dominant party embttered in the
minority In proportion to the zeal with which they
pressed II is material inference, from the fact
that such men will watch with lynxs eyes, for OPP
portuntes of discrediting the proceedings of the
government and will display hostile and malignant
zeal upon every OCCASION while they think there is
any probability of thwarting its policy.
IL Is only necessary to consult the history Of ma
lons, to perceive that every country at all times is
cursed by the existence of men, who, acuated by
irregular ambition, scruple at nothing which they i'm
agine will contribute to their own advancement and
Importance in monarchies, simple courtiers; in re-
pubcs, fawning demagogues, worshpping the idol OF
nesses, fraties, prejudces of the people 1t was
to have been expected that such men, counting more
on the passions than the reason of their fellow
citizens, and anticipating that the establishment of
Fiscal agent would have to struggle with preju-
dices, would be disposed to form an alliance W it'll
popular discomfort, to noursh it, and to press it into
the service of their particular views 1t was also
known, beforehand, that personal and party rival
ships, of the most active kind, would resist every
thing coming from the Executive Department of the
Government
The great contest for political power having termi-
mated we INDUCED the gratifying and consoing hope,
that the intellectual and moral energy which po-
litica struggles have contributed to produce might
receive such direction, under the auspices of that
peaceful star which beamed upon the subsding cle-
ments as would give new impulse to the prosperity,
resources and power of the nation and so far in
demnyher for all the sacrifices which she had endured
But in this hope we have been disappointed
We wish our readers, in the examination of the
scheme Of finance, as proposed by the Secretary of
the Treasury, to divest themselves of all partisan
feeling, and regard it mere financial question
we are aware of the important comprehensive
ness of the subject, together with the many difficult
ties which surround 1t, and we by means, desire
to see any precPitancy of action the part Of Con-
gress, upon question of such magnitude and conse-
quence, Our views in regard to it when it first
introduced, were decidedly favorable ; subsequent
reflection and discussion have but strengthened our
conviction of the proprety, feasibility and efficiency
of the proposed plan in its essential features which,
we persuaded, have but to be investigated with
candid mind and patriotic feelings to secure general
appreciation. But these very considerations make it
but the more imperative that it should receive the
fullest and most mature consideration. 1t is, per-
haps, universally proper that questions involving in
high degree, the great interests of the people,
should be subjected to the sevcrest scrutiny IT, on
mature deliberaton, there be any thing found in the
system itself, its details, which conflicts with the
rights of the States with the interests of the PEG.
pie, the Objectionable parts may be modified If the
system, should turn out after satisfactory examina-
ton Of its principles, to be highly useful and promo
tive of individual commerce and enterprise and to
national strength and prosperity it should, doubtless
y, receive the appreciation and sanction of the Ma
tional Legislature.
The President stands arraigned by Messrs Benton
aud Buc hanan before the great tribunal of the peo-
pie of the United States, who are now sitting in
jud ment upon his official conduc-a tribunal in
which, am sure, he places the most implicit conf
dence, in all their decisions Before that tribunal he
stands charged that moved and seduced by wicked
corrupt, and mercena,y advisers, without having a
proper regard to the Constitution before his eyes he
has recommended scheme of finance that is mani
testify unconstitutional, augmentng the patronage of
the Government, uniting the purse with the sword
and calculated to subtgae the liberty of the peo-
ple."
We shall proceed, in due form, to add uce the evil
dence by which we think these charges will be de-
monstrated to be groundless. There is nothing in
the elaborate report which accompanied the bill to
establish an Exchequer Board to justify such allega-
tions. We contend that these are every way most
extraordinary assertions orm, substance premises,
conclusions, all are, humbly think, ludicrously
absent and grossly misrepresented.
In the opening of these remarks, we declared that
we saw indications Of design, on the part of our
opponents, to assume hostile attitude to the fiscal
policy of the Executive, and prevent its legitimate
operations. But before we produce the evidence by
which we shall attempt to establish the existence of
this design, we desire to make some general remarks
relative to the history of this Government in reglat-
ing and controlling the currencyof the country.
The Exchequer Board proposes to regulate the SAT
keeping, transfer and disbursement of the public
revenue; to designate the funds to be received and
paid by the Government; to enable the Treasury
Department to meet with promptitude every dem and
upon it; to give to the country sound circulating
medium, and assist in regulating and equalizing the
domestic exchanges,
contend lie no leUif-
mate and constitutional duty of the Federal Govern
ment to furnish sound and uniform currency;
I'd. That the Exchequer Board, if endowed with
all the faculties for dealing in exchange and issuing
certificates upon depose of gold or silver or their