Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-12
Currency Report.

The Select Committee, TO whom was re-
'ferred so much of the Message of the
President as relates to The plan of finance
therein recommended to Congress, as also
the letter from the Secretary of the Treas
ury accompanied by draft of bill for
the establishment of Board of Exche-
quer at the seat of OBSERVATION-DISCLOSURES,
in part
The Committee have bestowed, on the
subjects committed to them, all the de!iber-
alton and anxions consideration. which the
Importance Of those subjects demands.
Ii became their duty to inquire as To the
wisest and best method of keeping the
public moneys of the United States; the
material in which the same should be col
lected and disbursed and the power and
obligation of the Federal Government in
regard to the currency and exchanges of
the Union.
They entered upon the discharge of this
duty at a period. when, in consequence of
the magnitude and pressure of the public
debts of many of the States Of the Union.
the condition of their banking institutions,
and other causes. The currency and ex-
changes Of a large part of the United
States were involved in calamitous disor-
der; al a period, when the pecuniary disas-
,ers of the Countryside extreme differ.
ences SO long existing among eminent
statesmen as to the nature and causes c
those disasters and the proper remedy for
them,-and the uncertainty and instability
of the financial policy of the Federal Gov
ernment,--had conspired TO render a sort
of anarchy of opinion characteristic Of
the times
Under these circumstances, the Commit
tee felt themselves called on by the highest
J claims of patriotism and of honor. to en-
\ ddavor to i12k steadily and calmly at the
: facts surrounding tileT,-,p emancipatc
their minds, so Ear as possible, from the
dominion Of all preeonceised opininns-to
bring the solution of the great questions
before them the benefit At least of I'M
committed ju lgnents and unslach'cd free
! dom of decisiun.-in inqI'rc. NJ, W"rcN
what might be best in he pa. .. p, snr'
view of each, but also what w. .it best
Of things now practicable; ana '.,3"g
thus, without fear or favor, fully d, So rtE :;
their own duty To their country an: 81 IL
selves, &c submit, unhesitatingly, ihe ,';i'
of their deliberations TO the candor and
wisdom of the House.
They were the mare strongly impellcd
to the adoption of these principles of ac-
lion, in consider ration, that the duty they
we're to perform was one imposed on them
: by the command of the House, not sought
nor desired by themselves, and that. under
subsisting political relations. for the success
of any measure they might propose, they
must, of necessity, rely on its intrinsic
propriety and the impartial sense of the
; Legislature
: The Constitution of the United States
empowers Congress "to lay and collect
taxes, duties and imposts and excuses, &c
pay the debts and provide for the common
; defence and general welfare of the United
States" And it recognises the existence
of "thc Treasury of the United States
But it does not prescribe the organization
of that Treasury, nor set forth the mode
in which its personnel shall be constituted
or its business transacted, otherwise than
as il provides that the President, with the
advice and consent of the Senate. shall
, appoint the principal officers of the United
States. But the Constitution further pro-
vides that Congress shall have power to
make all laws necessary and proper for
carrying into execution" all other powers
vested by il in the Federal Government.
And under these constitutional provisions
is the Treasury of the United States to be
organized by legislation, and its concerns
conducted: the President being empowered
and enioined to "lake care that the laws be
,, faithfully executed" .-
Besides this, Congress has power "to
regulate commerce with foreign nations
: and among the several States" power IL
"coin money, regulate the value thereof
and of foreign coin, and to fix the standard
of weights and measures" and power "tc
borrow money on the credit Of the United
States"
And, on the other hand while comforting
these powers on the Federal Government
the States have expressly forbidden tt
, themselves and to each other TO emit bills
of credit, to make any thing bat gold and
, silver coin tender in payment of debts, oil
: to pass any law impairng the obligation
4 of contracts.
. By the act to establish the Treasury De
. partment, passed on the second day Of
: September, 1889, it was provided that i
= shall be the duty of the Treasurer to re
a ceive and keep the moneys of the United
= States, and to disburse the same upon war
a rants drawn by the Secretary of TIT
Treasury; but the plan and mode of 81
keeping the moneys of the United Slate
t were not specifically prescribed; unlimited
r scope of choice being left to the treasure
i in this respect, subject always to the author
S ity of the President, To see to the due exc
!. cution Of the Laws and in his nxernIiy,