The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-15
From the Philadelphia Mercury.
THE EXCHEOUER

The most important portion Of the Presidents Mes
sage is that which refers TO the establishment of the
Exchequer system. Let the people pause on it. Let
the merchants, manufacturers and business gen.
orally examine il with their eyes, and not With
the eyes of jaundced politicians and reckless party
leaders.
The system which President Tyler proposes is sim
pie, efficient and safe He wishes 10 separate the
Exchequer from party politics, and yet to keep it
subject, continually to the will of the National Lee
gislature which, Of course, is nothing but the inn
bodied will OF the people His plan IS TO adopt a
middle course, consistent with the law, and, at the
same time, satisfying the imperious demands of the
country. He wishes to regulate and equalize the do
nestle exchanges, without which 1t is impossible for
the country to from its present distracted
state, and yet to do it in manner which shall not
alarm the most jealous expounders OF the Consttu-
ton But the proposed Exehequer shall have no
rover to regulate FOREIGN exchanges, and this IS
orect and forms, at once, the broad distinction OF
the measure from National Bank The foreign ex-
change must be regulated by the laws Of trade-by
the actual exports and imports of the country an
institution which has the power to regulate The ior-
eign exchanges has the power OF determining the
prices Of goods and thereby monopoliZng the mar
kes. No merchant can be DESTROYS OF calling an IN
stuon into existence which, by the mere VIII OF It's
directors can make good Illustrate all his reasona-
BILE expectations, and in fact determine, whether he
shall be man OF property or bankrupt
But while the plan proposed by President Tyler IS
as far removed from National Bank as his whole
clear of the objections raised by PRACTICAL bu-
sness men to the operation of the Sub-Treasury.-
The Sub-Treasury furnished no medium OF circua-
tion and therefore check on the paper issues
Of rotten banks, much less it able to prevent the
laboring from being paid in these paper issues
and thereby defrauded out OF their honest earnings
i, is not sufficient for the Government to declare
that in its dues it will accept nothing but gold and sill
yer lis own Treasury notes 1t must also have the
power of driving the worthless paper already in exist
ence out OF circulaton and this can only be done
by establishing better currency, and leaving the
people the choice with which of the two they arc
willing 10 transact business
A commercial country like ours, necessarily re-
qures large amount Of floating capital for the ordi-
nary business transactions, the greater amount OF
which will always be represented hy paper we do
not say that paper is money; but we MAINTAIN that
paper Is the representative OF capital and that If Gov
ernment paper is not made that representative State
paper, the paper of private institutions and ndvl-
duas will take its place What IS bill Il exchange,
promIssory note or due bill but representative
OF much capital loaned invested IN particular
enterprise? And who would abolish the system OF
drawing bills simply because the drawer, acceptor,
inJorser, oentimes bankrupt? The merchant
takes the risk and computes IT IN his business; ne
fixes the ice OF the commodity accordingly, and has
therefore remedy against the evil But the labor
ing man has no such remedy. He is paid In small
sums and generally in the mesnest kind of paper
which is used medium of circulation, and ii he
sustans loss it is equval mt to the loss OF SO much
labor for which he Is not paid III proportion 10 the
Isk he takes IN accepting paper promise LOT so
much money. All experience shows that the reward
OF daily labor does not increase in proportion to the
imitation of the currency, and there the laborer is
the last man who is made to enjoy its equivocai
benefits.
President Tyler proposes to issue Treasury notes
Of denomination low five dollars, and this will
at silence the CRY raised against the SubTreasu
ry system proposed by Mr. Van Buren, that it esab-
lshed kind Of currency for the Government, and
fne .hn ,ta - n nat fp-
nomination will soon have the effect of driving the
trash in which the farmer and mechanic and the In
terror is paid, out of the markets it will force
the rot en- banks into liquidation and thereby confirm
the credit OF sound ard honest Institutions. But
while would be productive of this sautary effect,
the Exchequer, proposed by the President, would not
appear competitor Tor the profits of banking
with the brokers and Institutions established for that
purpose. For the Exchequer is not to issue more
than $4,000, 600 in notes, based on Sl0,U0O00 OF
gold and silver, sum which is considered by the
best English writers on banking, sufficient TO main
tain circulation of So 100000, and certainly more
than amply capable OF protecting the community from
losses. This sum of Sl50OU,U 90 therefore would
Just be sufficient to correct the evils OF present
currency TO revive credit, to regulate the domestic
exchanges, and yet leave ample scope for the credit
and fair business transactions Of solvent institutions
and individuals
The President does not wish to create monopoly
he does not wish to increase the patronage OF his
offire, or to create inst uon that never be
used political engine. His object is TO relieve
the wants of the country and doing to maintain
the constitution and the law. We propose in sub
sequent number, to examine the details of the pro-
posed measure
From The N. Y. Union