Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-19
REPORT OF THE COMMITTEE o.
THE SENATE ON THE EXCHE.
OUER.

QUER.
This able document will be found in thu
mornings paper. Since its appearance is
has received the appreciation of many of
the oldest and ablest papers in the Union,
as being the best attainable measure of re-
lief to the country, yet submitted to the
consideration OF Congress. The distin.
guishcd Senator from New York, Mr.
TALLMADuE, in this report, has not only
shown himself able and competent to fulfil
the arduoua duties assigned him, but evia-
cos disposition to do all in his power too
ameliorate the condition of the people, by
giving them an institution which will reg
ulate the currency and exchanges Of the
country. A few more men with his abili-
tiles, and a like disposition to exert them,
and the country would not long be without
some institution that would afford, if NOT
entire, at least partial relief
The National InteHigencer, after express
sing its preference for the plan over the ono
from the House, (Which was published in
our lasD makes the following remarks,
which we give in lieu of anything of OF,
own that might be offered:
"Our views OF the particular merits Of the Se,..
ate Committees plan will be best explained By 4
brief consideration Of two objections, from diffeT-
ent quarters, which we have heard made to it, tho
answers TO which will bring out the leading fea.
lures Of the plan.
"The first Of these objections u.s. that the plan
is substantially the same as that furnished by tho
Treasury Department, and subject to all the OBJ
ections, which have been regarded by many 10
be insuperable, 10 that project. The other OBJ.
lection (nst altogether reconclable with the hrs)
is, that it is but the Sub.Treasury scheme snder
new name.
"These objections we answer.
"a very brief examination will suffice TO show
that the plan proposed by the Senate Conamittse
differs from that reported by the Secretary Of the
Treasury in some very essential features. For
instance, first, as to the proportion Of Executive
patronage and power which enters into the com
position Of each.
"In the organization Of the Board of Erche.
quer, proposed by the Senate's Commitlee tho
Secretary Of the Treasury and the Treasurer, who
are appointed by the President and Senate, but
removable at the pleasure Of the President, ere
>
posed Of three Commissioners. The tenure OF
Office of the Commissioners also is different: in.
stead OF being appointed periodically by the Pres
dent OF the United States, they are to hold their
Offices till removed for certain specified causes.
They can be removed by the President only arih
the concurrence Of The Senate, even for the speci.
fed causes of physical inability, or neglect or vi
olston Of duty. The President may suspend any
Commissioner, in the recess OF the Senate, for
any OF the causes specified and appoint tempo
rary substitute, but he must send his reasons fer
50 doing to the Senate within the first week Of its
session. II the Senate approve, the Commission
err is to be removed; if not he is 10 be restored.
1.-THE inferior officers OF the Board of Exche-
quer, as we'll as the officers Of the agencies, are
10 be appointed by the Secretary of the Treasury.
on the accommodation of the Board and may be
removed by him on like recommendation.
'From all which it will be seen, that there are
to be mutual checks upon the Secretary oil the
Treasury and the Board; and the President will
have no patronage or power, except the appoint
ment Of the three Commissioners, with the advice
and consent Of the Senate; TO be removed by him
only with the concurrence OF the Senate Tor the
above specified causes
"Agan as TO dealing in exchange. The Sec.
retary's plan allows the Exchequer and its sgen-
cies to purchase exchange. This was deemed,
on all hands, we believe, dangerous, if not the
most dangerous and alarming feature in it, II
was thought that the Board, possessed OF such q
power, might put the credit Of the Government.
ahoat to an unlimited amount, taking the doubt
full responsibility Of individuals in place Of it, and
that the exercise Of this power might lead TO per-
sonal and party patriotism.
"The Senate Committee have therefore stricken
out this feature, freeing their plan from all that
danger, and substituted il for the selling and COL
Letting of exchange; the selling 10 be on the de-
posite Of specie by individuals. and the collecting
10 be Of bills left for that purpose, payable at
any point where an agency is established but no
advance or payment to be made till advice is re-
ceved that the bill has been actually paid
These provisions afford all the facilities, and con.
fer all the benefits, with the power to purchase,
and without the possibility Of risk to tie Govern.
ment or avoriteism TO individuals.
"Then as 10 the paper proposed 10 be issued
as a currency. The Senate Committees plan
, does not allow any paper TO be issued on the
credit Of the Government to circulate as curreh-
cy; whilst the Secretarys plan allows an issue
Of paper, in the ratio OF three dollars Of paper
to one Of specie. The Senate's plan allows
specie notes to be issued specie to- tho public
! creditor, and to individuals on the deposlte oil
specie; but such notes are always to represent,
dollar for dollar the specie on hand Tor their re-
4 demption. This will furnish currency hav'
=. ing all the conveniences OF paper ana tue Vsius
Of coin, with perfect safety to the People and
I no risk to the Government.
!, "To the ub.Treasury SYSTEM, to which 1t has
been likened, the plan proposed by the Senate
:, Committee presents, on the contrary striking
contrast, in the following particulars
C,,h iha snty