The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20
{ NUMBER II.

that the report be referred TO select com.
-mitlee oil uine Senators, 10 be appoiule6 by
the Chair.
In making this molten, he did not feel il
. incumbent upon bun TO offer any remarks
upon The merits Of The plan submitted IN the
report; the state of bis health admoaished
him TO forbear nor was it called for on a
mere motion to refer. As the subjec, was
no, now before the Senate for It's de6ul,e
aciioa, he should reserve what be had 10
say until the committee, should one be ap.
pointed, should Lave brought in its report.
MIR. BUCHANAN observed that when
this subject had been ~ some days ago, 1t
had beea at tha, time his intention to sub.
mil some thoughts upon ii and suusequent
reflection had induced bin TO believe that
/! was bis duty now, at least TO express his
general opinion of the measure proposed IN
I the report. Were this merely report
from The Secretary Of the Treasury, con-
taiuing the individual views aud opinions
of that officer alone, Mr.. B. should not
deem it proper, in this preliminary stage Of
proceeding, TO 20 into any Investigation OF
I the document. But such was not the case;
the plan came before The Senate in novel
and imposing form, as they were told that
/ i, WAS measure IN regard 10 which the
! Cabinet were united 10 opinion. The bill
+ which followed the report bad been drawn
| with the utmost care, and was accompanied
with az argument 10 lis favor as able as he
had ever seen presented TO Congress; II was
clear in its statements, logical in lis deduc-
tons from the premises as stated, aud well
calculated to produce striking impression
upon the country.
/ Under such circumstances, and PARTED.
larry as it bad been everywhere circulated
that Mr.. B. was in favor Of the plan, It vas
duty be owed to himself, and not less 10
The party with which It was bis honor to
act, TO state briefly bis opinions in regard
to il. He could say, with the NOS, perfect
truth, that be bad had, and now had, every
desire TO support any measure which should
be recommended by President Tyler for the
collection, safe keeping, and disbursement
of the public revenue because, IN common
, vita millions, be felt that he owed him
deep debt of gratitude for having arrested,
by the two veloes Of the last session, the
So Fiscal Corporation and the +" Fiscal
p, Agert," then presented 10 him for his sane
ton. lie had never been more sincere
than whep he had declared himself ready
i 10 take any measure which the President
a might recommend, temporarily, for tue ifs.
o cal purposes of the Government. lie was
disposed to put into his hands carte
blanche, provided he confined his recon-
), mendation 10 the constitutional objects 10 be-
! accomplished. But when the President
, extended his plans beyond that limit, when
, he proposed to issue Government paper
, currency, and pn. the public money in jeo
/ pardy By placing it in the hands OF sPecu.
. ators, or lending it TO merchants, or to
a ANYBODY else, the plan must encouh.er bis
!, determined oppos ,ion. II was right that
f the country should know the opinions Of
gentlemen, and know them now. The en-.
= ergy and industry which marked the Anne.
= rcan character we're such that, if left to
: themselves, they would soon relieve them
:, selves from their present depressed condl.
!. ton, and elevate themselves TO their former
a prosperity bat, as long as they we're look.
, ing 10 Congress for relief, their energies
were parayzed-they looked to source
whence no eiTec,uai relief could ever come !;
q and, while thus waiting and hoping, they
we're led to neglec, that industry and econo.
my which alone could elevate them as
. People to their high destiny.
4 Mr.. B. went on to say that be had look
+, ed at the plan submitted by the Secretary
E in every aspect, and he could see nothing,
nothing in it but great Government bank |;
/. its business vas to be conducted exclusive
f " by the Government; lis capital was TO
be furnished exclusively by the Govern.
}, ment; Its paper was to be issued exclusive
n " by the Government--from first to last 1t
i. was nothing but Government bank.
$ What were the functions of bank oil
r bank Of the highes, character? II receig-
t ed deposiles, it circulated paper currency,
o and it loaned money on bills Of exchange or
o on promissory notes. These were tho
C three functions which belonged to and dis.
@ ,inguished :; as bank Aud were not
d each and all of these functions to be dis.
e charged by this new Exchequer Board =
Yet, with the greatest appearances OF nat
J. t6It, lne CeSieidiE AOiu So"s'S VS. ,'"' $50
y was not a Government bank. Now MIR.
o B. would first briefly state what this plan
d was before mentioning his objections TO IT.
$, Tho bill proposed the erection OF an Ex-
1 chequer Board, 10 consist of five nembers,
10 and to be located at the seat OF Govern.
Il ment. The Secretary of the Treasury
ID and the Treasurer of the United States
II were ca o8'eio to constitute two OF its mem.
hers 10 addition to whom, there we're 10
o. be three commissioners, appointed by the
IA President, by and with the consent of the
,e Senate, who were to hold their offices fol
six years. 0ne of them was, at first, TO be
i. appointed for two years. another for four
70 and another for six, 80 that there was TO be
e a change of one commissioner every two
/, years. These officers were 10 be remova'
;, BILE at pleasure no, no was wrong; they