Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-02-24
PYes. Tia Baitimore Americas.
Mn cusHlEG,s ExcHEoUER BILL.

| MR.. CUSHlNG'S E4CHEQUEh BILL
| tn. Bill reported by Mr.. CgsHsxo f'oo, The Sc.
lee, Committee on rhe Currency ~ the II ,sse a
Representative. differs in some points from the
Bill submitted by the Secretary Of the Treasury al
| The bee inning 81 The Session.
Instead of issuing Treasury Notes 20 public cred
! i,or.. ~ recommended by the Secretar;'s Bill, to
,n snounr exceeding 6fteen millions. the Com
itees Bill proposes the is.uine Of certifeafes o.
depostte. We have here different names only for
the same hing. The amount. however, is limited
to ten millions by the bill, and it further de-
clares that The Board and each Of its several
agencies shaA at all times limit Tia omonnt Of
certificates thus issnsd thai its gold and ssiver on
hand shall BE- Equal TO the amount thereof ont
standiHg.
The fifth section, providing for The issue Of Ger.
iihcaies OF depcsite for specie deposited by ind
viduas, Is the same in substance as the fifth sec.
lion of the Treasury BiIl-wth the exec 2tion that
il limits the amount Of such issues to million,
instead Of fifteen, and il says nothing about prs.
MUM Of one half Of one per cent TO be paid by the
depositor.
There 10 nothing in the FIRST bill authorizing the
Mint and the branch Mints issue certificates oil
for bullion foreign coin deposited BY In.
dividuals or by the Government. The seventh
section authorizes this.
The ninth section of the present bill, authorizing
the drawing Of bills or drafts, is rho same. word
q,
excepting the additional proviso in the Sec
tion, which is Of no consequence il merely stir
ulsres a thing OF course.
The tenth section Of MIR. Cushing's bill author
ises the Board and its agents purchase bills OF
exchange. only when ordered do by the Secra.
tary Of he Treasury for the purpose of usnsmittEe
the public funds Of the Government 10 pay its cred
tors or for public use. The authority is prohibited
fer any other purpose. This is different from The
provisions of the frat bill Ia this particular; and
il is one Of the most important points VI difference
between the two.
As to the modes of getting the Exclleqaer pa per
into circulation the two projects essentially a.
like. These modes are--frst, by the issue of
Treasury notes, as they called in bill or Of
certificates OF deposte, as they sly led in the
other to be paid to public creditors ;--.econdiy,
by the sale of bills or drafts authorized in the
ninth section Of MIR Cusbing's bill thirdly b, the
issue of certificates of deposte individuals for
specie deposited
Wherein then, are the points 10 which the new
bill differs tom the otherf There two ofes-
sentia moment.
The proviso declaring that the issues to pubic
creditors shall go beyond the gold and siv, 10
hand virtually reduces the Excbequer system TO Il
Sub Treasury. The esse ntial idea Of the batter il
here distinctly recognized. The clause in the
eleventh section which directs that the notes ri
banks received in payment of dues to the Unitrd
States shall be Immediately convertible into specie
at the place where received points Significant,
he ssme way.
The limitation of the power Of purcha sing biI.
of exchange specified in the tenth section, tends
still further to bring the Excheqner into the shape
and likeness of the Sub Treasury. The aid TO be
afforded for the equalization Of exchange is to be
Incidental and ~ extend further than the sphere
Of the government. fiscal operations.
The truth is tina, Mr.. Cnshing's bill, in every
particular wherein IL varies from tho original
scheme submitted from the Treasury Depart.
ment inciines towards The Sub Treasury system.-
Ihus. At least, it appears to IA from the limited
examination we have been able to give il.
Yet it wants the unity Of that system; for il is
ongrei enough 10 admit section declaring that
no agency esttb ished in any State under the pro-
visions of tho shall. contrary to any law which
such State may enact, receive any other depose
than those Of the United States, or make or sell
drafts, purchase bills other than such rs shall
bs necessary in the collection, transfer, and dis
bur-ement Of the public funds.
The Report accompanying the Bill is written
with abity-but il is too long for publication to-
day. II rrcspiiuates the chief incidents in the e.
nancial history ofthe United States and refers the
| circumstances under which the National Bank and
Sub Treasury, at different periods. came into ex-
istence The Excheqner is designed to be a avs
TEN uniting the advantages and excluding the evils
Of both precedent systems.
| The clause in the Constitution fo,bidding the
States 70 issue bills Of credit and the practice Of
the States in charferng institutions which do i-su.
bills of credit in the shape Of bank notes.-the corr
stitutional prohibitions against the coming Of mo-
ney by the States or individuals, and the practice,
by the States and by individuals Of uuerine that
which takes the place Of money aud ci'cula'es a.
money-these with other thing. going to the bot.
tom Of the SUBJECT, touched upon in the Re-
portland it cannot be denied, that they arc treat
| I'd with ability.