The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-14

OF deposlte. Such EAchSquei phio "0
equal to specie in all parts Of the Union, and
better than specie at the place of deposite.-
Whereas, the bills of exchange proposed TO Dc
issued under the new Sub Treasury, as pro-
posed, would be equal 10 specie at the place OF
redemption only. The Exchequer would re-
quire no transfer Of specie from place TO place
the proposed feature ofthe Sub-Treasury would
render il often indispensable. The one would,
in the language of Mr.. Calhoun, give us "a
stable and safe medium of circulation TO take
the place OF bank notes in the " fiscal operations
of the Government" Supplying is the place OF
specie; but never dispiacing it. The other
locks up for time the precious metals, and ne
cessarily denies to the public paper currency,
which Mr.. Calhoun, in his admirable speech oil
1897, declares to be, "if not necessary, al
most indispensable, in financial and CONNER
ciai operations Of ciriHSed and e.rfensire
communities"
The admission that the Sub-Treasury, if re-
stored must be amended so as TO regulate the
exchanges, is an admission that it is proper
that the Government should give its aid TO ac-
compish thar end The Sub-Treasury, as II
was, did not do this. VIII the Exchequer do
it7 If, as the Reviewer supposes the power to
draw bills Of exchange upon deposite OF mo-
ney will do it, why may not that power be
given TO the Exchequer as well as TO the Sub
Treasury The Sub-Treasury has been tried
and condemned, and the fact that those who now
insist upon its restoration admit the neces-
sity Of ENGRAVING this new feature upon 1t, Is
conclusive TO show that IT was righ,iully con
demned. The Exchequer proposes TO do al
that the Sub Treasury did, and also TO do al
that the opponents Of the Sub Treasury de-
manded, to wit: The Excheguer-as we learn
it will be modified by Mr.. Tallmadge, and also
by MIR. Gushing
First: The receipt, safe keeping, and dis
bursement of the public money
Secondly: The issue of Exchequer bills upon
a deposite Of money receivable in payment o
public dues every where, and convertible into
specie at the place of deposte.
Thirdly: To sell bills of exchange, drawn
money.
In no case shall bill of exchange or an Elk
| chequer bill be issued but upon deposite Of mo-
ney, and then only dollar for dollar.
Here is no expansion-no rsk-no favorit-
ism.
Now we ask every business man to look into
this subject. Are you Democrats? If so, are
you so anxious to restore Mr. Van Buren, and
to give Mr.. Benton the succession, as to suffer
all the effects of the present deranged state OF
the currency, that the question may be deferred
until the next session, that you may then restore
the Sub-Treasury, ,oiM the neto feature en-
grated thereon, rather than take the Exche
quer now, modified as above?
Are you Wings? Are you so anxious tC
head Captain Tyler, that you will run all the
chances of defeat hereafter that you may defea
the Exchequer now, under the vain hope o
electing Mr.. Clay hereafter? Is it not time tina
we should reason together? That we SHOULD
put aside passion and prejudice and act for TIT
country--looking more to the public interest an,
less TO the qualification Of the personal ambition
of arrogant political leaders