The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-11

nressntatiyes of Aaron Vail, deceased late Consul
al L'Orient the bill for the creation Of new land
district in the State of Missouri and changing the
| boundaries of the Southwestern and Western land
district of that State the bill to provide for the set
Element of the claims of Louisiana for raising ana
equpping militia companies employed in the Florida
war 1896 the bill for the relief Of certain compa-
MES of Missouri volunteers called into the service oil
| the United States in the years 1886 and 1883 tle
bill for the relief Of the heirs of Daniel Pettlbone de-
| ceased the bill authorizing settlement, ON equta'
BILE conditions with the attorneys or legal represeh,
tatves of persons having claims under three several
| treaties between the United States and foreign pow
ers, out Of the money which has been retained IN the
| Treasury in payment Of debts due to the United
States and the bill TO grant to citizens OF Arkansas
certain lands on condition that they will surrender
those now held by them for military purposes were
seyerally read third time and passed
| THE BOARD OF THE ExoHEauER
| The motion to refer the plan of the Secretary OF
| the Treasury to select committee, was announced
| by the Chair rs the orderof the day
! Mr. EVANS said that he had doubted the policy
of the premature discussion Of this subject al the pre-
sent time and he had asked himself, from day to day
what was to come of it. A singular spectacle was
here presented various and conflicting opinions had
been advanced, but all who had spoken seemed 70
agree in thing and that that the present state
Of things DISASTROUS and ought not to be suffered
to exist and all agreed that something ought To Dc
done and that this sad condition OF affairs ought TO De
rectifed 10 some form and every one had regarded 1t
| as a matter of great Importance. And there was
another fact in which all seemed 10 agree, al that
was thai the plan Of the Exchequer was understood
TO be approved by the Executive and his Cabi'
net But, there grea, diversity OF opinion
here upon this matter-there Were scarcely 'wo
who thought alike. There was radical dif-
ference between the two parties In the Senate
upon this subject The (the Democratic par
ty) held that the Government ought to do nothing
in the present emergency, or at all events the most
In -. ha N raviv al nf h
Treasury. For what purpose why TO secure he
Government in the possession of the public money,
which should be available at all times, and altogether
kept free from the money OF corporations or ihuvr
duals They did not hold out the idea that retei-
ton of the public money in the Treasury would mti-
gate the evils of the country but they proceeded on
the principle that they would stand still and do no
thing towards furnishing currency and regulating
the exchanges The other party, (the Whgs) on
the contrary held it to be the duty ofthe Government
10 regulate The currency and exchanges of the
i try Therefore the only relief that had been pro-
posed on the other side was a return to the sub
Treasury, with some good advice TO reduce indiv-
dual expenses compel the banks to curtail their IS
sues etc. But all this did not meet the emergency
of the Government and the People and Congress
4 itself must do something to meet the present exi-
i gency With regard to the bill which accompanied
the report of the Secretary he did not expect that II
would be passed as it now stood put, al the same
time he saw no proprety at this stage OF the discus
sion in visiting the plan with severe remuneration,
because it respectfully invited scrutiny and lnyesga-
ton. The only question that should De presented
was was the project right in itself? Would 1t reform
the currency and give them good ana sou'd UNI
form medium Would it facilitate international com
merce, and reduce the rates OF exchange Were
these desirable obectsi Nobody would question that
and those who held that was competent Tor the Go
yernment do this could certainly find no fault with
the objects of the bill They heard complaint that
the money was not safely kept they heard none as to
dsbursing and transferring it. but the general desire
seemed to be to regulate the currency, and restore
its uniformity, and facilitate sound exchanges resting
good grounds and this plan came TO them probes
sedy having these objects in view, and sought to ac-
complish them in the mode pointed out There were
some things in this plan which he thought well OF IN
present emergency and there were Others which he
thought would not be available and which would DO nc
particular good He thought that this project had Jared
like most Of the financial plans which had heretofore
been presented-and that was, that all the evils which
the imagination could invent had been thrown around
it, Some denounced it as exercising too much pow
err over the money affairs and business OF the country
and Others had regarded it dangerous to the public
liberty and had said that it could not without be-
, ing wound up in three months-that the capital was
too small and that the country would not experience
, the relief which was anticipated However, hs
ss.. sfasacsl ~ n means or infIictns
, much evil upon the country. For his own part he
thought it TO be system of mingled good and evil
and, therefore, he perfectly desrou, examining
the matter, that the objects designed might be &C.
|
to sound currency restored by the act and pow.
er of this Government, for this result could moi
otherwise be obtained. Hence he did not desire tc
stand stationary. Something to be done anc
they had the project of the Secretary before them
If any gentleman had any other plan to propose he
would examine it with the strictest scrutiny to as
certain whether il was calculated to have a benef
cial effect; and they ought to examine that which
was now presented Every one knew that he was
and had been, in favor of Bank of the United
States and although it had been supposed to be ca
pabe of every kind Of mischief still he believed tina
it the best means of furnishing and confer
ring uniform currency, and facilitating nterna
commerce through the medium of exchanges
He believed this be the best plan but in the pre-
sent state of things, it was unattanabe. That be
ing the case, the next que on was, what to b.
done Should they abandon every thing, because
they could not get that which they desired ant
suffer the country to go destruction But the OBJ
ectons to this project two fod-frst to poll
tics, and, secondly, as to finance. They toll,
e that it was great Government Bank and great in
strument capable of being welded by those who ma,
e hereafter administer the Government and build up il
i strength those in power, that it dangerous to thu
/. people and the pcrpetuity of their institutions and al
the arguments which had been brought bear agans
1 Bank of the United States had been brought (,
bear against the project of the Secretary. Now,
was undoubtedly desirable as far as possible
8 to restrain and limit Executive power especial,
over the finances of the country; but the self
same objections would apply to any other insti
e tuition creaed by lhe government, having similar
object in view and, if they stood here until the,
procured some institution incapable of abuse, the,
B would remain in Washington long as the Capito
should endure, because perfect system of fnanc,
I could be devised while as man himself was an i'm
perfect being II mattered not to him whether
this scheme came from an Administration, which h,
confessed he had little to favor or not il made n,
: difference with him. He would receive the suppes
tons presented, and act upon them; not because
would strengthenithose in power far from it but be
cause il might draw out something good for The relic
of the people, and rid them of the intoerabe burden
of deprecated and deranged currency, and remov,
the barriers to successful prosecution of commerce
He did not support oppose this measure becaus,
of its origin, but he disposed to look at it will
candor and he thought that it belonged to them in
huenced by strong desire of cancellations make al
effort for some institution which had the same obec
in view as the plan which had been presented fo