The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-06
THE EXCHEQUER BILL.

We have already taken occasion, upon the receipt
of the Presidents message to alludc the plan Of
fiscal agency therein suggested, and have expressed
belief that II was susceptible of adaptation TO the
wants of the country, without being liable to the OBJ
jectons which have always been more less urged
against National Bank since il was first proposed
by Alexander Hamilton, more than fifty years ago.
These objections were strongly urged at that time
they were reiterated at the expiration of the first
charter, and for time were successful in pre-
venting its renewal they have since increased in
force and in consequence of the unfortunate termi-
nation of the United States Bank Of Pennsylvania,
many who have hitherto been ranked among the
friends of National Bank quite willing gather
wisdom from our sad experience, and if other means
be adopted to the great ends proposed by
such institution, which at the time shall be
free from the objections and not be clothed with pow
crs unessenal to its prosperity they will cordially
lend ii their support. .e.t
Entertaining such views we are much gratifed in
reading the bill presented by the Secretary Of the
Treasury and the accompanying report. 1t is need
less for at this day to say that has been
uniformly in support of a National Bank We have
supported it. believing it the only means by which
sound and healthy currency, redeemable at rihing
cost many section of the country, could be furnished
and sustained. We have advocated on this ground
and for the reason that some regulation necessary
to check the cupidty Encouragement of the State
Institutions, which without such regulation, the sad
experience OF the last six years has abundantly de-
nonstrated, may grant undue facilities, enter into
unwarrantable speculations, create redundant and
irredeemable circulation and produce those sudden
expansions and contractons OF the currency inju-
rous TO our commercial interests and hostile to the
preservation of a sound and healthy currency i'm
portant to the welfare alike of Government and of
People. The two objects of furnishing such a cur
rency and of equalizng the exchanges are what we.
have always considered the most desirable results to
be attained by national institution. We have never
considered II especially desirable for the additional
dlscounting facilities which would be furnished to the
community and least of all do now consider the.
addition OF such functions as expedient necessary.
We have enough, and more lhan enough. of State
institutions it properly regulated, to afford all the IA
elites TO the business community which the preserva
ton of healthy state of trade renders desirable 1t
is not necessary IN order to regulate the currency or
equaize the exchanges that such power should be
granted and # a sound circulation can be substituted
for the present deprecated circulation Of MANY of our
States which Is subm tied to by the people not from
choice but from necessity -f the trade of the coun-
try be osered and the realization of its products
can be effected in any other way, will cheerfuily
yield our long cherished opinions in favor of nation
al bank and shall be equally gratifed with the result
in whatever way it may be accomplished
Such results as are here contemplated can only fol.
low the withdrawal restoration of the present de
preciated currency in the States south and west OF
New York, and the resumption liquidation of the
suspended banks. So long the confidence of the
people Is extended to paper currency redeemable
only by paper and no measures taken by the State
banks consider il for their interest and adop as their
policy, to continue in state of suspension and in
crease and depreciac their issues at their pleasure
10 compel withdrawal of their oulaton il is ne
cessary not only that it be discredited at distance
but II must be done at home The value attached to
1t at the place of issue must be s value as compared
with specie, and no more, and thus when their notes
become articles of merchandise and cease to be the
measure OF value, will 1t become tho interest of the
banks TO withdraw their circulation and furnish one
sounder and better. To effect this we have ALWAYS
contended that National Bank would be adequate
"A bankrupt act for corporations would probably be
equally eihcacous, and so would any measure which
SHOULD at once substitute specie currency for pa
Eper the promptings OF nommon the stern req
ot necessity would compel the banks one way or the
other, to resume or to liqudate. The cheapest cur
lency, or in other words, the currency which pur
chascs commodities at the lowest price becomes the
measure OF value being only necessary that ii he
furnished in quantities sufficient to answer the ordi-
nary purposes OF trade.
The objects thus contemplated are, we apprehend,
amply provided for in the plan submitted by the Sec
rotary Of the Treasury. Divesed of the name of
bank and deprived of two highly important functions
necessary to the prosperity of bank those of re-
ceiving dcposltes and discounting paper it proposes
TO receive and disburse the public money with as lit
tic inconvenience to the community consistent
with safety Assuming as national principle that
such receipts and payments should b2 made IN specie
or lis equivalent, 1t proposes rs convenience to the
pubic creditor at his option to issue Treasury notes
IN sums from five dollars upward, in lieu of specie,
which are receivable again IN payment of dues re-
deemabe at the place issued in gold or silver. Such
issues MOTTO exceed fifteen millions of dollars AZ any
one time sum supposed ample for all present con-
tngencies. 1t contempates farther the issue Of ccr-
hcaes OF deposlte to certain extent in exchange for
gold and silver and what we consider important to-
the success of the plan the dealing exchange upon
various points under certain limitations and restrc
tions as To distance and premium These the
distinctive features Of the plan. and the ability with
which Its usefulness is advocated in the report com
mends it to the careful and candid consideration Of
every lover of his country. The Secretary i, IN
doubedly manot high abilities, vet may be per-
mued express The opinion that this document bear.