The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-16

Washington.
Correspondence OF the Herald
Treasury Note Bil-BankrsPt Law-The
Exchequer Board.

Treasury Note Bil-BaRkruPt Law-Th,
Pa Exehequer Board.
WASHINGTON, Jan. Il, 1872
The adoption of Governor Gilmer's amendunen
to the Treasury Note Bill. removed all doubts of it.
passage but the majority-4l-exceede the expec
tations of the most sangulne. The opposition came
from the Wings who have always resisted the issue
of treasury notes principle, and such OF the de-
mocrats as always vote against every thing but ar
appeal from the decision of the Speaker, and mo
ton to adjourn There can be no doubt of it's speedy
passage through the Senate.
The friends Of The Bankrupt Law seem to have
dismissed their fears of its repeal. There is de-
cided majority against the law in the House, and
the repeal will probably go through that body, but
it is supposed that it may be stopped in the Senate
but if the unfortunate disappointed there they
have the President to fall back upon, and he will be
a tower of strength in this emergency
With respect to the Exchequer Board very lit
tie has been said for several days past. Great
doubts are entertained Of any final action of Con-
gress on the subject Of the currency. The western
wings express their desire to dispose of the ques.
ton, bu. nothing will satisfy their constituents, un.
less shall be an institution frsm which they can
borrow money This is what they mean by furnishing
a sound currency. The wings from the eastern,
northern and middle States, having learned the
wishes and expectations Of their constituents, are
anxious to adopt the Presidents plan. with some
notifications. One amendment, however, which
has been suggested, cannot prevail. The PROPOSE
ten is 10 take from the President all control over
the institution, and give the appointment OF the Of
hcers to Congress. The constitution prohibits this,
in SO many words. Congress has nothing, and can
have nothing TO do with the appointment of any Of
ticers under the government. This power is ex-
pressy confded to the Executive, except in OF
some inferior officers, the appointment of which
may be devolved upon tine Supreme Court or the
heads Of departments. But some notifications
might be made, which, while they might not i'm.
pair the efficiency usefulness Of the institution,
would render the bill more acceptable in certain
quarters. Whether it can be worked into such a
shape to receive the support of majority in both
Houses, remains to be seen.
The Select Committee are not prepared to report,
and it is understood that they will delay for some
time to come.
The bank wings allege against the fiscal plan of
the administration, as presumption of evil, that II
is analogous to the scheme of government bank
recommended by Gen. Jackson. Was there ever
anything more fallacioas-was objection more
factious ever urged against measure Of any sort
The proposition must stand or fall by its own merits
The people will not be satisfied with arguments de-
rived from the opinion Of single man, whether ia
verable Or otherwise to the plan. But if the favora-
BILE opinion of Cen Jackson is to repel support FROM
the Exchequer, what shall be said respecting the
distribution bill? The project of dividing the avais
of the public lands among the States was first sug-
gested by Gen. Jackson. In his first message TO
Congress the idea was thrown out, and the next
year it was repeated and deliberately argued. Mr..
Clay was then chairman Of the committee on manu-
features, and the subject of the public lands was re-
ferred to that committee by the administration ma
jorty Of the Senate for the purpose OF embarrassing
Mr.. Clay. AT that time be was equal to any emer-
gency, and, concurrng in the views OF Gen. Jack
son, he reported his famous Distribution bill, and
brought the entire strength OF the opposition in both
houses TO its support. Gen. jackson soon changed
his ground, and most Of his partisans, who always
suffered him to do the thinkinand acting, too, for
the whole party, did the same thing. Bat Mr.. Clay
persevered, and eventually forced the bill through
Congress, and il. would have became law if Gen.
Jackson had not refused to return it to the Seuate
The Distribution measure is not the only one Of
Mr.. Clsy's hobbies that had its origin with Gen
Jackson. The one term principle, which Mr.. Clay
is ready to Tepdate the Constitution In order to es
tabGsh, was favorile notion Of Gen. Jacksons. It
was the prominent and habitua topic in all his ear
ler messages, and he pressed upon Congress again
and again the importance Of SO amending the Con-
stitution as TO accomplish the object.
Another hobby which MIR. Clay intends to mount
at the first opportunity, is excluding members of
Congress from all federal Offices. This also had its
origin with Cen. Jackson and was suggested by the
allegation OF a corrupt understanding between
Messrs Adams and Clay by which the latter stepped
from the chair of the House of Representatives to
the head of the State DepartIaen,-and we may en-
quire en- passant, whether Mr.. Clay's movement on
the Constitution is TO be taken as an admission that
Gen. jackson was right, and that his own expert
ence augh him the necessity of protecting the easy
virtue OF members of Congress from Executive Sc
duction.
This brief statement of facts s sufficient to ex-
pose the fntiity of Directing to the Exchequer be-
cause Gen. Jackson recommended government
bank II this could be urged an argument against
this plan, by parity OF reasoning, every measure Of
the party must be repudiated on the same ground.
TWENTY-sEvENTH CONGRESS,
second session.
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