The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-19
from The Baltimore San
THE EXCHE0UER PLAN

If there is any subject before Congress, or in pre-
paration for submission to it, which may be down
of the very highest Importance, il is that of the
currency Indeed until final action be had upon this
question, until something not only final but decisive
be done the whole business of the country must CON
tnue in state of greater or less arrangement; and
yet the national legislature seems to be either una
of this fact utterly regardless of it, We say
they % SEEM so-that would be the natural infer
drawn from their inaction in respect to this sub
ect but then we cannot venture to attribute to them
any such degree of ignorance. The subject of the
currency and its deranged condition is brought daily
before their minds Indeed there is hardly newspa-
per in the Union that has not g rung the changes on
it until ii has weared the ear of its readers almost
beyond endurance, and yet Congress has done nothing
satisfactory n relation to it. True, they have in each
House report on the I" Exchequer plan," by which
some degree of hope has been excited but why let
those reports sleep their tables and why thus cool
the ardor Of the hope raised The bills reported
have been extensively commented on throughout the
country by the press and in the walks Of business
and they appear to be daily gaining favor with the
people-hat, especially, which was brought into the
Senate and from these evidences found in public
opinion, would suppose that Congress would take
courage to proceed to final action. That there is a
perfect unanimity we do not pretend to atfrm-that
is, perhaps impossible of attainment but in the abb
of any other plan and in view of the impossi-
blity ot deysing any system of currency and finance
that will be acceptable to the urasm of both parties
why not, in this day Of experiments, try that of lay
ing the basis Of system in the opinions of the mode
rate and rational of all parties Either to do this or
nothing to be all that is left to the people
servants at Washington and certlnly ii appears to
us that patriotism, in view OF the condition of the
couatry, calls loudly on them to come quickly to a
decision way the other so that the people may
know how to make their calculations in business for
at present, they as 1t were tossed about the
troubled waters, without chart, compass rudder
Touch ng the Exchequer plan, we take the following
from the Philadelphia correspondence of the Madso-
man. Speaking of the moderate, candid, intelli-
gent and patriotic portion" of all classes of persons
there, lie says
s'They go for the Exchequer, believing that it will
give to the country currency adequate to the legt
mate business wants of the nation of equal value in
every section of our widely extended counry-a cur
rency which knows no 1uctuatlon which experiences
no dimnution in value, and which is free, entirely
free from the corrupt and corrupting influence OF
old fashioned Bank of the United States.N
If, indeed, the proposed plan, supposing 1t to be
adopted, shall be found to realise all the writer's ex-
pectations, the whole country will not only have rea-
son TO rejoice, but they cW rejoice. Our impression
is that the plan would, If generally fallen in with
and not INSTRUCTED or embarrassed in its operations
by political and other schemers, do much of what is
thus expected from il but whether it would accom-
plish all to the fullest extent ii would perhaps be RAJ
ther rash in to affirm Wiser financial heads than
ours, guided too by honesty of purpose, may find it
difficult to decide confidently in advance but we APP
prehend that they, ourselves, would rather re-
sort to this, than leave the country in the midst of
currency confusion, without any national resort at
all the more especially too, that the President
stands pledged TO go with Congress for It's repeal if
il be found not to- operate to the benefit of the
try For tins find additional reason in the fact
that the different States have shown themselves either
UNIV ing unable to regulate their several banking
institutions, to make til m, what they mis- ht be-
convenient instruments in the hands of commerce for
the purpose of efectng exchanges and facilitating
| n
onal Government need but look to the safe keeping
and disbursement of its own money, the constitutions
al currency being already provided for; but seeing
that the people wiH look to the National Government
for something else, they ought to be told
possible, whether they are to receive it or not