Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-03-11
FrJm The Baltimore american.
MR.. CUSH!NG'S EXCHEQUER

BILL.
The Bill reported hy Mr.. Gushing
from the Select Committee on the Cor.
rency in the House OF Repres natives
will be found in another part OF this .Iorn.
ing'o paper. 1t differs in some po,7te
from the Bill submitted by the Spcyera-
ry OF the Treasury at The beginning Of
the Session.
Instead of issuing Treasury Notes to
public creditors, as recommended by the
.SeCrelarl's Bl |, to an amount not ex-
ceeding fifteen millions, the Committees
Bill proposes TIE issuing of certificates
of depoSite We have here different
names only for the same thirg. The
amount, however, is limited to ten mil.
lions by the new hill, and it further de.
Clares that the Board and each of lis
Seperal agencies shall at nH times 50
limit The amount Of certificates tius is
sued that its gold and Sjipcr on ha,d
shall be equal to The amount thereof
outstanding.
The fifth section, providing for the
issue OF certificates oI deprsIte for spe.
Gle deposited by individuals, is the eame
in substance as the fifth section Of the
Treasury BIll-wiDh the exception that
il limits tie amount Of such issues 10 ten
millions instead OF fifteen, and it says
nothing about premium Of one half Of
one per cent. 10 he paid by the depos-
ilor.
There is nothing in the first bill author.
ssng the Mint and the branch Hlnts to
issue certificates oil deposl,e for bullion
or foreign coin deposited by individuals
or by the Government The seventh
section authorises this.
The ninth section Of the present bill
authorising the drawing OF bills or drafts
Is the same, word for word, as the teaH
section .of the original 5iiI--cXcepriue
dhe additional proviso in the new sec
aon, (which is Of no consequence as i
merely sipulates lhIrg Of course.
The aenth section Of Mr.. CushinG7s
blI auIhorises the Board and ls agents
10 purchase bills of exchange, only @hvr
ordered so TO do by the Secretary Of the
Treasury for the purpose Of Transmitting
public funds orthe Government to pay
ils creditors or for public use The au-
ahority prohibited for any otherpurroe e
This is different fom the provisions O
the first bill 10 this particular: aud it i
one of he most important points Of dIl
ference between the Two
As to the modes Of getting the Exche
quer paper into circulation the two pro
iects are essentially alike. These mode
are-frst, by The Issue oil Troqsur
notes, as they are called in one bill, or {
certificates Of deposite, as they ore ST yIr
in the other, to be paid 10 public crcd
Iors;-secondIy, by the sale OF bills 0
drafts as authorised in the ninth secf
Of Mr.. Cushrng's bill; thirdly, by tn
Issue OF certificates Of drrosile 10 iLd
viduals for specie deposited.
Wherein, then, are the points in whic
the new bill differs from he olbcl 2
There are two Of essential moment.
The proviso declaring Iho the issue
10 public creditors shall not 90 beyou
,he gold and silver in hand virtually RI
duCes the Exche1ner system to SUI
Treasury. The essential idea Of Il
latter is here distinctly recognlsed.-
The clause in the eleventh section wbic
directs that the notes Of banks receive
10 payment of dues to the United Stat,
''shalI be Immediately convertible it,
specie at the place where received
points significantly the same way.
The Limitation of The power Of pu
chasing bills Of exchange. as specific
in the tenth section, tends still Iurlhur
bring the Exchequer into shape at
likeness Of the sub Treasury. The a
10 bs afforded for the equ,liz ten
exchanges is to be incidental and to 2!
tend no further than the sphere Of Il
governments fiscal operations.
The truth is that Mr.. Cushirg's bj
in every particular wherein il var
from the original schrme as submit
from the Treasury DrplrtHenl, incIIn
towards the sub Treasury system
Thus, at least, it appears to us from I
Limited examination we have been al
10 give it.
Yet it wants the unity Of thu, sys'e
for II is mongrel enough TO admit n ST.
;Ion declaring that no agency es,abIn
ed in any Stale under the provisions
she act shall, contrary 20 any law wbl
such State may enactment, TcCrI
;ny other drposltes than those of
United States, or make or sell drafts.
purchase bills other than surh ns III
De necessary in The collection. transit
and disbursement Of the public funds.
The Repurl accompanying the hI!l
written with pbIlIy-bnI II is too It