, 1842-12-24

meet the pressing necessities to the
country, felt it to be nv duty to
cause TO be submitted to you, at the
commencement of your late session.
the plan Of al Exchequer, the whole
power and duty of maintaining which,
in purity and vigor, was to be exer-
cised by the Representatives of the
People and the States. and, therefore,
virtually by the People themselves.
1t was proposed to place it under the
control and direction of a Treasury
Board, TO consist of three Co minis
.sioners, whose duty it should be to
see that the law OF its creation was
faithfully executed, and that the great
end Of supply n paper medium of ex-
change, at all times convertible into
gold and silver, should be attained.
The Board thus constituted, was Civ
en- as much peremanency as could be
impaired to it., without endangering
the proper share of responsibility
which should attach 10 all public a
gents. In order TO insure all the ad-
vantages of a well malurcd expert
ence, the Commissioners were to hold
their offices for the respective periods
of two, four, and six years, thereby
securing at all times in the manage
ment of the Exchequer, The services
of two men Of experience; and ,o
place them in a condition Ia exercise
perfect independence of mind and
action. it was provided that their re-
moval should only take place for ac-
tual incapacity or infdelitv 10 the
trust. and to be followed by the Presi.
dent with IN exposition OF the causes
of such removal, should it occur. 1t
was proposed to establish subordin-
ate boards in each Of the States, IN
der the same restrictions and Iimiia-
tons OF the power Of removal, which.
with the central board, should receive,
safely keep, and disbursc the public
moneys; and in order TO further Il
sound paper medium OF exchange, the
Excheauer should retain of the reve-
nues OF the Government 4 sum not
To exceed S5,OO0,O0O in specie, to be
set apart us required by It's opero-
tons. and to pay The public creditor
at his own option, either in specie or
Treasury notes, oi denomln itIons not
less than five, 10 exceeding one hun
bred dollars, which notes should be
redeemed al the several places of is
sue, and TO be receivable III all times
and every where in payment of Cow
eminent dues; with Il restraint upon
such issue OF bills that the same shouts
not exceed the mR.riMun OF Sl5,O0O,.
900. In order 10 guard against al!
the hazards Incident to fluctuations in
trade, the Secretary Of the Treasury
was invested with authority TO Issue
S5,OoO,000 of Government Stock.
should the same at any lime be re-
garded as necessary, IN order 10 place
beyond hazard the prompt redemp-
ton of the bills which might be thrown
into circulation. Thus in fact max
ing the issue of Si5,OO0,OOo of Ex-
chequer bills, rest substantially on
SlO,O0O,O0O; and keeping in circuIa-
ton never more than one and one.
half dollars foi every dollar in specie.
When to This ii is added that the bills
are not only every where receivable
in Government dues, but that The
Government itself would be bound
for their ultimate redemption, no ra-
tional doubt can exist that the paper
which the Eychequer would furnish,
would readily enter into general cir
culation, and be maintained at all
times at OF above par with gold and
silver; thereby realizing the great
want of the aye. and fulfilling the
wishes OF the People. In order TO
reimburse the Government, the ex-
penses Of the plan, it was proposed
to invest, the Exchequer with the
limited authority TO deal in bills of ey-
change. unless prohibited by The State
in which al agency might be situated,
having only thirty days 10 run. and
resting on T. fair and bona fde basis.
The Legislative will on this point
might be so plainly announced as TO
avoid all pretext for partialitv or IA
vorItism. 1t was furthermore propo-
sed to invest this Treasury agent with
authority 10 receive on deposite, TO Il
limited amount, the specie funds OF in
divlduals, and to grant certificates
therefor. TO be redeemed on presenta.
ton, under the idea, which is believed
TO be well founded, that such certi6
would come in aid of the En-
chequer bills in supplying a safe and
ample paper circulation. Or, if in
place OF the contemplated dealings
IN exchange, the Exchequer should