The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-12
From the ST. Louis Bulletin.
THE EXCHEQUER


We learn from an intelligent that there is
but little doubt Congress WILL before its adjournment,
agree upon the principles and details of plan, en-
bracing the main features Of the recommended by
the President and that relief will thus be given to the
country.
We hope our antcipations may be realised in this
respect. We have found intelligent who gu
tons the fact that this would at supply
the necessary amount Of exchange for the commercial
community, and have heard of objections to it
which are even plausible much less orcibe OF salts
| factory.
There are those amongst Us whose disappointment
at the failure oftheir avore scheme Gan u = Bank
has led them to condemn this measure without the
slightest examination into its principles and Effects
That those who allow others think for them should
condemn this plan is not strange but is strange that
of intelligence and patriotism, should JOIN IN the
hue and cry against it, for other reason than that
Mr.. Tyler proposed it
Our readers may not generally be aware of the
tives which influence too many of our leading pot-
clans They may not know that Congress has bee ONE
a mere machine for making Presidents, and that all
measures are now discussed and decided with single
eye to their effect upon the claims of asprans to the
Presidency.
If Mr. Tyler brings forward of import
ance, the first inquiry made is, what effect will Its
adoption have upon his popularity How will it
affect the prospects Of Benton, Mr.. Clay, Mr.. Cal
houn or Mr.. Somebodyes If either of these gen.
tlemen introduce measure, the inquiry is in
stituted and the matter is disposed of accordingly
This is the patriotism of politicians. They have
misread the maxim which allows charity to begin at
home, and substituted the word patriotism in its
place. Their patriotism looks to the advancement of
SELF and self only.
Such are many, if not most of our public men.
Had the proposition for an Exchequer originated
with Mr. Benton to be believed that would meet
with opposition from single Bentonian Democrat In
Congress- a single Bentonian press in the country!
Had it originated with Mr.. Clay, would any Clay
Wing in Congress, or any Clay Wing press in the ma
ton, oppose 1t
Had Mr. Benton been its originator the full weight
of Gen. Jacksons authority would have been used in
its favor and the writings of Jefferson cited to prove
its conformity with the genuine principles of Demo-
cracy. Had Mr.. Clay been its protector, it would
have been harmless, yet efficient, powerful to DO good
and without the ability to do harm, and the name of
the iustrious Madison invoked to thwart the move
ments of its opponents
But now, forsooth these disinteresed aspirants for
the Presidency behold in its features delormy, in its
form comeness in its proportions awful distortion,
and in its powers weakness effect good and strength
| to do mischief!
If il could elevate either of them to the Presi-
dency we should find but one of them opposed to it,
1t is time for the people, for those whose deepest in
terests staked upon the legislation OF Congress- to
| SPEAK out upon this question.
The first question for the people to ask Is, will
the Exchequer equalise exchanges This is the
great desideratum is not denied that 1t aoiH do
this
Inc next questlon Is, VIII IL De dangerous iis''u
| ton 2
1t is said that it will increase Executive patronage
by placing the revenues of the United States under
the control of the President through his friends On
this point he has given Congress a carte blanche. He
discams all wish control the purse Congress may,
ifthey choose select the agents to conduct IT. or vest
the power of selection in the Senate, leave to be
exercised by the President This idea is therefore III
dlculous. But will the Government have too much
power for the safety of liberties under this plan
There no sensible plan under which exercise
less power The power of moneyed institutions Of
governments controlling them is founded upon their
loans of money. The bank which loans out its mil
lions to the community and holds mortgages or deeds
of upon property is our master, and may be
a tyrant The miser who keeps his treasure in his
vaults and parts from it only to purchase what he con-
sumes has power influence.
1t is the rd-fised, unrelenting creditor only, who
| has power to affect the community who have borrow
| ed his money.
| The man or the government that has millions on
hand, or that circulates millions to supply its own
wants but who does not become a creditor by making
| loans can Cypress no one.
Give me the wealth fthe Indies collected in specie
placed under my CONTROL and deprive of the power
to lend it, and whom can Cypress
Permit to issue, upon that specie my notes or
certificates of Indebtedness, to the only Of my
expenditures and ofdepostes confded to my keeping,
and to be returned upon demand, and have power
for evil.
But throw down these barriers, and allow me to
loan money take mortgages and deeds in trust and
sell the property of my fellows, and with few mil
lions have the power to do much mischief.
Contrast the Exchequer with Bank of the United
States in view Of these principles. Look at 1t by it
SELF reference to its power to do good and evil and
say if il be a monster