Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-15
DEBATE ON THE EXCHEQUER.

DEBATE ON THE EXCHEQUER.
In the Senate, December Goth, after sew
eral petitions were presented by different
members for various purposes, Mr.. Clay
introduced his three joint resolutions, pro-
posing certain amendments to the Consti-
tuition of the United States. Mr.. Clay
stated that it was not his intention to 90 in
to discussion of the resolutions at the pres
ent time, and they were made the order of
the day for the 18th of January. The fol-
lowing discussion then arose on the Board
of Exchequer:
Mr.. PRESTON remarked that as he
had, the other day, moved that the report
of the Secretary of the Treasury, with
regard to the Board of the Exchequer, be
laid upon the table and printed, he would
now call the attention of the Senate to
this important matter, and ask them to
take it up. 1t was well known that at the
last session there was an entire failure to
establish any system of finance, and the
depression of the currency, and the credit
and embarrassment of the country, in
which the whole community was concerned,
now imposed the responsibility upon Con-
gress to do something for the general re-
lief Although at the last session there
was a difference of opinion between the
coordinate branches of the Government,
he hoped that that difference might be re-
conciled by compromise, and still more by
a mutual feeling Of the necessities of the
country. Acting in conformity with these
feelings, and animated by the feelings
which no doubt animated Congress, the
President had submitted plan of finance;
and it was his desire that this or something
else should, before the termination of Con-
gress, be adopted, to afford, as far as they
could, relief to the people, and, as far as
they could. to correct the currency of the
; country, and to give peace to the public
mind upon this subject, which, as long as
it was agitated, must result in evil. He
therefore hoped that the wisdom of Con-
gress and the coordinate branch of the
Government would cooperate upon this
subject; and such cooperation, he trusted.
would produce satisfactory results. At all
events, he would not permit himself to de-
spair, as yet, as so the final and favorable
termination to which he had alluded. 1t
would not be proper, at this time, to inves-
tigate the system which they had before
them, but, nquestionably, it was sound
system. and a strong one, and it was move
in many of its features. 1t proposed al
, terations in the Treasury system, for which
thew had no precedent, and which, as they
would lead to important consequences, de-
s manded deliberate consideration. 1t was
! in some sort, IA mpromise; and the edi.
flee was erected from other plans prepared
in various ways from projects which had
, heretofore existed, and some Of its features
were entirely new. The first impression
, on his mind was, that it ought to be looked
: upon with caution, discretion, and deber
alton; and he felt assured that, whatever
direction should be given to it, by the
| Senate or by the other House, it would re
t ceive from their hands the attention which
was due to its Importance. Favorable
t however, as he was to this plan, he nigh
be permitted to say that there were some
r portions of it which staggered his judgment
e great deal, and which were of magni
\ tude which might increase. He had Away!
, acted with gentlemen on this floor on the
l general principle that, in financial opera
6 tons, the Government should conform itself
D as much as possible, to the institutions o.
Y the country; and he therefore thought tina
t it was their duty, as limited Government
V deriving their rights from the people, when
l. ever evils oppressed them, to associate witt
e the State institutions; and, in this way, no
discard their powers, but give them di
" rection for the benefit of all. Notwith
e standing all that had been said as to tn
use of the State banks, he still adhered t
! his former expressed opinions; and recen
:, events had shown him that there was more
= propriety now than ever, to employ thel
st for the purposes of the Government. Wit
Is regard to the project Of the Secretary q
N the Treasury, it came to them in a kin
manner, and in spirit of compromise; an
that being the fact, he hoped that the
- would 60 for the country, and the countr
=, u alone; and forgetting all private opinion
IL and party liasons, that they would max
a sacrifice on the altar of their country
re and do something for the suffering con
munity. He did not purpose, when h
arose, to go into a general examination {
- this subject, but merely desired 10 approac
rs it, and he trusted that something would b
oC done to give satisfaction and repose to ii
country. With this view, he moved thu
. the report of the Secretary of the Treasl
s' ry, which, at his instance, was laid upo
Of the table, be now taken up.
ed Mr.. TALLMADGE did not intend
n. speak upon this subject, as he was sufierin
under physical indisposition, but he thougl