The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-19
From the Baltimore Sun.
THE EXCHEQUER PLAN.

If there is any subject before Congress- or in pre-
paraton for submission to it, which may be set down
of the very highest Importance, it 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 con-
tinue in state of greater or less arrangement; and
yet the national legislature seems to be either
ware of this fao utterly regardless of it. We say
they "seem" so-that would be the natural infer
drawn from their inacton in respect to this SUBJ
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 rung the changes on
it until it has weareid the of its readers almost
beyond endurance and yet Congress has done nothing
satisfactory in relation to it. True, they have in each
! House report on the 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-that especially, which brought into the
| Senate and from these evidences found in public
opinion one would suppose that Congress would take
courage to proceed to final action. That there is a
perfect unanimity do not pretend to afirm-that
is perhaps, impossible of attainment; but in the alb
sence of any other plan, and in view of the imposs
by OF devising any system of currency and finance
that will be acceptable to the utrasm of both parties
why not in this day of experiments try that of lay
\
rate and rational Of all parties Either to do this
nothing, to be all that left to the peoples
servants at Washington and certainly it appears to
that patriotism, in view of the condition of the
country, calls loudly on them to come quickly to
decision one way the other, that the people may
know how to make their calculations in business for
at present. they it 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 Madiso-
IF { fhn OOAo 70 nndsd tnfo1
gent and patriotic portion of all classes of persons
there he says
"They go for the Exchequer, believing that it will
give to the country currency adequate to the legti
mate business wants of the nation of equal value in
every section of our widely extended country-a cur
rency which knows no 1uctuatlon, which experiences
no diminuton in value, and which is free entirely
free from the corrupt and corrupting influence of
old fashioned Bank Of the United States.'
If, indeed, the proposed plan, supposing it to be
adopted shall be found to realise all the writer's
pectatons, the whole country will not only have
son to rejoice but they ,oH rejoice. Our impression
is, that the plan would if generally fallen in WITH
and not obstructed embarrassed in its operations
by political and other schemers, do much of what is
thus expected from it but whether it would accom-
psh all to the fullest extent it would perhaps be
Their rash in us 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 its repeal if
it be found not to operate to the benefit of the
try. For this find additional reason in the fact
that the different States have shown themselves either
unwilling or unable to regulate their several banking
institutions to make tn m, what they nit hit be-
convenient instruments in the hands of for
the purpose of efecting exchanges and facilitating
commercial operations. If this were DONE the Ma
tional Government need but look to the safe keeping
and disbursement of its money, the constitution
al currency being already provided for; but seeing
that the people ciN look to the National Government
for something else, they ought to be told soon as
possible, whether they to receive it or not.