The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13

currency The people call on their representatives
TO legislate and remedy the evils under which they
are now suffering To these appeals a deaf ear is
turned
A plan has been prepared and submitted to Con-
gress, which the great portion Of practical men are
satisfied, with notifications, will accomplish
the purposes of restoring sound circulation Of uni
form value, as well as regulating the exchanges
throughout the country. Those who the most
deeply interested in the subject willing nay, are
DESTROYS of giving the plan fair trial What has
been the reception has met with from politicians
and what their course in relation TO II Condemned
in advance of their seeing into what shape il could be
moulded In place OF uniting to build up, the ultras
of both the antagonist political parties in the Senate
have united to pull down. What an anomaly is thus
presented Can il be possible that patriotism inu-
ences those who have pursued this course' We can
hardly give into such belief
Mr. Mangum has assailed the plan in speech of
bitter nvective and windy defamation, but wholly
destitute of argument. Mr. Huntin atoms assault was
pretty much Of the character Mr.. Buchanan
undertook 10 explain the operation Of some OF the de-
tails ofthe plan, IN doing which, he diSlayed an ex
treme ignorance of the subject very dsngenu-
Mr.. Woodbury., while assautng the plan, APP
pears have directed his chief efforts in recommend
ing his own darling progeny, the Sub Treasury.
IL is not little remarkable that, the speakers OF
both political parties should have brought up FREE
quently in terrorum, while condemning the plan,
me union of the purse and spord in the hands Of The
President which II will, they alledge, effect. Now
this is very pretty aant phrase TO brighten children
with, but men. Ii has been 50 long used and so
much banded about that il has ceased to exert any
influence. The President from the formation OF the
Government to the present day, has aways,to GER
tain extent held in his hands both the purse and the
sword. tie must continue do it, or he cannot fulfil
the duties enoined upon him by the constitution,
and the oath which he takes when entering on the
duties OF his Office. The plan Of the proposed Exche-
quer is susceptible Of such modification, as that the
patronage OF the President cannot be increased by It
The Board of Control cannot be appointed except by
the consent of the Senate and is very easy TO make
their removal depend upon the consent of that body
also. This will deprive the President of both patron
age and power.
Mr. Buchanan, maintained that, the plan pro-
poses there shall always be dollar of specie 10
three dollars of notes issued that two-thirds OF the
notes will be without any representative whatever,
and thus in fact, be like the asg,ias of France or
the old Continental paper money and like depreca-
ton in their value ensue This all appears very
beautiful in argument, no doubt as the orator thought
but happens not to be the fact and wholly destitute
of foundation Not dollar of the notes proposedn
the plan can be issued without having representa-
tive of equal value, II the government pays them
out to public creditors an eqal amount oil specie
must be left in their place, received previously, in
payment of the revenue II the notes are issued in
the purchase Of exchange they will be represented
by the exchange purchased until the same is paid,
and then they viii be represented by money. Some
persons have supposed that the eXchequer in OPP
GRAFTON now, the present wants of the government
could be supplied by the of its notes. Such is
not the fact. The government would be obliged TO
have the money first, to give in exchange, before il
could obtain the notes of the exchequer.