The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
From The Iilyne County Record.
THE EXCHEQUER PLAN.

| From The Biyns County Record.
THE EXCHEQUER PLAN.
Ia this weeks paper will be found the details of
the Exchequer PLAN furnished by the Secretary OF the
Treasury. Accompanying the bill is a lengthy Ie-
port, explanatory of The views Of the President and
cabinet The great length OF lhls report prevents Us
from laying II before readers the present time
The report Is a candid and mastery exposition Of the
leading principles contained in the BILL and entities
the writer to the character of clear hearted Ifacti
| cal Statesman. We have given this report a careful
perusal, and we speak our candid sentiments when
we say, that under present circumstances, we see
nothing in TO condemn, but, on the contrary, much
TO approve. la giving this general sanction to The bill
do not wish To be understood as admitting that u
has superior claims TO every Fiscal Agent heretofore
employed by our Government for the safe-k keeping
and disbursement Of the Public Revenue. For our
part of all the various schemes pracsed
the devised for conducting the financial operations
General Government and country, we consider that
ofthe old fashioned United States Bank as the best
During forty years OF our existence as Nation we
have had an United States Bank, and thToug hout
this whole period, as the Fiscal Agent ofthe General
Government il collected and dsbursed free from
charge, the whole Public Revenue, without the loss
Of single dollar Ii likewise greatly aided ia giving
To the country sound and uniform currency; and
also controlled regulated and cheapened theprlces OF
foreign and domestic exchange. But the time has
now passed for chartering similar Institution, and IL
may be never TO return So long as the present Ex-
attempt to incorporate National Bank must fail !;
and even admitting that, this point, he could he
prevailed on 10 surrender his Constitutional scTupes
and charter such an institution it is amalter ofmuch
doubt under the present deranged state of the cur
rency and the general want OF confidence that pre-
walls, whether ia sufficient amount of private subscrp
tons, payable in specie, could be obtained
Seeing then that an United States Bank, under
present circumstances is out OF the question: and II
may be, lmpoltic, it is the part of wisdom to
ALL nt Ne deem uex fla
ing the financial operations of the country and and
ing with the just powers ofthe Government, the bust
ness OF the people
BY the perusa Of the Exchequer scheme, it will be
seen that II proposes three fed object
lst The saie-keering Of public moneys.
ID. The furnishing, well for safe and convent
ent payments 10 the Treasury for the use ol the
country, paper circulation Away equivalent 10 gold
and silver, and vi universal credit.
Sd. A provision Tor supplying 10 some extent, the,
means OF cheap and safe exchange between the seve
raj States.
That these objects all Of Importance none will
deny and that they all embraced within tile egiti
lhaie consti. utona powers of the Federal Govern
ment, we think Is question OF easy demonstration.
On this point the opinion OF General Jackson hould
al least received good authority with the Demo
Gratis. la veioing the Untel States Bank, he did not
deny the obligation resting on the General Govern-
ment 10 provide for the country sound and UNIFORM
paper currency the contrary In recommending the
local banks Repositories OF the public mouey, he
commended and did his followers that these widely
scattered institutions would give TO the PEOPLE as good
and uniform currency and moreover regulate foreign
and domestic exchanges as well If not better, than the
United States Bank had ever done. The local bank
depositc system proved failure and with Martin
Van Buren,, came the Sub Treasury scheme. The
sole object of this plan was the colecllng Keep
ing and discussing the public revenue in gold and sill
1t founded on the principle OF an entire d.
vorcc the Government from all banks and advocated
an
regulating the exchanges, or aturdng facilities tor
commercial trans sections. 1t wholly repudiated The
doctrine entertained by General Jackson, that II was
the duty Of the General Government to give TO the
county currency of uniform value throughout the
Union and left this question 10 the sole disposal oil
the conflicting interests of State Legislatures
From this view of the subject it will be seen, that
the Sub Treasury differs in two essential points from
the Exchequcr scheme. The lat,er is designed 10
perform ali the duties obligatory the former, VIZ
the collecting, SAFE keeping and disbursement Of the
public moneys, and In addition to this 1t proposes to
furnish the country safe and convenient paper CIR
cuaton equivalent To gold and silver and also to sup
ply to some extent the means OF cheap and saie e1-
change in the between the several States.
he only material difference between the functions OF
the Exchequer scheme and the United States Bank Is
that the latter is not authorized to discount on bills
receivable But this is matter OF small moment, es-
pecially when take into consideration the discount
ing power Of the State institutions whose paper will
be found amply sufficient for all local purposes With
the single exception of dlscounting, he Exchcqucr
can discharge all the functions OF legitimate banking
operations. 1t can issue notes from 10 up to VI w
Ii can receive private deposes in gold and silver and
issue certificates therefor. II may draw and sell bills
or drafts, and also purchase domestic bills of Ex-
change
Will the Exchequer scheme accomplish all it pro-
poses TO do We have confidence that it will. It's
powers amply sufficient for carrying out all the OBJ
ects embraced within its provisions. We are for CIV
ing fair trial. and its general features lead us to
beeve that it will produce great good, and he emf
nently useful TO the Government and the people. If
it should prove otherwise, in the emphatic language
Of The President, it is the creature OF the law, and
therefore subject to be repealed.
We ask readers to give this bill careful peru
sal, and candid consideration. Ii examined without
prejudice, think that its merits far more than
sufficient counerbalance all reasonable objections
that may be urged against it,