The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-26
REVIEW OF MIR. TALLMADGE'S REPORT
ON THE EXCHEQUER BOARD.


from entering as fully as we could have wished into
some of the ramifcations of the Exchequer Board.
We resume it more willingly from our having pc
rused the able and learned report of the chairman of
the Committee Of Finance in the Senate. We now
present your view the of the report of the
chairman of the Committee of Finance in the Senate
in relation to the Exchequer Board, of the most
luminous and instructive public documents ever pro-
duced in the Senate. 1t sheds glare of light on
this all important subject, that points out with uner-
ring certainty the course the National Legislature
should pursue. Happy would it be, if the Legisa-
ture of the Union should be guided by its Dictates
But although it may have been seen that he has
tabshed all his leading points, and repealed the OBJ
jectons of his opponents, that is only imperfect
view of what he has done. His report is regular
complete and decisive; nothing is suppressed moth
ing is avoided, or got rid of by expedient. We can
not record the honesty and courage in the writer
of the minority report in the House of Representa-
tives; for the numerous charges advanced against
a distinguished individual are in themselves OBJ
jectonabe and anfounded. The report of the Fl
Committee in the Senate is written in higher
tone OF reasoning, which commonly improves the
truths that developed The opinions of the other
erroneous as they in themselves, are betrayed by
the very means he employs to support them. In
quotation in particular, he seems only to forge
pons for his own destruction. We do not envy the
peculiar felicity of this gentlemen of being the
wrong and that happy ductility of judgment which
enables him to apply other gentlemen's arguments to
suit his own purposes and to view every thing on his
own side perfectly clear. The establishment of a
National Bank is his great object The utility and
benefits of such an institution constantly excite his
utmost ZEAL and form the theme of his finest eulogy
Of this subject he has lost sight; but his own
argument did not make such impression on his own
mind; the further he went on the weaker it was
Whether this was produced by some supcrvcning
doubts the subject of National Bank, or because
what is clear requires argument, will not UNI
dertake to determine.
In the present situation of the country when it
not be concealed that its progress has received sud-
den check, and society abors under the shock of a
rapid reco the discussions of political parties sink
into minor Importance, in comparison with the great
principles of the prosperity and happiness of the peo
pie of the nation. These are the principles that
should rise paramount in the view, occupy the thoughts
and animate the feelings of every citizen Of the Ame
rcan republic. Divestng themselves, therefore, of
party feelings preudices and partiaties casting aside
as derogatory to the character of American citizens,
the petty ealouses of political rivalry, they should
take into candid consideration that system of policy
which may tend to promote the interests OF the cou-
try If its principles should appear just, and the rea-
soning by which it is sustained consonan to truth
if our readers should be satisfied it is best adapted to
our present and probable future circumstances-hey
will not hesitate to trust to it, for the advancement Of
individual and national prosperity.
The war waged against the currency has paralyzed
the prosperity of the country and laid it PROSTATE in
the dust 1t is no exaggeration to assert that the
last four years have produced more commercial en-
barrassment and distress-a greater destruction of
capital and increase of individual misery, than was
caused by the late war
The time, however, is not remote, when we shall
be awakened to the true situation of affairs The
evils which now press on us, many vainy fatter
themselves, are mere temporary effects, similar to
those which have before arisen from slight derange
ments of commerce. We firmly persuaded they
are of very different character, and Of for
midable nature.
1t is urged by opponents, that the system of
finance as recommended by the chairman of the Com
mitttee of Finance, would be in fact Government
Bank. Whatever other objections may be urged
against this financial scheme is certainly free from
this 1t has none of the attributes of bank.
What is legitimate banking business 1t consists
of three things First, discounting notes. Second
receiving money on deposie. Third, issuing notes
bills to be circulated money. 1t seems TO be clear
and certain hat all these operations must be combined
constitute banking, as understood among u.s. and in
the commercial world.
The mere dscounting notes is not fitself bank
ing operation. 1t is, indeed doing thing which
banks are authorized to do, but it is not therefore,
banking. May not merchant discount his notes
without being considered banker. The mere re-
ceivng money depose, to be paid out again when
eve, called for is not banking. Surely man may
deposite his funds in safe-keepng in the hands Of
friend without making that friend what is known in
our law and in the commercial law, a banker. Is
suing note to be put into circulation money, may
be evidence of itself of act of banking.
But apart from all general reasoning upon this sub
ject, let us whether not warranted in draw
ing these conclusions from the opinions of the most
august tribunal known to the people of the United
States.
1t has been decided by the Supreme Court of the
United States that purchasing bills of exchange is
not, strictly speaking banking business. See Bank
of Augusta Us. Earle r. Peters.
AT the same time we deny the Legislative effect of a
decision Of the Supreme Court we will admit that it
is entitled to the highest respect as evidence of the
law and that the which warrants the Legsla-
ture to disregard it, must be strong and apparent.
1t is not pretended that the Excheque, Board will
put into circulation notes or bills to be circulated as
money
No such right is claimed by the friends of the sys-
tenn But it is conended that, becoming possessed Of
G,n4s for instance In the city of New Oreans. COM