The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-26
REVIEW OF MIR. TALLMADGE'S REPORT
ON THE EXCHEOJJER BOARD

some of the qualifications of the Exchequer Board.
We resume it more willingly from our having pc
rsed 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. II sheds glare Of light on
this all important subject, that points out with uner-
ring certainty the the National Legislature
should pursue. Happy would it be, if the Legisla-
ture of the Union should be guided by its dictates
But although it may have been that he has es-
tablished all his leading points and repealed the OBJ
ections of his opponents, that is only an imperfect
view Of what he has done, His report is regular,
complete and decsye nothing is suppressed, moth
ing is avoided, or got rid of by expedent. We can
not record the same honesty and courage in the writer
of the minority report in the House Of Representa-
tves; for the numerous charges advanced against
a distinguished individual, in themselves OBJ
jectonable and antounded. The report of the Fl
nance Committee in the Senate is written in higher
| tone of reasoning, which commonly improves the
truths that are developed. The opinions Of the other,
erroneous. as they in themselves, 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 genemen's arguments to
suit his own purposes and to view every thing on his
own side as perfectly clear The establishment of a
National Bank is his great object. The utility and
benefits of such an institution constantly excite his
,Nc he
OF this subject he has never lost sight but his own
| argument did not make such impression on his
mind the further he went on the weaker it was.--
Whether this was produced by some supervening
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 il
not be concealed that its progress has received sud-
den check and society labors under the shock of
rapid recoil, 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 the principles that
should rise paramount in the view occupy the thoughts
and animate the feelings of every citizen of the Ame-
rican republic Divesting themselves, therefore, Of
party feelings preudces and partaties casting aside
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 coun
try If its principles should appear just and the rea-
soning by which it is sustained consonant to truth
if readers should be satisfied ii is best adapted to
our present and probable future circumstances
will not hesitate to trust to it. for the advancement of
individual and national prosperity.
| The waged against the currency has paralyzed
the prosperity Of the country and laid it PROSTATE in
the dust 1t is exaggeration to assert that the
last four years have produced more commercial en-
barrassment and disress-a greater destruction Of
capital and increase of individual misery, than
caused by the late war.
| The time, however, is not remote, when we shall
be awakened to the true situation of our affairs The
evils which now press on us many vanly hatter
| themselves, are mere temporary effects, similar to
those which have before arisen from slight derange
ments of commerce. We are 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, it 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 depos.c. Thnd issuing notes or
bills to be circulated as money 1t seems to be clear
and certain hat all these operations be combined
to constitute banking, understood among us and in
| the commercial world.
The mere discounting notes is not itself bank
ing operation. 1t is, indeed doing one thing which
banks authorized to do, but it is not, therefore,
banking. May not merchant discount his own notes
without being considered banker. The mere re-
ceiving money on dcpose, to be paid out again when
ever called for, is not banking Surely, man may
depose his funds in safe-kceping in the hands of
friend, without making that fiend what is known in
our law and in the commercial law, as a banker Is.
suing note to be put into circulation as money, may
be evidence OF itself of an &C, of banking.
But apart from all general reasoning upon this sub
ject, let 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, IL. 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 evidence of the
law and that the which warrants the Legisa.
ture to disregard it, must be strong and apparent
1t is not pretended that the Exchequel 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 il is contended that, becoming possessed OF
funds for instance, in the city of New Orleans, COM
mon sense, common justice require that the Exche-
quer should be endowed with the power Of withdraw