The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-14

try 10 that repudiated system with all its IRON hearted
excusiveness lis selfish abandonment of the interests
of the great body of the people, its Shyock exaciion
Of the better currency" for the Government alone,
and the absolute dependence of all the agents and
funconares Of the system on the will Of the Presi-
dent they will yet find perhaps that they reckon
ing pLiout their host.
What, then, Mr.. President, is it incumbent upon
u.s. with due regard 10 the circumstances Of our pc
siton, now 10 dol The sub Treasury system has
been epudiated by the people, and will never, in my
humble judgment, be submitted to by them again
National Bank, II must be conceded, by It's
strongest advocates for the present least also out
| of the question Were there other difficulties in
the way, the admitted impossiblty of obtaining sub
| scripon OF the stock of such institution under
existing cicumstance is in itself insuperabe in
pc liment In regard the State banks like my hon
orable friend from South Carolina, (Mr PREsToN }
who first addressed you this morning, | have always
believed that a judclous and regulated of the
sound portion OF those institutions capable of a
iordng the necessary accommodation TO the wants Of
| the Government and might, under proper manage
i ment, be made highly instrumental in redeeming and
improving the condition OF the actual currency Of the
| country could never, however, under any circun
stances agree to sanction the employment by the Go
yernment of such of those institutions as are in
state of suspension and fail to meet their liabilities in
| specie on demand An nfexible adherence to the
policy of the resolution of 1876 in refusing in all
transactions of the Federal Government the paper of
| non specie paying banks have considered Of
| vital and Indispensable importance. In the present
unfortunate condition of these institutions in large
portion of the Union, so long as it shall continue,
there would be insuperable obstacle, therefore, to
their employment wherever that state OF things ex-
lists and it cannot be disguised, Also that under the
united hostilities which both Of the great political
parties of the country have late strangely concurred
in waging the system, return to It, as measure OF
practical administration, would be embarrassed by ma
nv difficulties not inherent in the system ITSELF Until
a more proptious state of things and OF feeling, then,
shall be developed, which am not sure that the
force Of circumstances is not even silently work
ing in the narrow choice ofexpedience that is left the
State-bank system like its rivals, must remain mat
ter of speculative preference and opinion, rather
than of available practical craftsmanship.
How then, do stand said MIR. Rives. The
sub-Treasury system, a National Bank the State
bank system, are all, for the present to be laid out
of the question And yet the country demands that
something shall be done for its relief II cannot
get what shall appear to me to be the best measure,
will go for the next best and, if cannot get that,
| am willing to try any constitutional expedient, not
exposed to gross defects, which shall hold out the
prospect of amelioraton in the present condition Of
things. In regard to the scheme which is presented
to us by the Administration, am bound in franknes
say that there parts OF 1t which, after the best
consideration have been able to bestow the sub
ect appear to to be liable to Just and strong objec-
ton But these are susceptible of amendment and
a committee acting upon the whole subject in that
spirit of candor and Cancellation which is proper
y appealed to, may present to us modified measure,
, which may unite and reconcile opinions now divided
in relation to the proposed scheme. The power pro-
. posed to be conferred ON the Exchequer Board and
It's agencies, of buying bills of exchange time, APP
pears to me to be of the most dangerous charac-
{ ter in the hands of Government agents. committing
the public credit to all the hazards of private dealing
= in one of its most abused forms, without the safe
guard of private interest," and leading almost neces-
sarily to abuse from the convenient cover it would
afford for collision and nfdey the part of pub
lie officers under the plausible preext of errors OF
Ia. a., 81
when the credit of this Government has become al
most the last resource Of the national safety and no
nor cannot think that an employment of the pub
lie funds full of hazards and temptations to abuse
could be justified in sound view OF the Interests
committed to our charge, eyenn II were obnoxious to
no other objection. An authority to furnish bills OF
exchange the public repositories at distance, to
q individuals applying and paying for them in cash
would be exposed to of these hazards and abu-
+ ses-would afford important accommodations to the
business community in facilitating the operations OF
exchange and justly claims consideration whether il
may not be safely and properly Incorporated with the
$ plan proposed,
In regard to the machinery by which the proposed
system to be worked fought III my opinion, to be
!, rendered etectually independent of Executive con
troll This consideration from its intimate connexior
with the principles Of public liberty is Of vital i'm
! portance | am glad TO perceive from the Message
Of the President, that its delicacy and importanc,
are not unapprecated by him. and that in the pal
provisions introduced looking to the same object
1t is proposed to qualify the Presidents power of re
moval over the members of the Exchequer Board b.
limiting it to specified causes Of removal, and requr
ing in every of removal, that he should commu
nicate to the Senate his for the exercise
: the power. But these provisions do not go IA
enough. They do not effect that substantial indie
. pendence of Executive power which is imperousl,
requisite in regard to SO high and delicate trust a
is proposed to be devolyed on the Board of Exche
quer | know, sir it is said that this independence,
is not atainabe under the form of institutions
which refer both the appointment and removal of pub
lie officers to the Executive head. But is this tru,
in the unqualified sense here stated The appoint
mcnt to public offices is, at least much the unds
, pued prerogative of the Crown in England it car
be claimed to be appurtenance to the chief Exc
G cuye Magistracy IN this country But this has ne
yer been held in that country to disable the Legs
lative department from creating Parliamentary com,
missions, the members of which are named in the ac
creating the commission. This is sometimes done
: by naming particular individuals, and some
times by designating certain public functonaries to
\ act ca otHcio members of the commission. AS ia
milar examples of the latter may mention the Boarc
of Control of the East India Company and the Com
missioners Of the Sinking Fund In like manner
when the Commission of the Sinking Fund was instr
tuted in this country, the members of the Board
a designated in the act of Congress creating the com
misson--the President of the Senate and the Chic
Justice of the United States for the time being
/, of them. These Commissioners, thus virtually de-
irving their appointment from Congress, entrust
ed with very important powers in regard to the re
dempton Of the public debt, being authorized at the
discretion, to purchase in from time to time to Dor
! row money for the purpose and to appoint subordi
i nate agents.
Now, sir if the constitution Of this commission
which continued i'll full activity for forty years of ou
history, not plain us'rpation, what is there tc
prevent Congress from making legislative organza
ton Of the Treasury Of the United States the same
principles, and consummating that complete separa
ton of the purse and the sword, of the Treasury roi
the Executive, which has been loudly demanded b,
the public sentiment of the country The Treasury
, Department, as at present constituted, embraces
great variety of functions, entirely distinct in the
character, and which ought to separated in practice
All that relates to the general finances of the country
plans for raising and for the support Of public
credit, estimates of income and expenditures SC
might be left with propriey, as at present, in the