Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-26
=. 5. GovEaNmENT Fiscal AGENT.
MR.. TALLMApGE'S REPORT.

IN SENATE-NoNp,y, FEBRUARY -, 1912.
Mr.. Tamadge from tie Select Committee on the
Report from the Treasury and 30 much OF hn Presi.
dents Message relates 10 Fiscal Agent, Delivered
in the following Report which he read at the Clerks
Table:
Tur SELECT COMMITTEE 10 whom was referred the
"Report from the Secretary OF the Treasury commune
eating plan of Fiscal Agent of the Government,
respectfully REPORT:
That they have given the subject that consideration
which its Importance demands and now present 10 the
Senate some of the views which have brought them 10
the conclusion TO which they have arrived.
The committee do not intend 10 60 into an elaborate
argument in favor of such measure. The late period
at which this subject was referred TO them, and the
ANXIETY of the puaiic mind for speedy action it, has
left them bu, little time amidst their other pressing en-
uauemcn,s TO prepare an extended report. They,
therefore content themselves With reporting bill 10 es-
tablsh Fiscal Agent oftae Government, accompanied
bv such remarks upon It's leading featr and pflncl
ples as seem to be called FOR by the occasion.
Since the adoption al the Constitution OF Govern
ment under which we lye the country has experienced
much financial and commercial embarrassment. But
at no period has il been slddcny precpita.ed from
an apparently high state OF prosperity 10 The lowest point
of depression, at the present tune The committee
will not attempt an enumeration of the causes which
have led 10 this disastrous result But they take leave 10
saw that amongst them inflated and deranged con-
dition of the currency is the most prominent. here
may be difference OF opinion as to tor THIS imitation
and disarrangeinent nave utcH pfouuSeu 1'i, INV
ever will agree that the In trade and business
CONSEQUENT upon such state OF things IS s0r
incident to our system of credit system which Is
characteristic feature of cur free institutions In an
attempt to correct these the committee would
wish 10 preserve and regulate but destroy the sys
tenn itself. The efforts which have heretofore been
made 10 correct them have encountered grand
obstacle in the difference OF opinion which has prevail.
ed in the community to the kind OF corrective, and
the manner in which it should he applied This has
IL hncttt
array of political parties and the great queston r.
guatinr the currency Of the country has form Tie
issue upon which, for some years past the most 3neat
political battles have been fought. Experer & ms
shown that in such contests the business of Ia conn-
try must always be derangcd. And the greavr the
sincerity with which the is waged on the one side
and the other the ierccr will be the conflict, and the
disastrous the consequences long the great
matter in difference remains unsettled There can be
no peace prosperity until he settled Other ques
tions upon which political parties divide are compata-
lively harmless. No matter how violent tho contest
the business of the country is not affected by IT, Amidst
the excitement of the public mind the country puIsues
i,s onward march 10 prosperity and greatness But the
instant the question Of currency becomes the ssCc Il i
felt like an electric shock from extremity OF The
Union TO the other.
It behooves them every good and patriotic citizen "a
lend his aid in the settlement of this question His IN
ouiry should be- no. what ught to he done hut what
can be done! He should be prepared 10 surrender his
individual opinions ii necessary IN order that somc
tenn NAV be adopted which shall promise stability and
permanency in relation to this alabsorbing subject
The disresscs of the country he. ond much further
endurance The people throughout the extent OF this
broad land cry aloud for relief Thousands and thou
sands of ou elowcitzens have been Frustrated by the
calamities of the times which have ovcraken them.
They have been suddenly reduced from afsluencc 10
want. Their property, which, under ordinary cllcu-
stances would have been ample 10 NEE; all engagements
and leave competency themselves and families has
been mos; cruelty sacrificed. Others, who have sarvi,-
ell the fearful wreck of the hopes o. thousands stu!
suffering by dsordercd currency and the unresu ted
exchanges between distant points. The ore looks 10
the settlement of this question means OF once
engaging successful business the Other looks 10 it
as a means of proi,aby carrying on the business in
which they are already engaged All look 10 Congress
for that relief which Congress alone has the power TO
grant.
By relief, it il not meant that Congress can furnish
means 10 cancel the Indebtedness into which The
nunity has been plungc3 but by aiding the currency
and exchanges of The country II may enable the people,
not already in hopeless dependency TO quida'c their
own debts With such aid, the productive industry of
the country will, in due m' wire out every trace Of
distress that left by the Gesos,ng fury Of The
which has swept the land, and our gieat obc I
should he, 10 adopt such measures as vii! protect
us from its ravages in future.
The ruinous rates of exchange resu. essentially from
deprecated paper circulation. Ii the currency can DO
made sound and uniform, il viii Of itself 90 very far
and win the 1aciIleS Wnlcn Government
can give, will cfIectuay regulate the exchanges.
The great evil under which the County abors is
the want Of uniform currency and equal OF
the exchanges.
Can the General Government remedy 'hs cvil This
Government must have mole 10 colicci keep and
disburse its revenue This involves both The question
of currency and exchange. J. a sound cure. IS 10 re-
ceive in paymen. OF public dues = Exchange trans
nit TO distant points The revenues OF the Government in
payments of the public creditor.
The committee propose, then. 10 adopt system on
the part of this Government, for the collection safe
keeping, and disbursement of the public revenue, and
thereby incidentally, aid in furnishing uniform
rsncy, and equalizing the exchanges.
This is deemed the RICH, md duty Of the Govern
men, and the only question which remains Is How shall
ii be done?
Different modes have been proposed and ,ricd-
They are, first, Bank of the United States secondly,
the State hank deposi,e system and thirdly, the sub
Treasury.
The first, Bank of,hc uai,el States, is a, this time
utterly Of the qucs'icn The history OF the past