Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-06
REPORT UPON THE FISCAL AGENT.
LETTER OF THE SECRETARY OF THE
TREASURY.

The Secretary of the Treasury. in compIi
ance with the resolution of the House of Rep
resentatives of the 18th instant, has the honor
of submitting the draught of "a bill for the es
Enlistment of Board of Exchequer at the
seat of Government, with agencies in the sew
eral States and Territories
preparing this bill it has been his inten-
ton to keep within, and fill up, the general
outline of the measure, as proposed in the
message of the President at the opening of the
session; but he does not flatter himself that it
VIII be found SO perfect III its details as not to
require notifications and careful revision by
the two Houses of the Legislature
AS this measure has, necessarily, been for
some time under the consideration of the Pres
ident and his constitutional advisers, the un-
dersigned Is directed by him to accompany the
OIL with general exposition of the views en-
tertained by him, and concurred in by them,
respecting it.
In what manner and under what securities
the public money shall be kep,-in what man
ner, or whether in any manner, this Govern
ment shall attempt to supply sound paper
medium for payments TO the Treasury and for
the general uses of the People-in what man
her, or whether III any manner, it shall attempt
to benefit the general business of the country,
by furnishing facilities of exchange, are cues
tons which have not ceased to agitate the
community ioreighty ears.-Upon these ques-
tons much opposition of opinion has prevail
ed, and ardent and intense political controvcr
sizes and struggles have been founded. Ii is
! time that this state of things were brought to
an end. 1t is time that such provisions were
made for the custody of the revenue as that
the People may feel that the public treasures
are safe. 1t is time, too, that, in relation to
currency and exchange, individuals may know
what they have to expect, or whether they
may expect any thing from the measures of
Government. Doubt and uncertainty i'm this
| respect constitute the worst of all conditions.
| They affect every mans means of living, and
| instead OF giving encouragement, and APPLYING
a stimulus to individual exerton and effort,
check the hand of industry, suppress the spirit
of enterprise, and bring stagnaion and paraly-
sisupon the productive powers of the country.
On subjects so vitality connected with mems
| personal and domestic welfare, the People
! have right to require that what is to be done
should be done without further delay, in or
der that they may accommodate themselves to
| the policy of the Government, whatever that
| policy may be, and be prepared to give cor
| responding direction to their own industry and
!
| the wan. ofconfidence, confidence in the stead
mess and stability of the policy of the Govern
ment; confidence in that which regulates the
value of property s. the wages of labor; s, con-
! fidence in the establishment and preservation
of the necessary and ordinary means of ex-
changing production against production, and
ofbuying and selling with security, so that the
! intercourse between different parts of the coun-
| try may be carried on with its former activity
and usefulncss.-The object of the plan suG-
gested TO Congress In the Presidents message
and now presented for its consideration i'm the
form of a bill, is TO establish this confidence
and to give the country tranquility. 1t is de-
signed to terminate contentious of long stand
ing, and to restore that peace, quiet, and salts
faction with the state Of publcalairs, withou
which men cannot pursue their vocations eth
er with cheerfulness or with success. Amids
the conflict of widely differing opinions,
measure is recommended which avoids ex
tremcs on both sides. Il proposes less, thai
many tank it desirable that GovernmeD
should DO, or attempt to do, and at the sam
time lar more than Others are ready to recon-
mend. IL aims at a Just medium, common
ground, on which those may consistently sto
VINO might yet wish to go further, and t
which they may advance without self-reproac
, who would nevertheless have desired to ia
short OF 1T. 1t does not attempt to collect
, capital by private subscription, for the gene
al purposes of loans and discounts, and there
lore does not propose to perform the ordinar
= functions of bank. On the other hand,
+ does not propose to lock up the public MOI
- eys from the time of collection to the time
{ disbursement, nor TO demand specie paymci
o for every debt due to the Government mal
ing no attempt, at the same time, to furnish III
-, country with eithercurrency or exchange, an
entirely contenting itself with securing spec
!. payment into the Treasury. In these respec
e tdlilers from the system established by II
y law, now repealed, generally called the Sui
o Treasury ac,