The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-15
From the 81. Louis Bulletin, March 2.
EXCHEQUER.

We presented to our readers, yesterday the bill
ported to the House of Representatives by the Select
Committee on Finance, but we had then no room for
comment upon its provisions
To-day our columns are 80 nearly filled with the
defence of Judge Upshur, against the charge PIE
ferred by Mr.. Bolts that we can submit only short
notice oiits general character.
| Three mdes Of receiving ana di'bur-ng The public
moneys have in turn been tried and abandoned by the
General Government:
ls The United States Bank.
| ID. The State Bank System
| 3 The Sub Treasury
Each of these plans still has its advocates and Its
opponents
National Bank is entirely out of the question
during Mr.. Tyler's administration for his solemn
and conscientious convictions Of duty forbid his sane
| toning IT,
| Indeed it is very questionable whether, since the
developments of the rottenness Of the late Bank OF
the United States ma ority Of Congress would now
create such fiscal agent, were the President TO re-
co nmend one. Be this as it may, it is reduced to a
certainty that he will not either recommend or sane
| ton such institution
The State Bank system Gas Banks now con-
duced) would meet with no favor from any party in
Congress much less from any considerable portion OF
| the people
| The Sub-Treasury scheme has no advocates, except
among those who belong to the humbugging party,
who would destroy the whole credit system, to get
nte power by feeding the people with the fancy, that
an exclusive metallic currency is practicable IN TINS
! great commercial nation.
What then is to be done viii the advocates OF
these different schemes insist upon the adoption OF
their avorite plan, and refuse TO cooperate with the
advocates Of any other plan Are they so welded
to party that they will not yield their views to snatch
the country from deep financial embarrassment ana
| threatened ruin
We hold that the Exchequer combines the rirtues
of all these plans without the rces of either OF them
The Treasury notes and certificates OF deposite Will
furnish exchange for the commercial community and
will be current throughout the Union The evil now
existing in this respect will at once be remeded.
The State banks will be relieved, measurably, from
demands for exchange, and can be permitted without
circulation Thus the e6R Eitb 81 ass United States
Bank will be felt whilst the evils arising from the
tremendous power Of such institution, and from
the controversies touching its unconstitutionality
will be obviaed. We shall have an undoubted gene
raj currency for trade and exchange and avoid the
| consequences Of the adoption of an United States
Bank, arising well from the apprehensons as from
the opposition of its foes.
| The Exchequer is not obnoxious to the charge of
upconsttutonality nor can il with any truth be said
to be clothed with any dangerous powers
But it also has the rirues Of the State bank system
1t recognizes the existence Of and does not improper
ly control the institutions of the States but, on the
contrary, gives the individual States the benefit OF
Congressional or National confidence, by receiving
the notes of their specie paying banks, thus aiding
them in furnishing local currency and exercising
no other check over them, than by periodically re-
quirng redemption of their paper collected for pub
| lie dues.
The State banks are at once benefited by Govern
mental confidence and restrained from issues by
a sautary, but not sudden or tyranncal exercise OF
| Governmental power
The evils of the State bank system of deposites
avoided both it regards the Government and the
people. The Government cannot lose much from
State bank failures, because it requires payment from
State banks at stated periods. The State banks
not flood the country with rredeemable paper, be-
cause those banks only would be in good credit which
puncually met the periodical demands of the Exche-
| quer.
| But the advantages of the Sub-'lreasury system
are attained, and all its evils avoided.
The advocates of the Sub Treasury system, who
par excellence, claim to be the only States Rights
men in the country, have vociferously demanded a
dirOrce of the Government from all banks The EX-
chequer grants that divorce. The connexon is dis
solved not merely nielsa et Horo but rncuio ma
tr1monii. They may indeed visit each other as neigh
bors, but there is no communion between them. The
Government may trust the bank for brief periods,
but 1t neither provides them with food, clothing, or
shelter. They must take care Of themselves
Thus the advantages of separation are realized,
whilst the evils Of collecting the specie Of the coun-
try at different pontstransportng in wagons from
East to West, and from North to South, at an cnor-
nous expense-of hazardng its loss from robbery
and casuates-and the ten thousand Inconvenience
of that plan are avoided.
In whatever point of view, then the Exchequer is
regarded, it seems to TO meet the wants both of
the Government and the people-to combine the adj
vantages of the three other systems which have in
turn been tried and abandoned-to be free from the
evils of each and all the other plans, and to demand,
in the present condition of the country, the united
support of all who are prepared to surrender their
own peculiar notions upon the altar of their country