Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-01-13

tains. lie had asked himself, what d
we wish to do and by that he mean
what do the People wish should be don
for their reliefl And he had examine
this report and plan TO see il relief coul
be given within the range Of its sugges
tions and provisions, and, with great dill
fidence in his capacity to Judge of sue
questions, he believed that relief coul
be given.
| We want (said he) an institution 70
currency and exchanges. l think eve
more, but nothing sho,t Of this will! an
swer. What has been the obstacle 4
obtaining this before We all know
has been the constitutional objection @
the President to a National Bank 4
i operate per Sc over the Union. Their,
is no such objection TO the proposed Ex
chequer; il is declared not to be
Bank course no such objection exist
TO it. lf il is not such bank, with tn,
control over it placed in the power Of The
Executive, il would not be if that contro
were placed elsewhere. The mere power
to control it does not alter it in other re
spects and it appears to me all the OBJ
ections which have been urged agains
the whole plan would be removed by al
lerng that single provision all The dan
gers arise from the apprehended increase
Of Executive power. We certainly can
alter it in that particular, and from what
has been said during the debate il must
be so altered to obtain any support. Ev-
cry one who has expressed an opinion
objects TO it, and chiefly and justly
think on that ground. Those expressing
the highest confidence and strongest per-
sonal respect for the present Chief Ma
gistrate express the strongest oh lection TO
this provision. Those by whose exertions
he was elevated TO power and those who
opposed his elevation agree in opinion,
and dcnounce this feature as in the high
est degree dangerous.
There isnow remarkable coincidence g
Of opinion among Senators Of both par
ties concerning the danger placing the
control Of the revenues, the fiscal con-
Germs and the currency Of the nation,
within the power of the Executive. My
political associates and myself have con-
'SboSu az dius' ~ io' 'hC iust 'Sh )Sa'S
The other party oppose it with equal zeal
when it comes TO be proposed by any
others than those Of their own party.
have read somewhere that it is grea
good TO be able "to see ourselves AS
others see US" Our political opponents
have obtained it. This proposition not
coming from them, they look at it ms we
did at theirs, which had the same effect,
and as strongly oppose it, The People,
therefore, have one consoling reflection
amid their distress Shat their liberties
are safe, so far as danger has existed
from that quarter if our opponents act
with their present profess
sions.
Another important inquiry is, shall VIC
endanger the success Of tho measure by
making such an alteration. ! trust not.
In carefully looking over the Message
IF the President, find that he enjoins
t upon Congress TO relieve him from
power over the public treas
,ry, and if in this plan which he proposes
hat separation is not as complete as we
lesire, to amend it. There is nothing in
he Message which shows any other than
! desire to be freed from this control, or
% give reason TO doubt its sincerity. -
o disclaims oil desire for any other con-
rol over the public moneys than what is
Indispensable to execute laws. There
$ nothing, then, in the way Of this alter
,tion of the plan which endangers, its
success, il Congress can make it. THIS
lificulty removed, are the powers pro-
POSED to be given and exercised by the
Exchequcr sufficient to give relief 3
Il is to receive deposies, to issue paper
It all times convertible into specie and
eceivable for Government dues, and to
leal in bills of exchange. l believe all
hese necessary to the successful carry
ng on nf commerce between the several
states.
IL paper can be circulated for cur
ency, under the authority Of this Gov
'rnment, without capital in the insitu-
ion which is 10 redeem it, it can GER
ainly be more safely done with capital.
Such a capital may be raised as well,
md think better, in the present condi-
ion oGthe country, by deposites, than by
subscription to stock.
The Exchequer is to receive deposics
rom individuals in the ordinary way of
icposite they may be temporary or per.
nanent. We are not obliged to provide
hat the people must pay for making
)eposIte and taking a certificate TO en-
lbe them TO take the money from the
ame place. They may be allowed to
make permanent dcposites for the use Of
he institution, and be paid for the use of
heir money by the institution. IL paid
certain rnte per cent. and the balance
o 90 to the Government and that rate
made to depend upon the earnings Of the
Institution which would depend upon its
,ood management, an individual intercs,
would be created in its concerns, which
5 regarded as essential to the prosperity !
If such an institution, and which would
make the owners of certificates Of perma-
rent dcposi,es proper and safe persons
o appoint a portion Of the board Of con-
rol, having the Secretary and sutlicien,
'tbers associated with them TO guard the
interest ofihc Government.
have thrown out these suggestions Of
'arious notifications which can be made