The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-17
From the Louisville Gazette
THE EXCHEQUER-REPORT OF MESSRS.
TALLMADGE AND CUSHING.

We have read with the separate reports OF
Messrs Tallmadge and Cushing, to the Senate and
House Of Representatives of the United States and
each bill presented establishing Board Of Ex-
chequer. To attempt a comparison between emana-
tons SO luminous profound and elaborate, would be
labor of supererogation Each is mastery They
are different but adversary. The statesman soli-
citous Of his counrys good, is equally manifest in
each. No partisan cavilling-no petty criticism-no
contrasting opinions-no efforts to establish incon-
sistency--no peevsh attack upon political anita
gonists degrade and disgrace the report Of either
gentleman. If it be permitted 10 make a pre-
ference the plan proposed to the Senate seems the
least obnoxious to objection. No intention to place
the report of the Senate COMMITTEES in front Of that
made TO the House, is proposed to be intimated.
Either is production on which the most distinguish
ed politician and fnancier in the nation, or of any
country might feel that his fame exalted and his
reputation made more firm and extended.
The Senate plan avoids the objection ever urged to
the extension of Executive patronage and power and
influence resulting from the right to appoint and
move II adds but three officers to the Government,
the three Commissioners of the Exchequer, who are
to be nominated by the President and confirmed by
the Senate. These may be suspended during the re-
cess Of the Senate, by the President, for specified
causes physical inability, neglect violation Of
duty-the cause to be reported the first week after
the meeting of the Senate and If not concurred in
by that body the Commissioner to be restored to his
station. Here then can be no malign' exercise of
Executive influence.
None can foretell how this scheme will develope
itself, when reduced to practice. To it to
promise well as fiscal agent for the Government,
and having all the power to control excessive issues
Of paper, by the local banks, which has rendered a
Bank of the United States, upon the plans of 1871
and 1876 the object of such praise and admiration
while at the same time, it is itself free from the dam
ger Of the excuses. II will offer no circula-
ton which is not based upon SPECIE dollar for dollar
1t will not expand and initiate the circulating medium
nor exaggerae prices. 1t will not create capital
establish or sustain business in commerce, manufac-
lures, trade profession, by lending the means. 1t
will fly no kitesrun no RACE HORSES. 1t will effect
legitimate and real exchanges, but never anticipate.
This plan will mol be acceptable to such AZ have
looked for Bank of the United States, the
of paying their old debts by creating dsbts or
of continuing business by additional loans. To
them, it offers no hope extends no consola ion but
whoever has money, and wants to remit it TO another
point may deposit it and obtain what Is termed spe
Gle note which will pay his debt or supply his wants
in any part Of the Union if he deposte his money
in any agency, he obtain an acceptance, which as
well The specie note, will place him in funds, at a
small exchange either will be received for the pull
lie dues, and will be Of undoubted credit, and unn-
peachabe character.
published well the report to each branch of tht
National Legislature. We shall do in the course
of few days. Circumstances over which we had M
control, have alone prevented it ere this.
Experiments IN government or In nnance are no
peculiarly agreeable. 1t has ever seemed wiser L
hold on 10 that which has been tried and nscertanet
TO be ample for the end d. signed than to be making
attempts to find out if something else might not an
swer the purpose az well, nearly as we'll Yet If
some respects, this Exchequer scheme appears to pro
mise better than old fashioned Bank Of the U net
| States. Ii does not enter into competition with tn
local Banks in dscounting or in the sale purchase
1 Of bills of Exchange upon time. The incentives o
avarice do not sprick it on" to make large dividend
for stockholders. II cannot expand and tn,
circulation at pleasure. II will not give excessv.
loans and groundless credit enable favorte
monopose business, swell it to such Dimensions
as to be unmanageable; and at last burst into mpa
pabe fragments, and leave misery and desolation tn.
only evidences that it II will not establish
supercilious little green board arisocracy, who fee
the arrogance of Office and the sefimportance which
results from their brief authority and unholy power
he credit and fortunes of competitors in business
or less prosperous neighbors. Las
In the Exchequer, each man has the privileges
He deposiles his cash and gets specie note, accep
lance, or Bill of Exchange. There ~ no fawning, Of
cringing or begging for iavor-no pay day TO
pestlent notary with his insulting rap and his In
dia-rubber conscience
| The Exchequer and its agencies will receive, keep
and dsbuse the Government money, and il will furn
| ish convenient currency, aid in the exchanges O
commerce; but it will create credit or capital To
these purposes is not established, do It's proec
tors present any such deusion. The objects OF it,
creation, and what they promise it will do, il does np
pear may be expected to be done and performed
Such nnticipations are not unreasonable.