Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-06
GEORGETOWN o, TUESDAY, DECEMBER 6, 1912

on the other. They are those, and thOs'
only, that will secure harmony as well a:
justice, in the djustmeBt ofa matter in
volvi hg 50 many and such various con
flicting interests, and produce that per
manence which, in this country, can b.
attained only by the general acquiescenc'
of the people in the honesty and equity
Of any system. And ifthe liberality sc
unusual, thus evinced bya Statesman
coming from that portion Of our UnoT
which has no manufactures, be recipro
Gated and met in the same spirit by those
who are most anxious TO promote those
interests, unity Of feeling will exis
through The Confederacy, which will af
ford more stable, and therefore more re-
al and substantial protection to our own
industry, than any laws which may be
passed under occasional and spasmOdiC
excItements, which will be sure TO inter.
nit with the cessalions OF the stimulants
that produced them.
Should the tariff law that has been
passed and received the signature of fthe
President be fOand, in practice, to diff
fer in important particulars from the just
and liberal principles advanced by him,
he will doubtless be found ready to sane.
ton such necessary amendments as may
he proposed by that body in which the
Constitution has exclusively vested the
authority to originate and pass revenue
bills.
5th. The recommendations of the an.
nusl message on the subject of currency
md exchanges next claim our attention.
After 2oi2ting out the necessity Of a mes
dunn Of ex change, approxImaIing to uni
rormity, of value in the different parts of
the country, the President proceeds to
redeem the pledge he hao given at the
previous session Of Congress, by submit
ting the outlines Of a plan for the safe
keeping and disbursement of the public
revenue, which shall at the same time
furnish currency, and thus indirectly
regulate exchanges. The limits which
/ have assigned to this communication
forbid repetition of the details of the
exchequer plan as developed in the mess
age, and afterwards more fully exhibited
in the bill submitted TO Congress by the
secretary ofthe Treasury. This is the
more regretted, because l am confident
it has not been sufficiently considered By
my fellow citizens generally, to be thor
oughly understood. 1t is emphatically
the plan of the President, originated and
matured by him, with single modf-
cation introduced on the advice of his
cabinet. 1t proposes to attain its objects
by the application ofpowers acknowledg.
ed in practice to exist in the government
from its foundation. The Treasury de.
partment was instituted for the collec-
ton of the pnblic revenue, its safekeep-
ing and its disbursement according 10
acts of appropriation by Congress. To
board of control under the superintend-
ence of that department, therefore, was
given the immediate charge Of this bust
ness, with authority to establish agencies
or employ State banks in its transactions.
To those was added the power of issuing
treasury notes to the amount Of fifteen
millions, selling drafts, receiving depos.
ties, and purchasing bills OF a certain de-
sor'ptions. These we're the general fs-
lures; and the President invited discus
sion of its merits, while he expressed a
readiness TO concur in any notifications
that did not violate lis essential principles
such as should, by any
constitutional means, relieve the Chief
Executive Magistrate from any controlI-
ing power over the public treasury. You
preceive how entirely this plan avoided
all constitutional objections, by provid-
ing that the functions Of pure hasing and
selling drafts, other than for the purpose
of the government, should be exercised
in any State only when not prohibited by
such State. All conflict with Stale juris
dcton was prevented; the banking privi'
leges of the States were left without in
reference; the operations of the Treasury
and facilitated; and the great
interests of the Union promoted, by the
of the currency founded on
the revenues Ofthe country, and yet so
limited as to be always equivalent to spe-
cH. This plan has been approx ed by
acme Of the most competent fnanciers Of
this country anldof England, and: :pronounc.
ed to be adequate to all our wants, safe
in its operations, and calculated to fnrn-
ish the most perfect currency that could
be devised. SO far as the opinion of an
individual who has had some experience
in such matters, and who, it is known TO
you, has had occasion to become acqnain
ted with the abuses TO which national
bank is from lis nature exposHd.-so far
as the opinion of such an individull is of
any value, it is unhesitatingIy given: that
thus plan, in lis essential features, is far
preferable TO any other that has been
submitted; and that it will accomplish all
the purposes for which it was designed,
without haz ard TO the Government, with
out danger to the people, and wi hou,
stimulating ane the reckless spirit OF