Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-03-07
TIE FISCAL PLAN.
Mr.. rA1LMADGEs nEpoRT no THE SENATE.

Agent
That they have given the subject that consideration which is
Importance demands and to the Senate of tho
views which have brought them to the conclusion to which they
have arrived.
in favor of such Tho late period which this sob
ject referred TO them, and the anxiety of the public mind for
speedy has lcf them but little time, amidst their
other pressing engagements, opcpac extended report They
Therefore, content themselves with reporting bill to establish
upon s leading features and principles as seem to be called for
Since the adoption under which
country experienced much financial and commercial cwba
But at period has 1t boon suddenly precpated
from apparently high state of prosperity the lowest point
of depcsson at the present time. The committee will not
attempt enumeration of the which have led this d
result But hcy take say, amongst
prominent There may be difference Of opinion this
inf iou and arrangement have been poucod An however,
will agree that tho excess in trade aud business consequent upon
such state of things IS in sort incident to our system of
situations In attempt to correct these the commit
tee would wish to preserve and regulate but not destroy the sys
them have always grand obstacle in the diff
the kind corrective, should ap-
piled. This has led instances, reorganization, and
hostile array of political parties and the great question of
regulating currency the country has formed issue upon
been fought Experience has shown that in such contests the
business thu country always bo denged great
and the ohc The forccr will be the conflict
ference remains unsettled There can be no pence
ty until it be settled Other questions upon which political par
tics divide comparatively harmless No matter how violent
the contest the business of the country not affected by it,
Amidst the excitement Of the public mind the eouny pursues
its onward march to prosperity and greatness But the instant
the question of currency becomes The issue felt like an
al in bc settlement Of Ills question Ills 1ouy should he
Soi ,a onsR to be done but what can be dgUe lie should
be prepared to surrender his individual opinions
by and permanently in relation to this aabsobing subject
The dsrSses of the country beyond much further endu
rance The people throug the extent Of this broad land
oudf relief Thousands and thousands Of lclowctizens
overaken tem Ihy nave Deen suddenly reduced from au-
to want Thor property, which, under ordinary crcum
leave competency themselves and fnmos has
by
reney and the uncguatod exchanges distant points,
The this question as means
of engaging in successful business the other looks
to IT. as means of proh9by carrying on the business in which
which Congress alone has the power to grant.
cancel the into which the community has been
plunged but by aiding the currency and exchanges
ey qto tho own debts WITH such p ho
de hat by the T of TG h OTS wSs
has swept the land and great object should be-
adopt such will protect from future
The runou of exchange result essentially from depre-
eiatel paper circulation 1.-THE he sound
uniform, it WILL of ITSELF go vcry far and facilities
which the General Government can give, will cocually regn
The great evil under which the country is the want
OF uniform currency and an equalization of the exchanges
revenue This involves hath he onostio +, u uisourIo m
change: sound currency receive in payment public
dues Exchange transmit distant points
the Government in payments of the public CREDITOR
The committee propose, then, to adopt system, the part
Of this Government for the collection, snckeepng, and dis
husemeni OF the public revenue, and thereby incidentally aid
in furnishing uniform currency and equolzg the exchanges
Is
only question which remains isIIow shul it be done
Different modes have been proposed and tried They first
Bank OF the United States secondly the State Bank Deposte
Sa s B an s The Se Tnad siS is at this time
OF the question The history of the year
the charter for such institution be obtained
that Obtained its stock could not be taken axe up
as to put it in successful operation
The second, the State Bank Opposite SYSTEM discarded
o dTWn is mo h1S G
othal Of its advocates believe ALL however, saying
that it cannot be Ieostabished.
he rl he Tho
sgna condemned by the people and Congress- in accordance
The committee therefore, anticipate any things
in which either of these discarded systems for long time
ever be revived Years epse before those
predictions for either be gratifcd and perhaps
time win never arrive BE that may they
them present. far enough beyond reach Why them shall
vany clutch aer thing which constantly eudes
because cannot bring its aid
when that mode cannot be obtained? The committee think not
and this brings them to the consideration of the plan of fiscal
of the Treasury and referred TO them by order of the Sen
The prominent objections to this PLAN as indicated in the opn-
ions expressed in the Senate the motion for reference
The payeas of biz of essbanro 3 The ue of Ts,uy
the credit of the Government Can these objections be
cen for the purposes for Which Intended TIE com%ec
unhesangly both these questions the Affirmative
and proceed briefly to consider the objections.
l. rs 10 EreeutrC patronage and pouer.
The patronage under this consists the appointment
office and the in the removal from Office These OBJ
jceons will lie to greater or less extent, system which
be adopted. But the Think under the
tons proposed, they will be substantially obvated The Pre
commissioners, who form the Board of EIchequer These com
missoners are removable only with the concurrence of the
violation of duty They therefore, Independent of any
proper Executive influence if should be attempted to be
by the Board of Excheguer but be limited few
two IN any State or Tero The probability V IS. tho @t
the exception of one or two States there would be no necessity
that might be dispensed with and these agencies may be the
desirable for the deposes, accept
sell bills drafts of the Board of Exchequor which
there would no appointed and the selection
of Excheque who has been already shown, Independent
of Executive influence The only officers them be appoint
ed, would be ut the agencies established at Of the i'm
portant commerci points, These be appointed by
Of S and % e Of e ToSsnT o sG Boar
like recommendation, such inferior officers of the
quire.
Any of the officers of the agencies may removed by tn
Of duy but he must ss b S , ss ., so "a
principal officer Of agency in his general annual report
The transactions of the Exohequcr;
plan Of the committee ia in truth thus reduced the single
taon of three commissioners of the Exchequer subject
Of all tho other officers of the Excheque at the seat
Government or the agencies being virtually Boarc
itself made eecuay independent of the power the Pres
dent by TIE tenure lIIs Of Office now proposed.
1i S Sn s S of
reason Of the removal from office, still less.
2. is to The purchase Of Bills Of Exchange
Object %, would if Be eashoasSs i the
u oil the Government for tho responsibility Of individuals,
consequently the Government hazard even
nal oss That might he used for political purposes
party hvortism B. That would lead fictitious dealings
exchange, without any real business husis,
The evils which would all these source, need nj
be enlarged upon They will strike the mind of eve
rejecting
But, aside from these objections, there which won
induce the committee this purchase
To exercise dscree safely things are
namely individual interest," individual sagac ndiydu
Vigilance interest," to secure proper attention sagciy,
tnguish real from fictitious operations vigilance watch ov
the transactions from inception aymen The
qualities from the of things be combined TO ii
desired extent in public officer, however faithful honest
be- lie intend conscientousy discharge his du
business this
individual would transact his business won
therefore be dangerous give this power without
the of individuals the SYSTEM which popc
ed o no done.
The committee however, propose another mode conf
substantially The benefits without any of the risks III
can be accomplished by authorizing the EXchequer and
cies 20 sell and collect bills Of exchange. In this there