The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-11
From Tie Trenton UMg)


The report of Mr. Tallmadge in favor OF the Ex-
chequer plan of the Administration, as modified by
the Senate committee, is receiving much commenda-
ton and is evidently producing great effect upon the
public mind The newspapers throughout the coun-
ry most noted for candor, Independence, and ntelll,
gence are declaring in favor of the bill II appears
to US after the little examination we have had time to
give it to avoid in most happy degree, the ess oil
the ned ST. Bank system, and the sub reasuiy
system Ii is not like 1.-THE latter an executive ma
chine for the President can neither appoint nor re-
move one of the commissioners without the consent
and APPRECIATION of the Senate; and these comnis
soners little subject to Executive control, have the
sole mana cement OF the Exchequer.
The bill does not propose to give the powers oil
discounting notes and bills of exchange; which pow
ers called into excessive eNertoh by General JACK
son, the proxlmate cause oil the embarrassment
and failure of the United States bank The bill au-
thorzes the issue of fifteen millions of paper money,
for the redemption OF which there IS 10 be the same
amount Of specie in the vaults of the ENchequer.
This will withdraw, we think, from hooks and cor
ners and old stockings fifteen millions of boarded and
useless specie and put in circulation fifteen millions
of paper money, of credit which cannot be impaired
We thus shall get circulating medium better than
specie; and this, with the equalization OF exchanges
is all that an United States bank is desired Tor WIN
regard to the exchanges, they viii always be equal
lied by the circulation of sufficient amount OF pa
per money at par throughout the country SO far as
they can be equalized, by the influence of money-s-
suing Institutions The inequality of the exchanges
arises from two first the depreciation OF the
currency Of some Districts and secondly, the lndebt-
edness of individuals in those districts. The former,
this Exchequer money and the sale by the Exchequer
of bills of exchange at the very lowest rates which
the bill provides for, will remove to reasonable de-
gree. The latter will be removed in part by the
bankrupt act and can be entirely removed, only as
individuals pay their debts,
The provision in this bill requiring the agencies
to present weekly all the bank notes in their posses
sion for redemption in specie, will do more If tho
roughly and punctuay enforced, to cure the evils OF
our banking system, and keep the currency within
moderate and safe limits, than any other conrlyance
that has been suggested
We hope therefore, that Congress will pass this
bill. They will not we trust, destroy it, to CRAFTY
their animostes or because, as MIR. Morehead said,
g the bill comes from the Executive" The people
are suffering greatly, and desire relief from any ant
every source they have just turned out Mr. Van Blu
rem because under his Administration, it was an
I nounced that no relief should /" come from the Exc
cutiye >, and those who now control both houses o.
Congress may take warning from his fate. s.