The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-09-12

/ In my last number gave the general outlines
OF the Exchequer plan, recommended by the
President, and now proceed to the task Of com
mentiDg on its several provisions.
LIST. The Board of Commissioners
have already alluded to the great importance
OF having able and experienced men to watch
| over lis operations. III il be admitted, as II
must necessarily be, by ALL that upon the sue
cessful operation of any institution, directed to
the great end of providing sound medium OF
exchange for the country, whether that medium
be furnished at a mint for coinage, or by Trea-
sury Department in the form of paper, depends
In an eminent degree the prosperity sad happ-
ness of country, then too much importance
canno, be ascribed to the talents and patriotism
of the persons who may be intrusted with such
high duties. They should be men Of the high
es, intellectual power, as well as of the purest
morality. II will be for them to put the Exche
quer properly in motion to watch over its con
Germs to correct its irregularities, aud keep
il within the pale OF the law; TO keep the Trea-
sury Department constantly advised of lis true
Stale and condition, so that the issues may be
brought daily or weekly under the eye Of the
| Government. In order 10 insure suitable men
for the station, competent salaries ought TO be
provided.
| One Of the caplious objections taken TO the
Excheqaer has been that Executive influence
| will be greatly enlarged. This is mot carefully
guarded against by restraints imposed on the
| removing power. The right to impose these
restraints is conceded by the Executive. it is
presumed, from belief which extensively pre-
walls that Congress are the legitimate cusrodiers
of the public money. Be that as it may, pass
over It's discussion for the present. and take the
plan as preseuted by the Secretary OF the Urea
sury. The commissioners are to be appointed
by and with the advice and consent Of the Sen
ate, for two, FOUR and six years, and are only TO
be removed for cause. With the appointment
of subalterns the President has nothing to do !;
that i, given TO the Secretary of the Treasury,
or to the Board of Commissioners, and the pow
er TO remove such agents is also restrained and
limited. The whole objection is frivolous you
must have agents to execute all laws, and some
person must have the power TO appoint them.
The Constitution confers that power on the
President, and wisely. Even if there were no
restraint imposed by law in this instance, yet a
check over awless power would be found, to
great extent, in the amenabilily Of the President
to public opinion. The responsibility Of the re-
preventative to the constituent is, after all, the
great security to popular rights. But that
is not all. The correction would be in the
hands Of Congress and the People, for ev-
cry abuse committed by the Executive. The plan
is democralical in all its features. 1t is created
by Congress, may be at all times amended by
Congress, and if found to work injuriously may
be abolished by Congress. If the power of any
branch Of the Government be increased by it, it
| is that of the Legislative branch.
| How incomparably superior is the Exchequer,
in this respect, to Bank Of the United States
Over that, Congress can have no control. The
charter is purchased for twenty years-the d.
rectors are appointed by wealthy capitalists
the Bank is managed for their benefit, and how
ever injurious it may be to the public, Congress
SssRlpls ,lpssrpose. Chartered rights and .stfnYy
King" struts and swaggers upon Change, fixes
the value OF Stocks pronounces upon the course
of trade, and decides the fate of markets.
With all this, the Exchequer has nothing to do.
1t deals not in stocks, or any thing else 1t can
indulge in no spirit of favoritism which builds
up the fortune of one man and destroys that of
another. tits, in fact, merely agency to pay
the debts and dsburse the moneys of the Gov
eminent, and in doing so, performs the great
purpose of supplying the country with sound
paper currency.
| This is done by furnishing the public creditor,
al his option, with Exchequer bills or gold and
silver. The Government receives the gold and
silver in payment of its cues, and issues its bills
to It's creditors, ia lieu of gold and silver, until
its bills amount TO three times the amount of
specie retained the whole amount to be issued,
not to exceed $l5OOO,O 900. 1t can offer no
'bribe- worthy service" 1t has no means of
buying, since it can only pay those who are
bona fida creditors of the Government, and
bring the Treasury warrants to be paid.
To this feature, it was objected by Mr.. Bu-
chanan and others, in the debate which arose in
the Senate, that it was the exploded banking
theory of the issue of three paper dollars for
one silver dollar. If there was no other prov
sion of the bill 10 guard against the anticipated
evil, the objection might be well founded. For,
although | firmly believe that, in the present
want OF uniform paper currency throughout
the country, Government paper might safely
be issued to the amount of SIS, 900, resting
for It's redemption on one dollar in specie for
three of bills in circulation, yet the character of
the Gov eminent Is too dee Iy involved to leave
any thing in doubt or put any thing 10 hazard.
The single fact of the redeemability Of the
notes at the place of issue alone, while they are