Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-10
From The Baltimore .Amcricnn.

from me DdHfHOTe american.
PRESIDENTS MESSAGE,-This document is be-
fore readers. We have but little room for com
men Passing therefore other topics referred To in
the Message, may speak briefly Of the principal
the ExchequeF.
The President makes changes in the plan a. submit
ted last winter from the Treasury department The one
now recommended Is the plan which Mr. Webster eulog
sed which he pronounced adequate 10 the eXCcnCies OF
county, upol the of which he willing stake
his reputation
The reader will find the chief features of this pn go,
forth in the Message; probably they already familiar
What - the basis Of the sysiem Has il firm foundation
Docs contain within itself any principle self egulaonl
Or will II be left, if established become the instrument
OF party and subject to all the fluctuations of political in
teresis struggling for uscendancyl
rive millions OF dollars, u appears he apart in
specie beginning, for the purpose of paying the public
creditor at his option either in specie or Treasury
Notes OF denominations less than five exceeding one
hundred dollars. In order however apart these five
millions, IT must be presuppOsed that the public creditor will
take notes rather than specieOr otherwise the Govern
ment will not have the five millions It, income Is not
equal to it, expenditures.
But strengthen this specie basis Of five millions which
IS TO be procured by exchanging Exchequer Bills for it, tho
Secretary Of the Treasury authorized issue five millions
more Of G0rerHnsnf StOck The object of this the Ian
guage OF the Message Is o guard all e haxards
incident 10 fluctuations hade," and place bcyond
hazard the prompt redemption Of the bills uLich might be
hTocD into circulation" Upon this basis, the Exchc
queT empowered to issue fifteen millions OF Government
paper.
Now the theoretical idea here is that his issue Of fifteen
millions Of Exchequer bills substantially ten mil
Hoha OF ne actual TACT mat holt Of
substantial basis procured by the issue Of bills and the
other half consists Of Government Stock Both the bills
and the stock must be redo med with specie they are
worth nothing What then ia the real foundation Of the
Exchequor7
The ESchcquer further provides for ssunr certificates
81 deposit for pecic deposited The expectation is hat
such certificates would in mid Of the Exchcquer bills
IN supplying safe and ample paper circulation"
Here then are two modes by which the government pa
peris 90 get into circulation.
The expenses Of the whole establishment ore 10 be borne
by the profits Of dealings exchange which authorized
10 dO-that s say the Exchequcr be invested with
limited authority deal IN bills Of exchange unless gyo
hbifed by me State in which agency might be situated
lnasmuch as there many States under the control Of
party which has utter dccsiaon OF this exchange fen
tme, and, indeed Of the whole SYSTEM extension Of
the Exchequcr agencies might be somewhat limited.
Having thus briefly considered the organization Of the
Exchoqucr, let us look for moment ~ probable opera
ton. Fifteen millions Of Exchequer bills may be Issued in
paymento Government crcdcrsi and further Issues,
amount not spochcd may be made IN the form Of certificates
Of dcposte In the Government should bo pressed
iormOncy the being inadequate and the alternative
being presented Of rosing duties imports by direct
nxaon what security j. there that the issues wond be
fined 70 fifteen millions, That the certificates of deposo
would not be issued without specie deposited When the
President In HE Message speaks Of the receipts into the
Treasury exceeding twenty millions for the last
quartcr o includes the 0yas Of the loan far has been
made available. The arc not sul.
ccnt for the wants Of the Government II h. deficiency
should continue fJr year, the temptation would be
continually present 10 increase the Issues e Exchequcr bills
easy and expodent Of supplying money 10 tho
Treasury. Talk Of the discretion Of Congress Have we
not had proofs enough q the influence Of parry
spirit IN swaying that body this way end now that
proofs enough 10 show that ho management o such delicate
those Of currency be safely left To such
power In Mr.. Van Buren's administration the revenue
deficient otter year; and instead Of meeting
Tariff question and increasing duties, there emissions
Of Treasury bearing interest year after year. that
the administration found public debt fastened upon
the Government How rapid would be the process OF such
emissions If the machinery already established for the
purpose and in full operation