Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-28
MONDAY. February pI 1870.

tctilfhss message rs rclotes 10 r iscel agent
delivered in the following Report, which he read a
the Clerks table;
The Select Committee, 10 whom WAS referred IN,
REPORT from The Secretary OF the Treasury com.
muneatins plan Of Fiscal Agent Of the Govern
ment" respectfully report:
That they have given the subject that considera
ton which its importarce demands, and now prc
sent To the Senate some OF the views which hay,
Brought them 10 the conclusion to which they hav,
arrived.
The committee do not intend to 90 into elabo
rate argument in favor OF such n measure. The
late period at which this subject was ref red to
them, aud the anxiety Of the public mind for speedy
action on 4, has lett them but little time, amidst their
other pressing engagement, to prepare an extended
report. They, therefore, content themselves with
repot,iu. bill TO establish a Fiscal Agent of the
Government, accompanied 10y such rcma, ks upor
ITS leading features and principles as seem to be
allied for by the occasion.
Since the adoption of tho Constitution of Gov.
eminent under which VIC live, the country has ex-
pelionced much financial and commercial emhar
Iassment. But at no period has 1t been sudden
~ colpitated from apparently high state o
prosperity TO the lowest point Of depression, as
the present time. The committee will not attemp
en- enumeration Of the causes which have led TO TIN
disastrous result. But they take leave TO saw TIM
amongst them an ina,ted and deranged condition o
the currency is the most prominent. There may b.
n difference OF opinion rs TO how this imitation an,
disarrangement have been produced. All, however
Will agree, that the excess in trade and business con
sequent upon such of things is, in some sort
incident to system OF credit; system which i,
Characteristic feature of free ms buttons In
attempt 10 correct these excuses, the committee
would wish preserve and .esulre, but not DESTROY
ihe system itself The efforts which have hereto.
fuTe been made TO correct them, have always en-
connietcd one grand obstacle IN the difference O,
opinion which has prevailed in the community rs 10
the kind o. corrective, md the manner in which i,
ahg /. = ~ rad l,e Id
% reorsanzatioa and hostile array of political
parues and the great question OF ulatin the cup
ts0cy Of the country has formed the issue upon
which, Tor some years past the most violent polti-
ol battles have been fought. Experience has shown
Una, in such contests the business of tho country
must always be deranged. And Inc Greater The
tincery vith which the war is waeed, on the one
side and the Other, the fefcer will be the conflict,
and the moro disastrous the consequences rs long
rs the great matter m difference remains unsettled
Ihere can be no peace, no prosperity, until il be
sei;.ei. her questions upon whics. political par-
urs divide are comparatively harmless. No matter
how violent the contest, the business Of the country
D. no. effected by il. Amidst the excitement Of The
public mind, the country pursues its ward march
10 prosperity and greatness. But the instant tie
qre-i on ofeurrenoy becomes The issue, i, is felt
.Ss an electric shock, from one extremity of the
Union 10 the othe1.
II lChoves, then, every good and patriotic citizen
q END his aid 10 the settlement OF this question
Ills inquiry should be- not what ought to be done
bot vha; can be done lie should be prepared 70
surrender lis individual opinions, it necessary, in
or-cr hat s1ne system may be adopted which shall
promise STAB! lty and permanency IN relation TO this
.aoscToUs subject. The dislrcsses OF the cnuu-
nv axe bcyoad much further endurance. The Poo
pie throughout the extent Of this b DAD land cry
Aloud ilr relief Thousands and thousands Of our
&C. ov- cEcus have been Frustrated by the calami-
les Of the times which have overtaken them. They
have been suddenly reduced IRON afiuence TO want
E1eir property, which, under ordinary circums,an-
COS. would have been ample to meet all engage.
I1etiS and leave competency 10 themselves and
i'wlss. has been most cruelty sacrificed. Others,
VINO lave survived the fearful wreck of the hopes OF
'lsaocs still suffering by disordered curren.
ry, and The unre ,uAied exchanges between distant
% MS. The one class looks 10 the settlement of
N..s question AS means Of once more engaging in
iu business; The other looks 10 il as a means
Of prct'aay carrying on the business in which they
ore already engaged. All look 10 Congress for
lint relief which Congress alone has the power to
grant.
By relief, it is not meant ihn, Congress can fur.
n.sb mems 10 cancel the Indebtedness into which the
community has been plunged; but, by aiding the
currency and exchanges ofthe country, il may ena
he I.e People, not already in hopeless desponden-
ey, 10 hqaida:c their own debts With such aid.
Tie productive industry Of the country will in due
tins, wlpe out every Of distress that was left
~ the .solaing fury Of the sorm which has sweep,
over The llnj; and our great object should nox be,
20 adopt such measures as sill protect US from its
raF'.ci IN future.
The ruiuous rates Of exchange result essentially
Som deprecated paper circulation. If the cur.
iercy can bc made sound and uniform, il will OF il
st!', So very far, and with the facilities which the
General Government can give, will efiectuay re-
guiais the exchanges
Tie great evil under which the country now Ia !
bors Is the want Of a uniform currency and an
equalization Of the exchanges
Can the General Government remedy this evil 2 |
i"'' Government must have some mode TO collect |
Keep, ana dsourse It's revenue. This involves both
ihc question Of currency and exchange: l. A sound
currency TO receive IN payment OF public dues. ,.
EYc1anee TO transmit 10 distant points The revenues
oi the Government in payments Of the public ere.
1.ior.
The committee propose, then, to adopt sys-
'eH' Oh me paf' OF this Government, for the col
.'-Ion, safe Keeping and disbursement OF the pub
' revenue. and thereby, incidentally, aid in fur
nshing Uniform currency, and tquI.z,ng the ex-
c.luges.
ia.s Is deemed the right and duty Of the Govern.
zoe : and the only question which remains is, How
sa3.l 70 be oone2
Different modes have been proposed ard tried
They are, first, Bank Of the United Statss. a.
c3Hdy, the State bank deposite system: and
a. sIiy, tho sub Treasury
The FIRST, Bank OF The T. States, Is a, this Tina
utterly out Of The question. The history Of The
past year shows that a charter for such an institu
lion cannot be obtninld, however desifaU'e il nonv
lie deemed by many; md the state Of the times
NItHlH'tialts Nhll " OOtAlntd, It's stock could rO
lie taken up, so as TO put i in successful operation
~ The secon5, the State bank deposite syslsm wa
G'ic1'dei and put down by its most prominent
inenos-those who were foremost in establishing II
before II had received fair trial. as others of lis
advocates believe. All however, concur in saving
thot 10 cannot be re.ts.ablilhed.
fhc third, the sub Treasury, 40 the committee
e'.cve, was sgnaly condemned by the Poodle.
and On sress, IN accordance with the popular will
toJk 'bs earliest opportunity TO repeal il.
Inc committee cannot, therefore, anticipate any
state OF things 10 which either OF these discarded
bysicmg can for long time, " ever, be revived -
Years may oapse before those who have the
strongest predictions for either can bc grauftJ
md perhaps that time will never arrive. BE In,
os % may, they ore each Of them, OF present, iar
enough beyond our reach. Why, then, shall We
vainly 1ttcm1i 10 clutch nfler a thing which con
sioniIy cluiss our graspi Shall We permit the
country 10 suffer under is present ombarrassnents
becausa we cannot bring n ne aid our fayor,o mode
81 rcleif And more especially shall We permit
this wien that mode cannot be attained The com
m'l'ee think not; and this brings them 10 The con.
Si,fauon 81 the plan Of fiscal agen, recommend
ca ~ tne President, reported on by the Secretary
o' the Treasury, aud referred TO them bv oder q
the senate - 'N' "
Ih1 P'omnon, objections 10 o.. IS plan. ns indicated
~ me otn'rs expressed iu tie Senate On tbs
motion i'r reference, ore, !. Tie r,tron,oe md
power Wmeh % gives 10 thr Executive; 2. Tbs D,,,
oiasto' bills Of O. ahlnEci ,. Tie issue ofTre,surv
Hoies on thc 6rat OF the Govsrnmsut Can tb,s,
objections b- obyatod on rcmovcd1 And. I'm,
Gao, vii the system I've eficen, fir the pnrno,s, ~,
which 10 D. inlondcd7 The committee unbssit,t,ngI,
answer both these questions 10 the Affirmative, epy
p'occcj briefly 70 consider the objections.