The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-23
SENATE COMMITTEE REPORT.
MONDAY. FE.RuAnY 81. 1s4a.

the Report from the Treasury, ana SO hu''' -
Presidents Message relates TO fiscai agent
lvered in the following Report, which ne Feau a. ''
Clerks table
The SELECT COMMITTEE, to whom was referred
tho :. Renort from the Secretary of the Treasury
communicating plan of Fiscal Agent of the Co
vernment," respectfully REPORT
That they have given the subject that consideration
which its Importance demands, and now present to
the Senate some of the views which have brought
them to the conclusion to which they have arrived.
The committee do not intend to go into an elabo-
rate argument in favor of such measure The late
period at which this subject referred to them,
and the anxiety of the public mind for speedy action
it, has left them but little time, amidst their other
pressing engagements, to prepare an extended re-
port. They therefore content themselves with re-
porting bill to establish Fiscal Agent of the Go
vernment, accompanied by such remarks upon its
leading features and principles as seem to be called
for by the occasion.
Since the adoption of the Constitution oil Govern
ment under which we live, the country has expert
enced much financial and commercial embarrass-
ment But at no period has it been suddenly pre-
cptated from apparently high state OF prosperity
to the lowest point of depression, at the present
time The committee will not attempt an enumera-
ton of the which have led to this disastrous
result. But they take leave to say, that amongst
them an inflated and deranged condition of the cur
rency is the most prominent There may be ditfe-
of opinion to ho,c this imitation and disar-
rangement have been produced ALL however, will
agree that the excess in trade and business
quent upon such state of things is, in some Sort in
cident 10 our system of credit--a system which is
characteristic feature of our free institutions In an
attempt to correct these excuses, the committee
would wish TO preserve and regulate but not destroy
the system itself The efforts which have heretofore
been made to correct Them have always encountered
one grand obstacle in the difference of opinion which
has prevailed in the community to the kind of cor
receive and the in which it should be applied.
This has led in some instances, to reorganization,
and hostile array of political parties and the great
question of regulating the currency of the country
has formed the issue upon which, for some years
past, the most violent political battles have been
fought. Experience has shown that in such
tests the business of the country must always be de-
ranged And the greater the sincerity with which
the is waged the one side and the other, the
fercer will be the conflict and the more disastrous
the consequences, as long the great matter in diff
ference remains unsettled There can be no peace
no prosperity until it be settled Other questions
upon which political parties divide comparatively
harmless. No matter how violent the contest the
business of the country is not affected by it. midst
the excitement of the public mind the country pur
its onward march to prosperity and greatness
But the instant the question of currency becomes the
issue, it is felt like an electric shock from one ex-
tremity of the Union to the other
1t behooves, them every good and patriotic citizen
to lend his aid in the settlement of this question His
inquiry should be, not what ought to be done but
what can be done He should be prepared to sur
render his individual opinions if necessary in order
tL, L. Z
Use stability and permanency in relation to this all
absorbing subject The disresses of the country are
beyond much further endurance. The People
throughout the extent of this broad land cry aloud
for relief. Thousands and thousands Of our fellow
citizens have been Frustrated by the caamtes of the
times which have overtaken them. They have been
suddenly reduced from affuence to want Their
property, which,und ordinary circumstances, would
have been ample to meet all engagements and leave
a competency to themselves and families, has been
most cruelty sacrificed Others, who have survived
the fearful wreck of the hopes of thousands are still
suffering by disordered currency, and the unregula
ted exchanges between distant points. The one class
looks to the settlement of this question as a means of
more engaging in successful business the 9TH
er looks to it as means of proftaby carrying on the
business in which they are already engaged All
look to Congress for that relief which Congress alone
has the power to grant. ..+s
By relief, it is not meant that Congress can furnish
means to cancel the Indebtedness into which the com
munity has been plunged but, by aiding the curren-
cy and exchanges of the country, it may enable the
People, not already in hopeless dependency to liqu-
date their own debts. With such aid the productive
industry of the country will, in due time wipe out
every trace OF distress that left by the desoatng
fury of the storm which has swept over the land
and our great object should now be, to adopt such
measures as VIII protect us from its ravages in flu
ture.
The runous rates of exchange result essentially
from deprecated paper circulation If the currer-
cy can be made sound and uniform it will of itself
go very far and with the facilities which the General
Government give, will efectually regulate the
exchanges.
The great evil under which the country now labors
is the want of uniform currency and an equaliza-
ton of the exchanges.
Can the General Government remedy this evil p
This Government must have some mode to collect
keep, and disburse its This involves both
the question OF currency and exchange |. sound
currency to receive in payment of public dues. 3
Exchange to transmit to distant points the revenues
of the Government in payments of the public Gre
ditor.
The committee propose, then, to adopt system on
the part of this Government, for the collection safe
keeping, and disbursement Of the public revenue and
thereby, incidentally, aid in furnishing uniform cur
rency, and equalizing the exchanges.
This is deemed the right and duty of the Govern
ment; and the only question which remains is, How
shall it be done
Different modes have been proposed and tried -
They are first, Bank of the United States sec |
ondly, the State bank deposits system and, thirdly,
the Sub-Ireasury.
The first, Bank of the United States is at this |
time utterly out of the question. The history of the
past year shows that charter for such an institution
cannot be obtained, however desirable it may be |
deemed by many and the state of the times demon
straes that, If obtained its stock could not be taken
up SO as to put it in successful operation.
The second, the State bank deposte system, was
discarded and put down by its most prominent friends
those who were foremost in establishing t-before
had received fair trial. as others of its advocates
believe All, however, concur in saying that it can
not be re-established
The third, the sub Treasury, as the co nmtee |
believe, was ssnally condemned by the People; and
Congress, Ia accordance with the popular will took
The earliest opportunity to repeal it.
The committee cannot therefore, anticipate any