The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-28
ID o lfttraI.
SPEECH OF MR.. BUCHANAN,
OF PENNSYLVANIA,
Delirercain the Senate Of the United STATES,
December 20, 1871.

DeCeWCeT ~, loll.
The motion 10 refer the project of the Board of
ESchequer TO select Committee being under con-
sideralion
MIR BUCHANAN, said-When this subject was
before the Senate, some days ago, then intended
10 make some observations on it. Subsequent re-
Election has induced me to believe that II is my
duty, at least now, TO express my opinion on the
subject If this were mere report from the Sec
rotary of the Treasury, detailing his opinions
alone, would not think it proper TO investigate it
at this preliminary stage Of The business. lut ii
comes before us in more imposing form. We
are told that il is a measure on which the Cabinet is
united. bill is presented to US drawn mp with
the ulmos, care; and we have an argument in its
favor in this report, as able in my opinion, as was
ever presented to this body. Clear in its state
menis, logical in lis deductions, and well calcula-
ted TO produce striking impression on the Coun-
try. Under such circumstances, then, and more
especially as ii has been rumored every where that
have promised it my support, feel it to be
duty which owe to myself which owe to the
grea, party 10 which have the honor 10 belong
To state my opinions on this subject, on the earli
est possible occasion. ] can say, with the most
perfect truth, that had ind still have every de-
sHt sUppuIt any tuIolhutluHdl HcusuIt SuDlIlIl-
ted by President Tyler. In common with mill
debt of gratitude towards him for his firm resist
uncc of the Fiscal Agency schemes forced upon
him during the extra session: and for the two ye-
toes, by which, on that occasion, he saved the
Constitution from violation. Never, in my life,
did speak more truly, than when asserted, ut
the close of the last session, that would be will
in IN lax n ulmDst M within the limits
of the Constitution, which he might recommend
to Congress for the receiving, safe keeping, and
disbursement Of the public money. For my own
part, felt disposed 10 give him periec, carte
blanche, provided his plan confined 10 cons,itu-
ional objects Of the Government ,and to promote the
peace of his country. But, sir, when it extends
beyond these objects; when it proposes TO issue
Government paper currency, md to put the pub
lie money out Of the grasp of the Government, and
into the hands of irresponsible persons-to these
features of the plan must give my most solemn
and determined opposition. And, sir, il is right,
in nv humble Judgement, that the public should
now know our opinions on this important subject.
The energy and industry of the American charac-
ter are such that they will soon rcve themselves
from the depressed condition in which they now
are. They will soon elevate the country, and le-
inslate its prosperity, iflell TO themselves But as
long as the people, instead Of attending 10 their
business are to be kept looking to Congress rs the
sole means Of relief their energies will be para
lyzed, and they will be expecting relief from n
source from which not the least relief can possibly
come. While chasing shadows, ,hoy will DO neg
Letting Mat industry and economy which can alone
elevate the country 10 its high desnes have
looked at this plan in every shape it could pre-
sent itself to my mind and can see nothing IN it
but n plan Of II great Government Bank, conduct
ed exclusively by officers Of The Government. The
capital furnished exclusively by Government-,hc
paper issued by the Governmenl-in short, from
first TO last, il is nothing but a Government Bank.
What, sir, are The functions Of n bank-of the
highest character of bank? TO receive deposits
to issue paper curreGcy-und TO loan money,
either by purchase or discount of bills. These are
the three important functions Of bank. And are
they not all embraced in the proposed institution
and yet, with the greatest naiyetie, we are told
by the Secretary Of the Treasury that this cannot
be dcnomnated Government Bank Now, sir,
| will very briefly state what conceive i, 10 be,
before make objections 10 ii.
1t proposes to establish an Exchcquer Board CON
sising Of FIVE members, mt the seat Of Govern
ment. The Secretary Of tho Treasury, and the
Treasurer of the United States, are 10 be CIR off,
cia members Of the ESchequcr Board. There arc
three commissioners, thus appointed by the Pres-
dent, with the consent Of the Senate. These COM
mssoaers thus appointed by the Executive, are to
hold their Offices six years. AT first one of them is
to be appointed for two years, another for four,
and third for six years-so as TO have a change
Il, the end Of every two years, of one commission
or. These commissioners are removable ut plea
sure BY the President of the United States, in case
r -, ,n,Li,, IN Of; 30,
This, then, is great central board at the head of
which is placed the Secretary Of the Treasury and
the Treasurer of the United States. And what
power aud authority are they 10 have' Sir, there
ARE 20 be ffty-wo subordinate boards scattered all
over America. These are 10 be branch agencies
not exceeding two, in each State OF the United
States and from the character Of the bill, ii is in
tended TO have at least three officers to each agen
cy There must then be ffty-,wo agencies each
having three subordinate officers constituting alto
gelher corpse Of hundred and fily-six men,
scattered all over the country in order TO discharge
the business of this Exchequer Board. What then
nre to be the functions performed by this board
In the first place, they TO receive, safely keep
and dsburse the public moneys; in the next place,
they are 10 act us commissioners OF loans, they
are also TO act as commissioners Of PENSIONS
These. sir, are the humble duties and sale duties,
which were TO be performed under the lndepcnd-
en-. Treasury law. By four or five officers acting as
Receivers General But TO the performance Of
these duties. in any manner which the President
Of these United States might propose, have an
objection. TO be sure if this bill were 10 be cut
down 10 mere Independent Treasury, four Off
GERS might perform its duties. Now, Sir, what ARE
ihey are they the duties Of n bank or NOT! In the
first place, This agency may receive fifteen mill
lions of dollars on deposiie; and these different
Agencies may cut up the sums received. into the
smallest fractional parts, and issue certificates of
deposte, to form circulating medinn throughout
the country. Now this part # the bill is some
what obscure; for while it declares that these GER
ticaies shall be circulation, it does not declare
that they are to be received for public duties; and
do not know whether it is intended that these
fifteen millions of gold and silver shall constitute
envy part of the banking capital or mott it is not
stated in the bill. But enough Of that. In the
next place, there is the power Of receiving depos-
iies-one Of the essential powers Of bank. And
there are many banks confined TO receiving depos-
ties alone and to issuing certificates Of deposite-
Although am not IN favor that part Of the bill, it
is the least exceptionable portion to me.
This Exchequer Board is TO put into circulation