Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-19
Vol. 3.

means OF prontaDly carrying on V'e JUST
ness in which they are already engaged.
All look to Congress for that relief which
Congress alone has the power to grant.
By relief, it is not meant that Congress
can furnish means to cancel the indebted
ness into which the community has been
plunged; but, by aiding the currency and
exchanges of the country, it may enable
the People, not already in hopeless despon-
dency, to liquidate their own debts. With
such aid, the productive industry OF the
country will, in due time, wipe out every
trace of distress that was left by the Desc
ating fury of the storm which has swept
over the land; and our great object should
now be, to aauopt such measures as will pro-
tect US from its ravages in future.
The ruinous rates of exchange result es-
sentially from a deprecated paper circula-
ton. If the currency can be made sound
an uniform. it will, of itself, go very far,
and with the facilities which the General
Government can give, will effectually regu-
late the exchanges.
The great evil under which the country
now labors, is the want OF uniform cur
rency and an equalization of the exchanges.
Can the General Government remedy
this evil! This Government must have
some mode to collect, keep, and dlsburse
its revenue, This involves both the ques-
ton of currency and exchange: l. A 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 creditor.
The committee propose, then, to adopt a
system, on the part of this Government,
for the collection, safekeeping, and dis
bursement of the public revenue, and
thereby, incidentally, aid in furnishing a
uniform currency, and equalizlng the ex-
changes.
This is deemed the right and duty of the
Governments; 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 Unit
ted States: secondly, the State bank depos-
lite system: and, thirdly, the Sub-Treasury.
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 demonstrates that, if obtained, its
stock could not be taken up, so as to put 1t
in successful operation.
The second, the State bank deposite sys-
! tenn, was discarded and put down by its
most prominent friends-those who were
foremost in establishing it-before it had
received fair trial. as others of its advo-
Gates believe, All, however, concur in say
, ing that it cannot be re-established.
The third, the Sub-Treasury, as the COM
mittee believe, was signally condemned by
, the People; and Congress, in accordance
with the popular WILL took the earliest op-
portunity to repeal it.
The committee cannot, therefore, antici-
> pate any state of things in which either OF
! these discarded systems can for long time
if ever, be revived. Years may elapse be-
!, fore those who have the strongest predilec'
lions for either can be gratifed; and per-
o haps that time will never arrive. Be that
, as it may, they are each of them, al pres
ent, far enough beyond our reach. Why
6 then, shall we vainly attempt to clutch after
thing which constantly eludes our grasp!
q Shall we permit the country to suffer un-
q der its present embarrassmehts because we
=, cannot bring to its aid our favorite mode of
. relief? And more especially shall we per-
nit this when that mode cannot be at
Il
q this brings them to the consideration of the
9 plan of fiscal agent recommended by the
President, reported on by the Secretary OF
1 the Treasury, and referred to them by or
q der of the Senate.
i The prominent objection to this plan, as
8 indicated by the opinions expressed in the
a Senate on the motion for reference, are,
The patronage and power which it gives
= = to the Executive; 9 The purchase of bill:
! of exchanges 3. The issue of Treasury
notes on the credit of the Government
e Can hese objections be obviated or re
;, moyedl And, if they can, will the system
q be efficient for the purposes for which it i
!. intended! The committee unhesitatingly
o answer both these questions in the affirma
i tive, and proceed briefly to consider thu
:. objections.
l. As to Executive Patronage and PoWer
j. The patronage under this system consist
II in the appointment to office and the powe
e. in the removal from office. These objec
,e tons will lie, to greater or less extent, t
,r any system which can be adopted. But tn
r. committee think, under the modification
n proposed, they will be substantially obvia
in ted. The President, with the advice an
ne consent of the Senate, appoints three CON
n missioners, who form the Board of Exche
h. quer. These commissioners are remove
I'd able only with the concurrence of the Ser
of ate, and for physical inability, incompe
" tency, or neglect, OF violation of duty
We They are, therefore, independent of an
w improper Executive influence, if any shoul
ir be attempted to be exercised over then
hn Of 10 IN ha