The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-08
From the MiLLedgeriUe Recorder

The reader will find in another place an abstract
of the Fiscal plan proposed to Congress by the
mittee Of that body to which that subject refer
| red. We have hardly had time to give to the plan
proposed casual examination, much less that refec-
ton altogether necessary to the formation Of
ture Judgment and not less proper before the express
sion of any.
But of one thing we are perfectly convinced.
There is no species of fiscal agency of which we
have any knowledge, whether that be United States
Bank, the ubTreasury, or the proposed plan, which
is capable of working immediate relief for those who
are by the embarrassed state of things
United States Bank, if that were attainabe would
in time regulate the exchanges but the modus ope-
randi the mode of doing this, would unquestionabIy
for time at least rather add to than relieve the pres
sure of the people. A United States Bank would re-
gulate exchange, by reducing it to the charge of
freight and insurance specie from point to
Their with small charge for the transaction. But it
would be enabled thus to do by reducing the circula
ton of the State banks to amount which they
would be compelled to redeem probably weekly hav--
ing by its overshadowing capital and its branches at
the various commercial points, complete control over
the bank capital of mere State institutions. And
thus keeping exchange regular, it would reduce of
course the circulation of the State banks to the
rowest limits. We do not perceive how thus dlmn-
shng already meagre circulation, could alleviate
for the time the embarrassments under which the
country is actually laboring.
In regard to the Sub Treasury scheme, our opin-
require reiteration at this day. 1t is enough for
merely to express continued and doubly fortified
Judgment, that it is amongst the most destructive
schemes devised to wither the energies of enter
prsing ndustry-and if carried out, instead of re-
lieving the present PRESSURE would but perpetuate
our embarrassments, which we confidently hope and
believe WILL without it, prove but temporary.
Upon the proposed scheme, we shall reflect more
deliberately and use the light that discussion may
cast upon it, before we offer opinion, giving to it
in the mean time this confessed advantage in our de-
iberations our settled convictions, that some fiscal
agency must be tried, and that if better cannot be
DONE this has at least the merit of not yet having
proved failure, and that it cannot be proved such
without trial; when, should such be the case, it
can be either modified to make it suit the purpose, or
be repealed and give place to something better But
Of the merits dement's of the scheme itself,
feel ourselves unprepared to offer,,an opinion
In conclusion, men may talk of banks and fis-
calites, and all that sort of thing, but
relief for the pressure, but by the patient for
bearance of creditors the one hand, and the
industry and economy of debtors, on the other
These faithfully, generously, and honestly practiced
will, and will alone, relieve the present pressure, I'M
til our generous moth r, Earth, in reward Of the
honest perseverng industry of her children, shall
pour from her bosom streams of prosperity that will
relieve all PRESSURE and turn the murmurs of our
present adversely into songs of gladness.