The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-08-15
THE EXCHEQUER.

Under the existing excitement caused by the
Veto Of the "Revenue BILL" ($l2 ,0O0,00O,) it is
difficult TO realise what may be the state of
things should Congress adjourn without per-
iecting another bill on the same subject, and
still more difficult calmly to devise and present
for public consideration any plan by which the
public faith may be preserved. And yet the
magnitude of the danger to the honor and pros
penty of the nation loudly appeals to every citi-
zen who loves his country to ponder the subject
with the firm conviction that it is an imperious
duty 10 give his aid to attain so desirable an OBJ
Ject The Secretary of the Treasury appraised
Congress, at the opening of the session, that
there was in the Treasury on the first of Janua-
y, lS4l, less than one million Of dollars; that
on the first of January last, there would be de-
fciency of over half million, which would be
increased in the course of the year to fourteen
millions. With this warning we are threatened
with an adjournment rebus infectis, the public
creditor unprovded for, and no means provided
to carry on the Government until the annual
meeting of Congress.
Can it be credited that the agents of People,
who are looked up TO by the whole world as the
model by which to reform and fashion de-
iectve institutions, are about to bring such dis
grace on their country and render popular gov
eminent the subject of mockery and reproach
with their enemies and of modification and dis
appointment TO themselves and their friends =?
Is II yet too late to appeal to the patriotism, to
The plain common sense of all parties to prevent
such result? The object worthy the effort,
however imperfectly made, and the conscious
ness OF an honest purpose will remain, be the
the result what it may.
on the Tariff we are told the Executive and
The Legislature differ irreconciably. If this be
SO 1t Is much to be regretted, and great is the
responsibility which must rest somewhere
ou' IS there no other measure calculated to give
rellef to the People and strength to the country :?
Inc increase OF the public debt, and the govern
mental embarrassment between the adjournment
and re-assembling of Congress, would be the less
grlevously felt were the business community in
sured OF an improvement in the interval, of the
general currency and we may well ask the ques-
uon, IL Congress can claim credit with the Peo-
pie for having endedrored to relieve their dis
uess, when the measure designed, especially,
Tor that object, has never been regularly taken
up Tor consideration in either House2 The oh
lection most strongly and pertinaciousy urged
to the Independent Treasury was, that it pro-
vided for the Government and left the PEOPLE
TO take care of themselves. But how have the
present majority improved on the system they
then so loudly denounced Have they extend
ed reliefto the large body Of the People to whom
the currency is the great measure of interest 2
The Sub Treasury commenced with recurring
but one-tourth of public payments in coin, but
now all payments must be so made throughout
'he larger portion OF your country, and no sub
su'ute is provided, saving Treasury notes, which
immediately pass out of circulation. Can no
relief be afforded without incorporating wealthy
capitalists to break down the State hanks and
alter years Of restriction and SUFFERING 70 rho
People, when all competition has been born.
down, TO have it in their power to gran,
iargesses to favored few at the expense of the
rest OF the community Such a scheme is now
mpracucable, and admitted generally to be so.
were every branch of the Government dispo, ed
TO adopt 1t. There is still, however. the Excbe-
qn In the power of Congress- urged ON il
ny The strongest Executive recommendation -
MS measure embraces in Its provisions mode
VI anticipating, on the faith of the Government.
The receipts from the revenue, and at the same