The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-07
From the Philadelphia Mercury.
THE EXCHEQUER AGAIN.

We are grieved to see that the angry discussions
about this most important national measure still
strongly inctured with partisan spirit and that there
seems TO be little prospect If stripping question: in
which the welfare of the whole country and of all
parties is eminenty concerned from the Presiden-
tial canvass What, would ask, has the Exche-
quer To do with politics. Ii is measure intended TO
regulate the currency and to revive the dropping sp
rit Of enterprise and industry. IL IS TO equaZe the
domestic exchanges, and thereby 10 establish trade
on more stable basis and it is to drive the worth
less trash, which constitutes, for the most part the
circulation Ut the Western and Soub Western States
out OF the market by substituting for II currency
based on the precious metals. The agents of the In
chequer TO be responsible men, and no gamblers
in stocks they TO hold their respective Offices only
for given number of years and their acts to be
subject TO the strctest scrutiny. Now what has all
this TO do with Democratic or Coon politics. No
more than the making excellent tmepiece has
with the question whether A b is the best shoems-
ker IN town. A may under stand more about his trade
than but il does not follow therefore, that A or
understand the mechanism Of watch and If they do
not they had better let II alone.
The People want a circulating medium, and care
little or nothing about the political capital this
that champion of a particular measure would make
of t-they want that question settled pos
sible because If the party leaders willing TO
wait two years longer for the fruits Of their ntrgues,
they, the great mass, ask for relief notc-they want
to go TO work in agriculture, commerce, manufac.
lures, and navigation before the next President Is
seated IN the White House. The laborer who is out
OF employ now, derives little consolation from the
hope Of having plenty TO do tao or three years
hence he may starye till the time comes, and the
time may come and disappout him. The poor man
canno, afford TO loose two years labor the farmer
cannot sell two more crops without being paid for
them 10 a currency worth what 1t processes TO be on
the face Of II the merchant and manufacturer
not carry on trade, II they be paid IN notes which
there discount Of twenty or twenty. five per cent,
an ma he at To- "a
nothing at all. The country wants immediate relief,
and instead Of that, the Representatives Of the Peo-
Pile, in Congress assembled, grayely deliberate which
of the many presidential candidates will have the
most chance of being elected, If the Exchequer be
adopted or modified?
We admit that there are monetary questions, in
yolying the highest principles of Democracy, for
which are cOntendng, and which must be solved
IN reference TO the creed Of the party but can
not sny possible connection between the Excbe-
quer, stripped Of the power TO discount bills Of ex-
change, and any principle that urged by the
Democratic party against the establishment Of a Ma
tional Bank II that clause be stricken from the BILL
the Exohequer, as II is called will be nothing else
than the Sub Treasury, with such substantial i'm
proyements as experience has shown TO have been
wanting IN the system. II Is the Sub-Trcasury en-
argcd so as TO meet the wants, not Of few mer-
chants and manufacturers, who have 10 make remit
tances 10 a certain amount but those Of the people
at large who have great right TO be protected in
their earnings, the merchant and the capitalist
As long i, there Banks issuing paper, that pa
per will be taken in payment Of debts. The manu-
factu or who pays his workmen with II, tells them
that those who unwilling to take IT, need not work
that he viii only employ those who will take the mon
ey himself Is paid in. The same holds true Of every
other person. The merchant the mechanic, the far
mer are all COM eed to the paper which them
selves are paid in, and IN currency is created,
which no one may have faith in but which every one
is obliged TO pass through his hands, though the be-
lief OF It's being worthless will make him pass quick
w. Another reason why the rotten Banks keep up
their worthless paper circulation is that they always
manage to keep the community much pos
sible n debt tnjhem II then the Bank Is distrusted
and pushed for payment the Bank in return must de-
msnd Ipa meut Of its dcbters who, therefore, have
all an interest in maintaining he credit Of the institu-
tion.-Ths assuredly, is the worst feature Of our
Banks and enables them to maintain circulation OF
their notes alt gether dIsproportioned TO their means
and Of fraught with danger TO the public The
principal objection TO banking system Is its sccu-
rity arising from be fault just stated, and this can
only be remedied by legislative enactments, which
shall con6ne the issues Of the Banks. Such laws
we're accordingly made but II was soon found that
the Banks evaded them, and that there no means
of enforcing their rgor against a corporation. They
were too powerful they lesgued together and there
were many who were 50 strongly allied to the mos
influential men in the community, that the law wa
found TO have no power to coerce them, and thai
themselves had acquired undue share Of influence
IN our Legislatures The rotten Banks therefore
are not to be put down merely by law enforcing
specie payments az long as the amount Of specie IL
The country is VIGOROUSLY insufficient to constitute the
circulating medium, But If the public be left the