Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-03-10
S2l, 6O3,764 rs Sls,i7j,2e 81
lS,l75,2s9 81


III
Prcsumng then that the Executive will pursue
the usual pra',Ice OF his predecessors, and permit
him an amount OF the appropriations of SAB, to
lie over for expenditure in 1874, equal TO that
which lays from 1912 10 l643 and assuming
thnt the receipts not oVcr-estimnted, and that
the expenditures do not exceed the appropria.
tons then the accounts Tor The calendar year lS43
will stand thus.
Total amount of receipts, 500, 1913, 400 Os
Total amount OF expenditure, 49, 1929 81
Leaving balance, Jan. !, Is44, of s5,l4s,1lO II
Dliis certainly shows an Excess OF means over
the estimated wants of the Treasury, sufficient 10
meet any possible contingency which may arise
The report concludes as follows Oh the subject
OF the
EXCHEQUER PLAN.
The committee have some doubts whether the
duties imposed by the reference of this message
require II en-, to notice its closing paragraph, in
which The President says that the necessity Of
fuiiher aud iull provision for supplying the wants
OF the Treasury will he the more urgent if Con-
gress, at tls present session should adopt no plan
for facilitating the financial operations of the Gov
ernment and improving The currency OF the coun-
try"
The President cannot more deeply regret than
the committee the want of such plan. This, at
the first meeting Of the present Congress was
deemed the leading and paramount object OF relief
for The country. Experiment after experiment
had been tried for several years, which afforded
no relief to n suffering community, until former
preJudices seemed TO he merged IN feeling oi IL
nlversnl distress, aud consequent determination
abandon all further experiments on this vital sub
lect and return to those measures that the expert
ence Of half century had demonstrated TO be
best calculated to effect The desired object, Hence
the early action ofthis Congress on this all mpor-
iant subject and their repeated efforts effect it
without abandoning the great leading principles
ofa plan that experience had sanctioned. They O.
Ia a., als
tive scrupes, and, 10y great concessions on their
part, endeav to settle this vexed question, aud
give relief 10 the country. All those efforts pro
we'd unavalling, yet the committee, and they doubt
not majority of both Houses of Congress, still
feel the same anxious solictude on this subject,
and are now ready as they ever have been, 10 CO.
operate with the Executive in effecting this object
whenever he shall indicate willingness on his
part 10 sanction some measure that has the test o
successful experience TO recommend il, and tha
will not endauger the treasure of the nation MOI
confer on the Executive, powers dangerous to the
liberty of the citizen, and subversive of the free in
slituliOns under which we live. The Ercheque
plan they deemed a Government bank in disguise
of the most dangerous character. Hence it wat
rejected Every plan that leaves the public mon
eys III the hands OF officers appointed directly o
indirectly by The President, is deemed obJeclona
be; and doubly so, if they are authorized to us,
those moneys for banking purposes. And as th
law, and heads of Departments the power of ap
pointing all officers, and as no one would think o
Veslihg thus power in the courts OF law, there
no way IN which bank OF this kind can const
futionally be freed from Executive influence an
control but by vesng the power in corporation
aud authorizing It's stockholders 10 elect its officers
and then TO prevent abuse by carefully guartliu
the whole hy strict legal penalties, for violatlo
OF winch they may he made unenuhe 10 III
courts u justice.
Had the President signifed his willingness
approve bill Incorporating company with
reasonable capilal, Tor the security of The publ
money which might be deposited with it, eve
though II possessed no other banking powers tina
those proposed 10 he given TO the EXcheque
though such project would not have beeu n
that many might have desired, yet the commute
have little doubt That Congress would, for the sal
OF putting this question at rest, and of alfurhim
some relief have cleerlully yielded their prele
ences and passed such Il law. Then two pom
would have been galned-a safe plnce of depos
for the public money, and limited national Gu
rency and facility OF exchanges and two oble
u0ns TO the Presidents plan OF an Exchequ
would have been avOded-Ihe increase of Exc
utVe power mud the danger of loss to the publ
money by leaving it H. the hands at public Office
i"he used Tor banking purposes No greater han
ing powers would have been conferred IN the Ol
c4SG IL -. 7ttt-ri1aT II -G5tTTrTr
Bank, in the form of the Excheuuer, could do L
the country, such an Incorporated Bank won
eletI; ana IN instead of endangering The safe
OF the public money, would afford for il the mo
perfect security. But the President has indical,
no desire or willingness to gran; this relief to II
country unless il be accompanied by concessi,
OF power to MN mat IS calculated 10 endanger
that reemen hold dear. Under these circumsta
ces, IL no plan be adopted for The relief Of the n
lion, II must be left the intelligence of n sufIs
ing community 10 decide who is righ, and who
wrong. Our labors here must soon ceuse al
our seats may be filled by more complying agen
VINO may yield to Executive influence and gra
TIT power asked. All we can say is that we ha
consclenlously and learlessy discharged our d
~. Lei them do theirs