The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-02
fram u.s Ns,e orl.ans DaiIs Rspu1liesa.
THE ExcnEQUER.


THE EXcHEQUER.
The prominent question now before the represen-
,,tiyes Of the People at Washington Is that having
or is oex the rsa as sas ses s Of Ss p a
liz ,noneys Upon the besi method oil eheciing a re-
suit so desirable by ALL the public have Lsen divided
IN opinion for a number Of years back. Though The
contest unhappily stimulated by party influences, has
been carr led on with ygor on either side The aiiefna
Mons success and defeat which have visited the policy
of both have left them precisely where They started
and like the operations OF conlending armies where
the honors of victory have been equally distributed,
the only practical result Is the desoatlon they have
spread around them. Nothing IS as yet effected and
though the best interests Of the country should bo
sacrificed in the struggle, nothing will be elected
until plan IS adopted which VIII harmonize con
hcting opinions while il conlempaies the objects de-
sired which shall be free from the objections urged
against National Bank and an Independent Urea
sury respectively aud which would go into operation
under circumstances much more favorable than would
these measures both Of which have experienced the
public dsapproyal.
A National Bank is Justly repudiaed by three
ourt,s OF the people The worst predictions o. .no
sternes enemies OF the late Bank Of the United states
have been more than realized. Fearfully mas the
opinion been verified that such an institution haa we
power and the tendency to be corrupt ana ina.
was one, eminently dangerous TO the iiDer'es VI
free neopIe As Webster truly and emPhatcaly
said ga National Eank is an obsolete idea" The
ruin and distress il spread around IT, om the time OF
H. creation TO that of its fall will prove an ehectua
bar to the establishment Of similar institution
The independent Treasury III was Passeo aiei
a protracted opposition, by small majority J anu
after brief existence, repealed by the votes OF
a party that made opposition TO It's continuance u
clearly expressed item III their poh,cai c.eeu'
Without entering into the merits or demer'ts Oh inns
decision of the public will IN this place, 'ne question
unlike that Of national bank at the same time-
was fairly put before the people In the electoh OF
1870 and the decision was unfavorable 10 us coht
uance. The measure was cohsiuereu maj" ny fua "
the necessary requirements OF the puoiic, Inc
aiion of our dsordered currency seems to nave oeeh
kent out of view in lis enactment ln fact, con-
terminated nothing beyond the collection sale keeping
and disbursement of the public revenue IL estao-
ii,hed two-fold currency one OF gold ana SILVER,
that Sc dom devaed from the channels OF direct com
muncation with the government; and another OF state
hank paper which under the eontr,l Of state nstu-
TONS subjected the people to the losses and depre
citation Of which the system is the fruitful parent
The principal objections to tins measure were that
il did possess the power conferred by the consul
tuition Oh the general government OF regulating The
currency and that it consequently inadequate 10
the protection of the public interests, in failing to
provide medium of exchange equal In value IN all
parts of the country, and by leaving them at the mer-
CIV of paper issue emanatng from state institutions,
the value of which was variable, unequal, and uncer
tain Ii is not TO be wondered at, therefore, that
measure which, however inofensive It's general pro-
visions may have been, yet conferred no Prac'icai
benefits upon the people, should fan TO enist IN lis
favor their sympathy and support
The United States Bank meddled too much WIN
the every day affairs of the people. The Independent
Treasury had comparatively nothing to do with them
The advantages of the one were more than counter
balanced by the dangerous influence was capable oil
exercising over interests and our liberties and
The perfect freedom from the possibility OF abuse
which was claimed for the other, lost all force with
the public, from its palpable inability to do good.
The Exchequer measure proposed by the President
obvates in the happiest manner the objections urg
against both of these schemes. 1t provides paper
currency convertible into gold and silver, in notes OF
a denomination not less than FIVE, exceeding one
hundred dollars. The issue is based upon specie to
the amount of dollar for every dollar and a hall
of paper a regulation which will ensure ITS remaining
at par in every part of the Union. The issue con-
templatcd is sufficiently extensive to answer the
grand end aimed at, without running the risk oil
creating those consequences which grow out OF ex-
pansion. II confers upon the public all tho adv I'M
iages that spring from the issues of well conducted
National Bank while 1t is free from all the objections
70 which such an institution is Justly obnoxious and
il subserves the purposes of collecting, disbursing
md safely keeping the revenues OF the government
in a manner as eiectual and simple, and as free from
the dangers of abuse, did the Independent Treasu
ry without rendering the contingency possible of
subsequent resort to means, rreconcieabe With the
principle upon which that institution was established
The Exchequer measure is precisely what the people
require. While it embraces all that is valuable, aud
rejects all that Objectionable in both of the mea
sures heretofore recommended by the two great
parties Of the country it affords them en- oppor-
tunty TO meet upon neutral ground, and by mu-
tual concessions TO settle ulon J sting basis a
matter of the greatest importance 10 the best inter
ests Of the people.
Every consideration Of patriotism aud public duty
il appears US, conspire to recommend the speedy
action Of Congress In adopting this measure.