The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-24
From as NJ y linton.
"AMERICANn-l.EXCHEQUER 3

The "Ameriesnn has joined the war-ery against
the exehequer and thus far associated itself In prn
clple, WIN The washington Globe" In its leader
on wednesday, II informs its numerous readers that
Mr. fhlmore's capital report from the Committee
OF Ways aud Means, entirely demolishes MIR Ty.
ers pet Exehequer, Sc, 6e.n The American
has been 81 long hnanciering for its own famys spe-
cal beneh-it has dipped deeply into Bar,kirg Ia
duiions uiatw we are not little surpr cd at seeing
IL attack any paper system, "however eunnngly he
Niseu'' lhe American" make wal upon a paper
currency! The millennium must certa My be at
hand and the "Americann must settle the dis cute
whether II has actually commenced or is about 10 do
So we should Judge from its own position IN rea-
tion TO paper currency, that il wou be strongly in
eiihed 10 me former opinion. But the "Americann
must pardon US Tor dissenting from its conclusions
MT riiimores report. We see in that report, de-
clamation without argument and assertion without
prooi-but no facts ten ing to show that the Exche-
quer is intended TO establish a paper currency pro-
party so called The Secretary Of the Treasury says,
IN ms report on the Exchequer plan "the second OBJ
jet oil The Exchequer plan the furnishing well
'or sale ana convenient payments TO the Treasury
as the use OF the country paper circulation al
ways equivalent 10 gold and per and Of universal
q" WIN such paper currency as tins We should
De perfectly satisfied. Ii would insure universal
prosperity, and establish public credit a basis not
10 be shaken We care not how much paper we have,
provided that paper IS the representation of the pre-
eious metals, and red ENABLE by them when demand
ed IL Is 10 paper currency issuing from chartered
Banking Inst tutons in the proportion Of three paper
dollars to one OF silver, to which we object-whch
has produced rum and desolation over our country,
and for which the Exchequer plan would prove
certain remedy.
The wanon attacks which have been made the
Exchequer system, have a much deeper foundation
than they would seem to indicate. There is no real
opposition to the Exchequer, such But the dema-
gogues OF two conteDdlng factions that
OF the issues of the Presidential contest will rest the
CURRENCY If The Exchequer plan goes into OPP
Grafton and succeeds, the SUB-TREASURY and the
NATIONAL BANK are annihilated, and with their
destruction the last hope Of TO the pa ties by
which they are advocated is gone. The veil which
IN tins case, hypocrisy has drawn before cunning, is
too irail and fmsy 10 conceal its objects, Had the
Exchequer system been proposed by the ultras of
either party should have heard the most exultng
shouts OF approbation-but coming as ii has done
from the Administration, bearing on its front RE
LIEF FOR THE COUNTRY, the destructves have
determined TO crush it in embryo, without daring TO
propose any other mode of relief The people are
beginning to search into causes. From all parts of
the Union we receive tidngs of appreciation rela-
ton to the Exchequer system IL the ulirus should
succeed in their opposition to this sau,ary
for relieving the general distress of the country they
can neither deprive the Administration of the honor
of It's projection, shield themselves from the dis
grace Of rejecting it.