The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-02-01
STATE OF PUBLIC OPINION UPON THE
EXCHEQUER.

STATE OF PUBLIC OPINION UPON THE
EXCHEQUER.
The Exchequer plan has now been before the
People for more than twelve months, and as
yet we have not seen any evidence OF its being
unpalatable to them. On the contrary, the am-
plest proofs of its being highly acceptable
have been, from time to time, afforded IN
all sections of the country.
With the exception of a very few ultra Wing
and ultra Democratic newspapers, the public
press has not condemned it, and it is remark,
able that even the prints which have set up
their opinion against il, have done 50 with very
feeble voice. and plainly because high party re-
qurements made it necessary for them to
do so.
The arguments by which this admirable pro
jet of currency has been condemned by its OPP
ponents, in all cases, resolve themselves into
The most barren description of party reasoning.
This is evidently felt by the enemies OF the
measure, for their opposition never rises TO a
convincing pitch, and after they have written
or spoken, they plainly retire from the task with
an awkwardness tina, is almost piliable.
Since the present session of Congress began,
not single memorial, if we remember Alright
has been presented to either House OF that body
sure, bu, petition on petition has been piled up
on the Clerks table urging its passage into a
law. The newspaper press, in every part of
the Union, is daily calling on Congress 10 act
in The matter favorably; nay, from careful ex-
animation of the subject, We find that neatly
eighttenlhs of the public prints of the country
are in favor of the measure.
But, in spite ofthese multiplying evidences Of
the state of public opinion upon this truly Re
publican measure the Congress Of the nation
refuses to pass law imbodying It's main fea-
lures. They will no, hear the voice of the Peo-
pie, but persist in closing their ears to their loud
calls upon them to legislate for the public good,
and not for party.
An attentive eye will discover that there is
not single State in the Union which is not
deeply interest led in the immediate passage of a
law TO or, ate Board Of Exchequer Ii must
be seen, by every man of ordinary perception,
whose judgment is not blinded by partisan feel
ing, that the People only want the means OF
procuring a well based, sound, and convertible
paper currency, which shall circulate at all
points of this widely-extcnded Confederacy.-
They do not want to lose The power Diminishing
that currency, sold for term of years TO an IT.
responsible body of money borowers or money
lenders, who can issue promises to pay, one
hundred cents of which would not be worth
twenty-five cents intrnsically. They would see
their servants invested with power, by law, that
can be altered or repealed at pleasure, TO pro-
vide this currency on the basis of "for every
eagle on the wing, an eagle in hand"
The present Congress will 90 out Of exist
ence in few weeks more; but we trust its
members will, as private citizens, live TO see
their pnrty violence rebuked. As true as the
sun IS In the heavens, al noon day, will that be
done. The People will have The Exchequer
irrespective of the wishes and designs of party
They got the Treaty of Washington and the
Tariff on that basis, and the Exchequer is next
TO come. The next Congress will, probably.
heed the voice of the constituency. If it does
not, the next will. But we do not despair of
the new Congress. Its party character Is yet
undecided. BE it Democratic or Wing, The
Exchequer measure will be passed into a law.
This must be the result, for the public mind will
never again consent to see the power Of dimin-
ishing values Qor such is Banking) granted TO
corporate bodies, nor will il be content with a
purely metallic currency with its oppressive IN
Confidence in trading communicated the
People of the United States are trading com
munlty in the full sense of the lerm-cannot ex-
ist under either the purely paper or the metallic
system. The former hourly unsettles the stan
dard OF value by dimmulion, and always ends
in the utter destruction of the most powerful
element of on6dence-confdenc in money
transactions. The latter, like Lycurgus' scheme
OF non money, is hostile to commerce by its in
dency to accumulate wealth in the hands of the
few, thus lessening daily the range Of circula-
ton, and drawing out of business all those
whose capital cannot resist the absorbing power
OF larger masses OF wealth The People of this
country see the dangers Of both systems. for
they have experienced them in their own per
sons and in their own time. They see that
there is a middle ground which can be occupied
with safety. and that is the middle ground of n
mixed currency, paper and specie floating toge
'her with the most perfect unity of their several
clements, dfusng wealth without affecting the
standard Of value, and giving that activity to
commerce, without which, commerce soon dwin-
lies to nothing-and the People further see that
his middle ground Is occupied by the Exchc-
luer.
They viii have 1t, too, despite Of the opposi- |
ion OF their iaithless servants in the present |
'ongress,