The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-03-22

Treasury will be the more urgent, II Con-
,,roos ot this present session, should ADOPT
no 1z1n for facilitating the financial opera
lions of the Government, and improving
the currency Of the country. -,
The President cannot more deeply regret
.h,n The committee the want Of such a plan.
This. at the first meeting of the present
.Congress. was deemed the leading and par
amount object of relief for the country
Experiment after experiment had been TIL
ed for several years, which afforded no re-
lief to suffering community, until former
preiudices seemed to be merged In a feeling
Of Universal distress. and a consequent de-
termination TO abandon all further erperi'
,nenLs on this vital subject, and return TO
those measures that the experience ofhalf
a century had demonstrated to be best CAL
culated to effect the desired object. Hence
the early action of this Congress on this all
important subject, and their repeated efforts
to effect it without abandoning the great
leading principles of plan that experience
had sanctioned. They evinced readiness
10 weld non-essentials to Executive scru-
plies. and, by great concessions on their part,
endeavored to settle this vexed question,
and give relief to the country. All those
efforts proved unavailing, yet the commit
tee, and they doubt not a majority of both
Houses of Congress, still feel the same anx-
ious solici.ude on this subject. and are now
ready, rs they ever have been, to cooperate
with the Executive in effccting this object,
whenever he shall indicate willingness on
his part to sanction some measure that has
the test of successful experience to recon-
mend it, and that will not endanger the
treasure of the nation nor confer on the
Executive, powers dangerous TO the liberty
ofthe citizen, and subversrve of the free in
stitutions under which we live. The ET-
chpguer plan they deemed Il Government
bank in disguise, of the most dangerous
character. Hence it was rejected. Every
plan that leaves the public moneys in the
hands of officers, appointed directly or in
directly by the President, is deemed oblec-
tionable and doubtly so, if they are author
lied TO use those moneys for banking pur>
poses. And as the Constitution has vested
in the President, courts Of law, and heads
of Departments the power of appointing all
officers. and as no one would think of YES J
ting this power in the courts of law, there is
no way in which bank of this kind can
costtutionally be freed from Executive in>
fluence and control but by vesting the pow
er in corporation, and authorizing IFS stock
holders to elect its officers, and then TO pre-
vent abuse BY carefully guarding the whole
by strict legal penalties, for violation of
ko n,ada annnolala Tn fh q )
courts of justice.
Had the President sgnifed his willing
ness to approve bill Incorporating COM
PAW with reasonable capital, for the Sc.
-curity Of tie public money which might be
deposited with il, even though it possessed
no other banking powers than those propc-
sed TO be given TO the Exchequer, though
such project would not have been all that
many might have desired, yet the commit
tee have little doubt that Congress would,
for the sake of putting this question at rest,
and of affording some relief, have cheerful
" Welded their preferences and passed SUCH
law. Then two points would have been
gained "A safe place of DEPOSIT for the pub
lie money, and limited national currency
and facility of exchanges: and two objec-
tons to the Presidents plan Of an Echequer
would have been avoided-the increase of
Executive power, and the danger Of loss to
the public money by leaving If in the hands
of public officers to be used for banking
purposes. No greater banking powers
would have been conferred in the ono case
than in tn: other. All that a Government
Bank, in the form of the Exchequer, could
do for the country, such an incorporated
Bank would effect and instead Of endan-
gering the safety Of the public money would
afford for it the most perfect security. But
the President has indicated no desire or
willingness to grant this relief TO the coun-
try, unless it be accompanied by a conces
sion of power to him that is calculated TO
cndanger all that freemen hold dear. Un-
der these circumstances. if no plan be adop
ted FOR the relief of the nation, it must be
left 10 the intelligence of a suffering CON-
munitv to decide who is right and who is |
wrong. Our labors here must soon cease,
and our seats may be filled by more CON-
plying agents, who may yield TO Executive
influence and grant the power asked. All
we can say is that we have conscientiously
and fcarlessIy discharged our duty. Let
them DO theirs.
Beau rrEs OF LocoFoco FINANCIERING.-
Every body knows, or ought TO know, that
an English gentleman, named Smithson,