The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-01-24

OBSERVATION-DISCLOSURES"

The "Amercan' has joined the war-cry against
the exchequer, and thus far associated ITSELF in prn-
cipe, with the washington Globe" In its leader
on Wednesday it informs its numerous readers that
MIR Fillmore's capital report from the Committee
Of Ways and Means, entirely demolishes MIR. Ty
ler's pet Exchequer, Sc, &C." The "Amercan"
has been long hnancering for its own famys spe-
cal benefit has dipped deeply into Banking In
sfssors, that we are not little surpri ed at seeing
II attack any paper system, 'however cunnDgly lie
viscd." The "American' make wal upon a paper
currency! The millennium must certainly be at
hand, and the "American' must settle the dispute
whether IT has actually commenced is about to do
so. We should judge from its own position in rela-
ton to paper currency that it would be strongly in
cliDed to the former opinion. But the american"
must pardon us for dissenting from its conclusions on
Mr. FillmOre's report. We see in that report de-
clamation without argument, and assertion without
proof-but no facts ten ling To show that the Exchc
quer is intended to establish paper currency pro-
party so called The Secretary of the Treasury says,
in his report the Exchequer plan, the second OBJ
Ject OF the Exchequer plan the furnishing, well
for safe and convenient payments to the Treasury
as the use of the country, paper circulation al
ways equivalent to gold and susr and Of universal ere
at." With such paper currency as this we should
De perfectly satisfied. 1t would insure universal
prosperity and establish public credit basis not
to be shaken. We care not how much paper we have,
provided that paper the representation OF the pre-
cious metals, and redemabie by them when demand
ed 1t is to paper currency issuing from chartered
Banking Inst uons in the proportion of three paper
dollars to of silver, to which we object-whch
has produced ruin and desolation over country,
and for which the Exchequer plan would prove
certain remedy.
The wanton attacks which have been made on the
system, have much deeper foundation
than they would seem to indicate. There is real
opposition to the Exchequer as such. But the dema-
gogues of two conendng factions aware that one
of the issues of the Presidential contest will rest the
If the Exchequer plan goes into OPP
Grafton and succeeds, the $UB-TREASURY and the
NATIONAL BANK are annihated, and with their
destruction the last hope Of success TO the pa ties by
which they are advocated is gone. The veil which
in this case hypocrisy has drawn before cunning, is
too frail and imsy to conceal its objects Had the
Exchequer system been proposed by the ultras of
either party we should have heard the most exuting
shouts of approbation-but coming it has done
from the Administration, bearing on its front RE-
LIEF FOR THE COUN TRY, the destructives 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 tidings of appreciation in rela-
ton to the EXchequer system. If the ultrus should
succeed in their opposition to this salutary measure
for relieving the general distress of the country, they
can neither deprive the Administration of the honor
of its projection, shield themselves from the dis
grace of rejecting it.