The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-14
THE ExCHEQUER- CURRENCY.

THE EXCHEQUER-CUR
The reckless conduct that invariably precedes
destruction seems TO characterize the proceedings
Of the majority in the lower House OF Congress-
aware of the rapid termination OF their political
Saturnalis, the "Whig" members are determin-
el upon the exhibition of that puerlle spleen,
which, incapable of its own selfish purposes, en-
deavors 10 ihwart the contamination vi all USE
full ends. They will not egislate for the coun-
try. as they cannot crafty individual or party
inclinations.
The House, by a vote Of l04 TO l0l, on
Thursday, refused TO take into consideration the
scheme proposed by the Executive for better
regulation Of the currency, incident up n the
restoration of a sound confidence among all
classes. The Exchequer bill. as proposed by
the Administration, would give 10 mercantile
and other operations that sentiment with the
masses, of sure reliance, necessary to the
healthy toue Of credit Ii is all that is demand
3D. II is all that is required. Confidence, an
abiding confidence in the good sense OF Govern
ment, Intimately blended a. il is, and, from the
uASuIC VI Jul lustuutOuSs uAuss uVs VIII az '"s
sources of wealth and notifications of trade,
will restore TO the now sckiy countenance of
labor the flush and regular pulse Of health
For It is that confidence, that reliance VI on
the wisdom Of public policy, that not on
Y accelerates the operations Of commerce,
but. in very deed, produces them; that
supplies, unstinted, the necessary arti
cles Of consumption, and (Which is Of more
oonsequence) renders equal and easy their i'm
mediate distribution. Let that confidence be
removed, and unhealthy legislation operate,
or al legislation become staguant, and the argo
sizes Of commerce disappear. trade loses lis acu-
WHY, and labor its hard-earned reward.
For ourselves, we are not welded irrevoca
bly, to the measure of the Executive We are
no, so enraptured, or so blinded to its many use
ful and becoming qualities, as to overlook any
,rifing defects. II such can be found, let them
be removed unhesitalingly; the sprouts, unne
cessary to the beauty, oftentimes retard the vi
gorous development of the tree and, if orna
mental in thenselves-if they cannot grow and
flourish together in seasonable junction with the
,runk-let not the pruning knife be spared.
We are convinced, on mature elaboration,
and after patient examination, that the Exche-
Quer scheme is all the present crisis in our fnan-
cial affairs requires. II does not supply new
currency, nor do We want such-it will grant no
greater facilities to discounts; they are not re-
quired: but, besides sfJrdins a SAT. and easy
method FIR the collection and disbursement of
l.. l.
supply opportunities for the transmission, from
one end Of the Union TO The Other
Of the common and useful representa-
lives of wealth, and produce the stabil-
ity, so necessary and so difficult to command,
TO The transactions of commerce and trade. Its
operation will be unseen, and unexposed TO
public censure, and will be felt only in its bene-
fetal results. IL will interfere TO check the
honest operations Of no class of the community !:
its power can thwart none it will silently
butsurely, aid and promote fruitful undertakings
resembling those quiet but efficient powers
of nature, which pervade and viviiy the uni
verse, receiving and repaying mutual benefits
whether they arise in the grateful eYhalalion, or
descend in the fertilizing shower.
A Bank of The United States has been tried
and found dangerous The Sub Treasury sys-
TEN has been condemned after a fair trial and
impartial hearing. Let now the Exchequer bill
with the advantages of both, without the ire
sponsible power of one, or the impolent quail
ties Of the other, the happy union of two rival
schemes, 60 also before the People, the tribunal
of last resort, whose province and whose duty it
is to examine for approval or condemnation the
measures Of their servants