The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-11-26
Fsou. he .hs4 York Sun.
THE EXcHEQUER PLAN.


In the heat Of political discussion where each parry
has fssor.ie hosnclsl plan OF ia own, any eonpio
mise project n apt 10 be aside without sny con
soeration Of Ifs merits For several years past HE
projects Of sSank Of the Uniled States and SUB
Treasury have occupied the columns Of The partisan
Press and each MAS recommended and urged upon
their respective merits II not TO be expected
10 that position that the plan Of an Exehequ.r pro
posed by the present administration could obtain any
thing like fair hearing. We are too apt IN uiis
country 10 go either 10 the extremes oil opposioh VI
The extremes Of support and u avoid that very me
dunn which might satisfy both sdes. A new era h1s
commenced and men are TO take charge Of The
government and THIS conceive Is The proper
me TO examine the EAcheqaer project and ascertain
how far II may be advisable TO sustain II in preference
either 10 a Bank or a Sub Treasury We cannot eA-
peot always 10 have OVERLOOKING Treasury. Over
trading will exhaust itself, and the reduction oil
certain portions Of the Tariff Of 1912, which bears
hard on several Interests will diminish the receipts oil
the national Golfers besides shall be called upon
10 few months 10 redeem loans which are due, aud
which will absorb all the balance remaining alter
meeting The current expenses. Our government,
therefore must adopt measures for the permanent
support of It's credit, and must therefore choo.e De
tween an Exebeqler, Government Bank or sub
Treasury. The disastrous ruin Of The United States
Bank in means and reputation, both at home and
abroad the abuse OF lis powers, and s utter lnably
10 regulate the currency Of the country place such
project too remote distance u believe that ever
can adopted al least 10 our generation, with lis
severe losses pressing hard upon The people
That project We do not believe will be preached
By the present by any Congress, al least until ev-
err other system has been exhausted and has tailed
10 accomplishing all the objects contemplated. The
next in order Is the independent Treasury, common
IN called the Sub Srrasury which Is merely assign
ing to the custody Of person Of integrity the sale
keeping OF the public moneys; precisely the same IN
char ADD effect as the duty now discharged by
the Deposle Banks. The only reason assigned for
the adoption Of the SubTreasury project was AN APP
prehension at that time that the public moneys were
no, safe In the Banks, and If we look at the immense
issue Of and the positive dishonesty Of certain
Banks, the apprehension was justly founded. Ii may
and probably will be urged that the financial dthcul-
ties of 1886 may again occur, and that The Banks,
though restricted in the issue of a payer cireu-
a,on and very well managed, may by revulsions and
over trading ind themselves IN similar difficulties and
therefore the revival Of the Sub-Treasury would at
once guard against that evil Beyond the safe
keeping Of the public moneys, the Sub-Treasury was
Of to the Royernmentu could not and aud not
strengthen the credit Of the government and only
available 10 The amount OF money II had IN custody
Now The object of the Excheqger to issue Bills
by the Government against The amount of gold and
SILVER IN the Ireasuy-a plan useiuly adopted else
where and by this issue regulate the currency Of the
country, while IT enlarged, extended and confirmed
The public credit al home aud abroad IL was pro-
posed by President Tyler, il remember rightly, TO
create Treasury Board, consisting of three Com
missioners for the purpose Of supplying paper me-
dunn Of Exchange, which al ali times could be con-
vertibe INTO gold or silver. Subordinate and coop
eralve boards TO be established in each Of the
States under the same limitations and restrictions.
The Exchequer was 10 retain from The Treasury five
millions IN gold or silver permanent fund 10 pay
The public CREDITOR eithef his option in specie
Treasury notes, OF noe less than ye higher than
hundred dollars, redeemabe at the several places
Of issue, and received every where In payment OF
dues. Il he amount Of bills in circulation never t.
exceed fifteen millions Of dollars. This five millions
in specie and five millions Ia Government stocks
would constitute guarantee for the redemption OF
the fifteen millions Of kxchequer bills, and thus max
ing The issue OF fifteen millions 10 rest substantially
ten millions capital, ard keeping one dollar and
fifty cents IN circulation for dollar in specie
Those bills would pass throughout the Union,
and all the profits aIlsing from the operation would
60 into the Treasury, and IN time, If found 10
cork sdvaDtageousy, the capital may be increased
1t is only issuing what the Government now does,
Treasury notes; but Exchequer bills will be based
by law on safe capital. II is not Bank because
il loans no money and has stockholders Ii gives
permsnency 10 the ered, Of government and prevents
the humiliation Of gong abroad with small loan and
finding the English capitalists refusing take it, and
IN the event Of war, such institution will CON-
pose the very sinews Of H. We believe that the Ex-
ohequer project has been condemned without an ex-
animation and we trust that the contest Is over,
II will meet, as We thin. IL merits with fair and
close scrutiny, and ascertain whether the fnsncers
and Capitalists Of the country cannot unite under
tain notifications 10 favor Of kxchequer, in pre-
ference to the Sub Treasury or Bank OF the United
States, which cannot as We conceive, pass through
either House Of Congress al present