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l
AR 10 Tie Treasury Statements. aud that an
O.i9 it97,;',o had been made thereto oil the enoE-
,s,ra OF IS. 100000 dollars IN years,
M circulation on the Isl Jan. 1887. being
- >, l5OIS5.S dollars aided By the
-yrea. "a ili;es afforded IN obtaIning loans
ilon European capitalists. who were seized
with the same sDeculalive mania which per- |
vaied N the u. States-a and the large i'm |
nor,a.ions of funds rom abroad. .he result OF
stock sales and loans no one can be sar- ,
Driscl AZ the apparent, but unsu6StanIial |
..ate Of prosperity which every where pre- i
vailed over the land while as iiI,e cause Of
surprise should be taIt al the present rrostra- |
tion Of every thing. and the ruin which has
beflllrn 50 many Of our fellow-citizens IN
the sudden withdrawal from circulation of so
farce an amount Of bank issues, since 1886:
exceeding, as IS believed, the amount ad
dcd to the paper currency for similar Pc
rio! antecedent 10 1851, IL ceases TO be
matter of astonishment that such extensive
saipwreck shouI1 have been made of pri-
vatc fortunes, or that difficulties should exist
in meeting their engagements on the part OF
the doctor States. Apart from which, II
there be taken into account the immense loss
Is sustained in the dishonor of numerous
banks it is less a matter of surprise that in
solvency should have visited many OF our
fellow-ci.Izens, than that SO many should
have escaped the blghting influences ofthe
times


In the solemn conviction of these truths
and with an ardent desire 10 meet the press
ing necessities Of the country | felt il to be
my duty 10 cause il 10 be submitted to you,
at the commencement of your late session.
The plan Of an ExchequeI. the whole pow
er and duty of maintaining which. in purity
and yigor, was 10 be exercised By the Rep
Tescnta,ives ofthe People and The States and
therefore. virtually by the people them
selves. ID was proposed to place It under
the control and direction of Treasury
Board 70 CONSIST of three Commissioners
whose duty it should be to see that the law
of its creation was faithfully executed, and
that the great end oisupplying paper me-
dium OF exchange. al all times convertible
into gold and silver, should be attained.
The board thus constituted, was given as
much permancncy as could be impaired TO
it. without endangering the proper sphere
Of responsibility which should attach 10 all
public agents. In order 10 insure all the
advantage OF we'll maturcd experience, the
Commissioners were 70 hold their Offices
for the respective periods oftwo, four, and
six years. thereby securing at all times in
the management of the Exchequer the SER
VICES of TWO men of experience and to
place them in condition 70 exercise perfect
inde dependence Of mind and action, twas
provided that their removal should only
take place for actual ncapacity and inhdel-
4 Ill ~~~Ak 49,
President with an exposition osthe causes of
such removal, should il occur.


Il was proposed to establish subordinate
boards in each OF. the States. under the
same restrictions and limitations of the pow
er Of removal, which with the central
board, should receive, safely keep, and dis
burse the public moneys. and in order tc
furnish sound paper medium of exchange
the Exchequer should retain Of the revenue:
of the Government a sum not TO exceed 50
100000 in specie TO be set apart as required
BY its operators. and to pay the public credi
tors at his own option. either IN specie o
Treasury notes of denominations not les
than five nor exceeding one hundred dollars
which notes should Dc: redeemed at the sev
eIal places Of issue, and to be received at al
times and every where in payment 81 GOV
ernment dues, with restraint upon sue
issue of pills, that the same should not excee
the maximum or 5 100000 dollars In oi
der 10 guard against all The hazards inc
dent to fuctuating trade. the Secretary {
the Treasury was invested with the authorit
10 issue five millions Of dollars of Govern
faent stock. should the same at any time
regarded as necessary. in order 10 place b


yond hazard the promp: redemption Of tn


bills, which might be thrown in.o circul


ton. Thus in fact making the issue


100000 dollars of Exchequer bills, res


substantially on 100000 dollars; ar


keeping ia circulation never more than or


and one half dollars, for every dollar


specie.


When to this is added that the bills a


not only every where receivable in Cover


ment dues. but that the Government its,


would be bound for their ultimate REDEEM


<iou, no rational doubt can exist that the ?


per which the Exchequer would furnis


would readily enter into general circulate


and be maintained at all times at or abo


par with gold and silver; thereby realizil


the great want Of the age, and fulfilling t


wishes ofthe people. In order to reimhuI


the Government the expenses OF the plan


was proposed to invest the Exchequer wi


the limited authority to deal in bills Of I


