Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-02-20
,e received during that year

the Judgment of the committee their irioeri-
Gus duty, as well in reference to the obiiea
tons incumbent upon them from the general
trust with which they were clothed, as also
in Difference to that portion of the message of
he President of the United States which had
been specially referred to their consideration,
20 enter as early as possible upon a system of
Ways and Means calculated to provide a re-
venue, " sufficient Mt least to defrav the Or
binary expenses of government, and to paw
the interest on the public debt, incIudine,
that OH new loans whioh may be authoris-
ed.''
Any provision falling short of this reoui-
sitlon, would, In the opinion of the commit
| tee, betray an improvidence in the GOVERN
ment, tending to impair its general character.
to sap the foundations Of its credit, and to en-
feeble its energies in the prosecution of the
contest into which it may soon be deriven i'm .
defence OF its unquestionable rights, and for
!he repuislon OF long continued and most ag-
grayated aggressions. Should the ruinous
system OF relying altogether upon the aid of
loans, tor defraying not only the extraordi-
nary expenditures OF the present and succeed
ing Years, but also large portion both ofthe-
Ordinary expenses OF the government and
the interest on the public debt, including thar
on new loans, be suffered to prevail. and no
additional revenues be seasohably provided.
1t Will result, that the loans which il NAV
DC necessary to authorize during the year
1918, must amount to at least II $50, 600 dol.
lars, and for 1914, to 1e, 220, 900 dollars AN
operation which by throwing into the market
so large an amount of stock, accompanied
with no adequate provision for paying even
the interest accruing on such as may be Gre
ated, but relying upon the decreasing ability
TO borrow tor the purpose of paying such in
terest, must have most unfavorable effect
upon the general price of public stocks, and
the consequent terms of the loans themselves.
1t may be added, that a SYSTEM of that sort
would, 1t Is believed, be found to be altegeth-
CT unprecedented in the financial history of
any wise and regular government, and must.
II yelled to produce, at no distant period, thar
general state of public discredit which at
tended the national finances during the war
OF the revolution, and which nothing but the
peculiar circumstances of the country, and
the want OF well organised and efficient go-
vernment during the period of that revolu-
ton, could at ali justify.
10 have withheld from the public view
fair exposition OF the propablc state of the
hscai concerns ct the government, under the
very hrst pressure of active war, or to have
aeierred submitting to the house such a sys-,
tenn as In the opinion OF the committee was
Indispensable to place the revenues of the
Country upon basis commensurate with the
pubic eXigencies, would in their Judgment.
at once have evinced in tie eyes of foreign
nations an lm6ecility of action and of design,
the eHects OF which must be TOO obvious to
De mistaken. And as it regards our own
country, would have Indicated a policy as
feeble and short sighted as it must have been
considered deceptive & disingenious-as I'M
worthy the rulers of a free and enlight-
Sneo nation, as In its result it would have
oeeh round fatal to Its interests, and paraly-
ENG to all its efforts. II is abrions that the.
whole amount which it is necessary to raise
IN order to meet the anticipated deficit of re-
venue Tor the ensuing years, is indeed emo
derate when compared either with the po-
Pulation and wealth of the United States or
with the burthens laid on European nations
by their governments
TO doubt whether the "will OF the ab;u- :
~, OF the people of the United States to bear
such burthens as are indispensable to this
END, would be to doubt their dispositions to
meet seriously the contest which is prcsen-
Tea to them, and would go far to prove that
1t had better not have been attempted.
10 doubt the readiness of the government
to bring promptly and efficiently into ac-
ton the necessary resources Of the nation,
would be to cast a distrust over the sinceri-
~ OF those pledges, which they have so re-
Gently and distinctly given to the world in
that respect, and would imply suspicicion
of their firmness Or forecast not for a moment
to be entertained
For more full and distinct elucidation of
the general subject which it has become the
duty OF the committee to present TO the house,
they beg leave to refer to the letter of the
secretary of the treasury, in answer to seee-
raj OF the enquiries made Of him by their or
der, and which has heretofore been laid be-
tore the nouse--concuring as they most full
~ do IN the general opinion expressed by him,
mat what appears to be of vital Importance
IS, that the crisis should at once be met by
the adoption of efficient measures, Which
VIII with certainty provide means commen-
surate with the expense, and by preserving
unimpaired instead of abusing that public
credit on which the public resources so emf +
nently depend, will enable the United States
to perSevere IN the contest, until an honor
able peace shall have been obtained.'
1t is then proposed by the committee, that
the additional revenue which will be neces-
sary F" to detray the ordinary expenses Of
government, and TO pay the interest on the
public debt, including that on new loans
winch may be authorised" should be immc-
dIately provided. for in the following modes,
viz.
lat. Additional Duties u I n1posts and 7opra1c.
ist. An Increase Of the duties now
payable by law on imported mer-
chandizc calculated TO yield net
revenue Of 90 S0D mo
I'd. a further retention on the A.
mount of all drawbacks allowed
by law on the expectation Of goods
wares and merchandise, calcula-
ted 20 yield net revenue Of 10000
Sd. An additional tonnage duty on