The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-02-21
Se,sao.coc

ing on the lean proposed for
the present year 100000
And also the interest then ac-
cruing ON the loan which in
all probability be ncces-
sary to cover the cNtraordi-
nary cXpences of 1915, and
which it would not be pru-
dent to calculate at less than
eleven millions $50. 600
Making the revenue necessary
to be provided, fer paying
the ordinary eXpences and
interest OH loans for that
year * leaving the extra
ordinary expences of the
year also to be provided for
by loans] 1880, 600
Estimating the receipts into
the treasury from the pre-
sent sources of revenue du-
ring that year at S3,1OO,OOO
Leaving deficiency to be
provided for by additional
revenues to be received du-
ring that year of 81, 900, 900
Under this prospective view OF the finan-
ciai situation of the government, it became
III the Judgment of the committee their i'm
Iperious duty, as well in reference to the oi-
legations incumbent upon them from the ge-
neral trust with which they were clothed, as
also lii difference to that portion of the mes
sage of the President of the United States
winch had been specially referred to their
consideration, to enter as early as possible
upon system of Ways and Means ca!cula-
ted to provide revenue, " sufficient at least
70 defray the ordinary expenses Of govern
ment, and to pay the interest on the public
debt. including that OH new loans which may
be authorised
| Any provision falling short of this reuuisi-
sition, would, in the opinion of the commit
| tee, betray an lmprovidence III the govern
ment, tending to impair its general charac-
| ter, to sap the foundations of it's credit, and
| to enfeeble its energies i'll the prosecution Of
the contest into which it may soon be driven
In defence OF its unqucstionable rights, and
| Tor the repnlsion OF long continued and most
aggravated 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 sue
ceedmg years, but also q large portion both
| OF the ordinary expences of the government
and the interest on the public debt, inclut-
ing that ON new loans, be suffered to prevail.
and no additional revenues be seasonably
provided, it will result, that the loans which
IL may be necessary to authorize during the
year 1878, must amountto at least II 90, GOO
dollars, and for 1874 to Is, 22O, 900 dollars
an operation which, by throwing into the
market so large an amount of stock, accom-
panied with no adequate provision for pay
ing even the interest accruing on such as
may be created, but relying altogether upon
the decreasing ability to borrow for the pur-
pose OF paying such interest, must have a
most untayorable effect upon the general
price OF public stocks, and the consequent
terms of the loans themselves. lit NAV be
added, that system of that sort would, it
Is believed, be found altogether unprece-
dented IN the financial history of anv wise 8,
regular government, and must, if Yielded to-
produce, at no distant period, that general
state OF public discredit which attended the
| national finances during the war of the re
voiutIon, and which nothing but the peculiar
circumstances of the country, and the want
of well organized and efficient government
during the period OF that revolution, could
at alljustiiy.
10 have withheld from the public view a
Ialr exposition of the probable state of the
nscai concerns OF the government, under the
very hrst pressure of active war. or to have
deferred submitting to the House such a sys-
TEN as In the opinion of the committee was
indispensable place the revenues OF the
country upon basis commensurate with the
pubic exigencies, would, in their judgment,
at once have evinced in the ewes of foreign
nations an imbeciity of action and of design
the effects of which must be too obvious e.
De mistaken. And as ii regards our own
country, would have indicated a policy as
feeble and short sighted as it must havebe
considered deceptive and disinecnuous-as
unworthy the rulers of free and eniiplten
ed nation, as in It's result it would have been
found fatal to its interests, and paraIysjnp
to all its Efforts. 1t is obvious thatthc whole.
amount which it is necessary to raise in or
der to meet the anticipated deficit Of reve-
nue. for the ensuing years. is indeed " mode
rate when compared either with the popu-
latlon and wealth of the United States or
with the burthens laid on European nations
by their governments"
10 doubt whether the :" will or the abili-
ty" OF the people Of the United States to
bear such burtkens as are indispensable TO
this end, would be to doubt their dispositj-
ons to meet seriously the contest which is
presented to them, and would so far prove
that it 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 sincerity
OF those pledges which they have so recently
and distinctly given to the world in that res
pect, and would imply suspicion of their
frmness or forecast not for a moment to be
entertained.
For more full and distinct calculation 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 the several eno,,ir;ac made of hin, h.