The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-10-25

upon the duties Of Office, to Offer to the eons
deraton Of the committee of Ways and Mean,
an answer on the several points OF their en-
quiry.
Contemplating the present state of the f
nances, it is obvious, that deficiency in the
revenue, and depreciation in the public Gre
dit, exist from causes which cannot in any de-
gree be ascribed, either to the want ofres ur-
ces, or To the integrity of the nation. Differ
ent minds will conceive different opinions il
relation to some of those causes /; but IL wi,
ID agreed on all siles, that the most operativ
have been the inadequacy from our system o
taxation TO form a foundation for public Gre
dit AID the absence even from that sy stem q
the means which are best adapted to anticipate
collect and distribute the public revenue.
lhe wealth OF the nation, in the value an
produce OF its soil, in all the acquisitions o
personal property, and in all the varieties OF
industry, remains almost untouched by the
hand OF government for, the national faith,
and not the national wealth, has hitherto
been the principal instrument of finance, Ii
was reasonable, however, to expect, that
period must occur in the Course of protract-
ed war, when confidence in the accumulation
OF pubic engagements could only be secured
by AN active demonstration, both Of the ca
| pacity and the disposition to perform them
In the present state of the treaSul V therefore
1T is gust consolation to reflect, that prompt
and resclute application of the resources of
the Country will etfectually relieve from every
| pecunlaTy embarrassment and vindicate the
| fiscal honor OF the government
But IT would he vain to attempt to disguise,
| and 1T would be pcrnicious to palljate, the diff
| ficulties which are now to be overcome The
| eXigencies OF the government require a sup
| ply ottreasure for the prosecution of the war,
| beyond any amount which it would be polite
L ~ ~
immediate and constant imposition of taxes
! There must, therefore, be a resort to credit
for considerable portion of the supply. But
the public credit is at this juncture SO depress-
| ed, that no hope of adequate succour, on mo-
| derate terms, can safely rest upon it. Hence,
| it becomes the object first and last in every
| practical scheme of finance, TO rc-animate
| the confidence of the citizens and to impress
| on the mind OF every man, who for the pub
| lie account renders services, furnishes sup
| plies, or advances money, conviction of the
| punctuahty as well as the security of the 90
| vernment. 1t is not to be regarded, indeed,
| as the case OF preserving a credit which has
! never been impaired, but rather as the case
OF rescuing from rcproach credit over which
| doubt and apprehension mot the less injurious
| perhaps, because they are visionary have
| cast an inauspicious shade. IN the former
the ordinary means of raising and appropria-
| ting the revenue, will always be sufficient
I but IN the latter case, no eXertion can be COM
| petcnt to attain the object, which does not
quiet, IN every mind, every fear of future loss
| or disappointment in consequence of trusting
to the pledges of the public faith.
| The condition of the circulating medium OF
the country presents another copious source
| OF mischief and embarrassment. The recent
| expectations Of specie had considerably dimi-
| nlshed the fund OF gold and silver coin and
| another considerable portion of that fund has
been drawn, by the timid and the wary, from
| the use OF the community, into the private
Golfers of individuals. On the other hand,
| the multiplication of banks in the several
| currency, that it would be difficult to Calculate
| It's amount and still more difficult to ascer-
| tam Its value, with reference to the capital on
| which it has been issued. But the benefit OF
even tins paper currency is in great measure
| lost, as the suspension of payments in specie at
| most otthe banks has suddenly broken the
i Chain OF accommodation, that previously ex-
tended the credit and the circulation of the
notes which were emitted in one state into eve
| ny state IN the union. 1t may in general be af-
| hrmed, therefore, that there exists at this
| time no adequate circulating medium common
| to the citizens of the United States The
| inonled transactions of private life are at a
| stand and the fiscal operations of government
! labor with extreme Inconvenience 1t is i'm
| PS@S'S-S
long endured but, let it be fairly aided,
| that with legislative aid it is not necessary
chat the endurance should be long. Under IA
Vorable circumstances, and limited extent,
an emission OF treasury notes would, proba-
bly,, afford relief; but treasury notes are an
| expensive and precarious substitute, either
for Coin or for bank notes, charged as they are
with growing interest, productive of no coun-
tervailmg profit, or emolument, and exposed
to every breath Unpopular prejudice or alarm
The establishment of national institution, o.
peratlng upon credit combined with capital
and regulated by prudence and good faith, is,
after all, the only efficient remedy for the dis
ordered condition Of our circulating mediam.
While accomplishing that object, too, there
VIII be found, under the auspices of such an
institution, a safe depository for the public
treasure, and constant auxiliary to the pub
lie credit. But whether the issues of a pa
per currency proceed from the national trea-
sury, or from national bank, Il cceptance
Of che paper in course of payn.- IS and re-
ccipts must be forever optional with the cti-
zeHs. The extremity of that day cannot be
anticipated, when any honest and enlightened
statesman viii again venture upon the despe-
rate expedIcnt of a tender law.
From this painful, but necessary develope-
ment OF existing evils, we pass with hope and
confidence, TO a more specific consideration
OF the measures from which relief may be-