Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-10-19
The Budget t.
REPORT OF THE COMMITTEE OF
WAYS AND MEANS

WAYS AND MEANS.
The committee Of Ways and Mesns 10
whom was referred 90 much Of the mes
sage Of the President cf the United States
as relates to the 6n2uces,
REPORT. !
That taxes, loans, and treasury notes, ap.
pear 20 be the resources on which We must
rely fer carrying on the war. The product
OF the first, cannon Be commanded In tin
60 meet the inmediatded demands on the trea-
sdry-a reliance on loans, 10 the present 81.
tuxtion of this country. would be uncertain,
ADD, the terms on which they would be OBJ
tanned NOT sHchs ~ to induce aresort,to them
atthe present momeut--treasury notes, 'com,
bipsd with . system aftAxaton m~ore,exten.
'ded than the one heretoforc adopted, WILL
It Is believed, in the present state of bank
cysdit. befoued OBJ much better resource.
The want Of sQme medium. which resting,
Ca q firm and solid basis. may uHite public
confidence, md have 8 general. instead of q
LEGAL circulation, il now universally ac-l
fn0wledeea Thestoppage Of specie pay
'ments By The principal banks Of the middle
stAtes. has embarrassed greatly the opera
tions Of the treAtury, and by combining the
tcircul6tioi 6f notes TO the limits Of the states
within which they are, issued, has deprived
the government Of all facilities, in the remit.
tance of money, which vas afforded while
public confidence gave to bank notes a rer.
eraf circulation. The notes of New York
and Philadelphia will not be ! received in
.Boston !: the notes Of Baltimore. or of the
DISTRICT Of Columbia. will not answer for
payments 10 Philade,phia. II, by any new
modification. treasury notes could be made
to, answer the purposes Of a circulating me-
,di,,nl. between the diaerent sts,es ,hs,
would ereatly Facilitate The oneratio,s &c co.
vernment. and frse from embarrassment
thSrtransaetiont Of individuals. To secnre
their circulation il would be necessarv. Isl,
To issue the notes in sums suf6cientiy small.
for the Ordinary bnrposes Of -societv ID tn
Alloy the ind;vidnais WI holds them m fund
them at pleasure At any Of the loan Offices
and To receive their amount in stock az the
United States. bearing an interest Of g ner
cent. I'd To make them payabie n hear.
er. ard ,ransSershle hv deiiverv 1tb- To
make then receivabIe n All for
public lands and taxes. sth. 70 PLEDGE. for,
the pavmen Of the interest ON the amourt
issued so mucA Of the internal dnties as .hail
be necessary. 40 prevent An accumulat;,n
q circnlat;ne medium. the United States to
retain the power. on giving six months no.
tice, of redeemine then with specie. or ex.
changing for them stock. bearing, an interest
OF b 0er cent. If these provisions are adoDts
ed. and taxes imposed. which shall mani
fest cleariv the ability of the pnvernment. IN
meet its eneaSsn6ehts. opv present difficnl,
.ties will vanish. confidence be restored. and
.she capital hoarded by a-varice. or locked
up from timidity. will be agar restoredto
the accustomed channels of circulation. In
presenting additional objects o ftaxation, care
has beenstaEen to select such as will bear e.
'qualIy on every portion Of the commuuiry.
In Europe, the price of agricultural bro.
ducts Is not materially affected BY a state of
lwar , the produce Of the earth is there con.
:aumed within the country, in peace and IN
war The s;tuation of the United states is
totally different-with an, extensive and
fertile country, and a small population.
Compared to the extent of our territory, we
have annually q large, surplus to export to
foreign markets, over and shove what is ne.
cessary for consumption. On the Export Of
this surplua, which is cut off by war. de.
Ponds, In a great degree, the ABILITY Of the
farmer tn meet taxes. Wb;i4 bo,ever
war depresses the agricultural interest il
gives yfSor to various manufactures by DIES,
troying all foreign competition. the war has
brought many Of these manufactures to =
state of perfection, which, will secure their
'~successfu; prosecution even after peace shall
be restored-In times Of diHiculiv and dan,
ger, we must appeal to the patriotism of
everyclass Of our citizensl4These establish
mcnts, Under the fostering hand of the 90
vernment, have grown to maturity, and win
nor heostate 80 n>ar SS;th tda an~;.ru,~.t,