The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-12-13

ipi,it q to tie army ard navy
dcplrt'n nj aG before stated.
and excluding TIE possible.
proceeds II rev loans, and
WISHES - treasury HOS.
for tae si0a'e purpose or
paying pu5hc dets) amount az
to s,77a, SSH
-------
8 1,75S, 9so,Scy
Tho difference between the results of t.l-
statements, nn'lci' rhc fst and q, petite, will
be accounted FIR, L; the ursxrectel Fctof
p'yin' ITS III treasury notes, on account of du-
Ucs, taxes AMI land nv TIE tcs.i cessation nf
the use OF Treasury nctcs, either 20 paw the
public cre'''soTs or T. raise mcncv +; ard by
an 'iDavo Die variance in e.tin,atcs, depend
inS upon variance in the state oe nfr!ua-
ton NJ the trca sury. 4 priority er payment
may be us'lv claimed by the hoi,.ers OF ,hs
IT,, dcd debt; and, therefore, it is proper to
add,
l. Th'tthc arnnlnt Of pubic
Credits, rs estimated IN tie
preceding statement IS tic
sum OF 70 cG-,2
,. Tha. the araonn. of tie di- - '< -
vitehd on th- old and new
funded debt, payable on tie
lst of jahuaIy, 1915, is the
sprl of 7 pZ7 eco
5 And d,at, consequently, the
sSlil US OF r',t' resources. atJ%r
satisfying that single object. is
the sum of 81 .Gco, 2a7. y
II viii be Observed, that these estimates do
rot incluGc, As an item of the debt, the div
dend on the funded debt, amounting 10 cCO,ccO
d1l as, which WAS not acuialIe PAID to the in
div dul creditors at BOSTON on the Ist OF Oct.
last. But it Is omitted, because an adequat..
fund in the state bank Yas .seasonably rroyi-
ded r the occasion, s. the usual treasury draft
was issued in favor of the commissioner &C
loans, so as 20 deGuct corresponding amount
fr''nn the bank credits of the governuert-
The state bank declined. Tor several reasons
(Which 1t unnecessary 20 .epeat) paying in
coin, on IN bank notes, :,fc, mos, of the rub
lie creditors refused 10 accent the treasury
notes, which the banks offered 10 them, as an
alternative payment. Ii IS not considered,
that, under these circumstances, connected
with the general state OF the circulating nae
d;um (Which pieces the power OF the govern
ment TO meet its engagements, on the Sane
footing with the power of Che most opulc- OF
Its citzcns) there can exist any Just repyoach
upon the public credit or resources Bat, ne
vertheicss, efforts have been anXously made
by this department, and are still IN operation.
to sltis:y the pubic creditors, independent 81
the fund which was org;na.ly set 2part, and
which still remains on deposit at tie sts5e
bank by all tie remaining means at the dis
posal ofthe treasury.
Nor. on the other hand, have / included
in the statement ofol.r resour e$ to pay the
public debt. the unexecu;ed Authority To- hot-
row upon public loans, and t. issue treasury
notes. ] have only included the it-rls Of
revenue, which, in ordinary tines, wcGld be
deemed certAin aud effective rescrving ~
NJ surplus Of those items, with the loan aud
the treasury notes, 60 meet the general APP
preparations for the public service.
Cd POINT.
Il is respectfully stated, that the non-pa5--
alent Of the the treasury notes, and the hGy-
ard ct net being Il lie to pay the dividend ca
the public debt, according to the resp, stive
contracts, was chiefly q believe entirelv) ow-
ing 10 the suspension OF specie payments at
the hanks, and the consequent impracticabi-
ity OF trarc:err,ng the public funds, from the
place in which they were deposited, 10 fhc
place ii which they were wanted. have
ecdeavored therefore, to induce the banks,
as performance ofan act OF justice, not in
consistent with their interest, or their poll
cy, TO assist IN aileviating the fiscal embar-
easements OF the government, which thew
have thus contributed to produce The an
swerS TO my last proposition (of which y CO.
Ply IS annexed, in schedule e have not been
received.
Bn' tine danger Of depending UPON gratuit.
thing but the wisdom and the vigilance cf
Congress) makes, with every DAVIS expert
ence, deeper impression upon the mind IN
speaking, therefore, Of additional measures
tor m. citing the public engagements. during
the present quarter If the year, ! derive
great satisfaction, in rejecting upon the inev-
liable ana immediate effect of the legislative
sanction (even so far as Il has already been
Biyen) to settled and productive system Of
taxes, tor defraying the expences of govern
ment, and maintaining the public credit
This policy, embracing, in It's course, the
introduction of a national circulating medium,
and the proper facilities for anticipating.
collecting and distributing the public revenue,
will, at once, ea!iven the public credit, &nd
ven the existing II sources of the present
quarter, must riPea and expand under an
influence so suspicious. But something NAV
be conveniently and usefully added. For III
stance :
l.. iiiscretiona y authority -ay be given, Nv
law, to issue Treasury Notes, for the a.
mount of the sums now authorised to be
raised by law.
3 An authority may be given by law, to
transfer bank credits, from one place %
ar1ther place, in order to meet the pub.
lie engagements, allowing reasonable
rate of exchange.
Appropriations may be made by law,
to defray the extra expenses Of he War