Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-04-09

till they could act understan dinrIv. asd .hc
means could be proporticned to me end
On this view of the subject, they hal post
poned taking it up until the next session Of
Congress. Other considerations had an i'm.
portant bearing On this determination. All
the internal taxes being now in operation, it
would &c improper to make change in
them, because any charge would affect th,
whole system. and instead Of increasing the
revenue would diminish it. As to the direct
tax. IN several or The states it was fully paid
IN, whist in others it was now collect
and OF course, could not he revised or mo.
dihed--and it would be much better for
Congress to take up the whole subject ON
their meeting in the fall. So much for the
payment of the interest on the loans. But.
on the subject of Treasury notes, suffici.
ent sum was already authorised for the SER
vice OF the present year. For one he had no
wish to see paper money introduced as ge,
neral s,s EN- and whenever Il came to that
question, that we cannot provide for our pee
cuniary wants without establishing pa
per money, he was for reducing those wants.
He did not believe Treasury notes could he
circulated to an amount greater than our An.
nuai revenue. which he estimated at some.
thing more than eight millions of dollars
l ne amount OF treasury notes beyond our
revenue must be in the nature of paper mo.
ney, representing nothing, and possessing on,
iy nominal value He merely made these
observations to justify the course of the com.
mittee of Ways and Means, and to shew
that they had not been inattentiye to their
duty.
Mr. Barnett said if the motion now before
.ne 'ase mad answered no other purpose.
It had brought out information of which he
l..
who was :or prosecuting the war at any cost.
aud he would rather see further taxes re-.
sorted to than Some other plans which had
neen suggested for raising revenue. He
oeheved that there were some schemes he.
tore the House, which had their origin in an
impression that the loan would not be OH
tanned without their adoption. A propos;t;.
ON to establish National Bank had beer
supported on the ground that funds were
wanting to support the war; which SANE
ground had also been assigned for the pas.
sage OF the bill to repeal the embargo. Rut
now the House were told there was revenue
enough. and that all was we'll. If so. Mr..
d. said he was satisfied: and if the commits.
Z ee OF Ways and Means would tell the Hone.
there was no occasion for it, he would v,te.
against this and every similar proposition :
ana ne hoped to hear no more of these
schemes Tor raising revenue. He was sorry
10 near one observation from the gentleman
about reducing the wants of the count,v.
which he could not constrne i'm any oth.r
meaning than that OF giving up our riphts
AID making dishonorable peace. He wonJd
resort to any thing rather than that.
Mr.. Eppes said, in reply to Mr.. b. tho.
ms Conduct IN this House and elsewhere
would prove thathe was as much disnosed
- support the war as any gentleman AMI
feit as little disposition to surrender En-
rights OF his country. But in regard tn he
treasury notes. they must depreciate wher :
ever there was not a known fund suffice :
Tor their redemption, &c. AS the re-.
t"ctive system, which had been limited at. a
was attached to 1T !; but when question ". 8
presented to his mind, whether he womb;
remove that system or issue paper monev-
ne Could not hesitate When paper money
is resorted IN, there must soon be an end oe
All measures requiring money to support
them.
Mr.. Grundy of Tenn. explained what he.
had said ola national bank, as connee,sS
with the loan for the present year, different~
~ from the idea Mr.. Desha and Mr.. Barnett
appeared to entertain oft 800
MT. Desha said he had not expected tb;s
motion would meet with so warm an onnos;-
ton, which he had predicated ON the donhi.
which had been expressed of the practicabi-
MY OF obtaining the loan. AS to the rex
marks on the danger of issuing treasnrv
notes, he apprehended no difficulty on that
score he had collected in the resolution 60
verai articles of extravaganza and lnxnrv
winch would well bear taxation. to defrav
me interest ofthe treasury notes, which r
Issued under this regulation would be in No
danger OF deprecation. They we're not To
be redeemable in less tnan five years and.
the government, being bound to redeem
them, would before that time provide fund
for redeeming them. As to a paper money
system, he certainly viewed it as a great ..
vii but what difference was there between
that and bank paper? Both were baper
money. Treasury notes would circulate as
freely at least as bank paper, because bear
ing interest. The credit of the nation was
NOT so bad but that the farmers and others
who wished to lay up money would give a
preference to the treasury notes over anv y.
.hcr money. Asto the proposed bank, he
in common with many others entertained
constitutional scruples in regard to treasu.
ry netes no such difficulty attended them
The first object with every friend TO his
country must be the prosecution of the war.
and With view to that object he had made.
this motion.
MIR. Fisk Of ~. r. opposed even sending tb;s
proposition to committee for enquiry, because
1t would produce an impression that this House.
was satisfied there might be necessity of adj.
ding hfteeD millions Of treasury notes to the
amount already proposed to be issued. Such n
measure would spread general alarm NJ the