The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-12-06

Seo IN successive efforts to obtain pecumary
aids, and still leave the government ncccssi-
tous' unless the foundations of public credit
were re-establishcd and maintained. In the
measures. therefore, which it has been my
duty to suggest, have cndeavou'ed to intro
duce permanent plan for reviving the pub
lie credit (: of which the facility of borrow
ing money in anticipation Of settled and pro-
ductive revenues, is only an incident, althc'
1t is an incident as durable rs the plan it
sell, The outline seemed - embrace what
ever was requisite, to leave no doubt upon
the power and the disposition Of the govern
men!, IN relation to its pecuniary engagements
to diminish, and not TO augment the amount
OF the public debt in the hands Of individuals,
and to create General confidence, rather By
the ulannsr OF treating the claims of the pre-
sent class OF creditors, than by the mhnnc. L
coneiliating the favor of new class.
With these explanatory remarks, sir,
proceed to answer, specifically, the questions
which You have proposed.
i. am OF opinion, that considerable Issue of
treasury notes, with the quality OF being re-
celv',ble IN subscriptions to a national bank.
will have an injurious effect upon the credit
OF the government, aud also upon the pros
poets CT n loan for 1915
because, it will Golfer, gratuicously, an
advantage upon class of new creditors, o.
yer the present creditors of the government,
standing On a footing of at least equal MGR
it.
Because, it will excite general dissatisfaction
among the present holders Of the public debt !;
and general distrust among Tie capitalists,
who arc accustomed , advance their money
To the government.
Because, quality OF subscribing to the ma
t.cnal bank attached to treasury notes exclu-
siveiy; will tend to depIcciate the value of all
pubic debt not possessing that quality and
whatever dsprcciates the valae of the public
debt, III ans way, nlast necessarily impair
the public debt.
Because, the specie capital of the Citizens
OF the 4. States, so FAR as it may be deeued
applicable to investments in the public stocks.
has already, in great measure, been so yes
tee the holders OF tie present debt will be
unable TO become Subscribers TO the bank iii
that object should, eventually. prove dcsira-
be without selling their stock at deprecia-
tel rate, IN order to procure the whole a.
mount OF their subscriptions IN treasury notes !;
g a general depression in the valie Of the
pubic debt will inevitably ensue.
because, the very proposition Of making
considerable issue of TREASURY notes, even with
the quality of being subscribed to "a national
bank, can only be regarded as an experiment
on which 1T seems dangerous to rely; the
treasury notes mist be purchased ct par, with
money /; q new set of creditors a,.o. to be Gre
ated II may, or It may nct, be deemed An 90.
Ject OF speculation by the money holders. to
Subscribe to the bank the result of the e.,-
pirnnent cannot BE- ascertainct, until it will
ne too late to FIND remedy in the case of
failure while the credit of the government
viii be affected by every circumstance which
keeps the efficacy OF lis fiscal operations in
suspense or doubt.
Because, Che prospect of loan for the wear
1915, without the aid of bank, is faint and
unpronilslng except, perhaps, SO far rs the
pteuge OF specific tax may succeed, s. ti.cn
1t must be rccolleCted, that considerable sun
ply OF money viii be required for the prosecu-
ton OF the war. beyond tie whole amount OF
the taxes to be levied.
Because, it the loan for tie year 1915 be
made to derend nPon the ;ssuc of treasury
hoeGs' subscribed to the national bank. it viii
prooaCiV ran TOR the reasons which have al
reaay oecn suggested; and il the loan he
independent OF that operation, a considerable
ISSUE OF treasury notes, for the purpose or Gre
at'l's a oank CAPITAL must, it is believed. de
ptive the government Of every chance Ct
r"s.'g money II any other manner.
.,:d "a. am OF opinion that it will be EXTREMELY
uhhcuit, hnot impracticable, to get ~ mil
HONS OF treasury notes forming with 6 vii
nohs or specie, the capital of a national banl.1
me c.rcuiatlon. with or without depreciation.
Decause, II the subscription to the bank be-
e'.ies an object or speculation, the treasury
hoIes VIII probably be ", rchase,i AT the treas
ury ana at the loan Offices, and never pass in
to circulation at all.
because, 1t is nor believed, that in the n-e-
Sent site ot the pub ic credit, 4l,oo0O03 Of
treasury notes can he sent into circulation
me only difference between the Treasury
Nctcs now issued, and dishonored. co3sigts II
thc snbScrb4ble quality but reasons have
u =, en- already assigned for an opinion. that
tu's diherehce does no; afford such confidence
!" tte experiment, as seems reGuisire to
justify reliance npHn it. for ACCOMPLISHING
some Oh tue most interesting objects OF tie
government. " Wv
must beg you, sir to pardon TIE haste
win "hich have written these general an
s"erS 70 Vcur enquiries. But Knowing the
importance OF time and feeling a desire to
aVoid every appearance of contributing to
the loss OF a moment, / have chosen rather
% rest upon the intelligence and candor NJ
.ie committee, than TO enter npon more Ia
bored investigation of the subject referred 70
me. w ~
have the honor to be, very resncctf,lIv
Sir, your moat obedient servant,
URliGm L1eohde8, Esq.
Chairman, &c.
On motion of Mr.. Eppes, the House then
proceeded to the orders of the dav.
The TAX BILLS.
nc bill TO provide an additional revenue
Ior ueif"y'nS the cxpcnces ofthe government.
ann f"r me payment of the public deh+ bv