Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1814-12-08

sales Of public lands, which ceased 10 DC
foundation of any rational estimate OF 'ese
nue., to provide even for the DIVIDENDS Oh
the funded debt where it was founa,, that
the Treasury notes (only requiring indeed,
a cash payment at the distance OF a.. year.
to whomsoever they were issued at the
Treasury. and almost as soon as they were
issued, reached the hands of the collectors,
in payment of debts. duties, and taxes
thus Disappointing and defeating the only
remaining expectation of productive re-
venue.
Under those circumstances lWhlch hao
the honor to communicate to the committee
of WAYS and means) it becomes the duty OF
this de partment, TO endeavor to remove the
immediate pressure from the treasury; to
endeavor to restore the public credit, and
to endeavour 10 provide Tor the expenses OF
the ensuing year. The only measures that
occurred to roy mind, for the accomplish
ment of such important objects, have been
presented to the view of Congress. The act
authorizing he receipt IF Treasury notes,
In payment of subscri ptions to public loan,
was passed fear, too late TO answer the
purpose for which it was designed. IL pro-
rni.es at this time, little relief, either as
an instrument to raise money, or to absorb
the claim for Treasury notes, which are
daily becoming due. From this cause, and
from other obvious causes, the dividend ON
the funded debt has not been punctually
pad a large amount of Treasury notes
has already been dishonored; AMI the
hopes Of preventing further injury and re-
proach, in transacting the business of the
ic uis tn al ford 81 mo.
msnts consolation
The actual condition of tbs Treasury,
thus described will serve to indicate the
state Of the public credit. Public credit de
penis essentially upon public opinion
TIE usual test Of public credit, is, indeed
the value Of the public de5t The faculty
OF borrowing money is not a test of public
c~odit for, faithless government, like a
desperate individual, has only to increase
the premium, according to the exigency,
III oder to secure loan. Thus, public O.
Dn.oa, manifested in every form, and in
e.. dive .,ioa hardly permits US at the
PR cent jancfure, to speak of the existence
o public credit; and yet, it is not impossi
he, that tie government, in the resources
otits patronage AMI its pledges, might tiud
:sa means Of tempting the rich, and the a.
yariciou, 20 supply itaimnedia'e wants.
Bl vlen the wants Of to day ara sup
Piled y7het is the new HAeedient, that
saah snnl,y The wants Of - morrow IF it
25no9 chavter Of incorporation, it NAV
tHe1 be grant OF land but after all, tho
in measurable tracts Of the western wild
would be exhausted in successive e.F1rts to
% ain pc uniary ads, and still leave the
govern neul neclsitous, unless the founda- |
ti5ns f pablo credit were re established
an salinta ned--fn the measures, there
foe whiehit has been my duty to suggest.
ave enleavored to introduce a perma.
non plan for reviving the public credit. of
W icn The facility of borrowing money. in
anticipation Of settled and productive reve
nlcs ia only an incident, although it is an
incident as durable as the plan itself The
outline seemed to embrace whatever was
requisite, to leave no doubt upon the power
and The disposition Of the government, in
relation to its pecuniary engagements to
dimiuish, and not to augment, the amount
of the public debt in the hands of indiyidu
ais and to create general confidence, ra
ther, BY the manner of treating the claims
OF the present class of creditors, than by
the manner of conciliating the favor Of a
new class.
With these explanatory remarks, sir,
lproceed TO answer, specifically the ques-
tions watch you have proposed
lst, am Of opinion that considerable
issue of Treasury notes, with the quality of
being receivable in subscription to nation.
al oaRk, will have an injurious effect unon
the credit of the government: and also
upon tie prospects of loan for 1915.
Because it will confer, gratutously. an
advantage upon class Of new creditors. O.
We the present ereditors ofthe government,
sttading on footing Of, at least, equal
merit.
Because it will excite general dissatisfac
tion among the present holders ofthe cub
JIG debt; and general distrust among the
caPi ahsts, who are accustomed to advance
their money to the government.
Because quality of subscribing to the