Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-07-31

IL IL oSCOne ISeOle, IL Will lose power IN e :
very department. You will soon hear the
Language ofthc people change. Influence
ceasing to operate so widely, timidity and
delusion will also be diminished. This is,
therefore. a matter of the greatest conse..
quence; and those considerations induce
me to call your attention now, not to any
thing ne7c, but to the ayowals, the con-
tession now made in the House Of Com
mons itself.
Mr.. HoRNER. Member for the famous
St. Mawes, of whom spoke to you more
particularly the other day, lii a note, OPP
posed the bill, as | Informed you he would.
He said that the introduction of the bill had
surprized him and the whole country that
he aow doabte the noeriy of the minis
ters in their desire to return to cash pay
ments that the House had been told of
the desire of the Bank tn pay. till the gravi-
~ or the members could no longer bear it
that 1t was clear that the renewal CT the
law to protect the Bank was connected
with the lending of paper to the govern
meut by the Bank ; that the paper had
been greatly reduced in quantity last year;
that this was one great cause of the fall
OF prices (; that we had borrowed money in
fiafier i small Ualtie, and had now 10
fay the interestin faf,e1' at high va-
evil that threatened our finances, ;:ad sho'
he had too higiEan opinion of the resour-
ces OF the country, aud of the 7visdonl Of
the goUernment,sto dcsf,air, he was ahkal-
led, when he considered the immense a
mount Of the interest of the debt, confrGc-
ted IN that artificial currency, compared
with the Produce or the fares." 1t is use
less to repeat any more of his words, see
ing that he only repe ated mine, which you
have heard so many times over. He con-
cluded by saying, that if the bill passed.
7" he had no hesitation III saying, thar thc
Bank 7vould neOer fay in sfccie again.
The bill will pass.
Mr.. p. GRANT said, that this was a sys-
tenn by which to carry on the financial op.
erations of the country, through the me-
dunn of accommodations from the Bank
and, Mr.. Marryat" considered the thing
as great and powerful engine, in the
hands OF the ministers. 10 alter the Property
of the country al their discretion. This,
you know, is what have said a hundred
times over. Mr.. Marryat compared it to
a necronancer's wand, in the hand of the
ministers. He did not like to compare it
to the cock of a barrel, shutting in or let
ting out the paper at pleasure. He would
have thought it plagiarism to repeat my
But, suffer me. if you please. to bother
Mr.. aorner little, once more upon this
subject. He acknowledges, that the e.
normous debt had been chiefly contracted
~ paper of small value, and that the
interests noFv ftaying in faher Of high
Ua!ue. He says, that this is formidable
evil. He acknowledges that ne is ahhai-
led at the amount of the interest of the
debt when compared with the amount of
the taxes. And YET. what does he pro-
pose Why, to make the Bank hay in sire.
Gle, which even ideots must know would
lower prices and diminish the nominal a
mount of the taxes. What does he mean
then He comhiains that we have now
to pay the interest in paper of higher
value than that in which we made the
loans E; and yet. he would make us pay the
interest in specie He says, that the pro-
ject of feeding this country with paper, in
order to raise the prices and thus enable
the people TO pay large sums i'll taxes, is
the most monstrous project that has cv-
err been imagined" and so will say lord
Grenviile, perhaps. But let me assure
Mr.. Horner, that the project of making
this country pay sixty, or even Torty, mil
lions OF taxes in year in sjiecic, is thou
sand times more monstrous. What is
Mr.. Horner appalled, now when he com
pares the amount OF the interest of the debt
with the amount of the taxes and vet, is
he not appalled, at the thought of a meas
ure which must cause great reduction in
the amount of those taxes The tax-pay-
ers are ruined, he says, by paying in a ra-
per St high value (; and yet ne would make
them pay in specie In short, is it not as
clear as the sun at nosn-day, that to re-
open the iiood-gates of paper-money is the
way, and the only way to remove the
ground OF Mr.. Horner's complaint ? I'm
less. indeed, he wishes to sec the interest
OF the debt reduced and thcn goodbye
to the system. But this is what he never so
much as hints at. He wants the system to
stand, he wants gold circulation and 60
millions of taxes too. He does not dea
fair, because the government is zDisc, h5k-
dent and benevolent. These qualities Of
the government. however, though so man
itest to Mr.. Horner, do not appear to me
sufncient to make ths; country pay 60 MILL
ons OF taxes in gold and silver.
he close OF subsequent debate was
curious. 1t was moved by the opposition
to insert the words g no ionger" after the
f7oo years. This was opp sed, AID by
sunk director too, and lost upon a dfUisi.
ON. At last Mr.. Horner said, that ." ali
this was heyfecfiy understood." Yes to
BE- sure. and 50 it was by me and my read
ers great many years ago. More than ten
years ago, | said wa il now asserted, or
not denied in every part of the house. To
talk OF p1y'ng in specie. without reducing
ffaa st.Ns. A--fA Al Il