Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-12-14
Making the aggregate amount of Slo IN 900


The balance of the sinkil. fund, after pay
iug the interest Oi the funded debt and pro
viding tor thr auuual reimbursement OF the Il
per cent. deferred stock, has not in this e.ti,
mate been considered a. a charye upou tb,.
Treasury before the year 1875; az the price OF
The public stocks precludss the possibility of
purchase within tho rates prescribed by law
ihiS estimate is below that which is reuuio
ed tor 1921 but is believed 10 be less than ~
annni, expenditure WHICH will he required
Tor the next years. According to this esii.
mate the meAus will exceed the indispensable
expenditure. durimg HAT period So ,2j3 900
After the year 1922 the annual expenditure
upon HE navy will he diminished by 81 900 900
The expenditure OF the government after that
year, ircludiug the entire approximation for
the public debt. Is estimated as follows viz !.
CivH, diplomatic and
miscei!aneUu., 600 900 90
Public debt. 10 900 900 90
Military department.,
Intending t0IIiiica-
tons, ordnanI a., In-
dian depat tneai mi.
Iitary aud revoluti-
onary pensions arm
Ing TIE militia. aud
arreardgeS, prior TO
The first OF JANUARY
1877 8 $50 OO0 90
Naval department 2 i2o,000 90
Making the aggregate ainoHut of 20 27O. 900 90
winch, after the gear 1921, would leave an
annual Heiicit OF - 30 900.
IL this snm should not he met by the ANIMAL
increase OF revenue, resulting from tie in
crease Of population, during tIIese aud sue.
c4edIng years, and the increased consumption
OF foreign articles resulting therefrom; ii NAV
be supplied by corresponding reduction in
those items OF expenditure which depend alb
.sointeiS upon tile will of the Legislature, nm.
connected with the existing laws regulating
the permanent expenditure.
IL Is, therefore, respectfully submitted that
iUeNDPulpHt "a inn IN
imposition OF additional taxes upon the cons
mnniiy The condition of the currency in
seVeral OF the states OF the Union furnishes
strong inducements TO abstain from additional
taxation at this time. The obligation Of the
Government to receive the notes OF the Bank
OF the Uniied States, withon, reference TO the
place where they are payable, has given TO
them their universe currency. All notes is-
sued south aud west oi Washington have. i'm
consequence of the state ct exchange between
these places and the commercial cities 10 the
east OF THIS place, centered in those cties.....
The Bank has consequently found itself CON.
strained to direct those branches 10 refuse ts
ISSae their notes, even upOl deposit of spe.
Gle. The effect of these canSes combined has
been the exclusion from circulation, in all the
Siates west aud south OF Tie Seat of Govern
ment. OF the notes OF The Bank of the United
States, and iis Offices. In several Of tbose
sl1tes, there Is no souad paper crcula,iou.-
10 rCs0rt To internal taxation, under snch
circumstances, would be 10 fsquIfe of The ci-
tiZens of those states what it will be ilnpossi-
bic for them TO perform Wherever paper
ciTculateS ds money, which IN not convertible
Into specie, ~ cifcuiAtes 10 the exclusion OF
specie and OF paper which IS convertible into
gold and silver coin. liz all such places, the |
payment OF direct or internal taxes IN specie
or ~ the notes OF the Bank of the q. States
will be impfdctica5le' Preliminary TO a resort
TO internal taxation Of any kind, the charter
OF the BsHk of the United States oueht TO he
amtnde SO as TO make the bills of all the Off
ces OF The bank, except that az the seat OF Cov-
eminent, receivable only in the states where
they are made payable, aud in the states aud
territories where no Office is established. The
effect OF this modification would be TO make |
the notes OF the offices OF the Bank of The u |
States, except the office iD this District To- |
cal curreucy whicl will center and continue |
IN the local circuldiiOH of the states iu which |
they ale issued. The notes thus issued will |
render The local circulation OF all the states |
SQUAD and fnrb ish TO the citizens the means OF |
disctaIg ing their contributions to the govern.
meut.
This measure will also place the State Insli. /
tHlions TO the s0uth aud west of this city, in !
more eligible situation IN TeIsiiB, to the Offices
OF The Bank OF tue UDited States By enabling |