Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-12-14
ANNUAL TREASURY REPORT.

~
cempeX'iy, AFT 'c'i1. s, deeply the interest
o' tHe community, every fact aud cir cunstance
chnnectea with il ought To b. considered -
since the year 1907 new Interests have arisen
which ciaW prominent place in this couside.
ration. From tins m,uenorial, hmsnhoId
manufactures have existed in every mart of
ths U. states The mechanical arts, those
"fahches OF manufacture without which soci-
ety even ~ a very imperfect state of civilza-
ION, COM" not exist, though differing ia some
"s:ree from those properly d.nomiuaied
Sehseho'i have iups existed in the United
Hfates S0ce the year iSp7, those branches OF
ht""fdctHrc nave baen greatly extended aud
improved Oilers have becu established and
IL large ainonnt of capital h,. been invested in
notwithstanding establishments which PROMISE
10 iurn,sh ia shnri time ample SUNNY of
co''oa and w0olieu manufactures and n,ust of
nose ut iron. glass aud various other articles
OF great vainr.
as c"mmsrcs has been properly defined
10 bn an exchange OF -quiv .ient value i, i,
ppVd"Ie that tne !aiinre, on oar part, TO re-
ceiVe frJn t0rc'gn natiDus the acc ustomed
Supply NJ Wpse articles which can now he
pfoiicei ~ our domestic establishments the
articles which they have been accustom.J 10
reeve from us viii lose something OF the
Va'ne wiirh they would oiherwise have
commanded, NATL new CT, innels of intercourse
sda'I De discovered. and differeu, articles OF
m rchani'ze snail be substituted for those
formerly received.
ihe capActty OF a nation to Consume foreign
articles depends noon the value OF its expor,.
auu nor upon itN ability TO furnish every a.
ticie OF primary or secondary necessity. Til.
precious metals ate never Imported into
any country, when rommndites which will
conim md prof, can he obtained for impor-
'9tion Gvin. full weight to the fact, that
c2'ton.wooilcn, iron, and various other articles
"nich dre now furnished by our domestic es-
iaDishrleiits, VIII Re hereafter received from
I"relgnnaiions Only 10 asmal. atn>uut SLY OOO
ooJ OF revenue may be assumed at the mini
mnai, ana $50 600 600 ~ the masimnni. which
VIII De annually received from imports aud
tonnage dnring the next four wears. The
decrease which has occurred i, the last aud
present years Furnishes no ground 10 distrust
.as correctness at the foregoing conclusion
me custom produced in ISIS nett reve-
nne Ut $50 300 022 81 in ISIC S;27 lsl Ion
80 ana IN 1911 SIT 52i77j 10 This ia.t wear
WAS considered at the lime az the period Of
greatest reaction. Accordingly. in 1918 .he
neit rrveAue from Tie customs amounted to
S2i ,S23i5I ,i3.
fhe multiplication of banks, of the state of
tue currency, AMI the high price which all
expotiab!e iusies commanded until the end
OF ISIS strongly invited to extravs sance of
every Kind, and particularly in the c onsunlp-
non OF foreign merchaudiss. The rrsources
OF individuals hal been, by these seductious,
III d great degree, anticipated daring the first
yeats which succeeded The peace. The sud-
den red " lion ia the value Of all exportabIe
aritciet. Which occurred about the Commence.
meht OF tie year 1919, not ouly prevented in
great degree further purchases, but render
ca me discharge OF engagements previously
c"htfacicu l'nprdcticable. The pressure thus
prodhced upon the community reacted upon
'ae venderS OF every species OF merchandise
Whs'hef foreign or domestic who, without
tno'onshly Investigating the cause of their
atStresS' nave aonsht !nr relief in measures
r'ic"i"teu rather 10 as.ravate. than aliey Iate
the pnbiic embarrassment. The iSsnc and
payment OF larger amount of debrnlures, in
me present year; Tie increased amount of
Foreign merchandise imported diving the
ff.n IL
AMI domestic articles now in the market
she" tnat the importation OF foreign goods IL
upon HE eve OF being regulated by the Dc.
hia'n lnF them, for consunptios.
IL h1S been stated. thai the receipts from
tihe public laud, dining the year 1871, cannot
De estimated al more than $50 00U dollars,
iinIes3 some greater incentive 10 punciuaIity
or Inducements To make prompt payments
shouId be Offered BIZ the measures which
may be ado. taj in the course of tie present
session oil Congress. The act OF the 9th of
Apfii last, which abolished credit on all pnr
chases OF land, and reduced ike minimum
piice from 20 10 10 cents per acre, furnlSh-
es, IL Is respectfully conceived, equitable
BTo"ni fof legislative interference in favor Of
phfchaHrs under the anciaat system ....By
tlat system The price c0nld be reduced 10
To- CAMS per acre by prompt payment. II
tac at establishing credit lad fixed the Iniui-
mum price At 1851 ceats instead ct I2j cents,
no eqntab.s ground for Legislative interfer-
s"ce cnnld exist. 1t u not contendpJ. that
Tue Veifsr OF an article, under ordinary cir
cumsiances, does all injury TO "A purchaser,
ny subsequently selling The same article, TO |
oiiers, at lower rate. Bar, if he has |
~ us possession such quantity OF The ar |
llcie s0Ii as 10 enable him, for an indefinii. |
ilme, II determine the ptice OF the article, he |
aHecl' ihe interests OF every pTeviOn, pur- |
chaser by such reduction, who may be con> |
sTained, from any Case whiteyer. TO sell that |
article He extent OF the national domain |
will, for ages, enable Ihe government 10 de.
nj
iariy situated. IL u admitted that the gov. |
cfn:-sJl has been induced TO adopt Ibis meas |
arc, ~ the INST grave considerations. The !
most prominent Oh these, was llle necessity of |
preventing the further increase Of IA dent |
ihen about 81 900 900, strongly affecting the |
ihiHtesls aud feelings OF great nnmbef of |
Citizens. Ii its Increase was an object OF deep |
soHcliude, It's dimlnuliou, By an set OF grace, |
IoaDGed npon equitable principles will he IN |
stFict accordance wIth the motives ia which |
that measure originated. Difficulties may |
occur III adjusting Tie details Of sucb mea- I
sure, unless II he presented as simple act of |
grace Undor this point OF view 1t should |
be confined, IN It's operation. tie debtors OF |
ihe government f1r pa5lic lands aud, slIonld |
fleet ticm Only 10 tue extent OF the debt |
pich they Wdy respectively owe.
During the excessive circulation Of bank |
notes DOt convertible into specie and TO |
w"ich the government. from necessity, for |
sJiup tinlo, gave currency, ard the high price |
winch every description al domestic produce |
cOniiHdfdFf large Quantities OF public land |
wc'e sold ~ public auction, az prices greatly
boy oa,l' their real value. In many instances
the Ersi payment which the government has
received could not be obtained by the pur-
chaser, ~ he were able 10 convey The land in
tie sni1ie. The ptOPrieiy OF legislative ia
tctfetenre 20 change the relations between
debipr aud creditor. Tor the beUetit OF either, |
n'ay wrli be questioned. Circumstances how
ever way arise which wi' influence an up.
Iishi aud benevolent cieaitCr 10 relax bis DC.