Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-16
FOR THE Enquirer.
POLITICAL CnEMERs-IIaRDT TIMES.

ccive, heretofore has hren, mow is, and Tor = long
time 10 come in all prob ,biiy will hr the ,es-
tTuciivc m ITS nfHPnce human affairs is The in
ven'ion, and practical use, of public crr,l,, in
other words the substitution o paper hills. without
the properj, of intrinsic value, as "ircuatins me-
dunn, IN place of the precious mriaS,tnld and sill
, yer (Which do possess intrinsic value There Two
kinds ol publ credit proposed ih-he examined
The one may he called the system of fundng--ihe
other the system Of banking. Jhesr, ought 10 Ire
carefully distinguished from each other on account
az their different modes of operation, 10 enable
Judge more accurately of the different effects of
each, upon the affairs al mankind Beth systems
arose from the nnwisr, improvident, and prof gate
political schemes al governments. These schemeS
involved the schemiug COVE, nmenIs in greater ex
penses Than could he betrayed by the revenues uf
each year. In consequence ~! the a fcencrs al tic
revenue, this scheme rcsorted To- for def inr
he surplus Of the expenditures. !, consisted IN
borrowing money on Interest, by government, iiom
Individuals, on corporations upon certain siipu,-
ted terms la general, the terms Of The government
were 10 pay the interest, in the course of each
year aud not 10 reimburse the principal until some
specified future or at the pleasure Of the govern
ment. according 10 the specified terms of each pro-
posed contract yThc stipulation not 10 redeem she
principal until some luiute day. was called the ire
deemahle quality OF the dab' In the early stages Of
"ndi"g, this quality was considered adding sune-
thing To the value OF The debt, 10 the lendrr but
u'esent, believe, the mos, irrrdrcmable qualify or
the principal oi the debis place its rede nntion ON
The pleasure of Tho government :-Because, the BIZ
sh debt particularly has arisen to such enormous
principal IL il would, would IL IL could so that,
the public debt Of G. b. must he considered. us per-
pe'uRl laxes arc accordingly laid made perpetual,
aud pledged 10 The creditor FOR the annual PAYMENT of
the interest and the ultimate reimbursement of the
principal This reimbursement, however, is neither
intended, nor expected, ever 10 take place. Both
HE contracting parties consider the perperuiy of The
debt, as of the first importance each The 20
vrrnmcn, because u fluids, thar "a perpetual public
debt, consolidaies and coniinnes gteai monrd in
rest, which will ALWAYS in supporting the go-
al, Il. Il.
stability. The creditor, because, by this prrretuity
he may make permanent, domestic establishment y,
or others if he should choose continue To he
the creditor of the government himself and be-
cause, II he should choose DISPOSE Of his dehi ,
he can always get a full price for il IN the marker
These debis Of The government, evidenced by
om'ssOry notes from the eovcrnnemt The lender,
or holder, with transferable qraiiy aud are de
nom mated Z" stockD
G.ea, Britain has carried this system Of public
credit, 10 greater excess than any other modern
nd'inn and II has hrer found, 10 he proportions
ably more destructive in its consequences to the
great mass oi British sutjeCis, han the same sys-
TEN has been 10 those of any other naiiou.--
There are wo wonderful descr ,prious of eifers re-
sung from The great political scheme of the British
funding system Tie one in regard TO posterify- he
other in regard 10 the past and present generation
i his system was first introduced with small begin
nings. Ii Is sweiled an enormous amount
us beginning may he considered TO have been IN
i697-when The whnle amnuut of deb. then funded,
very liule exceeded E5 900 900 sterling money l.
has arisen at this day. above 1900 GOO 900 sterling
j his enormous debit cannot be, intended.
that IL should he paid Of 10y The present generation
II must then necessaIil, be thrown upon posieriy
aud tn that amount, must anticipate the resources OF
generations TO come. What pressure upon pos
teriiy, TO defray the expenses Of Ihe prongale aud
wicked political schemes Of the past, and present
days!i How horrible, TO be thus nenaced, before
IL is horn
IT'S first destructive influence, uron the mast md
present generations has arisen nom iis having Great
ed, aud consolidated great momed nieres' in the
BiIlish nation which has always united, aud always
VIII unite itself, with church ard state, support
OF their desputic and destructive schemes o,n the
great mass of society. lis destructive influence
has arisen from its instrumenray, in producing ex-
IRENE inequalities between the different orders OF
society. It's perpetual uniforms and inevitable ten
dency has been TO make the rich, richer, and The
poor, poorer. Such have been, and now The as
tonishing effects OF this tendency, combined with the
operating tendencies of other schemes hat m
this momeri, more Than tenih of the whole Enc-
hsh population, are conred up in poor-houses The
miserable rocepmccs Of huYan wretchcdness deg
radiation, filth, rags, &c. Egl
One of these cooperating schemes, from which
all good and NO harm universally expcciedG and
OF course extremely popular ~ the Time Of its alop-
ton, arose from the inomeniHry, humane, and cha
rable feelings Of Queen Ezabeih The only bu-
name, and charitable acc, believe, that ever was
attributed 10 the Virgin Queen She, ~ one tcnde.
mood, 43J Of her reigu 1901 directed her pnIlia-
meni, 10 pass an act, IN substance commanding the
ovcrseers Of the poor in the parishes, to c"ilecr all
the poor, both married and unmarried, 10 pmf them
into houses 10 he procured for them and in Give
them employment The obedieni ove,seers soon
prepared the reeepiacles, aud filled them with great
numbers ot the poor. But they were asfoDsbed IN
find, Notwithstanding the omnipOtent decree of their
sovereign mistress, they could not find employment
Tor The cOngregaied poor They discovered thai there
were more hands than employment out of the mo-,
houses; and, therefore, rome FOR those within One
part OF this sovereign scheme was, therefore readily
executed, The other was not, nor could IL be- The
paupers thus became thrown upon the public "a nri-
bniIons Tor miserable subsistence This aci+ is The
foundation Of the poor laws, both in England and
IN Virginia. Since that iime The paupeTs have been
continually increasing, until they now amount IN
above one-tenth Of the whole English uouuIa,on
They must necessarily continue 10 increase so Inng
~ the political schemes which have produced Tho
increase heretofore shall continue exist IN Scot
land there are no general poor laws aud Of coutse
uone oi these miserable recepiacles for the tnor -
The poor, for that reason, are pToporiionabIy fewer
and better of in Scotland, than in Engnnd Besides
this alan ming proportion Of manners TO tic whole
English population, there millions of moor per-
sous NOT technically paupers, who are Struggling H.,
their own labor, for subsistence, apainst the
IntoleTable burihcns imposed on them, by The pol-
cal schemers Of g. Il. II is well known Cact
such are the numbers of distressed laborers liza,
upon every material unfitvorabe auctuafon in lie
pIice oi breadstufs one-half of the whole Esrl,sb
population ~ compelled TO rely upon the aims of The
other hall for subsistence.
A still more lnmenable political effect Of The pul,
nc deW OIL u Is VIII DC lnupd ~ the astonishing
influence, II has had IN confirming, and perpetnatipg
The union oi church aud STATE. Or ~ other words
The union Of the spiritual, and temporal rowers -
This has been done, not merely by CONSOLIDATING an
enormous Woned interest, acting ifscif IN sric con
ceri wan church and state bat 10y affording The
means iur Incorporating with this coalition y rnos;.
derable portion Of the physical strength nf the osto,
The government, through this duu,, has obtained
the means Of extending the arn,v and navy estatlis
meDis, 10 amount, that never could have hoe,
anticipated ~ the commencement ri tte Iprd,pr
system. Before This extension at the army ard ne,,,
inc British government was under pertpiua apurc-