Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-02-18
IFron, the United sta,e.' Telegraph
THE FINANCES AND MIR. RUSH.

ITron the United State.' Telegraph
THE FINANCES AND MIR. RUSH.
Mr.. EpIroR,
have read, with great satisfaction, the report of
the Committee of Ways and Means of the House
of Representatives on the Public Debt. 1t is a
clear and full, but concise, statement of the anti
ticipated operation of the Sinking Fund till the
year 1880, and shows, in the most satisfactory
manner, that the whole Of the per cent,
| amounting to $s35 500 900, will be paid off
by the LIST of January, 1922 provided a reasonable
economy be observed in the public expenses and
| also provided the wise provisions of the sinking
fund OF 1917 be adhered to. congratulate the
country ilattering prospect, and tender
my thanks TO the committee, and especially
| to the experienced and able chairman, for the
clear exhibition he has given of so interesting a
result as is contained in the report. Acceptable
as this report must be to the people, there is one
individual TO whom il must be exceedingly Inortfy-
| ing; mean the Secretary of the Treasury. 1t is
indeed, severe comment his annual Treasury
! Report, not position of which is sustained. The
committee has clearly shown that the Secretary,
his data, has under estimated the operation Of
the sinking. fund, in the present and the next year.
only $6,64S, l96!b by entirely overlooking an inn
porant pre- vision in the sinking fund act of 1917;
they have also shown that the scheme of borrowing
proposed by the Secretary, Is not only useless, but
that it would postpone the payment of the public
debt, and cause loss 10 the government OF $751;
| JZ3. Inc Committee oil w avs ana Means has also
decidedly condemned his plan OF placing the stock
holders who exchanged stock under the law of the
last session, upon equality with the subscribers
to a new loan, 10 be hereafter made, by which,
if carried into effect, the public would have lost
some thousands of dollars. How the Secretary of
the Treasury can extricate himself from his awk-
ward situation, ! am at a loss to 1t is well
for the country that the House of Representatives
possesses, as trust that it always will, men who
have discernment enough to see, and independence
enough speak. the truth to public affairs and
to guard the public interest from the errors of those
who shielded from just responsibility by the
| armor OF executive patronage. w. .
| From the tenor Of the late report from the Com
mtiee of Ways and Means, it has been some
what too hastily inferred by evening print,
that there is dscordancy between the views of
the Committee and those of the Secretary of the
Treasury. When the Secretary recommended
a loan, the rate OF interest was low; the change
which has subsequently, taken place having raised
that rate, as to make it mpracticabe to negotiate
a loan on such favorable terms TO the public, as
might have bIen done at the commencement of the
session, may have led the Committee 10 the con-
clusion they have formed, without bringing them
into collision with the Secretary. 1t is probable,
indeed, that he himself may have changed his
views with the alteration which has taken place in
the money market. Nat. Journal