Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-31

that this measure, TO The EXCLUSION Oh any o"' ''"
now be pressed upon with the zeal and perunaciy
amounting to nctual intolerance WHICH hao us''"S
| ed lis advocates.
In this vien canno, but consider hst it is treated BY
them rs part and parcel of that great Treasury machine
nv already adveTled TO- which has been gwen 20 'e con
,ry at various times under the imposing names Of The D
ynrce BILL The Reform bill, and, last The independent
Treasury.
We know that Government paper was looked to as a
fnvor;,e auxiliary BY the original founder aud Chief pro-
pnuondist Of the new school Of finance; and in looking
back to the report Of the Secretary at The special session.
we find that he in recommending Treasury issue then,
had far other views in lis favor Than the single and es
tima.c of supplying the irensury win means.
After asking authority 10 issue Treasury notes, coup
led with power to inveS! any occasional SURPRISES III
the Treasury in State stocks, and 10 sell such invest
menls when the Treasury was low, he adds:
"An additional consideration in favor Of these mra.
snres is that since the ymen! OF the public Debt which
absorbed any occasional surplus of receipts it is npos
sibe according to the expressed previous
reports from the Undersigned that, with sources OF re
venue so nuciuang ours. aud so dependent on com.
merca prosperity, any fiscal operations sh"nd be long
continued with ease vIgor and uniformity, without sune
such REGULATOR as a power To issue and redeem
Treasury notes or to invest and sell the Investment Of
SURPRISES
Now. Sir the power to deal at the Treasury in the
State stocks To- raise dspress them The market,
either MS the will Of the Secretary the wants of the ea
sury might prompt is that few will he found 10 ad
vOcntc Ii hls certainly received but little counienaHcc,
so far. from any quarter md our Committee o! Ways
acd Mean, has riven but Sigh, encourage mrnt in their
report 10 Ibis session Failing IN this, the alternative re
Culnior' which the Secretary asks is permanent an
,horly at his vii! 10 tissue and redeem Treasury notes
Sir have righ! to cal. II permanent authority, because
lis prescribed function is that OF regulation And no
power regulate thing that is not permanent and
abiding.
Nov Sir ask where is tho constitutional! sanction
for this srcguat0r?" This permanent authority to rs.
and redeem Treasury notes either IN "an,cipa'Ion
of the accrung revenue or To meet occnsI"nal ener'
r-ncirs the Secretary expresses It: The power 10
levy money is, by the Constitution given 10 Congress,
and to Congress alone. It's words are:
1.-The Congress s have lay M: collect taxes d""t
mrcss and rXces &c anu 10 zorro" money U" Tue c'eo''
Of the United States"
The power here given exclusively; none other than
Congress itself borrow money on The credit ot the
United States This power the mos, important one
granted and ii is delegated in the most special and CIR.
cunscrbed manner. part Of the rus, Is the amount
of 10 be raised but is part only; another and
equally important portion s the mode OF doing 1t, whe'
Their hy taxation or loan. Neither The portion OF this
ruvt more than the other be delegated by those to
whom il is confded The Secretary recommends that
this power be delegated 10 him. that he be authorized 10
"borrow The credit of the United States, bya lrea-
suy ISSUE whenever he may Judge 1t expedient, either
aulic patton OF taxes levied, or TO meet occasional
emergencies"
Our revenue is derived altogether from imports and
sales of public land What these will amonn 10 from
year year and whether equal to the authorized cxFcn
necessarily cOnjclnra III lneY Oc Ipt u
any wear the falls short Of the estimate, u
the duty Of Congress alone TO decide whether Il shall
be augmented the expenditure cut down and II aug.
nentcd, whether by taxes or by loan oi money,
Congress is to decide, when The eagency arises. 1t IS
the appropriate duty Of the immediate representatives Of
the People for The time being, and they cannot delegate
the whole trust or any part OF 1t.
For my part, Sir, wish 10 srr our !ialnca! at.
fai,s conducted they have always heretofore been,
without the MD of Of this machinery, either
Of Sab Treasures or Treasury ''regu'aIors." ! wish
The to flow into the Treasury from open
aud tangible TO popular inquiry; and whenever deficit
occurS let he prnmulg gated and lis traced that
il necessary proper corrective may be applied. and IN
the time the deficiency made good hy speca! law,
II 'orisnalc in The House of Rerrcse Natives the
Constitution requires | want other 'regulator IN
the Treasury than 0bc cGcer ntS heHd, who sIa
manage lis affairs under the existing laws with iRNl-
gtnrc. forecast, and good sense
have thus Sir, attempted 10 lay before YOU the rca.
sons which compel differ with those who advocate
this Treasury issue; they have been given with the free
dom and independence due 10 the occasion and will
add, under provoca,ion from the inloeraGt spirit
floor.
shalt vote for such amendment as may be offered,
limiting the issue the immediate and pressing demands
upon the Treasury and for continuance ~ the debt by
open loan, unit; the is adequate 10 wipe IT, oil
Should such amendment no ever, prevail must
bow the decision of the House, and take the bill II
is; the alternative being 10 leave the Government with.
ont means.