Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-15

from the date when issucd, FOR The purpose If o,.,
the Government 10 collect, in the mean tine. A. :"
amount which was receivable in lc3s from ON, ~
and merchants. Had these Treasury notes h.oa
deemed after the expiration Of the twelve m,r,rs
il, between October. lc3S, and June. I-3y. the r, , ""Y
would have been able 10 meet all It's engsg emen,s .,1
out any other fnaucia! measure. They were. h,u".".
made receivable for customs and lands, and abor, : /
millions aud 4 half Ind been already paid lnro I'm. ~ Il
sury and cancelled II becomes necessary, ,!.erl ,.o i
order to secure To the Treasury the brneht of the ~, \
Der act, to authorize an issue "t Treasury no,cy ec,,r h
the amount paid into The Treasury and cancei,t -. /
to the period fixed for their redemption. Tins vass
extent Of the aid the committee proposed, notw iiL<,,,
ing the impression here and The n!iarrprcserr,,'.
abroad, that twenty millions would De required.
We have hrarG much, Sir, here and elsewhere ,,n
n bankrupt Treasury, loans and a public debt So.
statements and anticl Paitons are without foundation
Were il otherwise, | trust tie bankruptcy OF our r.,
sury. and the prospect Of 4 public deb,, would NM,
subjects OF rejoicing 10 any gentleman. WHAT. 8, -,
the origin of these Treasury notes, GbnC! which 80 m, /
has been said; The country vas IN The midst d c-- 1
mercial reyu!sion, and Congress assembled Tor tie No..
pose of exercising all its constitutional powers, lAf,. |
its financial measures, TO relieve trade as FAR as = II
practicable. There vas no bankruptcy of the 1re,.,,. 4
The resources OF the Government were ample, by, ~, |
public creditors were unable TO meet their engarpn.s' /
we had extended the credit to the BANK o: the t Il
one, two, aud three years, and were about TO po.rgor.
the payment of our custom house bonds 20 twriy..
fifteen months. and the debt Of The deposIte bans. g /
longer. Thus twenty millions Of dollars Of the .c7,rrs
of 1887, and previous years, were postponed 10 Is.
80, and 40. To grant this indulgence, il was nccc,, l
~ to make a temporary use "l our credit fox on-b, 4
the amount Of our existing resources. Such va, u, I
origin of the Treasury note act OF October.
The present embarrassment OF the Treasury does m, /
arise from any deficiency OF resources. bu. from the moo.
of executing the act OF October. The rate Of lntr:s.
on the notes was discretionary with the President, r,I
exceeding six per cent. per annun. Had he dire:.t|
Nam 10 b. i.on.d pnlor civ cnnt rppSt of tler, 49, |
have been taken Up by capitalists or RENTED ab;o:.
the Treasury would Anye been protected, and no sglps
mentary act would has e been necessary. But there { /
listed a suspension Of specie payments Il derangenenl II
exchanges, and severe commercial embarrassment. I'll
immediate interest of the Treasury was deemed subo.:
nate 10 the general interests OF The country. These A.
tetests were consulted by furnishing the public d-bc,
with an additional medium Of payment, aud G!re.tn
sections of the Union with facilities Of exchange. Mean,
two millions were issued al a nominal rate Of lnie,t,
nearly three at two per cent. and over four millions u
five per cent. They we're consequently paid into u.
Treasury nine months before they were due; and III. Il
the origin Of its temporary embarrassment.
There is nothing, Sir, in the past or present condition
of the Treasury, nor III the prospect ahead, 10 warrant
this charge of bankruptcy, or to authorize a public De-,
In October last, although we had drown eight and .lwea,
millions from The Federal Treasury and transferred ITO
the States, we had still due US si1 millions from the
States Bank, eight millions from the ~deposite bans.
and six millions from our merchants, making tweGs
millions. In January last, wNh little more than Iva
millions of our credit outstanding, We had due Us II!
in the Treasury eighteen millions; and al this momea..
if the debts due us from our banks and merchants. lis
ing from the revenue Of forIser years, were paid. v,
should have a balance of fifteen millions IN the Treasure,
even after paying off five millions and q halt Of Ir..
sury notes.
The resources Of The year, too, are sufficient 10 ms:
every demand upon the Treasury for ordinary and c1r',.
ordinary purposes, If the act OF Oct. is carried into efec,
On the LIST of Jan. we had half million in the Treasury !
The Treasury notes not then issued amounted to scrfa
millions. The amount receivable from me rchanls snt
banks in 1898 is about len millions, and it the revenue
from customs and lands should amount TO fifteen millions
and a half, (being three millions less than the estimate Ct
the Secretary Of the Treasury The aggregate resources
Of the year would be thirty three millions Of dollars. In
a long session the appropriations are made al 4 late p.
Rod. 1t is not, therefore, probable that the demand.
upon the Treasury, during the year. will exceed thirty.
one millions.
Should, however, the resources of the year fall below
the foregoing estimate, or the demands upon the 1rpa>I.
ry exceed even thIrty.three millions, we should still net
be justified in resortIng to a loan while we have q T.
SCI lived fund of seven millions and a half due us in l>N
and 40 from the deposit banks and the Bank of The L 5
AS to the prospect OF our future revenue, every thing
is encouraging. Confidence and trade are evidently re.
vivIng. We must not anticipate years OF stagnation
because such succeeded the revulsion of 1919. There
is no resemblance whatever between the condition ofihe
country in 1915 and 1885. At the former period We had
passed through eight years OF commercial restrictions
and war. Millions of capital had been suddenly trans:
ferred TO new channels. Confidence mad been destroyed
and trade impoverished for years. Such was our conc'
ton in 1915, when We sudden commenced a wild ca
reer,o Of speculation, which was continued through lcl1
and II, and arrested in ISIS. The revulsion Of lcl1
Frustrated all classes and trades, and ~paralyzed eYer|
section Of the country. But such was not our ~conGhIoa|
in 1885, when the spcculatons OF that and the following
year commenced. These were founded on q vast ad|
solid capital-the accumulutnons Of 20 years OF peacs
and prosperity. The revulsion of 1887 overwhelmed
trade, but there never was a period when the country
possessed more substantial wealth, or enjoyed more &C.
neral prosperity. Some cities in The Union, where thy|
have attempted 10 postpone the payment Of the debts,
mny yet suffer, but in The present prosperous condition
of the country, tiade must soon revive.
There are other and gratifying evidences Of 4 resicfa
ton Of confidence and a revival Of trade. Our Northern
banks have resumed specie payments earlier than was;
anticipated twelve months ago, and much earlier than
they would have done, had This Administration yielded
TO the demands Of trade. We can now, Sir, look back
calmly upon the events of the past year, and Judge lts|
conduct of all parties. The time is rapidly approaching,
when intelligent and candid men will do jsslce TO this
Administration, for lis firmness in rejecting the counseI'
OF fear, and in disregardingt the denunciations OF phrenIy
for It's elevated patriotism in sacrificing temporary po'
pularity 10 preserve the supremacy of the laws and The
permanent welfare of the Union. Had the President
taltered for one moment-had he initiated the IimId ana
temPorizing policy Of some Of our State Governments
had he adopted The suggestions of some Of the states
men of both Houses Of Congressional he yielded one
inch Of constitutional ground, violated the laws, ana
sanctioned the collection Of the revenue in deprecated
State bank p~aper-who could have anticipated the Pc
riod when the Banks Of any State in the Union could
have resumed specie payments The lirmness and Wis
dom of the Executive have saved US from years Of en-
barrassment, and from a precedent which would h''tI
proved equally fatal 10 our currency and destructive I'll
all integrity among men. The country will DO jusut'|
to oil who disregard considerations of popularity ~hen|
called upon to discharge the highest Of constiiuH'r'
duties.
This resumption, Sir, is powerfully sustained, andoa'I
Northern banks have nothing 10 fear. At no ioImi
period have our foreign exchanges and currency been"
well fortified. They are strongly sustained By an amt
ally increasing export Of cotton, and q tide Of cmIg''
ton to this continent. Latterly the stocks and bond; o.
every kind transmitted abroad for investment, form wni
is equivalent TO q heavy item in our export trade. BHI
a collateral aid, of no ordinary power, has suddenly 'r
tilted the banks in their resolution to resume specie pay
ments. The troubles in Canada, the establishment Of !
Vice. Royalty, and the introduction Of a British army .