Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-07

Snnth
come back. notwithstanding they are made recelVaoe
for the public dues. IS
nsrt ve:r True and what do 90 there 10 get!-
WIN the revenue that will fall due mex, year. part OF
which has postponed from the last year by our own
legislation and because we do so, we are too we nave
not the means hand. Be it so have shown why
we not repeat, it is because OF the indulgence
which has been exile nded the merchants and to the
banks. -,
Think, Sir must have succeeded in showing, should
this bill pass without touching the deposltes win the
Sa,ps there will be of actual the close OF the
wear $50 700 600 And what is situation with these
means and these resources to relieve ourselves from
difficulty? Why, informed by the Secretary,
thai on Friday last there only about half million
of dollars in the Treasury subject to draft. Now II
gentlemen will bring themselves to reflect, bot for
moment upon the daily demands upon the Treasury IN.
creased as they must necessarily be- Immediately alter
the passage of the heavy appropriation bills at the pre-
sent session Of Congress they will with me IN
the opinion tina, fast fastening TO day on which
we NAV find ourselves without dollar in the Treasury
10 meet the demands upon IT, and to MAINTAIN unnroRe
the fifth and honor of the Government a stale OF
things that have been anxious to avert, and which,
| thought now that was contributing to produce
would without one moments delay close what nave
10 say on the subject before the House.
70 relieve the Treasury from state Of emharrass.
ment two schemes have been proposed: one snomiuea
IN our conside ration by the Executive branch OF ne
Government; the other by those VINO S'dho Po''eaiy
on,osed IN this Administration. The hrst proposes an
sue of Treasury notes with view TO anticipate Tor
sho, time the means of the Government, which think
must ha We shown ample 10 redeem them. The other
conlsmplaps what appears TO me permanent loan
bs ons will furnish prompt and immediate relief and
pu, il in the power of the Government to meet the de-
mands upon il without delay and maintain its tailh and
integrity involate; the other may or may not 90 inns:
time alone will disclose But we are met al the hresh
hold with declaration that it will not do to issue rea'
sury notes. because they were recommended oy te Exc
cu,ive and such recommendation Is an act "i oc'aon
on his part That charge has been met already, ana,
ID III no nf
sod by an honorable member from South Carolina, lMr
Thonpson,l that he would appeal from the Ignorance
and folly Of this Administration 10 the better days oil inc
Repubc; that he would 20 back TO the periods when MI
GsIlatn and Mr. Dallas at the head oil the treasury,
and who he informs us, not only never recommended
such measures but steadily opposed them Sir we have
here grave and serious charges again. Ley US examine
them The DAYS alluded To, when Mr. Gaatln was Sc.
cret,ry were the day Of Thomus Jeferson and what,
allow me TO inquire, the opinions entertained oy
MIR Jetersono They will be found in his e'le To John
Eppes, dated The 9th OF june 1918 Jehsoh W"fis'
vol a. p 1919. He there SAYS "lt Treasury bills are
emitted on tax appropriated for their redemption IN hi
teen years and 10 insure preference in the first mo-
men,s Of competlion bearing interest oil SIX per cen'u,
there is no one who would not take them III preference
to the bank paper ahoat on principle OF patriot
ism as we'll as interest; and they would be wlhdraWn
from circulation into private boards 70 cons'oetape
amount Their credit once established others might be
emitted. b"tumed also tax but not bearing int
r,s,. and II ever their credit altered open public oans
on which these bills alone should be received as specie
These operating sinking fund, would reduce The
quantity in crcuati0n so as 10 MAINTAIN thatequo1uh
with specie
When was Mr. Dallas Secretary Of The Treasury
During the administration of MIR. Madison. II lstrue
that Mr. Dallas opposed to the issue OF treasury
po,es but what oue the President of the U. 3 and
the two Houses of Congress at that day? Why that
Treasury must issue. There was then no cons'
u,onul impeachment in the way, and every consideration
Of expedency demanded that they should ISSUE and the
reasoning Of The Secretary had to yield know mat
,,lo nt nnF
bills for the issue of Treasury notes passed by both
branches Of Congress all Of which we're approved by the
President he having. doubtless, first satisfied hm'eif
tina, there was no constitutional impairment in the way.
By the act of the 30h of June 1912 COO000 in rea-
sny notes authorized To be issued. BY the act OF
the 25,h Of February. 1913 Sl00 600 more. BY the
act of the 4lh Of March, 1874 $4,000 600 in addition.
By the oct Of The 26'h Of December 1914 81 500 600;
and by the act of the Gath of February ISIS 900
were authorized. And we, with these facts before
u.s. 10 have the opinions of MIR. Gaa'in and Mr. Dallas
held up ss only guides, and wholly disregard The
opinions Of the President and OF Congress at that same
period: Nay more have not the authority OF this
CONGRESS in direct support of the upon bill
which passed at the last session identical with this both
! in principle and Details and which became law alter
minute investigation, mature rehecunn and u oepat'
BIZ, now fnrsoolh we are told that the measure is
characterized by the ignorance and folly of this Admin
is,rson, Sir | wuud soon rxpnot 10 the n"un'
tain errs,s of Gibraltar itself crunbe into RUNS under
the attack of that honorable gentleman, made with
nncks, pistol in hand as the Intelligent people OF
this land withhold from the President their confidence In
his integrity, and patrotIsm,by the emrl"y'
men Of such rabbie oil words one Is aoou' as Ae'y
TO as the other. .
NV colleague (Alr hIason) has also relied upon the
opinions Of Mr.. Ga'atin aud Mr. Dallas and IN further
illustration Of my views, allow ME I" advert LOT
moment to the period at which these opinions, were en-
terained and expressed and take brief review OF the
circumstances in which the country was placed at me
time this measure was opposed by these gentlemen Du
| YOU then wan, temporary mrans only: NO, or: tne
| .oIx. La vpn
debt of many millions Of dollars beyond our existing
or Immediately prospective resources 10 pay; ana win
all the talents and energy of preceding administrations,
his never been discharged till within the last four years
| Bu, because it was then deemed ncxpedient by Mr..
Dalla, 10 issue Treasury notes, does II necessarily follow
that is proper to do 81: That would seem 10 De
the argument Why, 10 have issued them then would
indeed have heen has been remarked by my colleague
(Nlr Mason,l borrowing from hand to hand ite how.
ever ia of opinon that if have TO borrow we shout
never borrow like "mendicans, but do II like men OF
capital and Credit taking go"d round sum- and holding
on for good long time; md think he gave us some
! account Of what should in like circumstances be done
ky US in private life Sir illustrations drawn from pri
vate life often afford principles and guides tor public
! policy; and let the ask, what should we think OF man
| who wanted thousand dollars tor SIX months and
should 70 on nv colleagues scale Of man Of credit
and fortune TO borrow double that amount for an inde
mite period when he had earthly use for it longer than
for six months. doubt if any of US who consider our.
selves prudent would ever act upon that principle
in our own case. Here the amount will only be requir-
ell for six nne twelve months at frrhest and we are
told that the only proper course to pursue is to act
"above board and borrow the money for six years
longer period almost many years we need months
80 that we may have the gratifying reflection OF keeping
in mind that have got the interest 10 pay on 1t for
years after have no possible need of the principal
and when il has become burden upon our hands
NV colleague mir. Masonl urges another objection to
this BILL the ground of expense. It's said that will
be more expensive than the negotiation Of loan How
does he make that out' Why he undertakes 10 show
| o.. ,ab oc, ka Last
for the purchase of plates and the hire Of clerks is
than would be required to effect loan. suppose the
mos, expensive en that Of engraving the plates, need
not he incurred again for the old ones will answer the
| H. .aininL ka In Of