Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-31
sS775,OO0

S9o75 900
Leaves deficit of nearly millions of dollars be
filled by the Treasury paper. So that, al the end
Of The year. and under the favorable circumstances
shnl be just where the report OF the committee has
placed us, with surplus hand, and this Treasury
debt redeemed And for this prospective view have
again the full authority of the Secretary himself for III
the letter of the 10Th of May, he says:
"By the seasnnabe adoption OF either Of these
sures (authory reissue the old Treasury notes
an Issue Of ones "s anticipated en5s rrassmens
during 1883 probaby b. obvated For in that event,
provision Of additional means to meet the expendi
tures Of the year will be necessary hereafter unless be-
fore the close Of the session. it shall appear that APP
preparations have been made, are likely To be made,
exceeding The estimates submitted by the Department
in December last, by several millions or that the
nue. will he materially less
Against this reasoning Of the committee, then, and
these facts of the Secretary, how vain and idle is it for
gentlemen declare roundy in debate that the rxgency
requiring this Treasury Issue will pass off with the
that produced it If there he any who believe il in TRUTH
[ can only say their crpduty is far greater than NINE
We are told, however. By an honorable member from
South Carolina [Mr Rhett that it is monstrous to ad
vocate loan, for that would be the creation of
tional debt thing in every way 10 BIZ abhorred Sir,
have understood that gentleman srghG In his reply
20 his colleague, (Mr. ThompsonJ who denounced this
Treasury issue UNCONSTITUTIONAL did not understand
him to vindcate it, the SIM e ground tina, It but
a loan in another FORUM That the Constitution give full
power 10 borrow money, and this was one and legu
mate mode Of exercising that power? Mr.. Rheu here
inierposed aud understood to say that by national
deb, he meant permanent debt
Mr Mason resumed A permanent debt Sir. What
does the honorable gentleman by that distinction:
The debt itself is, in fact, already created and its per-
msnency depends altogether upon the time within which
you can redeem pay il off. What is the honorable
gentlrnlans idea Of permanency: This debt
thorzed under the law Of October last II has been al
ready fully incurred by issue of the whole ten mil
lions. Nearly one.hnf of it is yet unpaid, and
now asked to have the loan renewed By another issue
IF h. ppr1n iS DrnOE ~ q nd
koning from the highest sources, that it cannot be
cancelled for four years 10 come, it, indeed, it require
not a longer time What then to do Why,
when we here in December, continue the loan for
half year more by new issue OF Treasury notes and
sn o. from time time until the is adequate 10
afford sufficient surplus beyond expenditure toS
IF Are we then to be frightened by shadows; by this
specirr of public debt when we have II before al
ready actually incurred, fixed upon the Treasury be.
yond retrieve? No, Sir; |, for one, am for meeting
money, and must h,ve it, | would have them to 90
abroad like men Of character and credit IN private HE
who manage their affairs with economy and thr and
borrow the money in open market upon The best terms
be had; and not like mendicants, borrowing al dts
advantage from dav day from half year 10 half
in the vain hope of ping their necessities ot view
This, Sir, regard the and honest policy; II Is
the only end at which aim my opposition to this BILL
1t is due from the People represent, upon whom
the burden falls that should borrow the money upon
the best terms be had by extending the loan Pc
Rod when expect to pay and not to increase the cost
by series of short and delusive credits.
For the present exigency and to meet the immediate
demand, have no objection to limited extension Of
This Treasury issues and for that purpose when the pro-
ner time shall come may offer to amend this bill -
But. regarding this debt fixed and inevitable for ct
east four wears 10 come am for meeting il al once by
loan for that period the lowest rate OF interest," and
10 have done with this wreched substitute of short Gre
d!ts, at high rates, upon deprecated paper.