Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-06-21
PRINTED AND PUBLISHED WEEKLY


Nou'" oftns par IN me market, and yield coin
or ITS equivalent, At an interest Of from 10
per cent.
Du, Nc are told by the honorable char
man mat loan would be "unJustieabie," {
quote hts own wCgt. because 10 Government
VIII saY- the money from its own resource
tor the year, before the loan could be mad,
available. And for these resource, Lc refer
to the ios'1lment from the opposite bank, il
the South snd West, 10 fall due IA July. ih,
merchants bonds for revenue, on which tim.
has been allowed, and the bonds Of the Banl
Oh the United states all which he estimates 4
some seven millions Of dollars
Now. sir, IA reply 10 all this I quote bAel
upon hum an authority which he, at least, can
not venture to contradict. quote lis owr
export upon the state OF the finances made I,
III on tie 5th Of March last; when, after dis
passionate and extcnd,d view Of tho Who'll,
ground, h- SAYS;
1T - obvious that, far from being q sur
plus, there will DC deficiency, which mu,
Oe supplied, either by 4 reissue Of the Trca
sury note, redeemed, or by an authority 20 i,
>ue others Th,ys is net The least p,oJssiIt,
that our r,rsnus fer ileo ,rars 10 eo,ae will b,
tqG1! 10 tie wants OF Government, snl if r:
The HtTi Jod' y,ars IL should lie sufficient Il
meet our Expenditures, aud o. rsisss, the Tea
'HTy note. 'rhio! hars been or may BE- hsteans
issasd. Il will be full ~ much as con DO r,a
soRa,ly ANTICIPATED"
And asain, "a The same report. spe ing o
Tie probable tine for redemption " iLis pa
per. lie Nsls!
The Tres.ury notes required Tor The ser
wee of l-Js and i-39 witt opiy be issued 4,
d"chsrse CLAIMS as the money may be want
cd shd any surplus Which ny accrue "a
Is!O aud leil ts.I D. issHlsI.a,.ig agpi.ed I.
L.s.r ',d HJi.0,.
What broad admission. have VIC here ,u.
tanned, too, a, they are made, by fact, an.
reasoning IA The report, in opposition ~ COG
hGe"t declarations thro..u out IA debate -
Let the hOnuraS,e chnitin1n reconcile thea, 4
10 can. What, then, are The fsciS' Nby
that Tor two years at least, vet To come, were
the Treasury free from dcbt, the revenue
would not be equal 10 the wants Of Govern.
mehl Aud with THIS burden Of te n million,
OF debt IA Treasury notes, TO be redeemed, n
VIII, under Tie most favorable circumsiane,.
require fosr gears, At least, 10 effect il, and
meet ordinary demands at the same time
The years 1850 and l5Il are presented ss
The earliest period VI which any surplus car
be spared, 10 begin the final redemption OF
Treasury notes.
Br'. sir. without this authority from the
The Secretary himself. commune ed 10 thi.
House Cut two days sgo, 10 ,sti,f, us that the
treasury II va 40 condition, from Te.ouTcs,
ordinary q extraordinary, to proyii for thi,
debt al any time earlier than that indicated
IN the report.
lie tells us that, on the day his letter /, da
ted, the whole money Ia tho Treasury aYaia.
Die ior u.o but little exceeded $500, 600. and
~ Tue isb millions Of paper authorized TO be
issued IA October last, the whole had teen
used. except about $500, 600. making, foI
aVsilsOle means on hand. not six hundrod
thousand dollars, with nearly four million.
aud hall Of Treasury paper yet uBrcdeem,d
That, durin. The present year, the re,e
nuc had been pad in Treasury notes TO such
an extent tia, only about ons-fouyiI II a mil
lion m5nihIy had been recsiSed from II in mo.
ney, so a. TO assist 10 d,schargiuk the current
expenditures, hile they (iho expenditures
had, on sn average, for Ihe current year
been over two millions monthly, and in April
nearly three millions.
hEd. looking forward he further says ga,
more Than fcor millions Of the Treasury note,
arc stu outstanding, and The banks generally
have not yet resumed specie payments. Il u
Proedbk that greGi pant II the r,renus uiH, for
iors TIM 10 eonU he paid 10 n similar manner ~
facts, 10 justify the belief that this Treasury
issue Is only wanted 10 anticipate, for a Few
months. the extraordinary resources Of The
year, to sfise from the bank debts and tie
merchants bonds
rough estimate. based upon these data,
viii be accurate enough at least % illustrate
The view J am now presenting. First, then.
The expenditures to be provided for 10 the end
Of the current year. being seven and hail
months, az 81. 500 900 per month. shout the
secretary's estimate, equal to SIS, $50, coo
Our resources are
Cash revenue. At $3.50, 900 per
month, for same time.
sl,s7S 900
Extraordinary receipts
Of the year from
bsnt. srd merchants
bonds, 1000 COO