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

In October last, when the issue OF ten n'iiions vas
authorized considered those circumstances as existing
10 which MIR Dallas refers jCsiiiyng the occasional
use of this "expensive and preca,ous substitute ibe
Treasury empty the sources OF revenue dried up
The public money deposl'e IN the South ana oou'n
west was inaccessible, and al the North It had oeeh
drained a,mos, TO the las, dolar loan would have
produced nothing there being no money to invest anu
heavy European det absorbing every dollar mat cou'o
be disengnged from the ruins OF commerce
There was alternative, as conceived out az ssu
Of Treasury notes 10 meet Inc e3isency auu "
Temporary supply. ,re
Now the condition OF affairs IS aoSe'ne' oetent-
The f,renn deb has been wiped OIL exchange mas oeeh
urped in favor Of this county, and the precious metals
are again Pnurog IN Money Is once Eiose aouhoah'
md TO be had at the lowest rates.
ask hsn why is lhi. Treasury issue 10 be continued
on terms so to the country, when The supply
may be had in coin, if required on far cheaper terms:
Let us estimate the difference in cost BY the late
law twenty thousand dollars appropriated from the
Treasury defray the cost Of the emission including
the salaries Of four extra clerks al 81 200 per snnun
each to keep the accounts These clerks and these Sd
sres at lea, must be continued so long as the system
is kept up.
Then the rate Of interest must he at the least per
cent and when allow for depreciation, which 10
my apprehension is inevitable, the loss OF the treasury
will fail in proportion.
On what terms then could loan be obtained: pre-
tend to no certain knowledge this head ou from the
best sources Of information to which can refer eTo
vernment stock having hom three to hve years 10 run
would bring mar in the market, and yield coin, or lis
ronvo,sn, al an n,eres, of from 2 10 per cent.
Bu, we are told by the honorable chairman that loan
would be "unus,liahle" quote his own word, because
the Government will have The money from Its own re-
Eaurces for the year before the loan could be made avail
able And these he refers 10 the lnstemen
from the deposte banks in The South and West to tall
u. in JULY the merchants bonds for revenue which
time has been allowed and the bonds of the Bank OF The
y. S all which he estimates at some 81 ,O0oO0O
Now, Sir in reply to all this, quote back upon him
an authority which he, at least, cannot venture TO con
tradict quote his report upon the siae OF the n
nances made to Us the 9th of March last when after
a dspassonale and extended view of The whole ground,
h. says:
at is obvious that far from being surplus there will
be deficiency which must be supplied, either by re-
issue of the Treasury notes redeemed by authority
to issue others There IS not the least probability that our
revenae FIR years will b. rqua to the wants
Of Government; and if for the nez. four years it should
BE- sufficient 10 meet expenditures and TO REDEEM the
Treasury ohich hare been may hereafter issued
il will he full as much can be reasonably anticipated
And again. in the report speaking of The prooa'
BILE time for redemption of this paper. he says:
"The Treasury notes required for The service OF 1888
and 1889 will only be issued to discharge claims as The
money may he wanted; and any surplus which may &C
crue in 1910 and lS4l o be Immediately applied the"
redemption
What broad admissions have here, sustained, too,
as they made by facts and reasoning in the report
in opposition confident declarations thrown out in de
bate Let the honorable chairman reconcile them II e
can What then, are the facts: Why, that for two
years least yet 10 come, the Treasury free from
debt the would not be "equa 10 the wants at
Government" And with this burden OF ten millions
Of debt in Treasury notes TO be redeemed WILL under
the most favorable circumstances require four gears, at
least, I, effect il, and meet ordinary demands at the
same time The years 1910 and iSil are presented as
the earliest period al which any surplus be spared
TO begin The final redemption Of the Treasury notes.
Bu. without nutiority from the
we have enough in The report Of the Secretary himself
communicated to this House but two day ago TO satisfy
tha, the Treasury is IN no condition, from resources
ordinary extraordinary TO provide for this debt any
time earlier than that indicated in the report.
ts tells that, the day his letter is dated. the
whole money in the Treasury available for but little
exceeded S300OOO and Of the ten millions OF paper au
thorsed be issued in O:tobrr last the whole had been
used except about S2J0,n00, making, for available
means rand, not six hundred Thousand dollars with
nearly four millions and hulf Of Treasury paper yet
unredeemed.
Tha, during the present year. the revenue had been
paid Treasury notes to such extent that only about
one.tortk ofa million monthly had been received from
ia money to assist in dschargng the current
pend,ures, while they (the expendilures) had, on an
average, for the current year, been two millions
monthly, and, in April nearly three millions.
And, looking forward he further says, las more than
four millions Of the Treasury notes are still ou,s,and
ing. and the banks generally, have not yet resumed
specie payments 1t IS probable that great part IF The
rerenUe , for time 10 come, be paid in similar
manner"
What, then, have before U.s. in all thes. facts, to
Justify belief tina, this Treasury issue is only wanted
10 anticipate for few months the extraordinary res"ur
ces of the yesr arise ftcn the bank debts and the
merchants bonds;
rough estimate, based upon these data will be
rate enough at least 10 illustrate the view pre-
senling. First, then,
The expenditures be provided for 10 the END Of the
current year, being seven and half months, al So.
$40 QUO per month, about the Secretary estimate,
equal to $lo,15O,0OO
Our resources are
Cash revenue, at $3.50, 900 per month, for
same time, Sl,S75000
Extraordinary receipts of the year from
banks and merchants bonds, 7,O0O,000