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

Ana Tie ihId. an issue Of Treasury paner 1,
lhe amyuu' OF slO oOO, 600. "a icu Of The en-.
UFc emission authorize ~ the former lx
aud a. understand II. - DE ret,>1asre az,
ttdeeGiaale a. the discretion Of the seer,t,r,
Ihu' iahrm Of purpose 10 their reoommeI,.
S1ns", "e should haze expected .omc LENT,
sni Indulgence 10 those who night eviuce /,
i'sPosi'iun 10 select between tue variou,
modes 81 raising thi, supply, a, they rnaua.
ecu 'iom the conan .tlce, whcthcF 10, a loan.
~ pr0P'sei ~ March; ~ p5f,iJl issue Of
'ea'H's Pipes iVr immediate u,e. aud a loan
Tor Ihe Ie>iige, as proposed on TIC 18Th If
APril; or by sn MISSION for the whnI, de-.
mand IN lieu OF either. O. recommended on
the 2JJ
But 10. the hon. chairman can brook no
delay. From the ,euog u has remark. mad,
Yesterday, 1 would seem that We are EXPECT.
- 10 carry The last project Of the committee
II once inlO 'd", without even looking hack
" con,ierins ~ aus form what Ia, own con,
H'.t'tce recommended 50 very shortly before
oi these various projects, air prefer thai
ct The lJh Of Ap.il, prov..i.: an l,.ue Of
treasury paper To meet immediate want and
= loan Tor ihe residue, aud 1 would take IL a.
proposed irOu, the Committee Of M.N> and
MslH>. "Ish this sIus.c difference ~ the terms
81 an That, iA.i,Sd 81 selling Treasury 6
Per cent 'eriP at -, u, and - months. |
woS'd extend the time Il pa,meDt. aud re-.
duee The rate of interest.
As iAe ETst reason lor tn. ptsf.,e,c. A
have but 10 !..s from the report II the hon
Chairman which accompanied tho bu-su
authority for which ask his respect lie
recommends the loan N --rf--rrcc 20 votes
'eceisablc Tor P.a.ic CG-,. Urcause the latter
have hrcE iourd, under the CNpeIienrr Of the
tate Jaw, in Ttd"os instead Of Gu ra.nfing thu
revenue Let me 5c understood ,uu nIcs.c
- adopting the otj,e!.sa. ihOugh OF a, Tie
chairman has conceived il. I az At some
loss 10 know ho~ credit "a SO GOO 600 fol-
" realized as 20 much money, can reduce the
ie'enue. Bat can we'll understand. If the
lime OF credit DC too short, how a revenue
reduced 10y other causes, may be unable 10
meet current demands, auL al the sage time
t. aJsosD TIE Issue under II. And Ia, : The
true pun OF The objection To any similar issue.
a. II = taken "a ihe report OF the committee
an o.JeeIiJn tia; wa, ably taken. ami well
re.iec o., ho"evcr ,o..conceivcd an It's app!,
cation.
What was tho condition Of our revenue
thea sudden and violent reyui>i.n had
Jl't occurred Ia every branch OF trade aud
business, pd'IIne complete stoppoge upon
lAe mole. There were 40 customs because
Importation had ceased, sad Of the rubiic
land, ihc sales were n, an end Beng cut of
from tho supplies e trade, our merchants
could aoi Pay tie revenue bond, given 10 ore
The catastrophe. ApJ Cf tie public none,
on depositc all had been used, which. from
is locality, could DO made available The
banks too had suspended payment throughout
The country and all sources Of revenue were
cut OH ahke from the Government and from
is debtors.
In This state Of thing, Congress. a, the
special session, ordered an ISSUE OF Trea,ur,
notes, redeemable "a tweI,. month, and i,
TIE mean time receivable ~ payment Of pub.
lac dues. then preferred tie bill 90 iLat
form, and, under The circumstance, then ex.
htins' should eeI'ainly have that preference
still
first. because - vas the only means by
which lhe Government could make its credit
available. lOau could not have been nego-
GATED on any terms, certainly not at home,
Tor there was no money dI,posablc in market.
save ihe disgrsced currency OF the bank; nor
abroad, because Of The proLIbilory rate Of ex-
change.
And secondly, because mi. disgraced cur
fcncy not bcing receivable by Government. II
vas Paraiyzed alike 10 reeeising or paving Il.
deO's aud Treasury notes receivable furnish
81 a medium for bsth.
- AAta AtltlfA5lilN hONtrnmruk was Obtt-
gated to retire these evidences OF debt q, fast
40 they Nere presented before the entire
credit expired, and Il has resulted IN practice
that they flowed back upon the Treasury
iasier Than the accruius revenue could absorb
them.
Knowing well that tic re.enue wa.,et, m
lar too eniceblod q condition 10 meet the Go
vernment expenditure. and provide for ihi,
dc1' as IL hO"ed m, tie committee, ~ their
reP9fi, have earnestly demonstrated a-ain.t
a Ike provision IN the new issue
That such -, "a fact its condition. I have
Ooly ip refer 10 the letter Il tho Secretary Of
the Treasury accompanying The Presdcnts
uct-7sc iOthis House on TO IO,b day oCibi.
month. IA which De ssJs. ihst during tie
present year tie revenue has Leeu pad in
Treasury noio- 30 such extent. tbs: ont, about
olstor,ii = q million mas been renewed from
Il 90 money 50 A. = assist 30 discharxing the
cpffcut expenditures ''Ihe.s List Tie
expenditures "on an average. have been
Owe two million, monthly, AMI 10 April near.
y three mi,iots
Ard yet. p,ysjiic i.eiu notu ithsiandint itl,
remln'irsncr, end tic satisfactory reasoning
on uLi-h ~ re.ied. tie committee. in one
short month. dsu,lss tLcir osn objection,
rsfniisie tbrir Osn arguments. ani come
back, 70 one bound. ~ tho very position 40
rtrcpty ob1ud rncd Nc are now urged hy
ihe Oiii 20 Do ihe ,ety hing srairst Whioht hr
committee that brought o. 30 thsmseiscs &C..
nor f'faict bot one short month before
Sir The 0hIecliIn then takea h0iIs With
t1Ial forcs now. Iis c,s1i h ho siorf -
Whai f-lu.cni cDOb make ihn pisioer By
,"o issue e Ircrufs pspsF. % Tfopascd
y 90 oppose upon Gao revenue thc dutv 81 I'd.
ItcrIHs itc rnfss ss fs,tas Dies como iH
TIE cumu iisc COM i1Ia ofthis feature ir ihe
lew oi October The secretary tells you.
ihnt under fs operation, while tte exgerdi.
.are Is from two 90 three udhors oiofth.
ne c1'h receipt does nor exceed o0s-o4sricf
1i million add get v,lh thsory srJ prls.
I-c bo'r 90 'rd IS sia,t a.. ucsfc REQUIRED
now 90 re-cract tLs ,fty s4n.o law
Bui, So. without ths iistt ofsucb sNnsri-
.n's. should br saainst this mode of rsistus
money. except undcr cifcgmstsnses of such
''euogs lcecssiy itlsh no other sltofu..
e'nnot consider Ibis a. party question.
although by 20 mcsrs orc Of those y ho pro.
.c'f freedom from sil party restraint. gst
~ oe'1si ut where such RESTRAINT WuDla
''effl'e my own sense Of uEit. esanot a1J
Nhi rot fss1ff b. c0ocur mut 900 tbe re-
-s''HJ ~ raisiuE ti.sslppiy Ian prepared
10 vote for q ch'srfaliy. I'D W .thout siat.
iod Without any reDuke upon he Adminsira.
ioni Tor ! d. cot believe that 90 BE- Justly re-
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