Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-06-23
l,536,OOO
S2l,S29,l2l
4,OOO,OOO
Merchants bonds
$25,S29,l2l

Here, then, sir, YOU have the maximum of me
expected receipts into the Treasury during the
year 1888. Ba, contend that the first item OF
thirteen millions five hundred thousand dolhrs
from customs Is greatly overrated. The socreta-
~ himself places very little confidence in this es-
t'mate, because he says, in his report Of Decem
Der last that, IN the huctuating condition Of our
receipts and expenditures, results are likely to
happen essentially different from some Of these
calculations" Yes, SIR, these results have hap-
Pened, and We are now acting upon one Of them
But will YOU command from customs any thing
like this sum? The importations Of foreign mcr-
chandise are greatly reduced, and will fall short
of any previous year within the last ten wears;
and, besides. the ad ralorem duties rapidly d.
minlshing Yes, sir, the day is at hand when, If
the extravaganza and wanton waste Of this ad-
ministratlon arc not arrested, the tariff greatly
increased, you must either create another large
national debt, resort to the direct taxes; the
one or the other must, and will, be the certain
and inevitable consequence.
But suppose you realize the full amount Of the
estimates, which ] have shown is not probable,
will that meet expenditure Of thirty seven mil
lions nine hundred and twenty six thousand eight
hundred and ninet y-two dollars, estimated by
your Secretary Of the Treasury, besides your mil
lions OF Treasury notes outstandingi Mr.
Chairman, your expenditures will greatly exceed
the receipt into the Treasury. Al tho end of the
year, according to your own estimates, YOU will
be near twenty millions in debt. How will YOU
pay 1t? Will you borrow the money at three or
not exceeding four, per cent; will you issue
Treasury notes at six per cent? taxing the peo-
pie the difference Of from two TO three per cent
on twenty millions Of dollars in order to keep up
appearances of solvency, and prevent the otiium
OF another national debt. do you really suppose
that the people such stupid fools as not to
know, that when you issue Treasury notes at six
per cent to command money, when you could Dor
4.
per cent, that they (the people) the sufferers
and the victims of your folly? And, sir, does this
place such low estimate on the
Intelligence Of the people to believe that they
are incapable of understanding that an issue Of
ten millions &C Treasury notes is just as much q
national debt as thous. the like sum borrowed
by direct and open loan? Sir. will detain
this COMMITTEE attentive it is, in the discussion
OF the constitutional power to issue these notes.
TO say the least Of it, the power is constructive,
doubtful, and by no means clearly defined.
The constitution gives Us express porer to
"bOyrOr money!" but not to issue bills Of credit;
and these notes are bills of credit. Those who
oppose a national bank constitutional principles
and are the advocates OF this Treasury note bank,
or more properly called old continental currency,
had better supply themselves with arguments to
prove to the people that they are not more ultra
IN the exercise of federal power than the federal
lists of 1888. They had better rcnounce the
name of "democlat,'' and assume that which their
policy and their measures Indicate them to be-
Aud, sir. to those who profess to '.follor in tie
footsteps Of their ilustrious predecessor" hope
that do not ntrudc, if commend to their seri-
Gus judgment the opinions of that "predecessor,
expressed in his letter the editor of the Globe
and dated at the Hermitage, July, 1897. He
said, among other things: 81 hope no Treasury
notes will be issued; the Treasury drafts upon &C
tual deposites constitutional, and do not par
take Of paper credit as Treasury notes, which
ar c,,h ~ hx,e cb,c IL
banks, and shavers and brokers, and will be if is
sued" And now, sir, with all YOUR promises to
follow in his footsteps, although many of you from
the highest to the lowest, have como into Office
from the power of his mighty name, when you
have returned him to the Hermitage, YOU turn a
deaf ear to his counsels, and set naught his en-
treaties But this is no business of mine; YOU
can settle the account with the people, your mas
tiers.
The question, MI. Chairman, therefore, for Us
to decide is, whether it is best that should is
sue Treasury notes to supply the wants Of the
Government, or borrow the money. Ii has been
shown, that in order to keep these notes from re-
turning rapidly into the Treasury, they have been
and are designed to be- for the future, issued with
an interest Of six per cent? and it admitted that
this Government can obtain money, by direct loan,
al from three 10 four per cent; not paper money,
irredeemabe and payable On time, but gold and
silver; and no man in his proper senses will pre-
. tend to say that the creditors Of the Government
would not prefer to receive gold and silver, or it,
equivalent, to your deprecated modern continent
tai paper.
The bonds Of this government bearing an in
terest OF three per cent, would readily comman nd
specie in Europe, and the importation Of the me-
talic substances would increase the facilities oi
the banks in resuming specie payments, and add
greatly to the circulation Of the precious metals
50 much desired by the-people, and pretended t.
be desired by this administration. Sir, when nv
honorable colleague, Mr.. Underwood,) at the ex
ira session, proposed, a substitute your Trea
sury note BILL to sell the bonds of the Bank Of thu
United States. which had been executed on nc
count Of the Government stock formerly held IL
that bank, and which then amounted to upwards
OF seven millions of dollars, YOU rejected the pro
position by an unbroken party vote. Nothing
would answer your purposes, but your experiment
Of Treasury notes. That experiment has beer
made; and. instead Of affording relief to the pco
pie and the Treasury, it has but increased you
embarrassments. Sir, you pretend now to be tn
advocates Of an exclusive gold and silver circula
ton; and at the very moment you making va
upon the banks and bank paper, and charging tn
people with being subject to their influence, a.
controlling the elective franchise, you pressing
their representa-: YES for more paper money; yea
sir. that same character Of paper money whic
deprecated in tine hands Of our revolutiooar
fathers who spent their lives and their fortunes