Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-13


no in the Treasury or Standing the credit OF the
Treasurer with The several repositories, should DC eS
than four millions, 10 sell Inuch OF Inc sto1Ns' -
which any surplus should have oeen ~ "a
keep the money in The Treasury at that amount OF "'
his information might satisfy him The wants oil 'e
sury would require . 49,. .,;o,
Provisions OF the character contained in this secuoh
yere no, new to tie Senate. They had heen, upon
farmer cccas:un introduced there 10y himself as mean
nj discussing in the most safe and profitable manner 20
the Treasury and in the way he thought wouin Prov
most convenient To the business interests OF me c"'n
n;tv Of large surplus of public money on hrpoS'te /"
Mn. hanks 4 different disposition Of that SUBJECT seem
ed rcerabe The Senate AID the provisions Tor ''i
ves nrcl did not meet with favor tie entertainer
sIruur hone that their natural cunnexon with lIs DIV,
and With the sa!uary workings Of the system Tor Inc
ruuuuurnen Of public iuancrs provided "f ny ~
would give il different reception ut tile present t'e'
IL was fund that the spread operations OF 'ne
Treasury reg.rt abnnt four millions nl dollars constant
Is on hand including the amounts IN tanSdu ana .ne
million or Whereabouts, constantly cInp!"ysd 1T lie
minis but that accuuulaoms beyond that sum were, al
all u,,nary ne RODS accumu!auns To be kept not acted
uuon for The time being. To avoid, then, the 'iSks Of
kr.u,nr which formed material objection w!i'i those
who opposed the hill and to avoid accnmriaons "l INC"
ney locked trnm use, wticlinrmed another ano
much more wrigty objection against the system IN Tie
orrumcns of those who had hitherto opposed IT, these
provisions made part OF the bill ITSELF anu I've
must suppose that these considerations would, Of lh's
lime and in this connection, render them accfpaue "
,nany who upon their introduction on the former occa
sion alluded TO- could not WELD them support lie must
confidently believe that to those whose minds had been
Influenced 10y the objections he had repeated ihey
would constitute positive merit, as part OF Dill o'hef
wise, in their estimation, detective.
There was another aspect in which he wished TO pre-
sent these provisions. The constant experience o 'he
Treasury Department. since the final eXlIngnisnment OIL
the national debt, had shown The necessity OF some
elastic provision in our legislation upon The subject
of The public revenue and expenditures, which would
accommodate itself TO the varied conditions OF the
Treasury, or, rather, which would enable Inc mead OF
orfU,ap la
finances that the Treasury may be al oil times pre-
pared 10 the calls upon it, and that an amount OF
money should time be hasTded therein, TO the IN
iury Of the business Of the country or It's czens Du
inn the existence Of The public debt, the provisions OF
law and appropriations OF money connected Win H. ur
n.hed this regulator for the state oi the Treasury lie
applications Of money upon the debt were al all times
governed by The surplus OF revenue over lie e"psn-
dilures while all the unexpended balances OF aPpopF-
uons after limited period passed 10 The sinking luno,
and we're absorbed in The debt troublesome surplus
of revenue. therefore, could never exist while mat ap'
plcaon remained open. On the other hand, as The
appropriations for the year carefully provided fr
bciTe any application upon the debt, 1t was scarcely
possible that any contingency, not oresecn during
the regular annual sessions of Congress, could 0c-
cur Ia disenabe the Treasury TO meet The demands
upuu it, arising under the current appropriation DIS
The amount OF Intended for application upon
the debt would always be sufficient ID meet any dis
appointment in the accruing receipts into the Treasury
That time, however, had now passed lie debt was
paid and from the necessity OF the case and the state
OF the legislation Of Congress, experiments had been
made 10 measure the actual appropriations by The eslI-
mated revenue, and to make them come out even For
the first few years of this trial from state OF clrcum-
stances al the time sufficiently considered but now
clearly aud properly estimated the revenue got largely
the better of the appropriations. This gave rise 10 The
bill: directing Geposte OF the surplus with the States;
and the actual appropriations and the estimated re-
venue attempted to be equally measured. a re-
yusiou in the trade and business, and banking OF the
country came the anticipated revenue was cut short,
and that portion Of it which rested upon credits could
not he realised. Indeed. the very money on dePose
in the banks the credit of the Treasurer could not be
comma nded and, comparatively, the whole anticipated
means of the Treasury either not realised placed
beyond lis control Still the appropriations were in force,
the expenditures were going on under hem and could
not be arrested and special convection OF Congress
became necessary, to preserve the faith OF the Govern.
mrnt and enable the public Treasury TO meet the just
demands upon it. What followed was fresh in the
collection of the Senate and the country, and he would
not the time by repetition Ut lie measures OF
relief the country and The Treasury adopted at that
lie had mentioned these facts show the necessity
of some provision to guard against these dsappolnt
in the accrung revenue, as well as 10 preventive
evil of a boarding OF money, when the revenue should
overreac the appropriations In either sense he consl-
dered the provisions of the section Of the first import
ance and he entreated Senators moi TO suffer past eco
ections pre- udce their minds, hut 10 examine these
facts; to permit late experience To have tie due
wcgh 10 reflect how frequently similar dlsappontments,
as to the revenue ghl be expeTencedhow often sur
plus amounts Of might alarm The public mind
as to the safety Of The public treasure; and then 10 de-
eide upon the adoption Or rejection of the section
The only remaining section which he would notice,
ms connected with tie first great object oil the bill, was
the seventh This section authorizes The Urea
suer of Tie United States 10 receive, at the Treasury,
and at such other places as he shall designate, pny-
menls Of money in advance, Tor The purchase OF pup
lie lands aud give receipt for each payment, which
shall be current at any of the land Offices at any pubic
private sale Of lands Since the G had been report
ed he had become convinced that this section was loo
| r,l In pH
ceipis might be taken and treated negotiable paper,
and might, as the section stood, be given in form
which would make them so upon tEciE lace lhi5 would
subject the bill 10 the impnlallpn oil authorizing The
| emission of paper currency, based upon the pubic
lands; i thing by means intended by himself, and he
not by any member Of the committee who as
sened to the report OF The BILL lie had, therefore. pre-
pared an amendment declaring that the receipts to be
given by the Treasurer, pursuant 10 the provisions oil
ihe seciion should be negotiable or transferable,
by assignment, or delivery, or in any other manner
| whal>oever-but That every such receipt should be
presented al the land Office by, or for, The person 10
| whom it was given. shown upon its face In this
shape lie hoped The section would not he obecona.
| bile upon the ground above stated. while he thought
il would lie apparent that its general provision would
be of treat convenience TO those purchasers OF The pub
lie lands vino to cmigrate from the old States, and
TO carry with them the means 10 make their purchases
1t would them from the trouble and risk oil trans
porting money OF any description and also from The dam
ger of taking, distant portion Of the county,,
currency which would not their purpose when
there 1t was not appreended that the Treasurer would
be called upon to select many points places where
these payments might be made Perhaps the points al
which proposed 10 keep Offices Tor the deposlte OF
the public money would be sufficient and perhaps few
other principal places might be selected with increased
convenience the Public. certificate OF The depose
of the money any designated point Transmitted 10 the
Treasurer. would command the required receipt from
him. rs we'll the actual payment OF The money at The
Treasury itself; and this could be done through the
mall the party making the payment would be saved the
expense of journey the Treasurer office in this city
further and material advantage 10 the banking in
stlulions he was assured would be derived from the
adoption Of this section The notes of specie paying
han anihnriznd To- be received for all