Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-07

VOLUME NM V.---S9. IS.
turned to Congress, anxuusly looking for and awaiting
such relief as could through the ordinary channels Of
iesisaon be extended To what every where repre-
s-ns to be suffering Community. An anxious desire
10 fulfil this eSpectann universally INDUCED 10, led
10 lrgs!ation both towards tie banks which hid been
selected dppnsitores of the public money, and the
merchants whose duty bonds had fallen due and were
about 10 fat. due, which oil know placed for the
time beyond the reach and contro! of the Government
eleven twelve millions Of dollars. due from the
teposite banks and from merchants twill b- recoected
that The provisions or of these laws gave TO The msI-
chants extension OF nine months 10 pay their bonds,
making the whole credit twelve and fifteen months nsieac
OF three and months provided by the then existing
laws and that The law in reference 10 the banks gave 10
them extension their liabilities to The Government
Of one thdunt July next, unit January next
and The balance until the lst At July: ir%S.
And now, with view to further explanation, am led
naturally 10 inquire wha, was lie amooh thus render
ed unavailable by this indulgence granted by the Go.
irsef, ~ legislation, legislation, de-
signed and INTENDED for the sole aid of lis debtors whe
Their individuals or corpo.at by reference to the
report of th Secretary Of the Treasury, II vii! be found
that thcre
In The Opposite banks subject 10 draft on the
Is, of January S54n36s
Due on account Of merchants bonds cay 6,OO0000
The repnrt was. 4; first, necessarily imppr-
feet, from the reiarns not aying come in,
and the amount is there SIT down al only
S3,O0O,OOo. but II is sncc ascef,alned TO be
largely over So OOD,O00. The returns how.
ever. are still incomplete end the amount
VIII pro5abiy be FUND 10 approach nearer
TO S90OOUU0. -
SIl,4ll 3G4
Being, as you will see. Sir, in round numbers. eleven
millions and half of the Governments plac.
ed yond control, by legislation, for the
ef a! liz debtors; legislation too, re 1t rememberedy
subsequent the passage o: TIE Treasury note bill,
the passage Of which If ind gence anticipated, It
not expected TO exend beyond the limitations OF that
ac, VIZ the 3lst oi December next.
But we have been told. in the Of this debate,
tha, the issue of millions Of Treasury in
tended supply The deficiency occacone! By the ndul
grnce extended TO the merchants and the banks. Sir
ii intended; and perm: 10 add, that there ex-
lseG that lime strong 10 believe that that aic
extended the Government by OF those Treasury
notes would have been ns eIcc,uGi TO enable 1t 10
all demands upon II, as If the amour, due from!
banks and merchants had been paid up 10 the last
dollar; but owing 10 circumstances over which this Co.
vrinmcnt could exercise control, which the c
gsaon Of Congress could exercise none, this then rea
souabie expectation has been Disappointed And how,
permit here inquire, has II been disappointed!
Why all know, that III consequence OF the general
suspension OF sp-c,. payment, BY the banks in connec
with other caa-ss, which The limits OF this debate
d. authorize to examine. II had the effect
Of depressing the Treasury from eighth TO :
quarter and halt Of per cenuu below the value Of
gold and silver; and nothing could be received 10
plvment OF She pubic dues bot gold and silver, or rea.
sury notes. the certain and Inevitable consequence was
out oil that anxiety when every man IeeI5
10 protect his interest, and pay his debts IN the
most convenient mode, and with the smallest amount
of money say, Sir, tie consequence was, That. IN the
crlres of New York and Ph,nd-lpha, points at which
VIZ Collect believe, full one hall OF the public revenue,
Il cy sunk below specie ard consequently paid
int the Treasury almost fast they were issued re-
dremng 10 be the exact amour, OF Treasury notes
returned but bringing into your Treasury nothing
that could b. available 10 meet lite ordinary demands
upon the Government Now. Sir, had these Treasury
notes as was then expected been spread the whole
year coming back something Ike equal proportions,
The ears furnished by them, together with other resour
crs would have enabled the Government 90 take up
much III. larger part Of them, at any re;e have !ett
but very small amount indeed 10 he redeemed al the
time when the provisions OF The law would have expired
| say Sir this would have ben the result the nr vita
Die result but instead Of lka: nearly :iz millions OF
the amount were redeemed in the first four months Of
the year because, they came back and were cancel.
led the amount returned and cancelled was equva-
lent pro tan,o 10 applying thu. much Of the resources
of the Governmental Their redemption
Now what does this bill propose; We have heard it
rated by The honorable snbe from Massachusetts
GMr Adams that We have borrowed ten millions last
Sear and that seek to borrow another ten nil.
lions by this bill Yes, r IL has been sent forth to the
wurt, ,ha, we Tor borrowing twenty millions; when
there single Paragraph line OF the BILL IN var
tue Of which there could be more than ten millions
Outstanding at any one time IL you choose TO call II
bOrrow wing il originally but ten millions, but as
about millions INCLUDING hunore 3tirnusand
dulsrs Of them returned and cancelled during The last
" ny have been redeemed il far the former act
was crncerned ant by the present circumstances grow
ing gu, Of operation, debt OF three millions only
thai being the amount now outstanding. And what DC
We p'Opose Not 10 Issue new batch OF Treasury
notes but pass b! by which you will put II in the
power Of the Government the amount
which auh"r,-ed by the act Of the l2ih o. ccober
l-7 they shall be returned 10 the Treasury and can.
cp.d and the PStgpnces OF the county may require
and thus anticipate, and for short period only ieown
means, By which II will be enabled very soon 10 redeem
The whole o. this debt.
Mr. Speaker, have said, tha, the means OF the Co
vernmcnt are ample 10 meet al liz sbirs; and how
does It appear speak now from that condemned That
much abused communication Of the President OF the
United States. sent TO us on Friday last consisting y!
fifteen twenty lines VIA, are we therein told,
SIR That there are GeprsIlr with The States So,
$50 600 and than S5 GOD eco due from individuals
and banks; and he might have added that at the close
Of the presen. the accrung revenue from customs
and the sale of public lands, would amount 10 oUOO,
OUU bes'G-s making aggregate Of 800 OOO OOV
Sir feel that should be careful. when rely upon THIS
communication of the President, after the remarks that
have fnllrn from the gentleman from tennessee, lMr.
Bell know that should rely with great caution upon
any statement which the President Oi the o. ,. may
deem It proper make 10 Congress; tor what nave we
heard from that honorable gentleman. why, he nag
SAID round and unmeas!ed terms that This was gross
and unwarranabe dcta,on 10 Congress, on the part OF
the President II would then that It is gross and
! unwarranabe dctaon for him 10 undertake to make
10 u. communication Of the TACT that The Treasury ~
upon the verge OF becoming unable 10 meet s liaDIli'
ties and in that to recommend what he
deemed expedent for the best interests Of the county
Sir /, may be unimportsnl for to benr in reco-
lection the fundame tai law of our land II may not be
read the article in the Federal Constitution,
bearing this subject Tor The purpose oil seeing mo
duties imposed by that sacred instrument upon this high
officer. We shall there find his duty so clearly and
plainly marked out and defined, that he who runs may
read.
Let then 90 back the Constitution, and see what
| acto NJ ia al las drawn down him TINS
| heavy and uny,ga,ed denunciation That instrument
prescrbes in the second and third sec'onso the second
article, that .'he may require Inc opinion IN ~rpgo OF
The n,;,ci,si officers in each Of the Executive Depart
merits upon any subject relating the duties OF therre-