Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-26

no
iha, the people will consen, 10 repay "na' 'ef "as
meyer received To avoid these consequences 'he re-
derul Government is TO be called IN whh i's gfea. 10
sources lis undoubed credit, and lls acliy OF extract
inc money from the people by indirect taxat,on u 10
,onosed Inn, the Federal Government shall issue us
s,ock Ia sucb nm amount rs shall cover all The pubic
debis ,f The States amoun,ing Is estimated, 10 tieo
hundred millions Of dollars and that the stock 20 issued
shall be handed over the delighted holders OF Inc Stae
Stocks who, in turn are 10 manu- ofei '"e" '' '
Federal Government. .
There are two three objections 10 this cie'e s"c"
jobbnr scheme which present themselves 10 us, anu
which we will briefly state
In ,hr first pacc there is power given 10 Tue uehe
raj Government by the Constitution 10 assume or pay
the debts of the States The General Government mas
ruht to incur debts for certain spechc purposes anu "
raise tax for dcnying them but there is no clause III
The Constitution which coners upon IL the ptetence u
On authority 10 distribute among It's citizens the burden
of paving the debts nf an nsniteni State n's s'"g'
AFFECTION is sufficient until The Constitution IS aeteu'
Bu, even if the Constitution permitted 1t, ihe measure
would BIZ in the CHEST degree unjust IL wou'o mahe
those States which have into no toIly Oh specuia
,ion-and there several States in this fortunate con
dition-and incurred public debt Responsible i1f .e
pxayagance of others II would be as gross Violation
Of rvht as court after having received evidence tha
debtor had no means OF satisfying his CREDITOR should
order his next door TO pay his dept IL is o
answer 10 this shy, that the Ssnes when are oo ~
debt shall receive their proportion OF STOCK along WIN TUG
rest, 10 expend in The manner as the o'let nave
done They bave occasion for such present VI 'e'
ov:n money If they had thought such expenditures
iuslfable or expedient they would doubtless nave 10
cured them in The time when speculation was thos uo
tive and mems views Of the advantage OF any gwen
project were most sangune. But we go further-"e
affirm that even majority in every legislature OF
the Union To assent to the plan OF which We speak
would be The less unjust the ci-rs VINO co moi
assent II would he act Of tyranny, the tyranny oil
the majority the tyranny of unnecessary and oppressive
taxalon for all this waste must at last be reimbursed
from The pockets OF the people.
In the third place even if the measure were not IN
us, would be impoc. II is impolItlc TO encourage
Extravaganza. II mpoilic 10 interfere between the
folly of rash speculation and those Consequences ny
which Providence has decrecd that II shall be punished
and restrained If State has plunged madIy INTO spe-
cualon and lost her credit. people IN New 10Th
or in London have indscIeey involved themselves IN
her concerns lei their s!and as warning 10 olhes
let the state remain bankrupt till II retrieve Itself ny lis
own eXerons let the imprudent creditor wa ike olhef
creditors till he get his money, and The lesson wiz
prove Wholesome one II the General Government IN
terfere it will The principal check upon The I'M
providence of The State Legislatures and their au1a.
res IL folly is always 10 be protected against lis own
natural and just consequences, where VIII be Inc emo OF
H., In very few years should have another ofooo
Of exuavagant projects, another batch Of Stale debts,
another interference Of the General Government, and
new burdens upon The people
We have argued this question the more oil length oe
cause, clear il 10 pa!pabe as the irauo II
con,emplaes upon the Constitution, gross as Is the IN.
we have doubt that il will be warmly urged in the
next Congress All the corporations and individuals
concerned in Slate stocks and they are numerous com
prisDg the Bank Of the IT, s. and The free banks as They
called, of this State, will undoubtedly support and
press which greatly favors their interests
All the spectators along The lines OF unfinished Stne
railroads and canals will forward the with all
the intrigue and influence which they bring TO bear
upon it, II will be Zealou supported by the politicians
who have procured e1ruvagant schemes Of internal i'm
provements TO be adopted by the States nasmuch II
will shift the consequences of their folly upon other
shoulders Against these influences have nothing
oppose but the Constitution and The sacred principles
Of justice.
New YoRK-The New York Correspondent of the
National ln,tlllrenCer says "Merchlnts are RAPIDLY
getting out Of debt No new arrangements made =
There is general disposition To make new Contracts
IL the Government is bent upon mo credit system
the tendency OF society is to prepare Tor IT. From these
remarks should he led 10 conclude that matters in
n. York getting in situation omewhat better
Than they time since Indeed, he tells us
that "money now be obtained freely al nnd = IL
per cent month aud il has been high per cent
good paper This certainly augursa favorable cbunge
If understand any thing about the matter; and
shows, think that less extensive "credit system
than that which has prevailed would be- much better for
all classes al snce'y. And yet lie Is mauipsily very
much dissatisfied; for he tells that Many very
laborers and mechanics this rcinus
OF The year, necessarily charged every Saturday
night Are We 10 understand that while men are kept
employed when money be obaint for les. than
per centum month on good paper they are necessar
ly discharged every Saturday night when it is "blon
ed freely al and per cent? This appears to
be very strange lngic He would preirr suppose
! that merchants should no, get out Of debt. Tint
gagsmenls should be made which caunnt be com prd
/ with That grand "credit system which knows m
bound should prevail by which expulsion should be
frequently produced To throw every thing into confu
SIGN. the merchants may he embarrassed the banks
pend specie pay menis, and the whole community njur
ed and distressed. This is Wing policy.-Bah Rep
! The following article shows The wisdom Of the N.
banks in not uspendng The folly exhibited by those
in Philadelphia IN suspending:
The ~ \. Courier and Enquirer says: Since the
suspension South Of our city, the Phade lpha ranspor
,a,inn Line has, each and every day. brought
10 New York amounting average at least
$50 0Go. To day friday that line brought SGO,OO0
aud the dealers in bullion and coin depose than
lhey sell About million IF d0jarS in specie taken To
New York from This CITY, The suspension of specie
payments by the banks. '-.7merican Sentinel
bASK REsuMPTioSs.-We are gratifed TO learn from
the Philadelphia United States Gazette which we pre-
sumo speaks by authority That the Banks Of that city
ARE making arrangements for resumption OF specie
payments, and that such resumption will be had at the
earliest possible day. consistent with The interests den.
tilted with the Banks" There is, however in the Ga.
zetle slanguage little ambguity-"the earliest day
sIstent with The interests Identified with the Banks
which leaves The "day be considered near or remote
as the language is interpreted IT, by "lhe interests
identified with The Banks, the Gozee me ans those who
are their debtors, and who do wish their accommo.
dations abridged the earlies, day may yet be aar off
but u the public "nerests intended, and the public
are allowed to be judges of their interests the day
will not he procras,nated beyond the first of January
next. Which does the Gazette mean BALI Post
PASSAGE OF THE INsTRUcTING RESOLUTIONS IN
THE SENATE.
NASHVILLE, Nov. ll.-Aier ten o'clock on Friday
nigh, when the discussion the Insructinr Resolutions
was over, Mr.. Jones' Of Hickman, moved 10 commit the
amendment offered by Mr. Jennings The 3lsl ult, TO
the table. The yeas and nays called for and the
vote stood IL yeas 10 nays-three Senators being ab
sent, TO wit: Messrs. Turney, Ashe, and Walton So
the amendment was laid the table
Mr. Wheeler moved The adoption of the two first sec.
ons OF the preamble which eler 10 precedent nd pro-
prety as jus,ying the present procedure-to The evil
tendencies Of U 5. Bank-and to the wisdom OF an In
dependent Tleasury-which sections were adopted, IS
yeas, nays.
The third section of the preamble referring TO the pub