Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-25


he might be able he errors OF fact and T
which seemed 10 Inn have been coaiii'l'eu. in's
he Intended 10 do briefly possible ana IN Inc a's
cussion he should cndeavor !" n,'a'e Tue COURTESY
which had clearly distinguished the ia"Su'se a'io
manner Of the honorable Senator
The Senator FIRST referred 10 page eight 81 inc mes
sare where the President speaks OF National Deot
and a National Bank. The Senator dad no', at tnal
time consider i within his object 10 MAKE any remarks
m reference to the Presidents observations as to
Bank bu. was the views expressed IN Inc message
on the subject Of Z National Debt TO winch his al'en
ton was directed, and 10 which his attention was III
rected with that point and force which always cha'ae
terize the Senator's mind and he might perhaps say
on this OCCASION the ingenuity which soineti cha
racterizss his arguments. He had asked Inc fres
dent supposed, If any body supposed 'hat te,e was
party in this country friendly 10 National DEBT per
Sc He (hlr Wrght,l did not believe ina, position ,'e'
The Presidents remarks at ALL for he did not under
stand the President as offering his views ana urging
his reasons against the contraction and OF
national debt, the ground that II was oeot 70 e
contracted for the single and sole love OF the oeo TOT
itself He understood the President as taxing other ana
higher ground, and rs endeavorinS !" impress upon
he countrvnen on the occasion winch called iorth
that message the evils OF debt under any c'rcum
stances however under whatever circumstances, ana
for whatever consideration contracted, anu a'e'npt
mo 10 convince them that It should De oSoioso
n, all times and upon all occasions, and for all con-
sderatons, when the safety and honor "i Inc haton
will permit Such he understood to be the drit ana
purport Of the message upon tins very import To-
pic. Yet lie (Nr. W. was prepared TO go 'aftnes
Than the President had gone, and say what lie mao
no, said He would say, not that there IS a pnu
cal party in this country IN favor Of National Deo
per Sc bat that there are tacFtStS III ''s couhu.
so in favor of National Debt-nterests winch ever
had do now, and ever will favor the existence ana
perpe,uaon of National Debt, per Sc, for itseif Tor
Tie advantages they derive from It. lie believed those
Interests existed in every civilized conntry-he De-
lieved they ever acuve-and ne ne!'e'eo ''e.
constituted an influence, against winch 1t was one Oh
The prominent Objects OF the President to warn ION
,,e.s nd he country What those interests winch
naturally favor National Debt, per National Dent
for ITSELF and for the benefit TO be derived from us eS
is,ence: Retired capitalists, men who nave Wlhura""
from business with capital which they wish 10 pre-
serve for themselves and their families, constitute one
snch interest Such persons naturally desire per
manent and safe investment Tor their money ana -
most rational that they should vastly prefer 'her c"u
try as their debtors if il be ofgood standing ana creo
10 any other Look at England. What supports ana
ner,e,u,es the Arstocracy of wealth there but the BIT
tsh National Debit Ii rests upon the deot, ana cnniu
not b. sustained without 1t, anu the VI '
country is It's strength and power Mt '" sa'u "e
smoke not ofthis interest now existing IN tHs coun
,rr in ccnsure it natural as existence ilseii' u
must grow up in every prosperous community; VIII!
ever exist in some form, and can only be curoed anu
controlled by people and Government free from DEBT
But was there not another interest," and an important
ooe in every commercial community, which was oehe-
fitted bv and therefore favor OF the existence o
national debt for ITSELF espoke OF that great 'hSei
est connected with foreign commerce, ana uesfous VI
medium of convenient remittance between us own ana
foreign countries. Why. he had seen frequently tne
ui,y OF national debt pressed upon lie country LOT
bs couse and quite recently articles had appeared IN
tho public newspapers-and articles written VITA great
abllity-stang that since the eXtnguishneht oil our
debt fluctuations III our paper system hau peeh ihui
frequent and more deetcrIous and coEiendng mat i've
existence Oft National Debt and its influence on COM
transactions were necessary 10 give that system
stability But year ago. pronoson was dciiDera'e'
put forth OF that character recommending thst lhs
country should debt, not s'ngy 70 iurns tose
commercial accommodations, but urging that taese
would be- necessary incidental benefits, while o'hcF
great objects valuable the mind OF the writer, were
supposed to warrant the contraction Of inc P"poseu
debt of hundreds of millions. These were not all
There was third interest," which embraced that class
ofen,erprisny acute persons, who seek living anu
their fortunes BY dealing in stocksthe class OF oro-
kers They, as class Of men, must be attached 10
National Debt per SC, for nothing could be more desra,
bic i'm the stock market than abundance OF nal'ohai
stocks and securities and that abundance OF customers
seeking investments and market, which iul sup
NV of superior stocks would fail to present to
that department of trade. Such securities, too, must
have tendency TO keep the prices Of stocks more
stable and thus render the profits OF the broker
more certain, and his calling more safe, If not more
lucrative.
further interest, having the same natural tenden
cy was the money interpretations OF the country, au
,horzed 10 deal in stocks and exchange, or Pracucai.
SO dealing, with without authority. lhese iiisutu
lions more naturally than the brokers, must favor e
existence Of National Debt, per ,nas'nuch as the
profits of their bushes, would be equally involved
while their own stability would be much more essen
tally promoted He did not enumeratc this intcres
with any political reference 1t was an existing in'e
rest in our country, and every commercial country
the world; and would, most likely, continue 10 *
ist, so long trade and commerce existed properly
restrained was heathu interest to trade anu com
tnnFtn nj -
rest II was always active, and at times powerful be
yond the careless estimate Of conhdlng people le
it was interest which people free from debt neet
fear, but from which any people loaded win oeot
public private, had every thing to aPprehend'
was corporate interest, representing no feeling u
which human beings susceptible, and destitute, iron
its nature, Of all human sympa,h'es
There was still another interest which should be-
his judgment, in favor Of National Debt per Sc ~
referred the and interests in the country whct
favored the establishment and preservation OF Ma
,ional Bank as an institution to regulate our currency
and credit He did not speak Of this interest that
political party the country. as connected viii
any existing political party. His object was I" follow
The course of argument of the honorable Senator iron
massachusetts and take financial view OF the topics
under discussion: and he believed in his heart tina
every mau who desired the establishment, and PcrPelu
of National Bank in The United States, s'i"us
desire the only safe and secure foundation Tor suci
institution, permanent National Deo,. i" T..
secure defence, for National Bank IN this country
j. was not his object, upon the present occasion, t.
question the PATRIOTISM, or purity of purpose OF an,
friend of National Bank He would not, II he coult
AVOID il, make this discussion political much less par
tsan.
lie had looked at our own history, and found that
national debt had been the apology, and, as he thought
the controlling cause, Of two National Banks; and h'
believed further, that the existence and continuance
the debt had given both the of the
and stability which they had manifested to the country
as money institutions controlling currency and ere
DIT.
lie had also referred himself to the pecuniary inst
tutions of England, and became equally satisfied tina
the National Bank there could not sustain itself for Of
hour with its conceded power the paper system
that commercial country, if disconnected from the Br'
t,sh national debt. The capital Of the Bank consists
the debt and the country lis debtor for the credit
commands. How, then, is the country to get rid Of th
bank, but bv the payment of the debt, and how cal
the debtor though the proudest government in The
world Control Tho creditor while these embarrassing