Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-01-18

Government TO receive supplies from the public Trea-
sury. Waseful extravaganza in their expenses, with
ultimate abjec dependence the Federal head, with
consolidation in its train, alternative OF the con.
'euences which presents ITSELF humiliation OF the Fe-
dera head by the loss ofts and property which
might be devoured by the States, 10 the other aterna-
tive of the disastrous consequences II may be
question which would occur-whcther the States would
be swallowed up BY the Federal head, or whether the
Federal head would be devoured by the States; most
probably the latter but one OF them inevitably and the
result would be the same to our present frame OF Co.
yernment, be it which II might We have encountered
and surmounted many dangers; We have gone through
many perils which tried the strength of federave
system; but Of all the dangers have surrounded OF
all the trials have gone through there are none, IN
my opinion, which can compare with the peEiious OK
pertinent Of supplying the States out OF the
Treasury. -,
Who does not see the new and fearful impulse which
the assumption Of the State debts or provision LOT
their payment out of the general funos, us' give "
the delusive and destructive career OF lhe sys
tenn? Already in a state of frghttul overaction, tne
ro.,res Of that svs,em deem nothing done while the
Federal Government is free from ITS vortex WIN nine
hundred banks 10 emit paper money WIN BIN nun"eu
millions OF authorized bank cap'ta with more than one
thousand millions of stocks OF all sorts; win i've nun
dred banks in state of suspension; with one hundred
millions bank paper including post notes.
with two hundred millions borrowed by eighteen States
from Europe with twenty eight millions received on
deposite from the United States with mammoth bank
identical personifcatlon of the credit system, WIN
its two bankruptcies in two years. its first duty TO 10
reigners and its last to its country exporting snip
loads of specie to these fore gners while refusing s
lings to those who chartered it, with all this We are sun
al the commencement Of the paper credit system a
national debt and national bank the two pillars OF
that syscm and to obtain that debt and that bank rs
now the main object of pressing the State debts upon
the Federal Government. Let that object be accom-
pljshed let new national debt be created and the new
.n,,tpf lp
quickly produce the fruits here which It has already
borne in England, and where, IN less than century
and half il has raised national debt from twenty
one millions five hundred and fifteen thousand seven
hundred and forty pounds thirteen shilings eight
pence and farthngs to nine hundred millions ser
ling; the annual from four millions to iorty-ive
millions sterling the National Bank from one million
two hundred thousand pounds, to fourteen millions ;
and consequence OF the whole, has hiieo he cohh
try with milllonaries and beggars, with palaces and
poor houses Give the credit system the new impulse
which it seeks here, and il will soon supply our Anne
RIGA with the fruits which it has borne in England
The effect Of all this policy in begetting passion
for periodical distributions of land revenue, surplus
revenue or extensions Of national credit will be to put
the people of this Union into that road which the Ro
mans entered when they commenced distribution OF
grain from the public granaries, and ended with put.
ting up the consulship to sale, and the dadem OF EN-
p;re to auction. II is q passion which grows what
feeds and becomes nsatiate in proportion to what it
devours. On this point, we have the instruction Of
our experience to guide u.s. as we'll as the sug
pestions of an enlightened forecast to |
have already said that assumption is the child of dis
trhution-the child of the projects and speeches for
the distribution Of land surplus revenue
which have excited and tanalized the public mind
for so many years past, | have said 1t was this
which stimulated the States into inprovident un-
iertakngs rushed them headlong into heavy debts,
and turned their eyes upon the national domain and the
Federal Treasury for and relief from their pre-
mature burthens This is what have said; and now
look the proof the table Of the progressive growth
and increase Of the State debts which have already
mentioned TO you Here II is. See IT. From lS20 TO
1925 when none Of the distribution schemes had been
thought Of in Congress, the amount of State debt in.
CURED only twelve millions and three quarters, in
five ycars-barey two and half millions per annum:
and this confined to the old and popuous States, whose
resources were adequate TO their undertakings, and
whose means were equal to the payment of their
tracts In the next period OF years from 80 to 1880,
the increase of the State debts still in the slow
and moderate proportion and confined to the class
States. Mr. Dicknsons bill for the distribution OF the
surplus revenue brought forward during this pc
rod; but its instant and peremptory condemnation BY
the Senate, countcracted its influence and prevented
it from having the least effect in stimulating the expen
d;ures of the States exciting the spirit of specua
tioa and the Stat" debts in these five years, only ad
ranced thirteen and half millions of dollars, being
still at the moderate rate of little more than and
half millions per annum. The third PERIOD from lS3l
10 1885, filled with bills and speeches for the dis
tbution Of land revenue and maortes were found IN
both Houses of Congress TO countenance the projects
end 10 nflame the passions which they engcndered-
Then it was that speculation and State debt received
powerful impulse and the debts of the States made the
gigantic stride Of forty millions in five years; being a
the rate of eight millions of dollars per annum VIVA
was worse come of the young States began to be in
fected with the heresy that State debts State
blessings and rushed undertakings for which the,
were not ripe and for which the credit system had Il
furnish the means. The fourth perod-tor still
quote from the invaluable tables of Mr.. Flagg-tht
fourth period only embraced three years and half
from 1885 1887, and part Of 1888; but It covered
the period Of the cluster Of bills for the distribution
the surplus revenue, it was called, the seductive
speeches in their favor and the dazzling tables OF dis
tribuve shares, which then filled this chamber, ant
which took the ultimate form OF depos'te with th
States The State debts, in that densive period, ad
yanced one hundred and eight millions of dollars
counting the twenty-cight millions received from th
United States, and the total advance one hundred
and thirty eight millions the progressive rate Of in
crease being close forty millions Of dollars per an
num- This frightful career Of debt involved in it
course even the youngest and weakest States, ant
some Of the Territories and the result of the whole
was larger debt contracted in that brief period b.
about one half Of the States, than the whole UnoI
owed at the highest point Of national debt for al
its wars, and acquisitions Of terrilory-the Revolu
,onary war the Louisiana and Florida purchases al
inclusive!
This is what came from stimulating the appetite 0
the States tor public dstributlons TINS 10 what came
from turning their eyes upon the national domain
the Federal Treasury for the payment Of their debts
This is the fruit of our land bills, distribution bills
and our deposte bls and this is what ! said would bt
their fruit, and great deal more, during the many
years that, almost solitary and alone, made heae
against them this floor This being the result o
our experience, what must be the effect # now
rendering the national domain TO the payment Of these
debts' Certainly TO start the States again in neH
career Of debts, to excite them into extravaganza,
der the conviction that they not pay and bring
them periodically upon Congress, with fresh demands
until the national domain shall be exhausted the Fede
raj Treasury empted, and the credit Of the Union
duced to contempt
/ am willing to speak gently as possible of this
deposite act. wrote its history in advance when
spoke against the time of its passage-my friends
all except FIVE, joined in passing it. denounced as
disguised distribution, mock evasion OF the Con-
.titution and as to the States which were to
commence the practice of receiving supplies from the
Federal Treasury il is no, my purpose to repeat what
then said by way Of Accommodation but It is per-
10 rfto1a of