Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-03-17

sent not only endangcr all ii5cdi oP'" 'o''' " "ou
have stopped some of the most important OF them, II
not obva;ed in degree by seasonable arrangements
made III anticipation OF difficulty.
One passage more: .
o1he Depa,tment, therefore, is now without any re-
sort Temporary or permanent III case OF material deh
ccnces; and considering all the circumstances before
mentioned with the dangerous liability IN law 10 have
the whole outstanding Treasury notes paa IN at any
moment for public dues, without power remaining TO
issue others in their stead considering, also, the pre-
sent revusons in the commercial world, which affect
50 seriously the receipts from both duties and lands
considering the disasters which are beia!ing the banks
and rendering our collected funds IN some cases wholly
unavailable, and The advances necessary to be soon
made for the large payments OF PENSIONS and Treasury
notes falling due in March, the earliest attention to new
LEGISLATION on this subject highly prudent, if not
INDISPENSABLE, for the efec,ual security Of the public
credit
have felt it my duty Continued Mr. } to advert TO
these passages to show that consideration in
yitcd TO this subject the earliest possible moment,
and to show that those gentlemen who seem to suppose
that il was postponed to the last moment IN order a,
it might be passed over with the greatest possible haste
were mistaken that their opinions were formed without
investigating carefully, should conceive, documents
accessible to every member of the committee. Now,
would ask if there is individual here who does not
see that this subject in which the Secretary has TEL.
most nyious and deep who is not pre-
pared To admit that the necessity OF this measure
arrsccn bv him. and that early Legislation was invited:
There can be but one opinion on tins point The ne
cessitv was oreseen by ALL and II must therefore
TO be matter surpris, that this bill has been introduced
Nor has the Secretary of the Treasury failed to point
ont the mode proper, in his judgment, for furnishing
relief In the communication to which have advert
cd and which will not take up the time OF the COM
nittee by reading, it will be seen what his views
we're He looked, in the first place, 10 general re-
ducon of the aggregate of new appropriations he next
points to the twenty sight millions now on deposte with
the States and thirdly he says there are two remain
nG modes-one to borrow money, and the other to
issue on interest, if necessarily Treasury drafts or
notes.
The Committee of WAYS and Means, after the most
mature delberation which they enabled 10 bestow,
have reported the result of their deliberations the
bill now under consideration. know much difference
of opinion exists the subject know il has been so
on all previous occasions when similar measures nave
been introduced The friends of the measure, regard
mo the deficiency in the Treasury merely tenn
porary propose to anticipate Tor short time the re-
venue of the Government, which cannot be received III
lime to meet its Liabilities as they may ARISE nose
gentlemen who stand opposed to regarding The deli
cheney not as temporary but permanent, will in all pro-
liability propose this occasion what had been before
proposed in similar cases, 10 make permanent provision
for il BY contracting loan, and thus IN all Likelihood,
mourning permanent national debt. have not been
educated in that school of politicians who regard ma
tonal debt as a national blessing No, sir, regard 4
national debt as national curse-ncvcr to be saddled
upon the country except under circumstances OF the
most overriding necessity. Ihen and not TIL then,
shall ] ever consent to incur permanent national
debt Whether the deficiency hc temporary or pcrma-
nent must be Judged of by the best information within
our reach and the best lights that afforded TO Us
have looked in the formation Of my own opinion, to the
Secretary Of the Treasury, whose position enables nm
To- possess more correct information than almost any
other man. The whole subject is before him. Every
avenue of information is accessible to him. have al
ready shown the opinion he entertained three months
ago: which opinion he entertains now. lie informed
us on the 18th of February, in the communication to
,l,.1 Cd
unchanged, except far the revenue may be
affected bv the decisions of the courts of Justice upon
the tariff laws, and far they may possibly bc al
fcted BY the universal embarrassment which seems to
have spread the whole country. We have, then
his opinion al the commencement of the session; and
with full knowledge of passing events from that day
to this when he last audcs the subject, he tells
that his opinions unchanged. But suppose he IS
wrong. Suppose he has ovcr-cstimatcd the revenue
for 1910 fear have long session before u.s. and
thus if the Secretary shall prove TO be mistaken,
abundant opportunities will be afforded aitcr have
seen what may be the action of the House on various
other matters of public interest, and what may be the
probable amount be received from customs) TO make
| the provision that may seem most desirable. In the
mean time am bound 10 10 the conclusion that
the deficiency temporary, and not permanent. And
in this view of the question. called upon to de-
tcrmimc whether it would be- best To issue Treasury
notes 90 into market for loan, and incur pub
lie debt: the mode will afford prompt and speedy
relief the other may notonc is certain, the other not
the is within our own grasp, the other sends us
out upon hunt
But suppose loan shall be resortcd to; i'll right
in the views have expressed and tho Secretary OF the
Treasury right in his, II follows as clearly as the light
of day that the means Of the Government Will be sut
ficent to discharge the amount borrowed in single
wear: why, then, borrow for term OF years for that
YOU must do you cannot get your loan taken up unless
il is to continue for two three years Why should
we incur national debt which must hang on our nccks
/ WIN MT he omit
months Gentlemen do not act in their private con-
ccrns when they want the use OF sum OF money Tor
nine months, they do not borrow II for tour or hive
wears The lessons derived from the every day bust
ness of life urns generally, the best rules
and principles for conducting affairs of public nature
And how you TO get the amount Does any gen
tlcman believe that the capitalists will withdraw their
funds of the stocks, and from under mortgage ccu
rity, TO take up Government loan tor one year: IL
were idle to expect it, But if it could be donc, the
report of the Secretary tells YOU that the Government
will need immediate rcefwitlin few weeks from the
date of that report; which few weeks have nearly cx
pred and then the dsposable funds OF the Treasury
will he below what they have been for great while
Where do gentlemen expectt ret this loan: In " York
! In Boston: In Philadelphia: In any other OF our
great commercial cities where every strained
to sustain the banks which pay specie, and presume
TO enable those banks which do not shortly to resume
| where the community is pressed down by a heavy
foreign debt, and the banks have turned and turned
the long the people bear 1t: 1t seems
TO me il will scarcely he possible. And if you fail III
our country, then, you must despatch messenger
to England, Holland, some other OF the European
countries Do gentlemen reflect how long this will
take ? You have, remember, great steamship at
commando it will require at least two months to nego-
tiae the loan and 10 return. And what TO become OF
the Government in the mean while 1t will be una
bic to pay the Army or the Navy, or the brave men
who now fighting your battles; nor will it be able
to pay dollar towards the ordinary current expenses
of the Departments And, when we shall have done
this, and thus succeeded in humbling and dlsgracng
the Government Of our choice, what shall we
have accomplished What shall we hare gained =
The comfort of knowing that we have established a
permanent National debt.
We want five millions of dollars and we want it in
specie, in convertible paper "a thing should be
greatly delighted little of and where are
we to get ii: From the banks Why, they cannot re-
deem their notes. But, allowing MAY get it
from the banks, what will be the next thing shall
hcar?-''lsa Government that has been for years wag
ing war against the banks, (for that is the chargc,)
which utterly hostile to all banking institutions to be