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


roma,s 100000
Add for the 1st June, TO meet what is iInme-
datey due under the many new apPro-
priatons passed near the close OF the SEES
oo''o
$50, 900
Deduct the computed means 3,loo'ooo
Amount of additional means appearing ex-
ped;ent now and before the ist June S31'o,ooo
From these statements Continued Mr.. - 1t must
think be obvious to every man that, whist the re-
sources of the Government may, and probably VIII,
he ample to meet its liabilities during the year; yet,
thrown as very large portion OF these liabilities are
upon the first hale year, while the means 10 meet them
will not be available until the last half say It must
be obvious that, without Legislation to regulate
these fluctuations in the receipts ana disbursements,
the Government, with the most ample means Tor the
whole years operations, may be placed IN situation III
which il might be unable TO meet promptly lis hume
rous necuniary obligations anG to maintain unbrokcn
It's faith IL will also be seen that 1t Is not intended,
bv the measure under consideration, 10 add one
dollar the amount OF expenditures Dut 5" 10 use hc
credit of the Government only as 10 provide ior ana
obviae any serious pecuniary embarrassment 10 en-
able the Government al all times 10 meet promptly and
faithfully its obligations is object which am bound
10 presume every man. Of all parties, has sincerely al
heart | am sure there is no Representative of the
People on this floor, to whatever party he may belong,
who would not feel deeply mortified, as an American
citizen to the Government OF has own choice placed
even for dav in situation where 1t could not meet
promptly its pecuniary liabilities. And II differences
of opinion exist among upon this subject, am per-
shaded it is not as to the proprcty of aiiordng relief,
bu as Ia the best mode in which the object can be at
tanned do not entertain doubt but that we all look
to the SAME object all desire TO save the Government
from such dilemma and if we differ at all, as We
shall repeat that it will not be as to the proprcty 0;
atordins relief! but 10 the mode in which! It shall be
furnished
Looking to the report to which have had occasion
already to call the attention of the members Of the
committee and in which the resources Of the Govern
men and its liabilities for the year clearly stated
i, would SEEM should suppose, that the measure now
under consideration could not be matter OF surprise
to any gentleman who has investigated the subject
4 careful examination OF that report will satisfy every
man. not only of the necessity of granting the relief
here asked but that it subject to which the Scrc
tary Of the Treasury himself has continued to look
with the most anxious concern; and tina. he has again
and again invited in the most pressing manner, the
action of Congress upon 4. In illustration of this
View and in Justice to faithful public officer, beg
very briefly call the attention OF gentlemen to pas
sarc the annual report of the Secretary OF the Urea
sury to which have referred. | do this not only as
an act of Justice him. but for the additional reason
that we may see clearly the grounds which this APP
plication has been made do IL, too, because have
heard it said here and elsewhere, that tins measure has
been postponed to the latest possible PERIOD and that
then like all such measures, when il was brought up,
all would be hurry and confusion and tina; there would
not be time 10 consider any thing. BY reference TO
the report it will be that the Secretary Of the
Treasury stands relieved, all events, from this charge
In the very next line after the estimates nave read,
he
AT is not however. considered prudent to rely
! clusively on the collection Of these debts.
''One mode, then, of obviatng any difficulty from
that circumstance vii, be to reduce the aggregate of
new appropriations, by posponing some and lcssenng
Others 50 that the probably available will be
sufficient all calls upon the Treasury and leave
in il average balance of about two millions.
at is believed, for enumerated hereafter, that
such reduction is possible without essential INJURY TO
any useful object, and that this balance is the smallest
which is adequate promp:itude and good faith
in public payments heavy in amount as ours, I'M
expected at times in the demands for them, and dis
prrscd over wide territory. II the appropriations
not thus reduced il will BE- wise TO provide scasonably
IN some other way for the amounts of the contingent
deficiency and of such balance
will also call attention TO page II of the report
ssMuch has a, times been wisely done b. Congress to
supply means ior meeting unexpected dchcicncIes-
But all legal provisions heretofore adopted for that pur
pose having EXPIRED our financial operations will be
constantly exposed 10 danger, unless permanent
safeguard under contingencies is established.
"Thcse circumstances must constitute an apology
for once explaining of the grounds in favor
of such measure, and earnestly asking speedy cg'sla
ton concerning 1t.
"rhe principal sources of our present are
seniby affected by fluctuations not only III commercial
prosperity, but IN the crops the banking policy and
credit systems Of even foreign nations. The influence
Of these TO become yearly more changca
bic and more uncertain in its extent.
The Secretary goes on to say:
"Al these, and similar considerations III favor Of
some permanent provision on this subject, apply with
still greater force than they have heretofore. The
available balance in the Treasury 10 facilitate It's opera
tons is much smaller than has formerly been usual
The receipts on the debts still due from banks, after
two previous disapnointncnts as to some of them,
must be regarded with increased doubt; and II they
should be paid within the coming year, the outstand
ing Treasury notes become redeemabe i'll the first half
of it. and most be discharged some months before the
bond of the IT, s. Bank falls due in September.
The Secretary then says:
"Why, then, should not constant safeguard, or some
permanent remedy under such Irregularities be pro-
yidcd; The omission to do this hardly be consider
ed the true check cxtravagaa expenditure, as that
check would seem 10 consist rather in torbearance to
make unnecessary appropriations than IN refusal TO
provide ample means for paying with prompttude I'M
der all probable contingencies, what has already been
appropriated and has thus received the deliberate
ton of Congress The national pride, less than its
honor and credit, appears to be concerned i'll adopting
some measure this subject, stable, efficient credit
able 10 free institutions, and possessing paramount
influence to preserve unspotted the public faith.
"1he States possess, separately, quite as deep
an interest III such an arrangement as the General
Governments siuCe blow the credit of the latter
would like electric shock, be felt through the whole
of them, and inevitably dcprcc;ate still more their
immense amounts of stocks.
at is hoped tla, an actual failure to furnish means
to make prompt payment, under all contingencies, and
thus producing the very violation OF faith much 10
he deprecated, vii not be necessary to awaken ITS
guardians to the urgent Importance of some such
medal provisions: measure without which, IN the
shape of an investment, large balance on hand, or
authority gwen to postpone certain classes OF appro-
priaton. when the revenue proves insufficient for the
whole or some power to borrow money, or issue, on
interest when necessary, drafts exchequer bills, no
financial system, in any enlightened country has oeen'
or can be long administered with safety and honor
ain our system, the provision on this subject was
verv uniform and permanent, Till the exnguishment
of the National debt in 1885. Previous 10 that time,
large balance beyond the expenses for ordinary pnf
poses generally collected, and, being kept on hand
till the close of the year. as to assist ~ any
contingency, then, if not thus wanted, applied to-
wards the payment of the debt.
CATER that time the FIRST resort, in the event of
fluctuations was temporary and consisted OF the acct
dental and expected accumulation which immediate
ell hot, Into