Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-11

y,
II may be regarded As evidence OF Pnb!c pro.FcTi
Is, seldom conducive 10 me permanent Ne.'ge o.
any people aad experience has demonstrate il l.
compatibility with the salutary acton OF political n.
stutons like those OF the United States Our safest
reliance for financial efficiency and independence
has the contrary, been found TO exist in ample
sources unencumbered with debt and in this respect,
the Federal Government occupies sngulorly iortu-
nate and truly cnviable position.
When entered upon the discharge Of INV official
duties in March, 1887, the act for the distribution Of
the surplus revenue in course OF rapid execution.
Nearly twenty eight millions of dollars of the public
moneys were, in pursuance 81 lis provisions. deposited
with the States in the months Of January, April anc
July, Of that year. In May there occurred general
suspension of specie payments by the banks, including,
with very iew exceptions, those IN winch The public
moneys deposited, and upon whose fidelity the
Government had unfnr unaiey made Itself dependent
for the which had been collected from the peo
pie and were Indispensable to the public service This
suspension, and the excuses in banking and commerce
out of which it arose, and which were greatly aggra-
waited by its occurrence made to great extent una
valuable the principal part OF the public money then on
hand suspended the collection OF many millions accru-
ing merchants bonds, and greatly reduced the re-
venue arising from customs and the public lands
These effects have continued to operate, IN various de-
grees, TO the present PERIOD and IN addition TO the de-
crease in The revenue thus produced two and half
millions Of duties have been rclnqulshed by two ben
NAL reductions under the act of lc, and probably as
rucl upon the importation OF IRON Tor railroads,
by special legislation.
Whilst such has been our condition 70. the last four
wears in relation to revenue have during the same
period been subjected TO an unavoidable continuance
of large extraordinary expenses necessarily growing
out Of past TRANSACTIONS and which could not be me-
datey arrested without great prejudice 10 the public
interest OF these the charge upon the Treasury, in
consequence Of the Cherokee treaty alone, without ad
yerng others arising out OF Indian treaties has al
ready exceeded five millions of dollars; that tor the
prosecution ofmcasures for The removal OF the Semi
1,J., b,ci rprpt "a uudi n
nearly fourteen millions; and the pubic buildings have
required The unusual sum Of nearly three millions
j, affords me- however, great pleasure 10 be able to
say, that, from the commencement 81 ts pefoG 10 the
present day, every demand upon the Government, At
home or abroad has hcen promptly met Tins his been
done not only withou; creating pcrnlanet ceo or 4
resort additional taxation III any icrm out IN the
midst OF steadily progressive reduction oil EXISTING
burdens upon the people, leaving SIN cons atfap
balance Of available funds which will remain in the
Treasury at the end OF the year The small amount
of Treasury notes not exceeding four and hall NH
lions Of dollars, still outstanding, and less oy twenty
three millions than the United States have III sepos'te
with the States, composed Of such only as are not
vet due or have not been presented for paymen. They
NAV be redeemed out of the accruing revenue, u tr
expenditures do not exceed the amount within winch
i ,hcy nav il i. thought, be kept without prejudice to
the public interest and the revenue shall prove &c a.
large as NAV Justly be anticipated
i Among the reflections arising from the cohfnipa.
ton ofthcse circumstances, one, not The least Crafty
ing, is the consciousness that the Goveinm'nt had
: the resolution and the ability to adhere II. every
emergency the sacred obligations of law; 70 exc
cute all lis contracts according to the requirements .:
the Constitution and thns to present. when mol need
ed rallyins point By which the business OF thtwhoe
country might be brought back 10 safe and in9ary-
ing Standard result Yally important rs well to the
. interests TO the morals Of the people. There can
surely noa be difference Of opinion regarcto the
incacu.able evils that would have arisen tie Go.
d vcrEmcnt that critical moment, had suffered Itself
10 be deferred from unfolding the only true sandaTo
OF value either by the pressure o! adverse tTcnn-
: stances or the violence Of unmerited denuniaiiun.
r The manner which the people sustained the pTipFi-
ancc Of ,hs duty highly honorable 70 their i,ftiudr
and patriot 1t cannot :l 10 stimulate
II adhere under all circumstances, 10 the line dtu'y;
. ard 10 satisfy them o! the safety with winch course
really right, and demanded By financial CRISIS may
!, in community like ours, be pursued howeve apra-
: ren,ly severe lis immediate operation.
i The policy Of the Federal Government in eNt'n-
gushing as rapidly possible the national dep, and,
subsequently, IN resisting every temptation TO ceate
new one deserves 10 be regarded the same aroTa-
e BILE light Among the many objections 10 ntonal
), debt the tendency oil public securities con
cenira,e ultimately the Golfers Of foreign s,octhod
: crs is one which every day gathering s'sen.h-
Already have The OF many Of the States and
y the future industry Of their citizens, been nde:n'ty
norigaged 10 The subjects Of European Govefn'en,s
E 10 the amount of twelve millions annually, 10 Ply The
u constantly accriina interest on borrowed m"n.y-a
sum exceeding half the ordinary revenues 81 the shnie
n United States The preeSt winch this relation ;nords
to foreigners 10 scrutnIze the management OF on Do
= mes,c at,irs, if not actually to intermeddel with
A them, presents subject for earnest attention, mol
q to say of serious alarm. Fortunately, the E.dcra
8 Government with the exception OF an Obligation en-
: tered into behalf Of the District Of Columbia uhcl
II must be discharged - wholly exempt iron any
D. such embarrassment II also, Is believed, ne only
government winch, having fully and faithfully Iad al
i Tia creditors has also relieved itself entirely oa debt
: To maintain distinction 50 dcsiFahr, and 50 nnora
II bic national character, should be an ogaci o
10 earnest socitude. Never should free peolI, = 4
A. be possible 10 AVOID II, expose themselves totlc NJ
4, cess,y Of having Of the peace the hono " h'
10 safety # the Republic, with the Governments Of -
al reign creditors who, however we'll disposed ty ma:
N he 10 cultivate with general friendly relations, AZ,
90 nevertheless bv the law OF their candtio made
n hostile 10 the success and pcrmanency Of pol cai IN
81 stitutions like Most Illuminating may be the EN-
m barrassments onsequent upon such condition Anohe
H. objection scarcely less formidable 10 the commencement
IN of debt, is its inevitable tendency 10 Eaease
III magnitude, and 10 foster national exraragancef tie ha
Il been an improbable observer event who nes Al th
O. day to be admonished o;he difficulties which Govern
ment habtualIy dependent loans to sustan It's o.
e. binary expenditures, has to encounter IN nssnns
N the influences constantly excrted IN favor Of edition
A. al loans by capitalists, who enrich t!cmscyc'by 90
a. vernment securities for amounts much eTeedin-
" the money they actually advance-a proh1 source
,r or individual agnrandzement III all borrowing coun
IL tres by stockholders who seek their gains the
a. and fall of public stocks; and by the selsI mpor
of tuntes Of applicants for appropriations fol work.
10 avowedy for the accommodation Of the public but th
ID real objects Of which are frequently, the vance
70 ment osprivale interests The known necess whicl
ne so many of the States will be under 10 mphe take
u for the payment of the interest their debts furnish
n es additional and very cogent reason why the FeGe
# raj Government should refrain from creating snaton
n debt by which the people would be exposed 10 dou
I'd bic taxation for similar object We possess within
he selves ample resources for every energcncy,an
n may be quite that citizens, in iuilrc ex,
il. grncy Will lie unwilling 10 supply the Government
We with all the asked for the defence Of the :ountr
In time of peace there can, at all events be esca
to ton for the of permanent: debt BY tie Fcde
of raj Government It's limited range Of constAIiona
duties may certainly, under such circumstances, b
n. performed without such resort. II has, it is seen
r. been avoided during four years of greater fiscal di
e. cultes than have existed in similar period Stree tn
IN adoption of the Constitution, and one also remukabl
for the of extraordinary Of c1cnd
h. lures.