Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-18

displayed BY parts Of the community IN certain
of business, ana have extended their aaV III
n The revenue dependent upon them But the pefioo
and the country as whole, have been almost uheA
amoled in prosperous developments
Thus in respect TO our receipts. Not"'lhs.ahoinS
the unusual re usons in imports on two OCCASIONS 50
ns;b,v h,ssen;ng the revenue; Notwithstanding any
losses sustained in those crises, by the OoSeIhneh
through officers banks, or merchants ana no"tns'ana
inc the biennial reduction IN the duties, WHICH mas ny
I, been constantly going on, we'll as the remission
nc several millions to railroad corporations and under
new judicial constructions yet our condition mas oeeh
40 ourishing, as to yield revenue during tnat l'me
sucent after all those deductions, TO accomplish the
following important results. 1t has enabled the irea-
surv to meet the current expenditures OF the Govern
ment as we'll the extraordinary ones by indian wars
treaties and other costly measures, and, without I'M
posing any taxes, higher tariff ana without any
ne funded deb. whatever, but extngushng consider
able remains Of the old one, and paying the interest
on that assumed for this District to save the nnprece
den,ed surplus of than twenty -e'ght millions OF
dollars and deposite the same WIN Ie states ,oi saie
keepinp till needed By the General Government
The only permanent aid in etfecting tins, beyond the
,ecens from ordinary sources has been the debt due
from the United States Bank, of about eight Millions
and the Treasury notes outstanding, equal to near
" four and half millions But during that PERIOD
sum not far from the first, amount has been applied 70
the discharge of the principal and interest OF the oio
funded debit that towards the payment OF all otnef
expenses only between four and fve millions, De-
vond what was temporary, and what has already been
refunded adjusted, have been received from any ca
traneous source whatever
II follows therefore, that the current revenue, not
wthstandine all reductions, has been adequate TO de-
fray both the ordinary and extraordinary demands
after taking from what deposited with the states, SUI
fcent 10 extinguish kind OF Indebtedness Great
ed on account of the General Government during the
same period to leave hand the large balance OF
nearly twenty-four millions.
II IS true that the available sums in the Treasury at
The and close of the period IN question
,h,hl, /
eoua surplus would still be left which Is ikeiy 10
exceed seventeen or eighteen millions OF dollars.
Besides this recorded evidence Of the prosperity OF
the country and the fiscal ability OF the Generai Co.
yernmen in those years. il is gratifying, amidst many
NEUTRALITY-SUSPICIOUS. concerning the SUBJECT TO reuect on
another circumstance connected with our hnancia 9pe
rations which has also become matter OF history IL is
this: Though destitute of the aid ofa u s. Bank as
fiscal agent during that period, and buhed py various
nnremedied npcrectlons in the laws connected WIN
the finances. well as embarrassed BY Two suspensions
of specie payments by many OF the state 0ahhs-onc
still connuing yet Treasury has oeeh aoie 10 n'ah
its vast collections transfers, and payments Win
promptitude and in most cases with specie or It's e4u'
vaent.
and difficulty of these operations, when IT Is recoiect
ed that the whole which have thus been coec'eo
urbout deductipg fractions, added to those sums
which have been paid chiefly by another class OF
officers have exceeded the extraordinary aggregate OF
1850 OO00 QUO, and been dispersed over territory OF
nearly two million square miles in extent IL rs more
over ascertained, that the whole losses within the
same time by defaults large and SMALL and in all kinds
of Offices will probably not equal hall OF one per
cent. that amount; and however oinciai uei'n-
onences may. in cases. have inevitably Deen az
prayated by the Unprecedented speculations OF the
times and by great reyulsions and failures among
banks and individuals, those losses Will not be one
fourth so large in proportion TO the amounts collected
and paid, as in Some previous terms, when the system
under United States Bank was in full operation
Ln m fha q npn
during the same period. Though they were OF neces-
sty augmented by some of the circumstances before
mentioned, two Indian treaties only, out OF large
number having already involved us IN the expense OF
nearly twentythree millions OF dollars; yet the aggre
gate of all has been much reduced since the influences
Of those causes and the impulses ofan overlooking Irea-
sury have diminished. The expenditures have fallen
yearly since 1887, till they are now only twenty-five
and half millions independent of any debt and trusts
and supposed TO be in progress to SUI lower
amount
The undersigned has earnestly urged more rapid
reduction He has considered the great safeguard
against Too splendid central government, which
would constantly threaten TO overshadow all State IN
dependence and attract the ambition OF most OF the
friends of State Rights from the humble paths ofruga
" and principle into the dazzling vortex OF higher pa
tronaGe, honors, and emouments. While the stinu-
lants to shall continue to lessen, nothing VIII
be necessary TO insure the further success oil an eco
nomca policy but perseverance IN retrenchments,
wherever they are practicable without injury to the
public interests The removals of Indians being most
y finished and the chief causes Of frontier wars e2tin-
guished unless objects ofexpend'ture be selected
or great enlargement given TO some already existing,
the whole amount must Of necessity, contract herea-
ter very rapidly The result will be further pro-
NOTED by the death of pensioners, increasing through
advanced age and the completion OF many public
works as well us by persisng in firm policy to avoid
the wasteu expense of unnecessary foreign collisions,
and to refrain from those lavish expenditures for GER
tain domestic objects, which the jurisdiction OF
the General Government is often questionable, and
which always open the widest door to extravaganza,
favortism and corruption.
One of the greatest evils to the public service, as
we'll as TO the security of private business, during
part of the above period, has consisted in the uctua-
lions to which both have been subjected
With only single year intervening, and without
any material change in the Tariff, any whatever IN
the price of the public lands, have seen the revenue
from ordinary suddenly vary from nearly nifty
millions annually TO eighteen; and on two occasions
since vbrate TO the extraordinary extent oil nearly eight
and eleven millions yearly.
The transactions Of individuals upon which our re-
depends must of course, have undergone an I'M
usual change Gt the same time.
The imports fell within two years, IN the case hrst
referred to, from near hundred and ninety millions
TO one hundred and fourteen; and in the single year
just past fell almost sixty millions Such mutations
and contractons must be destructive OF all confidence
in calculations for the future, while the causes OF the m
shall continue TO operate unremeded
What were those causes
They will be found to have been chiefly connected
with the abuses of banking. On the occasion first re-
ferred to- they the superabundance of fictitious
medium of circulation with the attendant overtrading
and speculaons in 1896, and the consequent suspen
sions of specie payments in 1887, well as the disas-
and scarcity of any medium till the latter part oil
A. d. 1888 Then another expansion commenced ex-
tending $780, and accompanied by another increase
in imports of nearly fifty millions, which ended again
in the contracons by banks suspensions and CONNER
cal reverses which have suddenly reduced the imports
of 1910 more than one third, and in many places aug
mented seriously the endorsements before existing
from similar vacillations in the paper currency
How far imprudences abroad, at the same time,
similar to these, though in country enjoying any ad-
vuntaces which can result from National Bank, may
have augmented the evils here, by of the init
mate moneyed relations between u.s. need not now be
discussed, though probably their Influence was large
and unfavorable.
The causes first named were Likewise, in full opera