Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-27

principle to grant supplies III such cases whenever
The Secretary chooses 10 make dehc VAIN would "
their resistance those now IN power Let not "
said that 10 pursue such course would cnGanger pup
l,c crcd, or arres, the wheels Of Government. ht
majority in power whose extravaganza or neglect may
cause the deficit will be held responsible for supplying
i Int they have no rimh in such cases 10 call 10. ,h'
vote of those who opposed 10 them.
lie held that there was distinction in this respec
between a state Of peace and In The latter, the
rirht Of withholding the supplies ought ever 10 be held
subordinate 10 the energetic nnd successful prosecutor
of The war lie even went far,hrr aud regarded ti'
withholding Of supplies, with view oil forcing t''
country into a dishonorabe peace, as not only 70 "
what Il had been called moral treason, bal very IH''
shor, Of actual treason itself Il was that when 'en
dercd tie attempt to withhold supplies by iie fede'a
party during the late war 50 odlons ~
Rnt he was net compelled To resort 10 tins high eie
mentary principle to Justify his opposition 70 'c pfeS1h
measure II furnished abundant grouna, cohhec'el
with ia details to Justify the most decided oPpositon
and among others it would he sufficient oil itseli mat u
..kad ,oo much Ii proposed loan OF twelve millions
rdo,rs with mower Of issuing Treasury notes IN Tie
uace of those that mi ht be redeemed, amounting u
six or seven millions more thereby Authorizing oa'
If nbnut eiuheen millions dollars when IN TACT, lie
dsscm,cv of the wear cannot require more than five
,nilions He would not repeat the arguments necessa
70 10 establish that fact II had been clearly shown
,bot ,bot sum would be sufficient, with due economy
nt only 10 cover the deficiency in the Treasury at The
nd of
Mint for the purpose of coinage and in the Treasury 10
moo, tho current expenses Of the Government.
He was unwilling 10 vote any supplies beyond The
exirences of the year. lie could good reason
for IT, but on the contrary many against It, large
norton Of the supposed deficiency Of the next year
whatever II may be, cannot take place before the i
az March, aud much of it not until nearly TINS ti'ns
twclvemonih Why then provide for II at lhls extra
ordinary session, when our attention IS absorbed N
other and more important subjects: why mol wai'
until the next regular session, when there VIII Do 50
much more leisure when the state OF the treasury
w;ll b. so much more accurately known-and when
the revision of the Tariff, whether should lake pace
at this the regular session, viii enable US 10 ceciGe
so much more accurately on the amount lhat may oe
required lie dad not regard II case Tor conn
dence as claimed by the Senator from kentmcky, (r'
Claw but simply o. prudence and discretion. our
confidence NAV be asked when 1t becomes necessary
to act but never such case as ths Wheh .ele was
! n such necessity. ~,
But there were other and stronger reasons why the
rrant Of supplies should not extend beyond me pfesen.
sx;rencias If the Government If this bill should
heconc law il would has been stated, place al the
dsposal OF the Treasury sn not less, IN eli prooa-
h;l;,v than eighteen millions OF dollars fasl en-
er;.ncc had taught us that the expenditures o tht
C;ovarunrnt neve failed 10 keep pace with It's means
winch would mos; certainly be the this as IN All!
former instances. There IS no Government on EARN
that has a stronger disposition 10 extravaganza ah
this Make this large and unnecessary grant OF sup
n
observation-disclosures virtues, SO essential 10 hePuo-
lie and so necessary the present time. Truth de-
ruanded that he should that they were required
IN every Department Of the Government, beginning
with Congress and gong down to the hunhitel OIL
icer Ii was not his object To blame any party or
any indy idua The disease originated ~ the Ia
riff Of ISIS, winch poured millions upon millions
INTO the Treasury, beyond the wants Of the Govern.
ment and that too, the very eve oil the inai DIS
charge of the public debt SO strong was The current
that the difficulty 10 discover xpedirnis by which
the supius could be disposed Of II IS not at all extra
ordinary that such state Of things, all IDEAS oil eco
uomy retrcnchment and accountability should DC lost,
and the most waseul extravaganza per4ade every De-
partment For this there Was 2ul one remeGy-lo cut
oil the supplies BY reducing the duties and by with
drawing the surplus from the Treasury. Both were
succes siully appled--te former BY the compromise
act and the latter by the depose Of e!6. An ex
haus,cd Treasury the result; and there followed,
as ever Will follow, from an embarrassed treasury, a
spirit ofeconomy, rerenchment, and the enforcement
of accountability, which have effected IN the iasttwn
wears very great reduction under the auspices al the
late Secretary Of the Treasury the Senator behind me
II is our policy 10 continue the embarrassment, as
the only means of enforcing the necessary reform.
government, like family, spoiled By an eSravagant m
come, can only he reformed by st'nicd means. THIS
measure would relieve the rmbarrassmcnt-g've q
large temporary surplus al the disposition OF Congress,
and put an end TO all further reform.
He next objected 10 the made. lie preferred Irea.
sury TO permanent loans. II would be tar cheap
err instead Of per cent which the loan would cost,
Treasury notes would not cost more than three lie
understood that the average interest on the whole
amount heretofore issued by the Government since the
suspension of so four per ccn.-two per cent.
less than proposed to be given the loan, winch, on
twelve millions Of dollars, would make Saving Of two
hundred and forty thousand dollars annually But
this was not all. In the Of Treasury notes. IN
,erest begins 10 accrue until they are used
while on the contrary, IN maaino loans, interest IS
pad on large amounts long before they are Used, u
difference which cannot be estimated al less than
one per centuu making an additional sa9ing OF one
hundred and twenty thousand dollars IN favor OF
the former The two items make three hundred and
sixty thousand dollars annually, aud upwards oi mt
lion OF dollars IN three years-the period before which
the loan cannot he redeemed But this the only
loss which the country would su.ler The bl provides
for the exchanging Of Treasury notes for the stock
which proposes TO create, and which, as has been
stated would not be redeemabie IN less than three
years-while none Of the Treasury notes have more
than year 10 rum al the expiration OF which the
interes, Again Many Of the Treasury notes
bear bat per cent interest, and some less than that,
having n mere nominal interest, and others i've aud
twothrds per cent None exceed six per cent. These
are be exchanged for stock bearing SIX per cent
making a clear loss 10 tie Government, and cores.
ponding gain to the holders Of the notes, principally
Banks and brokers equal 10 The difference in llit N
terest
As great as this may be, it s by means the strong
est objection under this aspect. To understand The
real loss to the country, must cast our eyes, as
said another occasion, to what's passing in the Other
wing Of the Capitol. bill has been introduced there
10 the duties all articles duty free ant
those which pay less than twenty per cent, TO twenty
per cent, which would the from the iii
ports twenty five millions dollars annually, provided
such heavy duties should not reduce the exports and
in consequence, the imports spcak on the suppostor
that the exports Will continue TO increase for the
three four years in the ratio that they have
since the reduction Of the tar f. which they will! in al
probability, unless kept down by high duties imports
What, then, must he tie effects Of this exchange d
Treasury notes, payable in the course OF year, fu
stocks that have three years TO rum llow VIII the
Of revenue be absorbed during that pc
Rod, when part Of he applied 10 the discharge
of the debt, absorption Of Treasury notes. Oae !"
two results mast necessarily follow that there must be
great and cxtravagant increase Of expenditure, equal
ling at least ,wentyc.ht millions Of dollars, cnmpre
hendns the from the public lands the
cumuai o; another surplus, to be followed bv ano
Their cx?u.sirn with all the disastrous Consequences
which wc hlvo recently experienced from the late
surplus ii lie former, what becomes OF the promises
of rcorr., re;-cnchmeni, and economy, protusely
made during the late canvass: