Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-23

,,brlion, tariff &c. and he opposed the present loan
u the entering weoSe " 'a"e w. - 49,
II. Woo,hury sad he rose only FIR single moment
), ono noo, and that was the form Of accomplishing
,is loan fnr so short PERIOD aud IN tne oil peace
I, h, IN lie extnguished by the tariff within another
year instead Of making permanent national aeb'; anu
bsncs for that period Of tine, the form OF Treasury
notes became prcirlapie - ~ ' - -
Tha f,owns positions were taken and illustrated,
in speech which Will be published al length hefeai'
ter: -, :,l. -,
That Treasury notes, however unpopular WIN gen
,an,e, m the other side were, in cases Ike these, not
only mos, appropriate but OF great pubic convenience
both financially and commercially, and much more eco
nomical than funded debt. !,
]. That they could be used more Feau'iy, n''u ~
more suitable sums for the exigrncy, man iu"ue'
debt. That they admitted the mddIing classes, me-
CHANCES and aborers to participate IN any oehen,s "
the loan, By taking sums as low as even "ty ooii'
instead Of combining the advantages TO large
and corporations that they furnished great iaci'es
Tor large and distant remtlances and exchanges as
as for public payments, and that the most
nations abroad had long used them, and, as wei as our
ow most intelligent financIers, recommended heh ioi
temporary purposes, ike the present one.
= That they were more economical, because lSsucu,
many Of them, on lower interest than funded debt
|
ence Of $780, 900 yearly this S2000,00O, and ano-
Their per by avoiding interest on large sums lying
IDLE equal TO SI20,C00 BY employing no agent,
like this bill, large pay to effect the loan; ana y
requiring, according to the Secretary own report
three millions less 10 be kept III the Treasury ihan
with funded debt, the interest on which thTee NIL
lions would be Slc0,000 more.
The whole saving by Treasury notes would there
fore considerably exceed half million annually, or
equal to quite al our legislative expenses in short
~, t.1lnh ali mir a. \
penscs abroad The whole loss by funded loan would
exceed The amount of one and halt millions
for the three years provided IN The bill
Mr. Benton concluded the debate III 4 speech Of about
an hour replete with the logic Of facts and OF figures
Il is not a! nature be abridged, and we can only
present part Of IT, leaving the rest for the iuli report
which will quickly be prepared.
Referring to Mr.. Wcbscrs sarcastic declaration OF
the last session, that new set OF books were opened al
The Treasury 10 discriminate and keep separate the
economical expenditures Of the Administration I'M
mixed with the exravagancies of the two last, Ar Is
said II was time the fifth month OF the new Admins
ton and this second month Of their new Congress- TO
look into these new books and what entries were
made in them, and how these entries would correspond
with the promise 10 administer the Government upon
thirteen millions Of dollars.
The first entries he should examine, would be under
the head Of moneys and means turned over to hr new
administrators BY the old ones on the il Of March
last These he found on the Sd page Of Mr.. Ewing
dollars thus:
Rolauce IN the Treasury tia, day sGIG,so3
H. Unissucd Treasury notes under old law ll5,.''2
3 Authority issue Treasury notes 'uOG,ooo
1. Receipts from customs for ten months l2nOo.ouo
J. Receipts from lands for ten months 21uO,OUo
Total S.D, 30, :s95
Here, he SAID near twenty-one millions turned
over to these economical men 10 last them ten months,
and which il seemed was already out.
The next set Of entries which he examined, was
under the head of moneys raised, attempted to be
raised at the present session. BY loans and taxes Tor
the use If these economical people They were found
in the bills the table, and presented the following
items
/. Loan in The Bank charter, 100000
~ Do in this Loan nil for twelve millions,
the interest for Which would be two
millions one hundred thousand, and the
expenses Of collecting the money from
the people, 10 per cent more making
in all l5,5Oo,0o0
=; Reasonable old Treasury notes, GGOO,oU0
a. The Tariff bill, placing 20 per cent on
all free articles, and all articles under -
per cent, and which, with merchants
profit the duty and other charges,
would add 30 per cent to the duty, and
make II more than 80. THIS, 10 RAISE
ten or twelve millions for the Govern
mcnt, would take eighteen or twenty
millions from the peope-say lc,OOU,ooU
). F.rst subscription 10 Fiscal Bank, ten
millions, with interest for 90 years, 10
millions and 10 per cent on COLLECTIONS 22,O0o, 900
i. Second subscription increased capital
81 Millions interest the same, and ~
per cent. for costs Of collection, Nc I3,J33, $3.50
= Third subscription IN lieu Of deficient
private subscriptions IL millions, m
tercst the same. and l0 per cent. Tor TaIs
ing i, out OF the people, 2i,0000O0
Total Sl02, o33 }33
-, fur these nara oil