Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-03-11

taxes mportaons and sales Of public lands. They
are fixed, and demandabe generally at certain periods
whilst the uncertain, and subject to vary
from any estimate no matter how carefully made. J
after the appropriations have been made and Congress
should adjourn with every reason 10 expect revenue
adequatr to meet It's appropriations, an unlocked fo
aehcency should occur, serious embarrassment wouit
ne Inc consequence unless the Executive had authoTi
y 70 suspend part Of the appropriations, contract
regular loan, or issue treasury notes which appear
ne me only means by which such deficiency can be
guarded against During tie last session, it wa
lhought advisable to authorize the President TO suspend
part OF the public works, until the accrulns revenue
would justify their resumption At ths.sesson It u
proposed 10 authorize the issue Of five millions of Trea
snry notes They will not make any addition 10 th'
obligations of the government, because they no
to be issued except for lack Of timely means and hes
issued stand in place of obligations incurred by the al
oroprIallons authorised by law-Thcy are not requi
red account Of any deficiency of the whole year
but to meet beaver payments than The accrung r.
venue in the earlier part of the year will be in ius
TO satisfy, though BY the close of the year il M
be equal to the redemption of these notes, well
all other charges The want appears to be temporary
and is immediate. How shall it be supplied No on.
will say That taxes be made available in time. i
is also well known that regular loan cannot be hae
without more delay for advertising and contract, thar
circumstances admit To do what individuals are il
the constant habit Of dong, give their own notes IN
stead Of borrowing, in other words, issue treasury
notes, to he the only alternative. The issue
treasury notes is no thing 1t has not been con
fined 10 this administration aud has not the least
ncction with what is called the sub.treasnry system
some have ignorany or deceptively represented
Their issue authorised by six separate acts o
Congress during Mr. Madisons administration. The
then members from my district, Mr.. Clay and
Mr. Kerr, voted for them, although the latter, who Ia
still alive, is far from being Sub-Treasury man. Mr.
Jefferson, Mr.. Crawford Mr.. Macon, MIR. Lowndes
Mr. Cheves, Mr. Giles, and nearly it not quite all o
The old Republican party, sanctioned or recommended
their occasional Every known Government in
the world and had almost said every individual has,
at time, found it necessary to use credit in
similar mode.
The constitutional power by this Government TO is
Treasury Notes. has not been entirely without qnes
ton but il has been doubted so rarely, and by few,
that little weight OF authority rests against It, VIII
not trouble the committee by repeating arguments,
much better urged in the able discussions the con-
sttulonal question, at tbis and preceding
Of Congress. For myself II appears equally right
iu TO issue notes directly 10 original creditors as 10 re-
guar lenders; and much so, than To give bonds 10
banks in exchange for their notes, with which to pay
creditors
The issue of treasury notes is the most convenient
mode of borrowing; and its very convenience forms
the chief objection to its exercise-upon the ground
that it may be better for individual to deal at the
furthcs store borrow money from the most distant
bank "A frequent resort, may be prevented by the
ccs such the present, the is dierent and the
becomes important 10 supply want, which
if not supplied at once, need not be supplied at all
The notes authenticated after the manner Of anthem
ticating certificates of oans-are charged 10 the Irea-
surer issued and have to be accounted for
by him under all the guards that give security 10 the
funds Of the Government. They may be made ready
10 meet immediate wants, pay interest until the day
they issued, receivable, and generally are all
received in payments Of the dues 10 the Government
and they bear nteres' al the end of twelve months
from their date Although they have greatly the advan
tagc Of regular loans, IF taxes in being more spec
diiy got and gotten rid of yet the power 10 issue them
is liable 10 abuses; and am far from being favorable
10 It's upon occasion whatever except the sup
ply ola temporary want, in anticipation OF an accrnlng
income II not enough that there are objections TO
Treasury notes. There objections 10 other loans,
and 10 taxes-ihey too, liable 10 abuse. Although
each may he necessary IN lis place. yet they are all
evils, and the less have of either the better.
As amendments 10 this bll told that separate
propositions will he submitted 10 contract loan for 10
millions and 10 raise the taxes on silks, wines, and
linens Both unavailable for presen, purposes, and
premature and unnstifablc provisions for any pro-
bahle want Of the future No knows what the
future will require. The administration and lis
friends the majority, are TO settle the scale
Of cxpendiures-they alone properly estimate the
supply. Ii they, contrary their past votes, con-
trary 10 the declarations recently made on this floor
should prefer To redeem the pledges Of economy lately
made to the people, during the canvass for the Pre-
,idrncy, they will have ample opportunity to do
So The Florida war, the purchase Of immense tracts
of land, the removal Of Indians. and The reduc-
nr list of revolutionary PENSIONS together with other
objects of expenditure, will cease 10 hang so heavily
IN the coming Administration as they have on The pre-
sent. The income Of tins year Will, in all probability
meet its expenditures, including the redemption OF
Treasury notes The income ofthe next may be adequate
10 economical wants If, on the other hand the COM
dm,n iStro tia &c IN pnbark on
are described by so many of It's frends--if they shall
attempt sustain the fallen fortunes Of banks and Stale
stocks BY loans and distributions out OF The common
Treasury then The proposed loan OF ten millions, or the
tax on vines silks and linens, will be hut an nslgni-
can, beginning of the supply of the millions upon mil
lions that will be needed.
We are asked, will you not tax luXurles. And much
is said of the poor and the rch with the view no doubt
Of getting mp poor mans feeling IN behalf OF TINS 10 T.
Take off cqna amount of the taxes on necessaries,
and will 90 with YOU. Until you do, before you levy
this tax on luxuries tell what you mean 10 do with
lis proceeds Is it for the proper service ofthe govern
ment: No. Sir: 1t is openly avowrd, by many OF the
most influential members of the party, that II IS TO sup
ply the place of the revenue from the sales OF public
land which il is designed TO give away 10 the States
| consider this object MS totally unwarraned, and but
The entering wedge Of boundess extravaganza and un
constitutional legislation. But how is il to be effect.
ed, The revenue from public lands IS estimated at
five millions: the proposed duty OF ~ per cent on
silks. Wines linens, Sc VIII yleu al dhiouht Hol w
ccedno two millions than is n present received
from those articles You Will then have to go further
into the list Of free articles, and those paying duty
less than 20 per cent
According 10 the very able report OF The Secretary OF
the Treasury made the Senate on The SUBJECT OF Inc
CONTAMINATION of the tariff appears that after June,
1870 all duties on impor,a:ions now above twenty per
cont will be reduced that rate, limited BY the act
called the compromise act; and that between the first
Of December next and the following June, the duties
IN The same importaons will fall five millions short oil
their present amount. Presuming that the limit OF
twenty per cent protected articles will be adhered
TO. and that il may become desirable to supply he
placc Of the five millions reduced by the compromise
act in December, ls4l and in june 1872 he proceeds
to select from the list Of free articles, and that Of those
paving less duty than twenty per cent all articles in
his opinion fit to be taxed; and shews that fifteen pei
cent on this selected list will only raise the required
amount of five millions of dollars. Silks, WINES anc
linens are included. The mportaons of coffee amount
inp to seven millions, Of tea amounting 10 two millions
together with all necessares which have been consider
cd proper subjects of taxation also included Now
distribute the 900 900 from the proceeds Of the sales
the public lands, and any one shut his eyes TO '
consequences You must exhaust at once, 10 supply u
place. all those pointed out as necessary =