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

From the party who u they DO not thnk that Puo'
debt is a public blessing, show clearly By their aet
and their declarations that they regard il no srea
evil AS 10 his part, liz wished 10 speak with peIec
canior: he would adam! that, 10 certain extent, tief'
was facility in the Treasury notes. which m'Gh'' 10
limited extent, tempt 10 incur debts lie UNITS "e'
narrow The embarrassment 10 tie Treasury, oi w"c'
we heard so much in THIS debate, must always proven
an excessive issue II was like an individual using Nv
notes of hand having short date TO run, to meet III
engagements The return on hun would soon eihnir
rass him. to avoid which, and to enable HIM TO pluhg
more deeply in debt, the resort on the part ol I'M
thoughtless was most usually to a mortgage Sucn
he apprehended was the in the present instance
for what was a permanent loan, but mortgage upoI
the wealth and industry OF the country IL was lh'
only form Of Indebtedness, as experience has shown
b. which heavy and durable lncumbrance could DC la'
| upon the community
But there is another and decisive reason why there
is no reason to fear that large and permanent deb
will ever be contracted in the form Of Treasury notes
The Banks which constitute by far the most influenza
interest in the community, are hostle 10 tneii ce
ton. They regard them as formidable compet'to's :
the circulation their notes, from which they &c
rive so LARGE share Of their profits, and hence nave
ever thrown their whole weight against them, as was
witnessed during the late war aud since the p'esen
suspension Very different are their feelings TOWARDS
loans and stocks. Instead OF viewing them win ara
us fpelinr Of rivalry they regard them the saiesi
and most accep,able source OF profit, and are lhe
foremost on every emergency Ike the present. ~
urge the Government 10 resort 10 lhem Us Tue .s''
means of relief from its pecunary einDarfassiieh''
Break all connection with the Banhs-heithel -
ceive nor nav away their notes, nor use them u,
IN. do,osi,orics of your money, or as your hscai
orents-take in u word, such a step as VIII WIFI
draw their powerful influence III favor OF Puo1 '"i's'
and there would scarcely be found an individual IN
= case Ike the present, who would prefer them 10
T,o,surv notes In fact, were it not lar banks and
hank connection, the Government could at all ZINES
use rs own credit 10 supply temporary deficit, many
times greater than the present, without the charge ."
s;r,,le cent for interest. What did the Senator who
ronorted this measure, and supports 50
| wLcn some one or two years since he denounced the
Subreasury because according to his opinion, It would
become fiscal Bank lie told US, and told rs truly,
II We had no banks, connection with Them, that the
credit OF the Government alone, even with our limited
revenue, could keep in circulation forty millions OF
dollars in the form Of Treasury drafts which would be
NJ mar all over the Union Yes, SIR would be at par,
without cent of interest. The demands of the Go
vernmeut for them in lis fiscal concerns and that OF the
community in It's commercial and business transactions,
would maintain them at par with gold and silver as
medium Of circulation. But this great resource, which
would prove substitute for loans, in the hour OF diff
Guilty is transferred to banks without compensation,
and last 10 the community.
This brings me 10 another, and 10 me overpo"er-
IN ohcclon against supplying the deficit Of the Trea
snry IN the mode proposed to which alluded the other
day in the discussion the amendments We talk OF
loans, il borrowed gold and SILVER. Under our
Bank Dynasty, that il all a mistake IL IS nothing
but an exchange Of credit, and when the Government
- The borrower il is little short of fraud Tie
munlty What is it, but to give It's credit, as pro.
posed in this bill in the form OF SIN per cent stock,
N exchange for bank notes, Tor worse, 10! credit on
The books Of the hanks,) bearing no interest, when III
fact their notes credit but little more than the
credit Of the Government, that IS, the community, IN
another form. The Government, in a word, borrows
back lis own credit through the banks At the rate OF
six per cent when It might II directly, with equal
convenience for nothing al all. Thus thinking re-.
rard the whole amount OF interest which may be paid
tor this loan and winch for three years would be more
than two millions Of dollars, 10 be but little more than
\ donation To banks and brokers. No wonder, then,
tina, Wall street should shout and clap IT'S hands Tor
Jay, rs passage through the other House Not al
ali su-pr,slnr il Il that it should regard good omen,
that the bank and the whole batch OF measures assocla
ted with IT. would also force their way through Con-
rress Yes il had cause for JOY and rejoicing.
This b,ll IS the entering wedge for all the measures
Of the session. and which 1t IS proposed to rear q
splendid supcrs,rncture Of the paper system-Bank,
debts and stock-rivalng that OF Great Britain lie
IS blind indeed who does not sec, IN the sign OF The
times strong tendency 10 plunge the Union as deep
is IN debt as many Of the States and To suhJu9ate
the whole 10 the paper system Every movement anu
measure indicates IL. What are We dong, ana VIVA.
enrrossrs ull on; attention from morn 10 noon ana
from week week since arrival here al Inc
commencement of this extraordinary session, and VIII
continue TIL lis end: What but banks, loans, stocks,
tariffs, d:strhution and supplies All else IS forgot
aud absorbed these and what these but parts and
parcels of the paper system:
| On such an occasion, when revolution Is attempt.
ed in the Government, he felt bound as the rcprcsen
la.iye Of one Of The scYcrcgns OF this lnon, 10 gve
u,terancc to his opinion, with all possible freedom,
within the limits assigned by parliamentary rules 70
the liberty Of discussion. then proclaim that wall
,.Srel (the head and centre III our country, Of the
treat moncycd bank, stock aud paper interest, dones
tic and foreign III the ascendant IN me coubcns :"
the Union. Every measure IS controlled Dy II, aha d
It's pleasure banks, brokers, and stockJobbers sway
every thing; and this the only iruit OF the victory VI
| the party, which has been trumphanlly chaunied
from one extremity OF the Union to the other All
else are acknowledgement. No, not all. he ONCE
seekers are remembered They come IN tor Their share
Between them time is exclusively divided; labor
ing hourly and daily Tor the one IN secret aho l'c
other in open session.
As 10 the people, what attention do they receive ::
| They want economy and observation-disclosures lakes
and moderate expenditures On these mol 4 'hought Is
bestowed, although they were told, during Tue s'e
canvass by those power, and truly So lhat thele
was much 10 reorin-much useless anu "astciui *
renditurcs tn rercnch accompanied ~ solemn pledges
ur REFORM if victory should place power IN t,eir haus.
All these now forgotten or postponed. say post
pnncd for the Chairman Of the COMMITTEE OF nance
has told us that at The xt session, these pedges are
10 be redeemed So then the favorile iew-tlie money
mongers and seekers-are TO be hist selVed-lo
sit at the first abc-and the people to have the bones
and crumbs Of the second-if, indeed, theY shouid De
permitted 10 share at all in the fruits oil 'he victory
Instead Of sharing the fruits, they will share, suspect,
the fate Of Of the patriotic and intelligent
corps Of recruits which sweed the ranks oil the VIC
the late election refer TO those VINO were en-
listed by the promise that prescription should be pro-
srrthc solennly given, and SO often repeated from
the Generan Chief down to the lowest recruiting SER
reant but which has been broken in utter contempt
and scorn Of pishted faith
Another respectable corps OF recruits are u'"fneu 10
share the same if not a more dsgracetul Fate refer
To The large portion Of the State Rights men, mo rather
voted against Mr. Van Buren, than TOR Cen harrison
and who were induced TO hope from defamation from
high sources during the canvass that The pure days OF
the old State Rights JeliersoEan doctrines womb De
restored Mr. Van Buren, should be defeated Where
do they now stand Where stand all but the respecta
bic portion which have already discovered the decep
ton and returned 10 their old standard: In The ranks
of the bitter and determined opponents OF all they ever
protested and contended for doomed unless they spec
dly separate from iaess alles, 10 loss OF caste and
endless disgrace.
And what IS 10 become Of that mighty mass VINO
were governed without reason and reflection, ~ Inc
mere force of pecunIary pressure, TO seek chahee-r