Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-11


Giles which bear snililude to any enumerated aft'-
Gle chargeable with duty shall pay the rate OF
duty with the article which IL most resembles, would
large sum annually TO the revenue, aud prevent
much annoyance and litigation between the importer
and the officers charged with The collection Of the Gus
toms.
OF The Public Debt.
But il is not expected that any modification OF the
revenue laws will be operative to supply the immediate
wants of the Treasury and pay the debts which fall
due in the present and in the ensuing year. further
loan necessary effect these Objects and the only
questions that arise to the mode Of procuring
the loan the character Of the securities and the as
sumed duration of the debt
1t would, in the opinion of the Undersigned be IN.
wise to charge the commerce the resources oil
the country, III any form, the burden of paying at once,
at all hastily, the national debt Before that is done,
measures of restoration and relief are required. Inc
currency of the country should be restored and COM
nerce and industry relieved from their present S'ale
of embarrassment and depression, and benign ana
liberal policy the part of the General Government.
should call forth the hardy, industry ana
active enterprise of people, and the vast resources
Of our country.
IF we assume the period of from five eight years
as that in which this debt can be paid without neon
venience and embarrassment-and the time appears 70
be short enoupl-we have of the most essential
elements on which to form judgment TO the best
and most convenient mode in which the loan can be
kept up and the credit of the Government sustained
In the inception and during the progressive increase
Of national debit the issues OF Treasury notes, thongh
dangerous and deiusive, have yet their advantages
They need not be issued faster than the actual wants
of the Treasury require and the power 10 issue any
given sum is, for all effective purposes of immediate
expe nditure fund in the Treasury available to that
amount, But when the debt has acquired its maximum
and ceases TO accumulate or when il becomes larger
than the amount necessary 10 be kep hando meet
the current wants of the Treasury these advantages
disappear. This mode Of loan then becomes to the
Government what the sale in market of new pro-
missory notes, for the parpose of raising money 10
take nm old promssory notes, TO individual. il is
the issue of Treasury notes to take up other Treasury
notes wear after year in succession and under those
circ unstances, i. is inconvenent and expensive.
But the raising Of money by the issue Of Treasury
notes is objectionable because it is deceptlve BY this
inca ans heavy debt may be raised and fastened perma
ncnty upon the country the amount OF issues be-
ing involved with the payment of the old while the
People, and those who administer the finances,
may not be impressed with the important fact that
naiiona! debt is created the process Of creation
Therefore, in the opinion Of the undersigned, when
national debt does exist, and must continue for a
time it is better that it should be made funded deJt,
according 10 our ancient financial usage 1t is then
sheltered by cover and is the subec; of no delnson
1t is OPEN pa pabp, true; the eyes Of the country will
be upon it, and will be able at glance mark lis
ducton its increase; and it is believed that loan
for the requisite amount, having eight years to but
redeemable at the will OF the Government, SIX
months notice, could be negotiated ut a much less
rate Of interest than Treasury notes. Much expense
would also be saved in dspe nsing with the machinery
Of the issue and payment and cancellng Of Treasury
notes.
II is therefore respectfully recommended that sum
sufficient TO pay the debt at present existing, and such
as will necessarily in this and the ensuing year.
be raised loan for the time, and on the condition
above suggested
On keemug and Discussing The Public Moneys.
The undersigned would also respectfully invite the
attention of Congress 10 the present mode Of keeping
and discussing the public moneys and also to the sub
ect Of the creation employment of fiscal agen; TO
be charged with the performance of these and other du-
ties The subject is one Of great Importance, both TO
the Government and 10 the community Such agent
or depository ought to unite in the highest practicable
degree the safety Of the public funds, and convenience
and economy in their ADMINISTRATORS and It should,
If possible be so selected framed rs to exert salu-
tary influence over the business and currency OF the
country.
The mode Of keeping and dsbnrsing the public mo-
ney, provided by the act IF July A. 1a4O will be found
on comparison with that heretofore chiefly used by the
Government emnently deficient in all these essential
re0uistes The financnl history of the U. s., espe-
cally for the last twelve years, furnishes abundant
proof that the public money is unsafe IN the custody
of individuals and that their official bonds are no SUI
fcient security for lis safe keeping and faithful apP-
cation Within the period above named, many receiv-
ing officers connected with the Treasury Department
have become defanlters TO the Government. The az
sregate loss from that cause within that PERIOD as
shown b. the books Of the Department, amounts TO
50 620 800, but small part of which will probably be
recovered from their bonds 1t is true that, IN any
sysem which can be adopted, part Of the public
money must in the process of collection pass through
the hands Of individuals and be subject to their detail
cations but the act of July 1910, extends and con-
tnues the risk beyond the period Of collection and It
subjects large which, in the fluctuations OF COM
merce, sometimes accumulate to the same dangerous
custody.
Not only is the public money in the hands OF ind-
vduals more exposed to loss from ordinary dealcatons
than when deposited in well regulated Bank but
the Government also liable to the risks OF hre, rob-
berry, and other casualties, occurring either IN depo
site or transmission, from which It is entirely protected
when we'll regulated Bank is the depository and the
/ fiscal agent.
The present system is also in many respects, cum
brous and nconyenient Its tendency s to centre the
disbursements of the public moneys at some OF the
Eastern cities, chiefly at New York. That being the
great commercial emporium Of the United States, IS
the point at which funds are the most valuable, and,
therefore, the sought hence, those who are entl-
tied to payments out Of the public Treasury CLAIM
them there. Ii is true, there is a general discretion
in the head Of the Department to refuse or grant the
favor OF such payments according TO us convenience
but when the currency is deranged and the premium
on exchanges high this discretion involves dscrmI-
nation tn large amount among creditors equally en-.
titled. 1t then becomes dangerous discretion and
one that ought not 10 exist. But under the present
system, it cannot be avoided in few cases with
out discharging every public liability at the most IA
vored point This would at centre all the d's.
burscments at few Of the Eastern cities, and involve
the Treasury in The risk and expense OF transporting
the public funds from the various points Of collection
to the places of disbursement.
An item nf less Importance but still worthy of con.
sderat;on, in settling permanent and economical
arrangement rs the direct expense of the present sys-
TEN including the Of the buildings for the depose
of the public money, and the salaries of the officers
and their clerks who receive and dsbuse it. No por-
ton Of this risk convenience expenses need 10 De
incurred where well regulated bank is made the IFS
cal agent.
But The present system is also in the opinion of the
undersigned injurious 10 the business and currency OF
the country Instead of permitting the credit and the
finances Of the Government 10 lend their indirect but
efficient aid in sustaining the credit and regulating the
currency of the country, it brings into direct hostility
those important interests In the progress of the sys-
TEN sufficient amount of gold and silver 10 supply
the wants Of the Treasury must be Withdrawn from
circulation and locked up in vaults, leaving re-
preventative to supply its place in the general circu