Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-04

whether that exnerment was made under propitous OF
adverse circumstances it may safely be asserted thnt
did receive the unqualified condemnation oil mos u u.
early advocates and it is believed also condemned
bv The popular sentiment. The existing Sub lrea
sury system does not to stand in higher faVol
with The people, but has recently been CONDEMNED
in manner too plainly indicated 10 admit OF oonpt
Thus in the short period of eight years. the popular
voice NAV be regarded having successlVeiy con
demned each of the three schemes of finance to whlcE
have adverted AS to the first, it was introduced al
time 0Sl6) when the State Banks, then comparative,
in number had been forced to suspend specie pay
lnents by Of the which had previously pre-
vailed with Great Britain. Whether, if the Uniiee
States Bank charter which expired IN loll, mao oeei
renewed in due season. it would have been enabled e
continue specie payments during The war ano tue
astrous period to the commerce OF the country winch
Immediately succeeded is, to say the least prooieiia
teal and whether The United States Bank OF 1910
produced restoration Of specie payments, or uie
same was accomplished through the lnstrumenta'ty %
other means, matter OF some dithcuity at e .a
time to determine Certain II -, thati ioi we -
veors of the operation of that Bank its course was Us
disastrous as for the greater part OF its subsequent
career it became eminenty successful. AS 70 Tue o
cond, the experiment was tried with redunuaH :.
Treasury, which continued to increase un''i :,
seemed to be the part OF WISDOM 10 u,s.so1
tino nj the same time with the specie circular, anu 'e
causes beure udverted to, caused them TO suspend
Gle payments, and involved the country IN Inc r
embarrassment. And, as TO the thrd, II carfeu
all The STAGES of its transmutahon, from paper a"1
snecie to nothing but the precious metals to say no
tb;nr ,f the insecurity Of the public moneys, It's hu
ous effects have been anticipated by the country III l,s
,non,I6ed condemnation. What is now to DO REGARD
cd a. the Judgment of the American people Oh 'ii'S
whole subject, have no accurate means OF ae'efn'.
IN, but nv appealing to their more immediate
otves The late contest which terminated IN Tue clee
tion Of Gen Harrison to the Presidency was dec'ue1
on principles we'll known and openly deciaieu n"u
IT. n most
decided condemnation, yet other scheme OF hhance
seemed to have been concurred in Toyou, then, VINO
have come more directly from the body oil our common
constituents submit the entire question: as pest quail
fed TO rive full exposition of their wishes and OPT
Mons shall be ready to concur with you IN the adop-
ton of such system you may propose, reRrvnG 10
myself the ultimate power OF rejecting any measure
which may in my view oft conflict with the Constitu-
ton, otherwise leopard the prosperity Of the country,
power which could not part with even III would but
which will not believe any act of yours will call into
requisition.
cannot avoid recurring in connexion with this sub
iect 10 the necessity which exists for adopting some
suitable measure whereby the unlimited creation Of
banks by the States may be corrected in future Such
result can be most readily achieved by the consent Of
the States to be expressed in the form Of compact
among themselves, which they only enter INTO with
the consent and appreciation of this Government q
consent which might in the present emergency OF the
public demands justfatly be given in advance OF any
action by the States nducement to sach action
upon terms we'll defined by the act Of tender Such
measure addressing itself to the calm reflection OF the
States would find in the experience Of the past, and
the condition OF the present, much TO sustain it, And
it is greatly to be doubted whether any scheme of f.
nance can prove for any length OF time successful while
the States shall continue in the unrestraned exercise
of the power of creating banking corporations. This
power can only be limited by their consent
With the adoption Of financial agency of salts
factory character the hope may be INDUCED that the
country NAV more return 10 state oil prosperity
Measures auxiliary thereto, and, in some measure IN
srparably connected with its success will doubtless
claim the attention Of Congress Among such, DIS
trihuton Of the proceeds of the public lands provided
such distribution does not force upon Congress the ne
cessity Of imposing upon commerce heavier burdens
than those contemplated by the act OF 1885, would act
as an efficient remedial measure by being brought d.
rec,ly in aid of the States AS sincerely devoted
10 the task of preserving just balance in our system
of Government, by the maintenance of the States IN
a condition the most free and respectable, and IN the
full possession of all their power, can no otherwise
than feel DESTROYS for their emancipation rom the
situation to which the pressure on their hnances now
subjects them. And, while must repudiate us
measure founded in error, and wanting constitutional
sanction, the slightest approach to an assumption ny
this Government Of the debts OF the States, yet
| | can see, in the distribution adverted To- mach
| 10 recommend il. The Compacts between the
proprietor States and this Government expressly
guaranty to the States all the benefits which
NAV arise from the sales. The mode by which this
is to be effected addresses itself TO the discretion OF
Csc after the most beneficial manner is restrained by
nothing in The grants in the Constitution long
Congress shall consult that equality in the distribution
which the compacts require In the present condition
Of some OF the States, the question Of distribution may
be regarded substantially question between d.
rect and indirect taxation 1.-THE distribution be not
made in some form other the necessity will daily
become more urgent with the debtor States for
sort oppressive system of direct taxation, or their
oredi md
oe greatly diminished. The payment OF taxes, after
the inconvenient and oppressive mode, will be
exacted in place ofcontbutions for the most part vo-
UNFAIRLY made, and therefore comparatively unop-
pressive. The States emphatica!y the constltu-
ents of this Government; and we should be entirely
regardless Of the objects held in view by them IN the
creation of this Government if we could be indifler
ent TO their good The happy effects Of such mea-
sure upon all the States would Immediately be ma
infested. With the debtor States it would effect the
relief TO great extent of the citizens from heavy
burden of direct taxation, which presses with severity
on the laboring classes, and emnenty assist in re-
storing the general prosperity. Animmedate advance
would take place in the price of the State securities,
and the attitude of the States would become
more, as il should ever be- lofty and erect with
Stairs aborng under extreme pressure from debt,
the fund which they would derive from tins source
would enable them to improve their condltion IN an
eminent degree. So far as this Government IS CON
cerned appropriations to domestic Objects approaching
in amount the revenue derived from the land sales,
might be abandoned and thus a system of unequal
and therefore unjust legislation, would be substituted
by dispensing equality to all The members OF this
Confederacy Whether such distribution should be
made directly to the States in the proceeds of the sales
or in the form of profits by virtue of the operations of
any fiscal agency having those proceeds as its basis
should such measure be contemplated by Congress,
would we'll deserve its conside ration. Nor would such
disposition of the proceeds of the sales in any manner
prevent Congress from time to time from passing all
necessary pre-emp,ion laws for the benefit of actual
settlers, or from making any new arrangement as to
the price of the public lands which might IN future be
esteemed desirable.
beg leave particularly to call your attention TO the
accompanying report from the Secretary oil war. De-
sides The present state of the which has SO long al
cted the Territory of Florida, and the various olher
matters of interest therein referred TO, you VIII learn
from that the Secretary has instituted inquiry into
abuses which promises to deyelope gross enorm'ties IN
connection with Indian treaties which have been nego-
taied as well in the expenditures for the removal
| or tho Ind, 10