Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-20

in any FORM Of which they had sodium adma8:tior
before their eyes The Of niafy Of the States
There was great temptation in any Government tc
abuse its own credit. M immediate taxation w5as re
CURED and sometimes borrowing made substitute
for it, and expenses gone into which never would
have been lndu gcd in had the money been raisea oy
taxes He admitted, indeed that state OF war there
mus, be not only loans, but direct taxation But n con
tempated III what he had said, state Of peace No Go
vernment conld hoard so much during the continuance
Of peace endure the expenses Of wltaat Dor
rowing money. But now they providing Tor peace
establishment. Mr. G. had INDUCED in specaiation>
as 10 the probability ola If this bill was proposed
as war measure, It did not provide one half norp quar-
ter no. nor 1.-THE, Of what necessary IL sc were
sure Of war; if there wasan imminent probability
of such IN event. the bill did not 30 near far enough
Bat as wc were, and he hoped would long continue, ~
profound peace towards all foreign nations hc Florida
war, he hoped, was now near It's teri,ht'' NC
thought il went too far Taking the national eht as
stated at :sl4, 723 co. and add 10 this The Blk al, h.:
millions he was wiling issue III Treasury notes, the
total would be 2l 225 055. Congress had 10 provide
for The expenses OF Government and Tor tins debt be
side Ii must be paid lie trusted the mons,rous idea
of reputation never would be broached on that floor
No honest American debt ever would be repudaied he
meant no American debt honestly due.
Since the pablo lands now gone, we had no re-
source to rely upon but the customs. These had been
estimated during the Extra Session at twenty-five mil
lions Mr. Secretary Forward estimated them in ms
ence he presumed, arose from the diminnton OF The
rates of du,y) Others had made different estimates
but he was willing 10 take medium amount, and sci
them down At twenty millions. lie wished 10 Know,
whether state oil profound peace this Government
could not get along with that amount Mr.. IT, vas IN
favor Of economy retrcnchmcnt, and reform, laugh,
and he wonld begin by restoring to the Treasury the
revenue from the public lands This had been reason
ABLY estimated at millions: with the customs this
would make twenty millions of annual income
Now, # they could reduce The public expenditures oy
rigid economy to twenty millions, It would leave an
annual balance TO be applied 10 the debt Of two millions
of dollars. This, he admitted, would be very slow
rate OF payment. But these not all means.
No; there remained economy retrenchment, anu re-
FORM and ali that could thus be pared down from the
public expenditure would be 50 much toward aiding
ihls sinking fund II we could save from hall a mi.
lion to 4 million in this manner-and sure he was we
nght much more than this-we should he III pos
session Of fund which would extingnish the whole
debt within few years. Thus, ny repeating the DIS
trbulion BILL and by the practice Of rigid economy,
the credit Of the Government might ana would BE- en-
HANGED: we should no more the Government secu-
rites awed and peddled about the streets The only
way 10 maintain the public credit was to MAINTAIN the
revenue.
Bu, If gentlemen asked him how he to retrench,
his answer would be--hy abolishng all snccurcs by
diminishing some salaries by abolisllng some OF the
houses many Of which did not bring IN enough
to pay the expense Of maintaining them; BY cutting
down the expenditures in others, which vastly be-
yond what was necessary BY dispensing with some OF
our land Offices, and with some OF our mIEts by rcorgan
izinr the entire Post Office Department; by touching
the Departments here with free and bold hand, (cau
tionsly of coursr) by touching the army, not with
rude hut still with firm and by diminishing the mum
Der Of military sorckeepers; and last but not least oy IL
mnisnn the expenses OF both Houses OF Congress-
lie was glad his colleagues report had been brought
before the House, recommending a reduction Of the
irankinr privilege, and of the mileage OF members
Then he would rerench the expenditures Of the fio
da war; that sand. bank which had absorbed such vast
amounts Of The public revenue. All these necessary
reforms would, taken together, materially increase 'se
funds Of the Government.
Mr. c. for one wanted some test Of the oft repeated
doctrine Of economy, rctrenchment, and reform lie
had talked great deal about it, a taught and i mad,
from time immemoral, been one OF the Hobbies oil party
under every Administration. But nov all parties stood
in new and serious position. The people expected
lin, something should he done. II nothing should tie
done after ali the cry Mr. q. would 60 forth and pro-
claim TO the American people that The cry itself was all
humbur, never hereafter 10 be relied on,
Mr.. Z. J. INGERSOLL next addressed the COM
m,ee, but the first few sentences OF his speech were
lost 10 the Reporter; when heard, he was expressing
his anxiety To present some of the reasons why ne
must saw No 10 any hl OF the charactc- ct that now
under consideration, whether TO authorize loan or the
issue of Treasury notes.
In period Of profound peace and OF teem!ng pros
-
was said deliberately, and the assertion was well cons
dered-in period of profound peace and Of tceming
prosncrity the Government of these Y. ,. Of AineE
ca was nearya million of dollars i'll 10 the pub
lie creditors which il could not pay. This was slate
of lhiprs which, he believed, had never occurred be-
fore Yes he said, this had occurred IN a country at
profound peace and teeming with prosperity; coun-
rv whose circulation indeed most dfeadfuliy de-
ranged bnt whcse resources were abundant, exnoe-
ran aud which suffering from nothing but MIS-
4. HI. 80 i,o
dovEENaEST. In saying this he had no reference 10 te
present or 10 any other Administrations he intended
no illusions OF the kind: but what he sad was true
Our cotton, tobacco rice, grain, potatoes and almost
every product of the earth, had last year been most
plentiful; We possessed navigation second but ABOUT
nv 600 600 tons TO the navigation oil tiat immense en-
pire whose wise policy had been building up thus m
terest ever since the date of the navigation act Cur
nayualors had never been well pad; all Our shipping
trade had recently prospered; manufactures had been
in state OF toerabe, not OF considerable, pfosptfi
"; our exports had been very large the naoh had no
thing TO complain Of but that her circulation was de-
ranred-p permanently deeply -competcly For one,
he was almost ready to say he rejoIced at IT, lie could
no so far nj least as his colleague, Mr. Cooper,I and
saw that lie glad the Government was III iehgtn
made 10 feel that which the people had long been doomed
10 feel In this he did rel oice Chaos was nearly come
apain: but with such were possessed oy ts
nation and under the force of experience and oil good
sense the light must again; the nation would take
new departure and would, ere long, 60 on It's way re-
jocing.
How was this 10 be done, Not by such measures as
that now proposed Whether the bilI proposed lrea'
sury notes or loan, it pretty much the same hns'
TIE advantage Of Treasury notes was that 'hey were
excellent in an emergency, 10 be occasionally, but cha
rily used ne yer abused. So employed, they might be
Of very valuable service But to issue them at snch
moment as this when all stocks in the market were at
so low point Of depression Stocks of his own STATE
which, to his personal knowledge, and in bis own hands,
had once sold al III per cent were at tins hous se!hg
At 30 per cent and he credbly informed that mt
ted States six per cents were now bringing but % per
cent)-at such an instant to issue Treasury notes.
what must be the effect; Down they would go-the
certain result could only be, to dscrcdit the Govern
ment, to depreca,e its own paper In such STEP .hs
General Government was but entering on that very
career on which, in spite of all he could say 10 warn
her ganst the consequences Pennsy had entered
IN which Maryland, and Michigan, and Illinois, and
Indiana, and Missouri, and LOUISIANA, all had run;
with wha, results every one knew. That downward
race was now about 10 be begun by the United States
Government itself Let gentlemen beware OF that
The first step the fatal step-that once taken aud y
might not be in her power 10 re,race her course.
"a cd IN midi vote