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

TO they mad put not the horse before the cart but
the before the horse and, take his word for it, the
machine would not go-they might try It, but II
would'nt 60. Laughter
| lie had said this country was in q state OF eeming
prosperity, and lie would add what mi ht TO some
appear paradox, but il was maxim Of the greatest
brokers IN the world What might be the opinion Of
Prime Ward < King in the matter nothing to him,
he wond give liz FOR their opinion; they knew no
thing Of political economy OF the policy OF this Go
vcrnmen Alltey wanted was TO get1 per cent. or IL
per cent if they could, that the beginning and the
end Of their wisdom in the Mr. l. SAID that there
was plenty Of money in the country. 1t was an axiom
Of the Rothschids that such thing as scarcity oil
money could not be where there plenty OF Sc
curty and there greater truth. Could not
any gentleman in that House 70 10 Philadelphia, ard
nj per cent ret any sum e chose to ask, provided
he gave good security; Doubtless he could. MIR. J.
knew it 10 be fact. But what was the case OF ihis
Government; The chairman Of the Committee OF
I Ways and Means Mr. FILLMORE had, al late session,
taken a world OF pains 10 demonstrate that the
nett revenue If the country fell short Of ten millions
Of dollars. MIR. l. had asked him At the time very par
cuiaTy, what the per centage which tins cost Inc
Government, for collection and The gentleman reply
had been about 10 per Here, then, stood the
Government, with less than ten millions Of
The income from the public lands gone Mr.. l. dld
not utter syllable of the policy OF that
measure. Those who his constitutional masters,
had thought proper 10 give the lands away. The thing
was done, and slr |. had nothing TO say. When II
had been under considc ration he had gwen II his hum
bic vote and expressed his significant opinion, but
now he had no opinion to express The lands
gone. But he remembered that when he had MENTION
ed, By very distant ntnaton, that 1T might be ne
cessary resort 10 direct taxation, something between
shndder and s!liver ran through the whole House.
and after instant cf astonshment he had been
| laughed al cried down. lie should not now
say whether there ought 10 be taxation or not
BE that ii might, there Here, then, was
the Government without revenue, without public
lands, without taxation. II SAID that IT could re-
sort to capitalists Well, gentlemen all capital
tass in small! way, and the question nc had to ask
them was, whether they would lend their money with
out security; To be sure there had some addition
been proposed 10 the OF the Government, BY
what very expresslvely dcnomnated horizontal
tar f. Much as tins might do, little vertical security
was still needed. Now a. 10 the revenue, he would
take the estimate Of either othe two Secretaries, or he
would agree, the gentleman from Virginia had done,
and call il twenty millions Now, lie knew very well
that every gentleman went for economy, re;renchmeni
and reform. To be sure the people IN his own district
talked hut Little about the matter, and lett HIM to vote
on that matter pretty much he might think proper.
And after all, lie believed that he III fact some
thing Of an economist than many gentlemen who
made more noise about it, But would any gentleman
tell him that with all the economy about TO be perpe
traed the expenditures Of this present year would fall
short Of thirty millions: Ii lie did, Mr. |. should con
slider him bold Here them was deficit IN the
resources Of the Government ften millions IN single
year Now, then, would any man be such a fool.
pleased. Mr.. had nothing to say personally against
them save that he believed they had very little ludg-
ment matters of finance. lie had been well ac-
quan;ed with the tatle! OF one Of them lie held him
IN high esteem, and felt vencra,lon tor his charac
ter but on d question Of political economy he would
not give tat for the judgment OF the whole firm All
they after TO get seven per cent or seventeen
per cent--aye, seventy per cent i they could, ana
that was the sum Of their knowledge IN the matter
Here them AT once debt Of Ten millions, but the
fhn md n thp al
WAYS and Means had insisted that there previous
debt upon the Government OF thirty or forty millions
more very distinguished gentleman at the head OF
the Finance Committee IN Tie other House, had also
estimated very large sum, lie forgot exactly how
much and former Secretary of the Treasury himself,
he meant Mr.. Woodbury., had recently acknowledged
that he had left a deficit OF live SIX millions THIS
previous debt, then, whatever IT might be, was to
he thrown into the bargain. II, then, the customs
were but twenty millions, and The expenditure was
thirty Millions besides old debts, ranging somewhere
between five and fifty Millions IT most clear that IN
the remaining three years Of this Administration the
Government, must be IN debt thirty or forty mIlions
and have nothing in the world 10 secure il.
Now Mr. |. laid ii down principle in which ali
sound statesmen had been unanimous-n which the
lights Of Washington, Of Jefferson, Of Hamilton, oil!
Madison, and Of all the greatest English slalesen eco
nomsts, and Others perfectly agree-tllat when Co
yernment created debt il at the time take
means that debt, else would be pursuing
the downhill course Of paper money policy The
modern phrase, he believed, this that It would run
down "rARE possrM" [Great aughter.l (Mr. |.
knew nothing OF its correctnesshe was not learned IN
those languages) Mr.. L. could not in his conscience,
with this experience ofal the world staring him the
face, with the melancholy example Of all the indebted
States before hs eyes, he could not and he would not
give Administration dollar of public money BY
note loan till they should see about providing an ade
cuac security for its repayment both principal and IN
terest. This he held to be of those wholesome
principles from which he never could depart. col
league and relation Of his Mr.. j. r. ngersolll
spoke of bill for Treasury notes which had been sign
ed by Mr.. Madison in lcl2 evlnclng his opinion OF
the constitutionollty Of such Now II so
happened that Mr.. l. had been here in l-l2 and who
il was that such bill did pass, also true
that Congress passed laws providing security for the
payment Of the notes. and il vas further true, that not
outstanding that, those notes became deprecated
fifteen or twenty per cent, and in that deprecated pa
per was gallant Army and orr glorious Navy obliged
10 receive their pay because they could get nothing bet
ter It's place.
But what was this case: What security was pro-
vded here Mr.. L. wished to put the truth strong
light He wanted 10 vlndcae himself once for all 0or
when he resumed his seat he should bid farewell TO the
whole subecU not only for his course in this case, but
in all kindred eases. The Chairman Of the Com
mtee OF Ways and Means, he believed came from
the city Of Buffalo. (alr Fillmore bowed assent)
Then he had heard Of the famous Rathbun, once an
inhabianl Of that city, but now an inmate of the
State Prison, and the gentleman had seen IN the news
account OF annlner very distinguished
son TO whom Pennsylvania had the honor Of giving
birth, who had not long since been member of Con-
gress, and who now, as he understood, was n resi-
dent in 4 certain building called the rombs. Now, for
what were both of these individuals immurcdS For
nothing in the world but issuing Treasury notes. Tho
thing might paradoxca but strip il Of all It's tech
meal adjuncis, and Of all the English fooery which
surrounded The act in the law book, what did 1t amount
to, The Anticipated code had derived from
Great Britain declared the act of forgery to be ie
nny, but il should not be "A lauchl lie re-
peatcd it, it ought not 10 be. For why it worse
to cheat Of his money By forging note than
in any other way; Il had come down to us, indeed
from our British ancestors capital offence; but
look at it as a philosopher. Had these two unhappy
men, whose liberty taken away, and whose name
was stained with indelibe disgrace, committed amy
worse offence than had lately been perperated BY
very distinguished men in the city whence he had
derived his birth; Were the mischefs which fol-
lowed more extensive or more fatal, and, without
intending any irrcYerencc. might he not ask whether