Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-29
TwENTY-sEvENTH coNCREss--sd Session.
AVIATION OF BANK NOTES AND CHANGE TlCKl

TAXATION OF BANK NOTES AND CHANGE TICKETS
SPEECH OF Mr. BENTON, OF MISSOURI
In Senate January 81, i-42-On his motion to amend
the Treasury Note bill by laying tax on bank notes
and change tickets.
The bill 10 authorize an issue Of five l.ons Of
Treasury notes being under consideration, Mr. Ben
ton proposed 10 amend i: by adding the following
tons:
And be further euce,ed That day
January thousand eg, hundred aud forty there shall
District of Columbia bank notes aud all other pu,
in circulation money BY corporations individuals compa
on each piece Of put into circulation romis
liability the part for payment
cents Tor The eighteen hundred and frytwo BE- in
creased cents until the whole Tx amounts
cents on each note or ptce 81 paper 50 i INTO circulation
Into circulation by corporations companies or individuals for
the payment Of money or Other thing which shall he ranea
BILE by delivery and without The endorsement Of each pasr
thereof ma without beng snse' 70 hr LAWS wich Apply 70
inland bills of exchange shall be held and deemed 10 be
latns paper within The meaning OF s ACT and shall be subject
ind BE- further eaa,d TIA, every cooraon company or
individual, who shall paper Of foregoing
scpons shall be subject the aforesaid, and ,nr,y
make out and secrea, Treasury and The
marshal Of the district N which The -ai issue Is made state
Of paper circulation for the r, tire quarters the
ana ,d taaeu as,I n"se, :" ShS h"e' OF pap
shall be held and taken he The annual number Of the
~ the TreasnJv ,hurh the Of The district on failure 70
return tie said cooperation, company individual
shall be Liable double aS and TOT fine oliy thousand dol
further e"a,,ed, That immediately receiving the
said the Secretary 9" the Treasury shall the
cung thereon be collected by the marshal and du accounted
for and paid over by him.
and De IL further enacted That ye per ce1tum shall be al
lowed to each marshall Tor his compensation IN collecting and
paying said moneys.
ry shall he required from each marsha! for the faithful discharge
Of his duties under this ACT
this act for default making Of the circulation,
shall be computed b the marshal Of the district and Tie seere
circulation issued By the delinquent party and all fines under
shall be recoverable by action Of debit aud shall d
vded between the nurmers aud the law officers Of the United
States prosecuting the same.
The amendment having been read, Mr. BENTON
and said, It was the custom OF our ancestors, both
English and American, never contract debt without
providing at the same time for its payment. In ihis
the Government concerned 10 the practice OF prudent
individuals No prudent man contracted debt, with
out, at the same time, providing the means OF pay
Inent and no prudent nation should do Otherwise.
Formerly, this rule held sacred, both III America
and in England. The old Wings in England, and the
revolutionary Wings in America and the old Repubi
in the early ages Of our Government all confomed
TO it-and, with tcm i was the invarable rule 10 put
tax bill and a loan bill together-olen 10 put the
and the loan in the same b-and thus accomplishing
the hreefod object of ensurng payment, preserving
credit, and imposing salutay restraint upon the crea
ton of debt By imposing burthen at upon those
who created il. This was the old way and the good
way and it was now time TO return To It when the
new Administration appears 10 be so fatally bent
upon the creation of National Debt. This
Administration has commenced with loans both
open and disguised, voluntary and involuntary. AT
the Extra Session, it obtained an act for twelve mil
lion oan half of which has been obtaned-the other
half not. This open and q voluntary loan; as
far as went il voluntary; that is to say, per-
son lent his money but he that was willing We now
have bill before for five millions more in the form
OF Treasury notes, making seventeen millions of loans
in the first year of the Administration which was to
carry on the Government for thirteen millions, and
lid H.
These additional five millions in Treasury notes is
disguised Loan and in the present deprecated state OF
those notes. it will be forced loan-as much so
if regiment of infantry was quartered upon the I'M
fortunate man, until he lent the money. No person
will take these notes. depreciated they are, but
the creditors of Government whose necessities CON-
pei them 10 submit TO the imposition Nobody else
will take these notes. and TO these persons it will be
the retention of their money for year, against their
will, ant consequently forced loan for that time.
The piece of paper which they receive in place of their
money thus withheld, necessity will compel them TO
use, and that at discount; that here IS forced
loan exacted from those who have no money to lend
at rate of interest below what might be obtained
from others If they had the money and chose TO lend
il; and this forced loan paid in deprecated medi-
um. In these circumstances, it becomes doubly i'm
portant to sustain the credit of these FIVE millions OF
notes by providing for their payment The Admins.
tration has lost its credit and become incapable of
obtaining voluntary loan on account of It's folly
and extravaganza and universal breach Of promises.
Inc Squdnoerng OF the iind reVenue-WaSteiui ex-
pendture-loan upon loan-above thirty millions in
stead of thirteen millions required for their expenses
the violation every promise made before the elections
all this leaves them without credit, and reduced to the
miserable condition of running in debt in time ofpeace
and taking up old notes they become due, with new
notes issued to meet them This is the condition of
the Administration; and instead Of taking measures 10
arrest the downward of things instead of
tanning public credit, and stopping the depreciation of
Treasury notes by providing for the payment of their
debts, they 60 like reckless spendthrls, contract
ing new ones, taking up old notes with ones,
throwing way the land revenue, STAYING off the day of
payment, and audaciousy proposing 10 throw the
whole accumulated bnrthen upon poster,y by the in
famous trick of funding debts in time of peace! This
is the way the THIRTEEN million Administration
is going on, and it becomes imperative the friends
economy, and the enemies to national debt to bring
Onward the measures which necessary to save the
country from the disgrace, and poserty from the bur
hen, of funding debts in time Of peace.
True, this Administration is enemy TO taxation;
hey love taxes; but is taxation upon the necessares
md comforts Of life for which they 60 Sugar, salt,
offee tea blankets, and all the articles of ordi-
,ary consumption among the producing classes these