Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-24

~ mig. ss,..lu;s ie!!es iIon capitalists 10 fic'
lsnd e,ho had already :.ane investments N AMERICAN
s,cur;,ie. I; showed minute understanding on the
mart o., those sagac,nus gentlemen, between ohuse
feet, IN these matters OF credit here, which, no regret
ted to believe, we're much, 100 ir,''euy Nno"', an.
much too little appreciated by ourselves Senators mus
M. o,re ,Ia, none y.lenders are the most cautious OF
nop-ihat they watch the policy and providence OF
bosr ia whom they give credit ana that confidence 'h
,em once wounded, s:ckly plant, and can only be
stored 10 yror and health again. by The most careiu anu
faithful culturp and the most active aud substantial!
,;,,ent The letter TO which he referred, and which
he did not feel at liberty TO EXHIBIT thus publicly, sho"
cd tina, This wound had been given to the confidence OF
tho of Holland, so Tar as American secu
were concerned; and how would that slcky con-
| fdspce h, affected by this action: What would be
bonrh, of an Individual who, being in want OF money,
ho vc away his estate and then offer his notes IN
The MARKET to raise the means Tor The payment OF MS
debts and his future support Precisely what must De
tlounht of this Government by all foreign capitalists,
IN ,ha iu6gment Of MIR. w, II we should pass tins
resolution and thus adhere to this plan of distributing
The nrocceds of the public lands regardless OF the pre-
sn, stale ofthe public Treasury, and then seek TO Dor.
row money on the credit of the U. ), without any
nedre for the payment interest principal TO NEE
our public expenditures.
neither fact had been recently stated TO nm when
would confirm these conclusions. gentleman OF The
huhest responsibility from his State, had told HIM that
he had recently received order for the investment OF
an amount of European funds for private account win
EXPRESS instructions from his correspondent TO MAKE
,hn investment, in the stocks Of the United States, IN
case fund for the payment of the interest should be
sci apart and pledged by Congress for that particular
appca,on and not otherwise TO invest IN those stocks
AT all .
| Could the policy proposed to be pursued, in its
effects upon the public credit OF the nat'on oe more
clearly poined out than by fact of this description:
Or could any doubt at this day and tne that pub
lie credit well private TO command the confidence
nf capitalists mus. have something more substantial
than mere faith 10 stand upon? For himself, MT w.
tlonuht the credit of the u S. yet within the power
CONGRESS bat that ii could only be placed upon that
hgh md honorable footing which could sustain unim-
pared amidst the ruin which surrounded, by recalling
The land fund and irrevocably pledglng II Tor The pay
of the interest and the redemption oil the prncpa
Of all loans made to be made whether IN The form oil
Treasury notes or a funded stock debt. Let that be
done with the prnmplncss and unanimty which would
show that orr public credit must not be dIstrusted and
he could not entertain doubt that our SIX per cent
stocks would meet ready sale at par and that our SIX
per cent Treasury notes would be willingly received
every where, within the country, as an equivalent Tor
money.
Another view of this policy in connection with the
public credit of the country, had been recently made
imperative and important 1t had ever been predicted,
by the opponents of the policy, that the system oil
distributions in any form in which IT could be prac'
sed would not 90 fast enough TO meet the wants OF
the States or the wishes of the representatives who
should adopt this mode of paying their debts and com
plriing their public works lie had been one oil those
who had sustained this opinion, but he had not expect
ed 50 soon 10 ''the impnse formally and OIL
ciay proposed for the sanction and appreciation OF
Congress Yet so it He had not printed copy
of the propositions before him, he had not been
able TO find them in that form, but he had their sub
stance in one of the public journals OF the city.
colleague Of the honorable of these resolutions,
| L tha fbar hrapc oF had
come forward very far in advance of the honorable
Senator'S present ground His propositions were an
immediate emission of ONE HUNDRED MILLIONS Of per
cent stocks of the IT, s. 10 be distributed TO the States
at once with pledge Of the proceeds ofthe sales OF the
public lands for the payment of the interest and the
dempon OF the principal of this stock; further EMS
sion of per cent. stock 10 indefinite amount, sup
posed to be from eight to twelve millions, to purchase
the right vel the public mail routes and the ail.
roads and canals with the public mall for the payment
of the interest and redemption ofthr principal OF which,
certain portion Of the revenues the Post Once De-
parnent TO be put IN pledge and further emission
Of fifty six and quarter millions public stock at what
rate of interest how 10 be redeemed, principal and in
terest is not stated, to constitute efonrhs OF the
capital stock ola new National Bank Of seventy five
millions Now this proposition to use the public
credit to some purpose and especially at period when
neither six rcr cent. stocks, six per cent Treasu-
ry notes. could be rot off at par, either in own or
the European markets. Still it was only the move
|
able Senator, to throw the States upon the national
Treasury for the payment Of their debts, and the com
ple,on Of their public improvements. II was, rs Mir
! W believed, but foreshadowing the impatencc winch
might be expected 10 be realized in the public mind, il
tins new system Of finance should be permitted 10
into operation 1t had feature preferable to the
system of the honorable Senator II proposed to make
pledges, in form least for the payment OF the IN
erest and final redemption orthe principal OF the stock
| TO be issued
had I'M.
tated the ancient and sound examples of the Republic
1t not formerly supposed that The credit OF the
Union could be sustained upon confidence alone and
when the State of New York commenced her extern
sve public works. fund, consisting of the richest and
most certain Of the State, than equal TO
the annual interest upon any loans it intended to
make was set apaH and most solemnly pledged, in nd
dillon to all the dervabe from the works to
be constructed, to meet and extngulsh the debt inter
est and principal; and while that policy was adhered
to- the credit of that proud and wealthy State remained
untarnshed. But when that sound policy was depart
ed FROM and the talents of her financial officers came
to be exercd to find sales for her stocks, not TO pay
them her credit, Also sunk beneath the load heaped
upon it, unsupported as it was by my thing but iaith
STILL even with this better feature of pledge OF re-
in FORM how far these propositions OF the honor
able colleague of the honorable Senator cacula
ted nj this time to increase confidence in Ameri-
can credits abroad Mr. W. would leave to the two gen.
temen TO satisfy the country, declaring his own most
deep and solemn CONVICTIONS that the propositions of
both alike calculated 10 strip from that credit the
little footing already left for it, by showing that our Po-
Icy is either 10 deprive ourselves of the means upon
which credits should be extended or, making formal
pledge Of those means, 10 overtask them at the first
step.
Entertaining these views, Mr.. w. had proposed TO
amend this resolution express what he believed
be the truth, the time Of the passage of the Dis
trbut;on law and also the conclusion which he thought
/ shnuid ba arlSinQ
of the question: and he felt the deepest anxiety that
the Senate should adopt The amendment, and not, IN
the face of consequences FEARFUL repeal the only re-
siriction remaining upon this dangerous policy. lie
glad 10 the resolution coming from the quarter
did, for it seemed to him 10 be distinct admission
that the distribution could not be made without the
further action Of Congress. He hoped that action
would not lie obtained but that the land revenue would
he permitted in this quiet way to pass into the Trea
sury and would be applied to the pressing wants OF
the Government and in aid Of the sinking credit Of the
country.
| Tho resnlntinn if amended accnrdinn 10 hs mniinn