Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-08


might have gone further on this question, than bis own
calm and unbiased judgment would, under other cir.
cumstances, have approved But when tho insdious
design was disclosed motive left 10 strive 10
conce the measure with the Presidents views of the
Constitution; and the Fiscal Corpor.on BILL like its
predecessor, the Fiscal Bank bill, skservedy fell be-
meath the Executive veto. We trQs that no bank
ing cooperation can ever receive The eanc'0n of Pre-.
had denounced his colleague, Mr. Nwsss advocacy of
Bank located in the District Of Columbia, with the
power to establish branches in the States with their as
sent nevertheless spoke and voS fur this Fiscal Cor
poratIon bill And thus he too Chonah elected as an
anti Bank man, and because he IN an,i-Bank man,
has yielded the constitutional question: and departed
from the principles of Virginia.
In connection with the bank question, we would re-
fer TO the Board Of Exchequer recommended by Pres
dent Tyler in his message TO 0ongress at the COM
mencement Of the present session. an institution, de-
signed to form part Of the treasury department, and TO
steer clear of the constitutional objections TO u s.
Bank What isit, but bank, and that, too Govern.
ment Bank Bank of deposte, exchange, issue and
circuation 1t is true it is have no charter of moor
poraon, and will be always under the conro of Con-
gress But, them it assumes that Congress has power
to regulate the currency and the exchanges, and 10 Gre
ate paper money for circulation These principles we
cannot admit. We utterly deny, that Congress has
any power TO regulate exchanges We utterly deny,
that Congress has any power the currency except
to coin money, regulate the value and Of foreign
cou;-and we utterly deny to Congress all authority 10
issue paper money for circulation Holding these prin
cpes, we must, and do pronounce upon the proposed
| Board of Exchequer our most unqualified condemna.
ton; and we confidently believe it cannot receive the
support of Virginia.
The "act establish uniform system of Bankrupt
| cy throughout the u S., affords another example Of
the hasy and ladvsed legislation OF the Extra SEES
sion. The power of Congress to enac, Bankrupt Law
is not questioned. But such n Bankrupt Law this,
could never have been contemplated by those who
framed the Constitution. It is believed to be without
precedent in legislation grossly unjust in ITSELF en-
trely unsuted to the condition OF country, and 10
the character and habits of people, and wholly
called for by public sentiment. The proper object of
Bankrupt Laws is, to afford 10 fair creditors efectua
means to reach the property of such improvdent debt
ors as are like to their fortunes and of such
fraudulent ones may be disposed in bad faith, to
place their property beyond the reach Of the law. i,
is true that under some of these laws honest bank
rups, who have fairly given up oil their property for
the satisfaction Of their debts have with the assent Of
large proportion Of their creditors been discharged
from their liabilities. This, howeverAis not the main,
original object of the bankrupt laws; tut merely
serial to that object which is to secure the rights of
creditors. Under this law, not only may merchants
be made bankrupts at the instance of their creditors
but any of any vocation, whether farmer mer
chant, lawyer, doctor, or any other, may BY his
voluntary act, himself unable to meet his debts
and engagements, and thereupon ba declared bank
for the satisfaction Of his debts and even agains. the
wishes of all his creditors, he may be discharged from
the further obligation Of all his debts, we'll those
traced before, those contracted after the enactment
of the law How unjust, 10 deprive fair creditor of
his property in his debt BY law, which had exist
ence when the debt was contracted
We have no time 10 enter into the details OF this
odious law, though they are just rs Objectionable
| as the principles on which it is founded. 1t loses
sight of the legitimate object of Bankrupt law
Tts 10 IN thoSa ho han
they pay sponge out their debts by easer pro-
cess than The d-fashioned mode of honest payment.
No matter what may be the debtors expectations, no
matter what may be his prospects Of fortune prospects
on which creditors might willingly and safely rely; yet,
under this law, if the debtor chooses H. his creditors
must take their dis,rbutable portion of his present
means he may be discharged from all his debts and
though the next day he may come into possession of
wealth and auence, it is beyond the reach Of his
ditors What stimulus is here given 10 the wild spirit
of reckless adventure How much more readily will
the gambling Spectator put his all to hazard
tain adventures, which, If crowned with success may
establish his fortunes, when he knows that in the event
of failure, he has but to declare himself bankrupt
and absove himself from all his debts This act does
not in fact deserve to be called Bankrupt law 1t might
with more propriety be entitled law 10 impair the OBJ
legation of contracts, and TO abolish existing debts.
Mr. Van Buren's Administration assacd for its
extravaganza; and the Wing party obtained the favor
of the People under The expectation, that they would
economist and reirench the expenditures OF Govern
ens Administration the expenditures had been reduced
from the high point which they reached in the last
year of Gen. Jacksons Presidency by extraordinary
appropriatons) till they amounted, $780, TO about
S27 s63,495. Let it also be recoeced, that during
every year Of his Administration the appropriations
made BY Congress greatly exceeded the amount asked
for by Mr. Van Buren, and that tbs excess OF upproPr
atoms beyond the estimates was<a''rbulable as much
or more to his opponents than 10. his friends. The
Wings having into power, the extra session was
ca1l cd IN of m nj
growing principally out of the nd1lof the revenue
and finances of the country. The Tr2 sury was said
to be embarrassed and in order TO clie it, it was eI
pected tina, the public expenditures would be reduced
sa s and the censss @
Ewing, the Secretary of thy Treasury, estimated the
expenditures for ls4 at aleot sly 5000 The actual
expenditures of lS4l (as appears the last Treasury
report exceeded s3s ooo he dn0 OF
Woodbury. estimated The Dsss Expenditures Of
1871, at about s23 $40 200. SO Fl II actual exPen-
ditures Of 1871, the first year of the ney Wing Admin.
istraon exceeded those of lsi0 The last year OF Mr. "
Burens, by more than 81 0Oo,Oo0, while they exceed
MIR. Woodburys estimate of what necessary for the
year. by more than $500 ,0O0-and the proposed ex'
pend,ure for 1s42, exceeds that Of 1871 This Wing
economy
They charged, that Mr.. Van Buren, had left the Co.
vernment loaded with public debt, the amount OF
which variously estimated; by some as high as
$40, 600 Yet at the meeting Of Congress at the
Extra Session, Mr.. Ewing, the new Secretary, est
mated, that at the end Of 1871, there would be
deficit in the Treasury of onlx about six millions
of dollars and in this, he cuded the cost of
the Extra Session and other new appropriations
amounting to 50 1000, thus easing the defci. by
that amount. Nevertheless, nd lcalled on Congress
then to authorize q loan of $l6,O00O0D, though that
body would meet again on the fist Monday in Dec,
iS4i. With this contemplated deGc, staring them in
the face, and with public expenditure exceeding
the revenue by many millions of dollars, Congress
passed an act distribute proceeds the sales OF The
Public Lands among the States and Territories OF the
Union and the District OF Columbia This fund will pro-
badly exceed three millions Of dollars annuay-so that
this law makes permanent appropriation of at least
three millions of dollars out Of the Treasury, and d.
minshes its 10 that extent To supply the
deficiency thus created, and as the necessary
quence Of the Distribution they enacted a new
tariff bill, imposing addition indirect taxes on the