Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-05

WAS there any guarantee that the increase OF the oues
on impos,s would increase the revenue: IL Tue ''hes
ra such that wealth and splendor were dfused over
H.. land such might be the case; but at time when
mon could hardly provide themselves with bread, ana
The brn,b,esl clothing all that they could aford 10
,b,, The increase of duties would increase The reVe
-, .,- miserable fiction. Lei them repeal The LIS
tr,bntion aw-lcl them undo what had been done 10
rho ;n;urv of the country The honorable gentleman
n,rsued This subject some LENGTH and concluded WIN
an appeal 10 The House to come up hand ana hear 10
s,ranr,bep the Government ard relieve Inc country
Mr. SHIELDS, after few remarks not heard by The
penor,er went on 10 say that it with the utmost
aversion that he alluded made the slightest
approach TO party topics on that hoor ana lhat mo-
thing was more disgusting 10 hun under any ccnm'
stances than TO mingle in party STRIFE, or TO indulge
in examinations and recrminaons, and an unstates-
moolike and unphosophc discussion oil questions IN
which the whole country the minority as well as the
muiori,y the parts well as the whole, were equaiv
interested He must confess that ne yesterday iet
strong disposition to get The floor alter the gentleman
from North Carolina Mr.. Raynerl concluded his re-
m,rts # he had succeeded, lac would probably have
dyerred from the now marked out Tor himself,
for the purpose of repeIlne the impuiatons cast by
that gentleman the party to winch lie oelonged.-
These impuations of arlihce ana deception on lhe
par of the Democratic party, and charging them WIN
bold;nu out decisions the Chief Magistrate, he con-
sdered altogether gratuitous and untonnded lie ieit
d;snosition to subm, the country the true attitude
IN which that party stood 10 the Chief Magistrate ana
had he succeeded in getting the iloor ne would nave
occuued part of his allotted time IN refutation oil
,b., mart of the gentleman argument but the gentle
man from Georgia. (Mr. Colqut who got The hoor had
done it so efFecually, that he would leave The gentle
man from North Carolina there and conne himself 10
| the question before the committee
Tie hill under consideration was for the purpose oil
comnelinu the loan authorized during the last session
of CONGRESS- a part of which had been NEGOTIATED and
TO add to additional loan oil 1--we millions oil COL
lars making together somewhere about seventeen mil
| r. nntp sc
!, circulation could be much short OF ten millions,
which. added 10 the funded debt would amount 10
millions of dollars should the loan be ne
gota,ed He did no, know what proportion OF 'h's
loan would be appropriated to the Liquidation OF OUT,
standing Treasury notes; but he believed ,hat u "ouu
REQUIRE the whole Of the loan, we'll as the revenues,
from the customs to meet the ordinary expenditures
Of the Government The bill, then, was to complete
the loan authorized by the act OF le last sesSIo'
and to add 10 it five millions of dollars and the hrsi
consideration presented was, could thc iouh oe ieso
tated in the money market. Two things were essen
al to enable the Governmental negotiate this loan on
reasonable and moderate terms. fsi, must Dc known
that the resources Of the Government IRON It's income
and lis power to levy taxes bound and that tney are
adequate to meet the engagements 1t may enter mo
and secondly there must be bona tde disposition ana
a firm determination manifested the part of those
having the administration OF the affairs OF The Govern
mcnt TO apply them TO the fuhment OF Their obiiga-
tons These considerations, Mr.. ,. SAID, were neces-
sary TO the establishment of sound credit and WIN
out such credit, and without strong confidence IN
the disposition of the Government to appropriate
its resources TO the redemption OF It's obi gallons
it was impossible that loans of money couie De ne
gotia,ed No one could doubt the resources OF the
country Its power 10 levy iaxes-a population oil
seventeen millions of enterprlzng and INDUSTRIOUS
citizens-a wide and fertile territory, with wealth
and resources in abundance, afforded the mos indn-
btahle evidence that it could, BY proper means place
It's credit on the most firm and secure foundation Bnt
hoe, IN aDncaIOn of these sources OF Gre
dit: What had been the policy ot tins Government i"r
the last two or three months Where was the evidence
showing the honest, firm determination on the part
this Government 10 redeem the faith which 1t has
pliphed 10 its creditors Point out the fact which went
to show to the world willing disposition even to fulfil
| its obligations.
| The bill under consideration, connected with the
policy Of the dominant party, showed no such dlspo-
ston: hut, the contrary, 1t showed Jerry Dddiei
disposition to borrow all that it could without the
| slightest idea of payment The Government was now
in the condition Of the needy and improvrdent spend
thrift who, having exhausted his resources aiiem up
pecns sui profusus, was reduced TO the necessity oil
resortng TO other means OF obtaining loan IMAM
By his dscredited notes, and must pledge some tang
BILE property in order to obtain the necessary supplies
| 1t was with Governments with individuals: when
they have exhausted all their resources, they are unable
to obtain further supplies without adequate security The
/ Government in this situation. It's Treasury
notes were under par in the were sinking
and had failed TO obtain by such MEANS because there
was want of confidence in the policy OF those who
have the administration of public affairs In order TO
obtain money, said Mr. S., you must approach capital
lists in the wav Of individual who is like situa-
ton You must tender something like sacred pledge
TO guarantee the payment of the interest and the re-
demplion of the principal within reasonable time
Now in the bill under consideration there was no such
pledge except that indefinite one OF The faith OF the
! Government TO be given the face of the bonds
inst DlpdU IN
authorized and which had failed and Just such pledge
in The Treasury notes which were deprecating IN the
market. 1t was the mere mockery OF pledge ana
not at all calculated TO secure the confidence OF the
country Not only was there defect in the bill in
this respect, but there difficulty growing out
of the general policy of the country so far as It had
failed establish general plan ofrevenue The House
had refused 10 instruct the Committee of Ways and
Means to bring in general revenue measure, and had
committed the subject TO the Committee on hlanuiac.
lures whose disposition to look TO the interests o
the manufacturers, rather than to the revenue wants
of the Government; and in this way the House had
manifested disposition 10 encourage the growth oil PR
veges and monopolies instead of consulting the iner
ess the country AT large But, than that, while
the Government had settled plan Of revenue ade
quate to its wants; while 1t was aborng under weight
Of embarrassments brought it well BY msmanage
ment by the peculiar and yitiated condition OF the
currency while its promssory notes were deprecatIng
in the hands of its coniding creditors while the Sc
cetary OF the Treasury, himself and the Committee oil
Ways and Means proposed selling his bonds in the
market for what they will bring, while even wal
ITSELF with all its horrors, hangs us, the still un
yielding spirit OF party disc pine fobds the applca
ton of such sustain the public credit as The
Government has at lis command and which would ma
tcriay contribute TO that desirable result. He alluded
10 the revenue derived from the sales of the public
lands Was all surprising, then, that capitalists
refused confde in the Government which refused te
pledge the means it had al its command. VAST a
+ all surprising that the folly and mpocy of attempt
ing 10 borrow money, unuccompared by any pledge oil
guarantee for the redemption either principal inter
est, unaccompaned by any general plan of revenue ade
qua,e to the wants of the Government aud at time
too, when, by combination OF circumstances, The
credit of the country was shaken its foundations
should fail TO succeed The failure of the banks,
of,he States, TO redeem their obligations, had prosraet
credit and this attempt to borrow money! under suct
circumstances, would prove to be instrumental in The
destruction OF whnieyer credit remained and this
l.s,