Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-13


From t.e Meney 4,ie ete N J. Herald, efMe ea inst.
"1he Message Of Ms .4fnng G0rern0T, Gregory Of
Virginia, very able paper it is clear comprehen.
sve, yet short rnd well seasoned Like oil Stale do.
cuments, il is filled with dissertations upon finance
In relation 10 the present disastrous state OF financial
affairs, the Governor takes brief retrospect CT The
course of Virginia in assisting to produce it. That
State was seized with the internal improve fever.
The majority of the Legislature were in favor o.:
public works. and of borrowing money TO any extent 10
construct them, the bare chance of deriving enough
from those works bear The expense and interest,", &c
1.-THE Governor then Justly attributes TO the State
Legislatures much of the evil which has overtaken The
country, in consequence ct their Incorporating CON-
panies, by which many dishonest men rob AND Cheat
the people All this led 10 debts, TO pay which, The
Legislatures have been afraid tax their p!undered
constituents, &c.
"The receipts into the Stale Treasury from taxes,
independent of dividends, S6o00OO, and the de.
mands for the year $500 0G0 exclusive OF temporary
loan from the banks OF 500 700 Inc Governor then
recommends the borrowing of 100000 TO meet tie &c.
Ecency, and 10 SET apa. the stock dividends TO redeem
H. and that taxes should be raised 10 meet the perma
nent deficiency in the revenue.
"The Message of Me President NJ the LRtted States
contains as generally anticipated, strong recon.
tnendation in favor of modification Of the TaIf
well for obtaining for purposes of prolrc
tion both which objects, the President alleges,
defeated by the existing Tariff lie also justly al!udes
TO the destruction which overtakrs the commercial IN
teres growing out Of the present system OF cash duties
He is warmly in favor of the warehousng system,
which, as permanent policy, is undoubtedly the best;
but TO protect it is work of tme to build suitable
stores &c Present relief can be afforded by allowing
imports be bonded at short dates, say three to our
months. This should be done nj once The revenue
and expenditures il appears, have been as follows
Receipts from customs aqiarters, Sia,mo, %co
90 estimate, 4h " 4,VooNO
from lands, ',G0olm
from oan-, &C., quarters, lGIs5a
estimate ih or. 3,s5OOu0
Total receipts for the year, sa,llf'n
On hand, Jan, 1872 2JU,sN
Total means, aa,sl7J75
Expenditures three quarters "6UM'w0
18th estimate, e,GUOUOO
"This shows surplus Of S347 ,07G; but the message
states there will be deficiency of $50oO00 This re.
turn show VS. most disastrous state OF affairs Instead
Of an expenditure Of SIS0000o0, the estimate of Mr.
Woodbury. for the present year, they are S3i,O0OOC0
Instead of q of 900 from The tarih lie
Weld has been but SIS 100000; although from October
$, to January Ist ls43 the customs Of two years
coecable, that is the bonds for goods imported last
year. and the cash duties the whole imports OF the
pre- year. Under this state Of things, the duties
for S43 cannot he estimated at than to g ,OUO
900 to meet S34 .000, 600
"The Exchequcr plan Of the last session s again re-
commended. II is simply an issue of S15,cOo00o of
Government paper money of the denomination Of 50
TO 500, on the credit of the Government, based on
100000 of SPECIE 10 be Withdrawn from The revenues
for that purpose and S5,000O0O Of Government pro-
misses bearing interest," be sold, to be put out in re-
demption of the other promises The Message narsfy
remarks:
at proposed to confer no extraordinary powers
t W 0 90 Ds n " o." ~. . pg a
accopses precisely what the Treasury does daily at th'
under law authorized To issue. II has resemblance 10
ordinary Bank it furnishes profits 10 private stoeAholi
The debts OF the Government are Treasury notes
bearing six per cent. These to be paid in Treasury
notes, bearing interest, and dependent upon the
sale Of six per stock for their redemption Nj
more than Sl 1000 900 TO be issued, und S5000000
of specie being retained basis, The Government
means will be increased 10000 Geo only. On this
pta the EIchequer authorised to establish branches
in all the States which will permit it, ard those branch
es TO deal in exchange, which means both buying and
selling Now, f The Exchequer gives these very des
rabe paper promises exchange for the bills Of rdiv
duals how will that square with the assertion that at
lends capital to individuals" Twenty six branches
may be established TO deal in exchanges, capital
SIS 000,00O.
"The Government now owes upwards of S35 000,C00
and the Message remarks
SIT has become obvious NIL that the Government
must lock TO s.rn means supplying as rants and il Is conc"
OBJ
jec The Escheqnrr, adopted will greatly aid in bringing
stion tina, its bills readily sougJor by public
and that tie would in short reach the
10 The avasble means Of The Treasury nhe coat or eaorse
"Now, if this $l5,0OO,OUU paid out TO the public
creditors what will remain to the twenty six branches
with which to deal in exchanges II is also proposed
10 allow the Exchequer and i'a agents to receive specie
dcpose, and issue certificates therefor TO circulate
money, and also TO sell its drafts for specie.
These two last propositions taken from the pen O
"Franklin,' without the safeguards which make them
desirable No individual will voluntarily give his spece
to the Government for certificate hearing interest,
nor available for the purpose Of exchange"
TO TIE EDITOR or TIE ErQCiGER.
SIR-Ion have, in your last paper, touched the cues
ton of rejoicing the President Of the Bank OF Var
ginia-nnd invited the Stockholders TO come to tie
General Meeting and judge for themselves OF The true
condition of the lhstuon-that they may not Go any
injustice to the President by employing proxies unotr
represe nations You state, that certain mrs
ceptons have gone FORTH whch calculated TO Do
injustice TO the President-and that the Stockholders
would find cut their mistake, by coming 10 R'chmont'
10 see for themselves.
know one of these interpretations, which we
understand is working TO the prejudice of The Pres'der
Won recolIeCt the conversation had he