Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-12


duties when tie money was 40, needed, aId '"'isr.
n, ;, ~ currency which t. keep would have seen
~ r,,s,cC and :uinous. ii s.'siae, Than !" spehu
bowcvsr exl;:sayarily. IL y Gnc IN )as''ce - ''e
late Administrator, to say, ihat ihey haa cn'nenceu
N Good esrnra the work OF reform, and that WIN 80
sl cos H. i, have. made very considerable re-
drc,io, in N, expenditures towards which no one sN
srsd nh more zeal or greater effect than tie
Ssna,o, bsbirA me. rNir WocdtGry.l then al the head
of the Treas& y Department. /, IS 10 be deeply Re.
GREETED, tina, hat was then $" wen Cesuh mas not oe''
Continued hy faosc who had succeeded.
/, !; dr,,,,,d on ali sides: tat we must cgualize
! rho -eyenna and Expenditures. The scheme Q! boz
,n r,L m an increasing deficit must, IN the
40 = onn,;nnoJ prove runous. Already is our Gre
dit greatly impaired II IS impossible TO borrow AZ nome
in The present state Of ''ne ne usu"' - tho Late
s ,sssy, ,n no SH several below par and If
would borrow IN ,.S soinf Hci, Il wouio ehdanser
the solven, banks. VT - admd that n loan Of lwo
millions in Boston has cauHaf e present intense pres
sure there in the n,-ney nNrEc Nor can the foreign
m,rke, be relied or tll fin ices put IN better
cond,;on Who IN their present condition, wonc
think Of ieopatdsng credit by appearing IN the
European market with United States stocks IL Is
certain ,b, III negotiation could be effected there but
at usnr,uus interest, and considerable extension OF
the time for redemption the tendency of which would
be 10 depress che State stocks, and lay the ionndao
of permancA, funded debt. There remains another
objection. winch should not be orer!noked-the loan
would he returned in merchandise, with the usual m
furious and embarrassing effects of stimulating the
consumption of the country for the 'ime beyond what
its exports would permanently sustaia
Nor is The p.ospec, much better for the additional IS
sue of Treasury no'-s proposed by ne bill as amended
in the Sena,e. They are now hello bar, and this must
still add totheir depression perha ITO The same ex
tent 10 whi,h the six per cents are COW depressed
The reason is obv,ous. Tn only advantage which
they have stocks in rasng loan, Is, that ihey
ere receivable III the dues Of the Government, winch
gives them 10 a certain extent, the character OF cur
rency; but that advantage act peculiar to them A
the law nog stands notes o. solvent banks are also re.
ccivable in the public dues They are in fact lfeasu-
nv notes. far depends ~ receirabiiy, as mnch
i. each one endorsed 10 he received ~ lir
dues Of the Government BIZ an authorized agent NOW,
SO long az the Government receives bank notes at par
with their own, The banks (as is now the CASEY re-
fuse 10 receive them at par with bank notes, Treasury
notes will be depressed compared wh bank notes, Tor
the plan reason that the later pay the debts both
of the banks anoAh Government, while the former
can pay only The hts Of the Government.
N such stated f thngs only very small amount
of Treasury notes Van be ior currency without de-
pressing them Iesow par when TINT s sS Ss nIe. is
sion of stock bcarng the sad rat, Of interest Very
different would ts the fac,f the Sub-ireasnry mad
not been repealed Under i. operation, the Govern
ment could at any time HAYS issued what amount II
pleased to meet temporary ssic Of The Treasury, al
mere nominal rate Of interest, ar none al all Inc
provision that nothing but gid ard silver, and the pa
per issued the credit ui IT, Coz eminent, should be
received in tho public dncs, %ouldhayc kept them NJ
par. But things ore, Il Must b" obvious that
neither loans in lie usual way nor Treasury notes,
can be relied u make Up Tie dlfc'', without rum
Gus consequences And hcie let fse inform the Sena
tors on the other ride that they are laboring under
great mistake i'll shpposinr that we who prefer Urea
>ury 10 loans 10 meet the temporary wants oil the
Treasury are ANXIOUS force the at them on you
TIE fact IS for Otherwise We deeply regret 70 see you
reduced 10 the necessity o. using them we believe
them be very useful and Convenient, much cheaper,
more safe than loans, one"t The occasional wants
Of the Government, and -, with regret, resort to
them under circumstances !, wei calculated to dis,
credit them in The public estimation, ani when they
cannot be used but the expense OF the public credit.
We haze then arrived at the point tia, we must in.
crease The duties or curta,! expenditures; and the
question is which shall choose That question Will
De decided by the vote We about give. There is
no mistake Those who have changed this bill into n
loan bill Of 5,o00,000 tell u.s. in language too nell'-
gent be Mistaken that they intend 10 Tx the pcrnn-
ncnt pc Of the Government q about 2o0O0Oe;
for ake that sum- at least, 20 NEE, what they tell
us is The lowest amount TO which the expenditures can
b. reduced, and TO discharge the interest and pnci-
pal Of The deb, already contracted ,r authorized Now,
SIR, clear that large sAl cannot be derived
from ,he present thrift az high as has been raised
agree wih the chairman that @ish cur present export
fpde the heavy interest 10 he paid debts abroad and
the ir list free articles tt IS not safe 10 cstI-
na,sOlc consumption OF the country OF duabe arti'
Giles, NJ than $S30hOO00. which, a. ~ per cent
round woula rive but l1 100000 gross and nett re-
venue according The prcsen, expense o! collection,
ot niu than Slo,009,000 nj the outside, leaving
,000 annually 10 b. ra~eV by additional duties
lmpnr,s, corresponding reduction IN the cxpen-
ses o. the Government hicl shall we choose? That
the reduction may be made aud The deficit met aided
b. the repeal oi the distribution BIZ, without mparng
the efficiency Of the Government, l trust have sa-
,isfacory shown; not all at once, but enough ana
more this year. 10 avoid this loan, and graddllly,
by vigorous system OF cconoy, 10 a-.ts! all iur'
Their loans aud 10 discharge those that have been
contracted or Authorized Why not then adopt the
alternative ii cnriailpg expcn@s' ] put the ques
responsible resp 70" stand dsid s"lcmnly pledged to
retormyon told thu peo&e tia! the expenses Of the
Government were exrava:ani; that they could be re-
duced to point lower than have assigned; and why
not redeem your pledge, hen have proved that there
is such ample room TO do So We, on this side, are
ANXIOUS 10 operate with lou, and 10 carry out with
vgor the good work which had been commenced before
Won came lnto power. Why, instead of carrying on,
with st greater vigor what had been commenced, d.
YOU halt, No, It is not strong enough Why do you
now 20 for increase, instead Of reduction? Why falsfy
all your solemn promises, ind prove, nov that you
in power that you Jealous for debts, duties and in
crease OF expenditures you exhibited zeal Tor reform
while you were seeking power
! BIT answer BE- ',vtn. from deep solcitude
for another protective ari Yes, that perncion.
system, which swelled ;he expenditures 10 their pre-
sent vast amount, the real nspedmen., 10 their
duclon l. = that wiiich has Sic you forge, all you'
PROMISES AID winch SEEK " keep up the expend
lures p7cxt for imposnG duties, not for revenue
hut in reality for protection. II IS that which is
striving to Free GovcnrenStos return to the old and
dsa s'rous "olicy which has brought such calamity
the country, and done much TO corrupt lis morals
and politics, and which forcing il to resort ,c
lcaus and Treasury rnes he hazard Of i;s credit
when !; recessary, in the midst Of the wrecks Of
that .f,he States, that the credit of the Union
should sand We suspicion. it is that which passed
the DisthaloG bill, and now ressis its repeal, when il
s clear SI rcvtH from The lands is indispensable
to meet Animals the Government, and TO preserve
lis c,edit hat rup, aad corrupng system oul Of
the why. verery Xlicuty connected with tinan-
ces woul wish; TIE Distribution net would be repeal.
3D. Tie re uc from The public domain restored % the
Union, Eeconoay, and reirencmeni, would save
IL