Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-27
l'HE FINANCES.

be 4 state OF Chaos a. W ashington ii Is literally
radis indtgestaque males. There IS no iperman.fs
scheme decisyeiy adopted, nor even proposed ~
Select Committees of both Houses have the wh0.s
subec, upon the anvil Bat their movements aTr =;
enveoped in mystery. Not ray Of hight seeRs !.
have ped from the sanctuary.
The whole appears TO be gloomy, as weiss
obscure. We may talk, as we please, Of the .mllf.
easements Of the people. The situation of the ".
vernment appears 70 be equally perplexed. / 'a-y
, bankrupt, what Is the Government, Instead y
economy OF expenditure, we have extravaganza -.
stead Of an exuberant treasury have the frsilt'
treasury exhausted be unable puy is sEa e
debts We are threatened with loans, with taxation
the United States SIX per cent IS down 10 ninety i've
and such is their improydence, that they have s'ea
away the public lands the very best guarantee tia; "
have ever had for obtaining loans on the best terms
To add to our present embarrassmen,s, the c'fa'!
has been presented with scheme for conducting =
Finances, which is subject 10 the most Serious %
tons, both grounds Of constliuilona!ty and et<
diency. Congress has right to issue plpe. mons'
a circulating medium for the people. The b.
change and The Depositc features subject also = e
superable objections. What then remains Of -
whole proicc:: But three features. 1st. Ont q
| extensive Executive machinery, much only a :
sufficient 10 receive, keep, aud dsburse the Fa''s
money. End Drafts, from point to point, the py'
funds only-and 3ra. Temporary Treasury Aoes' :.
pay the debts and borrow money for the use % Y
United States but not in any form, directly y
directly, TO furnish circulating medium to the p'IN
| In fac;, the powers conferred uPon the I ; ''e
sufficient 70 administer nd quate relief 10 the corn
nity. They lave power 10 establish a N1'o.'
1 Bank-and If they ever had such po@er, who "V'-
consent TO endow an institution with sufficient sie'-
TO regulate all the ale Banks, and 10 confo! a.
currency: VINO would regulate the TegulItCt -
would guard this GUARDIAN The Mammoth lnstt''
tina. NIGH, De created for lis ostens,ole purposes, Fo'
be too strong f"c the liberties of the People
Il No rlncI lnpl- a. fla ~
We must reform tins rotten bank system thfop7a
In the mean tlrIe, must compel the Sia'e D-".s
when solvent, to resume payments and those, ~"
are insolvent 10 90 into liquidation, soon as . T.
tcabe. Then, the currency would be more pu.-'.
and the exchanges nearly equalized. 10 accom-
4 resumption, then, soon as prac;rcable; CERTAIN.
he course of the year, before the meeting Of is p.
Legislature, is one Of cur great obIecis-and Se -"
formed that for tho purpose Of preparing for TINS e
the Bank OF Virginia las come 10 resolution 10 /.
; per cent, upon al lis outstanding debts, from he
OF Apri-and the curiallment is 10 be kept up -
the debts are greatly reduced or altogether e'"-
guished.
But in connection with a resumption Of the blaS.
VIC must use every means to restore the credit O.
States Reputation must be dsavowed IN the SUI.
est terms and most imposing forms Should a.; ;.c-
siderable panic prevail abroad, and our Stocks .rs
upon this country for sale, II would press !,
heavily upon the State Banks. The 10" Pf'cs' ~,
which they would be sacrificed, would eNP. u
capitalists TO withdraw their depostes IN the
specie paying Banks-the specie would be eSP,U,.asr
pay for the stocks-and the Banks would DC CIV ser
put 10 it, 10 obtain specie meet the drafts rr
Many of them could not resume al a. "...sns:,
such prospect-and many, VINO osa L., r.a.J
would be compelled again 10 close up 'n r .,5eo
The effect might not stop here. i,",e.s.,.a;
might sink to the condition Of our old ds G.s be-
paper-and The States nigh, be tempted 10 t,ot,t
stocks, because they had fallen into o'hef D,Is,th
very reduced price. 1t becomes the lnel s,,on~'''
of the States to set thelria faces again" 'e!'