Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-10-28
rro.n tho western wsss
gllg CprQrS Ann TIE HE-AEDY

'
found on its Jouras. Aus. iCth, is&s. coa,f nia:
plan Of General relief Tor ,hs Govenmeat, th'
States and the People.
We shaa exu.e; that pat cf the bill which 70
lstes 90 a plan a re,ief fss tho Siales. add ecu
sequently for the people.
tir johnson proposes that the Government SHOULD
issue two hundred millions Of stock. 10 be divided
a6soog ell the States, those non ndebted ~ we'll
those indebted upon the basi. of federal reprcsen
tattoo In Congress. end this stock TO bear in
terest Of about four per cent per annum, aud th a
the distribution Of the pubic land fund shall bs
suspended until the payment Of the stock by th'
Government.
TIL. stock is proposed to run twonty Ave years
before redemption, unless surplus exceeding three
millions OF dollars shall accumulate in tbs treasury,
which surplus may be used by the Secretary OF
the Treasury Zoe the purpose of purchasing up
The PLAZA which IL proposed by MIR johnson
may meet With opposition, as every plan will, which
% new, however salutary II may be m its results
upon the people and the country.
But ne regard that n measure so fraueht win
good so wise, salutary, 80 -tndispensos Tor the
honor Of the States and the we'll being OF the peo-
plo must sooner later, triumph over every oppo-
silion.
The Nation and the States and the people are
,sheln,ed Ia one wide spread embarrassment. The
nation IL 10 disersdit abroad because many OF the
States are in disgrace, and the evil isfelt by the
people in . stsgnaton OF business, a suspension OF
credit and total want of money and confidence.
A government cannot prosper when the States and
abe people are oppressed. To restore coincidence IN
thc Government, you must restore the credit OF the
States and the people.
MIR Joanson's plan goes 70 the roo. OF the dis
ease and offers remedy CO extensive win the ma
lady.
Let us examine calmly for memen, tbs prime,
ples aud the effects OF the plan. The pubic ianos
ate the property OF tho Siaiesoihe otates arc 10
debt, and they ask the General Government as the
trustee TO administer the trust fund IN this great ext
seney, to the best advantage OF the States.
They but ask the Government 10 give its ersdif
in the form Of stock TO be paid twenty hve years
after date 10 the States which they can use as mo
rev 10 exchange Tor their own bonds, and the Go
vernment IN the mean time TO receive IN its oxn
treasury the proceeds OF tho sales OF the pubic
lands. Thus 20 money is eskcd OF the Govern
menl-and the land sales have artrgded nearly nine
millions Of dollarc for the last ten years.
2y this simple operation TOUR millions OF dollars
in incest aiore will DO saved TO the nation annu
ally-rhs interest now paid, or 1h'eh should be
plid on TOO hundred millions oil State stocks NJ a
bout six per cent, would make twelve millions an
nuaily. By the ehango OF stocks as proposed by
Mr.. Johnson, bearing four psf cent, the aggregate
Of interest would be bet eight millions annually
Then as a gscat financial measure, II should be sup
ported-as four millions OF national wealth OF IA
tiona specio will be saved to the country, by the
simple process Of change CT stocks from SIX per
cent state, to four per cent national Bat this Is not
oil the benefit that would result.-it would at once
stop the progress CT the demornlising and dishoro
cally and Justly on ali of.the s,,tes-lt would en-
able most OF them 10 liquidate ali of their debts.
Others il would so diminish that they could pay the
residue without expressing the people by onsrou'
direct taxation.
States not indebted could use their portion Of the
bonds in completing their works Of inte,commun
cation or in adopting enlightened systems OF popu
lnr education.
We in Virginia, could pay OF our State debt
relieve the people wholly from tsxltion-conpl:te
ON INN which would deyelone the
OF the State and afford Increased facilities oi
transportation 10 the farm.rs removed Tar from mar
ket-aud we could educate the poor children of the
Sia:e, without recourse TO taxation.
And added 10 all, the bonds whilst they would
pay debts abroad as well ns at home, would find
their way TO this country, because the Interest
would he paid al The treasury, instead as now, in
Europe; and thus they would become a circulating
capital in own nation, end thereby afford
currency better than United States Bank paper, and
better even than gold or silver-because more easily
trsnsferrable-and they would be as fixed in value.
We shall resume this subject again; but before
We lay down the pen, We will say that MIR John
son, who reported The DISTRIBUTION bill oil the extra
session. has anticipated in his new move the objec
tons which the opponents Of distribution urged
against that bill, that annual distribution was not
worth couteading for, because the amount divided
among the States was SO small, and would give no
relief, very little to the States, and tbs tax pay
ing people. That argument cannot be urged
against his present plan-as the amount which each
State would get, would wholly or almost entirely
relieve all the States. and consequently the people
would b. relieved from taxation az once.
We are glad 10 find that MIR Johnson has pledged
himself to renew his proposition o. the session.
We hope that the peop'e every where will forward
memorials in support Of the p'an-lt is a measure
for the States and the peoplo-iet the States, one
and all, ard the people with zeal and union support
~, without regard to any other consideration than
the good Of the country. Let it once bs carried,
and ia three months, confidence will be restored,
credit will revive, prosperity will be re established,
money will bs plenty, and the land will once more
smile with content and happiness
The following are the sections of MIR John sons
bill, which contain the principles Of his plan If Ma
tonal, State, and individual relief:
See. 80. And be il further enacted, That the Sc.
eretary OF the Treasury be and he is hereby, au-
th0rized 10 issue, upon the faith OF the Govern
ment, two hundred millions OF Government stock
certificates OF denominations of less than one
hundred nor exceeding $1,000, bearing an inieres,
OF hve per cent per nnnum for two years after the
date Of the issue and after the piration Of said
pErod OF two years, tc bear interest OF four per
cent per nnnum, payable nj the Treasury, half
yearly from the time OF issuing, and redeernabe, OF
the pleasure OF the Government, IS years after the
time Of issue, unless surplus should accumulate
IN the Treasury above three millions Of dollars be.
Yond the current expenditures, with which surplus
the Secretary Of the Treasury may purchase, at par
said bonds, or apply or invest said surplus, as an
accommodating sinking fund, for the payment Of the
stock hereby authorized 10 lie issued.
Sec. 81 And be II further enacted, That the GER
tifcates Of stock, when signed by the Secretary Of
the Treasury, and register shall be divided and dis
;rbuted among the several States as well thotc
nan ebied, as those indebted IN amount in pro.
corticn their federal representation in the Con-
eress Of the United States, and among the Terrific
res and the District Of Columbia according 10 q cor
responding equitable basis.
Sec. 80. And be il further enacted, That the dis.
tribution Of said stock he made as toon otter the
passage Of this law the several States or any Of
them. shall appoint authorize an agent or agents
90 receive such diStubuive amount of stock, and so
those States which debted shall me ke
satisfactory arrangements with their stock or bond
holders, Tor exchange Of Government stock, in pay.
Snent Of oil or part Of their liabilities, md such ar
engagements made known TO the Secretary Of the
Treasury, the Secretary Of ths Treasury shall truns-
fer. on the books OF the Treasury TO such cre1ors
stock or bond holders, or their au:honz,d attorney
agent, or any Of them to the amount agreed upon
10y the Indebted State and its creditors, respective
lY, provided said amount shall not exceed the dis,
bu,lve amount which sad State shall be entitled 70;
and tbs amount thus transferred tae books Of the
Treasury shall be charged therein TO the Stnto or
States authorizing such transfer or transfer: Pc
vlded, however. That, in the judgment Of the Sc
creary OF the Treasury, kc should deem Il wise AID
cxpedien not 20 issue nil Of said stock at one period
he shall have the Discretionary power 10 issue fly
millions each successive three months from The time
of the FIST issue, until the whole amount Of Two
hundred millions shall be issued.
Sec. 80. And DO IL further enacted, That for the
more convenient payment OF interest," and 10 secure
md make uniform the manner and mode Of trans.
ier exchange Of said stock, Congress nav al nuv