Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-22
rW .SrY-sEy ENrM CoNGxEss--2a Session
F.NT'R I,ti'

IA siud,c tir %. the
ia.aucd a.d ( arirss, tie i'iag o. hl' ie!tt
WaNrY-sEYENrM CoNGni.Ss--ad Session.
EXTRACTS
From ;he Spccct Of Vi" "ooo.t Ky, o. y. II.
u soane, Si.urdlg .i2gd ., - GA the amendment
offered TO the Loan Di!i 10 take back the proceeds
tthe Public LInds and appropriate them 10 the pay
:nent and interest %. the debt.
Mr. Pres denr III acfait t.!at tins IS an alarming ext
aeocr IN our financial fairs The b! your table,
~ well as the proposed amendment 10 1t, both look 10
The dire aecs vi borrowing something, not only IN
II aeriod of po.oaa! peace, bat al moment when our
credit has suddenly hecouie much depreciated trends
and ,es mast therefore, be anSions TO effect loan on
the hist ,.rms which practicable AS general
rule the loan should be small IN amount as possible,
and tie tes, terms would certainly BE- The lowest rate
o:nirres., and the saories: p"r21, winch are Obtain
allie IA s. critical position We can hardly appreciate
The change, that position and rs present drporaSie
character unless advert 10 our SITUATION ose short
vrot aan with no permanent Gcbt of our own, with a
small temporary one OF only tive or six mions, and
That above at par wi;t r,c""ed and reducing ex'
pcndure, with revenue from iiGds and customs,
ample under 81 r in tie latter To meet such
an expeud,.ure and cy,Innusi The whole debt, and
with national credit, u;7rn'shed, unaeprsciaed, ana
unsuspeced. II, more III sorrow than IN anger or IN
party reproac rus' that !nity position win VIVA,
NOW stares IN tie FACET hdeous mass oil large per-
r,e,.n, debt and s,i. .ascpr temporary one-grcaily
Increased expemd sldcGs. and protest
on po,o Tor payment Of ordinary demands. AZ well
rs temporary IoaI.sour hearts Hcs: reco at the sight
When ". look further and the whole Land revenue
scuandsred aad inposS'hy of getting onward IN
such ruinous without further G'Sgracc-iur-
Their act, of ktupcy farther loans al rank usury,
Il all adm"n>hes us soenny that something wrong
must la W. produced smc disasters, and that something
new and efficient must be adopted To rer.ove them
lie, Us examine the subject, then, III manner, which
cn emercrucy :, cal1ntnuS Gemanfs, ris'nI Tor once
above party or The pncs at the day, and forget
,inr ,yerg thing but what is roQG'rec oil Us as states
men na,r,cs ana Senators. SHALL, therefore, o'bear
90 crininatr or recr,;mina,c, and ~ such condition OF
per 20 the country, aud rs nigh Character, NH de-
vote my whole ii,rts discover the best mode OF re-
}eftb:oncl laan winch appears 1, comport with pub
Inc honor aud puhc safely and hch, at The same tine
BIDS raie to tc crowned wih success.
pass ~ much more, hecarse NY great anxiety ia
20 discuss only the leading principles involved IN the
9a.endnen. TO the bali, and 10 the bi I'seli
What, then, las led Ia tie NECESSITY for further
loan b,l in any form: For this is virtually the third
one asked within the last eight months The ahswe!
40 t,s WILL in degree, explain the property ot
fhe amendment; and The b, mode Of rfectng what.
evct lo. is necessary
'. ii - .sncd-lirst for The residue Of the twelve
;ni ,n loan author red IN july last because That loan,
- liz aano"r of ucar!y i"ans had utterly ia'isI
egra before THIS session commenced n"t '"e a.. :"
IN y permitted per cent interest 10 oe gwen, II n
loser terms could te oba'ned-- run Tor only tlrte
,-.rs which time, The chairman {" M COMMITTEE hr
~, :
an, market than longer one. II pledged lie !aith
l,f,rs u.sgllied oflhe whole Union, f'r the prompt
p.Ynrt ct bu.h lis interest and principal II had io
3D. logJ- the orerw helmmg popularity OF a new IA
J,ajsira.icn. IT, wh"!e hnamca talent oi ITS humer
ans ,y,et...ced frients the buaSted superior tact
winch was to te criEceG IN msnaa'ng our nagn'hren
ya..urc.s. vet: IN less than four months II utterly failed
aul he Treasury suon after became froesPa-lte ma
,.nra' faith v,oa,ed-and The stock - now selling a
,1. dscrcGtcd discount OF ninety i've III Tue h"nued
do, A.. m two nrt hrpp yea
is rate ot interest c:hi per cent? being ti'
a instance before ut sgc depreciation IN Our credi
in ,nc oe peace the Government went iuiy n''
operation except in the depo.abe era oi The Admins
Iraton o the elder Adams.
The permanent loan having suak mpoently in
your hards though your tvor.,e measure III contrast
with the system OF Treasury notes, yo" then took
new tack and, after thi6 session commenced
,dop,ed The odnus and denounced Issue Of Treasury
,,o,ee a. las, resort rather than recall tlr lands
Won took TO your embrace system which had been be
1o-c discarded with the most conemp'uons scott
You hoped It might prosper and keep your credit u
mar as well as had accomplished both OF those end
under the preceding Administration
nu. you refused 10 sustain 1t with any aediuona
plej,c or revenues, then had the honor to pro
pose pledge similar to .hiS under CONVICTION tat II
state of discted Ike the rreseh, It was lndcInuS
;r moi udss"rsahlr. You relied, son Grgnc nov
cnly or great national weaiigreat national resources
and your great inanc'a! ~ II.
What hes been the Notifying result In less than
three oa,hs this eXce'ien' resource for an eter
gency if properly guarded AMI property conducted
.sed entirely in your hands. iae credit OF your notes
mas sunk as low times As three 10 Tour per cert be
low public nterest add fHb'e Geb' IN these
very notes have remained uaps'd aud procsted--yoar
urbc fa,h Ia contractors and officers broken, and your
Treasury subject 10 take the benefit OF your new hank
,uo, system over anI again. II The same lor:s
would he applied 10 /" an Individual YETI after
a: these loads ii iraac,a disgrace, hear eloquent
anpeals 10 run araln the round of mere hollow and
f,!,cions promscs-wc hear exhibitions 10 put ano
,ber bin into the ma nct for other loans, Instead OF
.hcse discrrdtc6 cues, wh no new revenues pledged
or raised 10 sustain it. and policy Adopted
The rec, cause Of the loan lies deeper than the mere
iurc Of the last Treasury noe bill or OF the last loaT
bill |, is this: The past Administration yearly re
suced It's expenses for reasons explained on former oc
casinns hut which need not nnw DE repeated vi III
$50 they we're only twenty-five mi'iicns ana Eai q
dollars {, sent III estimates and determined TO hIing
them down in 1871 TO less than twenty millions, and
nroposed farther reduction in 1912 10 about eighteen
m,Ilons Now the present Administration, instead OF
keeping down the expenses IN l. IL 10 less 'iiah '"en
~ uilLons or even as low as Tie twenty-five and q
h.rnf 1910 umfurled al once every sail, crowded ever
Kind If EXPENSE, called costly Extra Session, MADE
ui,lons l.. new appropriations aud thus sweiiea Inc
excenstu,es for IS!l 10 than Twenty-Five ml
Ions. In ths way necessity was caused ioF more
lbaa five millions Of the proposed ioan' AGAIN ''
year lie .su!c Administrator scnenea!ss az sAssl