Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-05

ton of such resources TO sustain the public credit the
Government has at lis command, and which would ma
crally contribute 10 that desirable result lie alluded
10 the revenue derived from the sales Of the public
lands Was it at all surprising, then, that capitalists
refused to conide in the Government which refused to
pledge the means it had al its command Was 1t al
all surprising, that the folly and impoicy of attempt
ing 10 borrow money, unaccomparled By any pledge or
guarantee for the redemption Of either principal inter
est unaccompanied by any general plan revenue ade
quate to the wants of the Government, aud at time,
too, when, by combination OF circumstances, the
credit of the country was shaken 10 its foundations,
should fail to succeed The failure of the banks and
of,he States TO redeem their obligations had Frustrated
credit and this attempt to borrow money, under such
circumstances would prove TO be instrumental in the
destruction OF whatever credit remained and this,
taken in connection with the shotsghted policy of the
dominant party 10 which he had alluded, was enough
TO destroy the confidence of capitalists in the public
stocks. You must, said MIR. S. retrace your steps, IT
you expect resuscate the credit and finances of the
Government The majority in this, and the other
branch of the Legislature, must recall the land fund
must introduce order and economy IN the admnlstra-
ton of the finances-must establish permanent and
adequate system of revenue-and above all, must in
spire those who have money, with confidence not
only in their ability 10 redeem the obligations they
may enter into, but confidence in their honest and
firm purpose 10 apply their resources 10 the pay
ment of their debts, interest, and principal. SIR,
your capitalists, not the holders of worthless bank
who have accumulated real and bona .fde capital
by frugal and industrious habits-will be loath TO
part with their money unless on terms that will qua
rantee the punciual payment Of interest and the
dcmpion of the principal at stipulated time as we'll
such profit the state Of the market warrants them
in demanding The same degree of prudence and
gacty which :hey have exercised in the accumulation
of their fortunes influence them in their trans
actions with Government stocks. Hence the diff
Guilty which arbitrary Governments have always e1-
perenced in getting money from persons of such de-
scription. As he remarked before, the analogy be-
tween borrowing Government and borrowing indi
vdua was complete, and that to obtain the confidence
of money lenders, Government must pursue the
means as al individual would under like circumstances
If it appears that Government is remiss in ap-
plying The means its command to the payment Of its
obligations will be found that IFS credit wond depre
ciae and it will experience great difficulty in obtaining
money. There another consideration appertainng
10 the SUBJECT of vastly more importance than any
he had enumerated, and which gentleman had
yet adverted 1t principally Tor the purpose Of
noticing this branch of the subject that he had endea
vored to get the floor this morning. He was convinced
that the Government mus. etrace its steps, and that the