Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-05-27

. ability % sllila2~sss or the oesssamsai "a redeem
.hsm ultimately, bat because they are not moa.y
l but only promises 10 pay money, and because In
} immediate and pressing demands for money 70
: private use have 80 much increased its value. Mo
: ney holders find Il so much more TO their interest q
J loan their money on short time and undoubied Sc
eutity, at a high rate OF interest. The disorders O
the times render II So probable that money will con
c tinue 10 increase in value; and the chances ofvestnl
and reinvesling itat al enormous profit are so great
that you need not expect 10 borrow for the Govern
msnt upon so much better terms than individuals cNi
E OBTAIN money on. Why should you expect ~ A
, an evidence that there Is no peculiar magic in Go
vernment security, look at your Treasury notes
! which, as | have before said. arc at a discount o
four per cent. Money lenders feel no especial sym
patty for the wants Of the Government they az,
Shylocks now, rs much 80 as they were when Shak
speare wrote. They will exact "tho pound cfhesh.'
though 1t como from 'neSt the heart" OF the Govern
ment i,self*
Such is tho state of the domestic market. Sup
pose you go into the foreign market: Won not only
hnd a pressure there. too. but Mt this time Amer car
credit is at the lowest ebb abroad. Some Of the
States have repudiAted their foreign debts; other.
have failed to make provision Tor the payment o.
their interest. So very sensitive is public credit,
that the odium thus brought upon State stocks Is
very likely 10 attach TO those of the Federal Go.
vernment; and | DO hope we shall be saved the hu.
initiating spectac . Of seeing the stocks OF the Anne
rican Union hawked about on Change in London
anu aWsNttuaOl, without ouOCrS, anu capitalists
shaking their heads, and haunting us with n viola
ton OF obligations already incurred. | had rather
see the Government selling its stock for fifty per
cent, nj ten per cent. interest at homo, than see IL
thus disgraeed abroad. Gentlemen talk OF dissrsc.
ing the credit Of the Government by even making
provision for selling lis stock b,iOic par, ia case IL
cannot be sold AT par. Which would be the great
est disgrace, to suffer ourselves thus to be shaved, or
to refuse to make provision for debts already due,
and daily falling duet
SunnOSe this stock does not sell NJ mar still ninat
the credit ot the notion be dishonored, and the
wheels Of Government arrested, because the pres
sure in the money market will not enable us 20 bor-
row at part There are several instances in our
history when the Government has, in times OF Pc
cuniary embarrassment, sold its stock below par, as
authorized by law. The insertion Of the amend
ment authorizing II now cannot iniure the sale Of
the stock, as has been asserted. for the competition
among capitalists who have money to invest will
cause the stock to bring its market value. whai"ver
That may he.
Bu, III. gentleman from Virginia mir wise) Of
fers his amendment pIoposirs to pledge the rro-
ceeds fthe sales ofthe public lands 20 the purchase
OF this stock whenever II falls below par. This,
he tells US, will be n sure means OF preventing its
depreciation. Why, his a nendmcnt is based upon
the very idea that 1t will fan below par. And It
the certainty ofthe Government, having fund con.
stantly on hand TO redeem this stock would prevent
ITS depreciation, still the gentleman's amendment
does not meet the case. Here will be twelve mil
mons CT THIS stock outstanding. and the revenue from
lands coming IN, and being available, gradually and
IN small proportions. Suppose the pressure for mo.
ney throws the whole OF this stock into market,
with the revenue from lands amounting to ore mil
non OF dollars annually; and that is as much as il
Will amount TO as long as the pressure in the mo-
ney market Is so great as 10 deprcss Government
stocks below par. Hero. then, we shall have a
quarterly income Of Ss5O,0OO applicable to the
purchase Of twelve millions 81 stock. he Ger
tainty of a quarterly redemption OF S25O,OOO of this
stock Keep the whole twelve millions at par, admit
ting that the pledge Of this specific land fund is TO be
the main basis OF its credit. rs coutended for
by the gentleman from Virginia. A. well mich,
you expect $3.50 600 IN specie in the vault,
OF a oank 10 keep Its notes az par, when there
were twelve millions IN circulation. The pa
raUei holds good; for, although a bank may not
nave more than that proportion OF specie compar-
ed with It's circulation at any given time, vet
u rarely happens that It has not other funds which
u may consider as convertible into specie value. TO
the tame propotuonate extent, by the end Of the
hs1t tnree months. According TO the amendment
offered ny the gentleman from virginia. the Secre,
tary OF the Treasury is TO redeem the stock. when.
ever II shall tall below par, with the fund accruins
from the sale Of the public lands. Of course. he
must purchase II TO the best advantage to the Go
vernmen, from those who will sell lowest. As a
small proportion of il only can be redeemed ut once.
| suppose, Il the genueman's amendment i. adopt-
ed. We shall see the Secretary OF the Treasury issu.
ing ms advertisements quarterly for sealed promo
sal', as they purchase beef for the navy, from thos.
"hc Apu eAoCAs LOT me PURPOSE OF giving nrefer-
enee To those who will sell cheapest. He must do
TINS, II he acts bona fde; otherwise the operation
VII be converted into a system Of favoritism. bv
which the frl.nds OF the Administration will be
gwen the preference, or paid for their stock ut a
price merely rominal below par. TINS wouli he ,
beautiful operation for n great Government Ike
ours, either shaving its own paper from its own
citizens, who had loaned It money II in a time Of dis
tress, or rewardIng partsans at the sacrifice OF every
principle OF honor and Justice.
M gfFs tho rnIu - --LF.- -a
the confidence Of the creditor in the ability and GOOD
ialth OF the debtor, subject OF course to the huciu.
a,iors Of trade and currency, as every kind of pro.
perry mus, be-. II the want Of confidence, in the
absence Of a pledge Of a specific fund, will cause
TINS stock to depecia,e, why may not n want of con.
hdence IN our sdherlng 10 the pledge also affect IL
gentlemen have drawn a parallel between the Go.
vernment and private individuals, and say that mo-
ney can he obtained on mortgage OF real estate
when on no other security. The cases ere entirely
different. When an individual pledees real e..,s
Tor the payment o' a debt, the law holds such real
fs;ate specifically bound for that purpose; whereas.
u the Government, whose acts are supreme, and
winch can make ard unmake the ,aw itself, will
yo ate ne plighted faith, it may also violate the con-
dllon Of anv specific pledge it may give for a com
plance with thai p'ighiel faith.
Inc a0surdiiy OF the course OF those who have
argued against the amendment proposed by the Sc.
eretary ot the Treasury and adopted by the Com
nittee OF Ways and Means providing for the sale NJ
this stock for The most it viii bring. and the neon.
s stency Of the " peculiar friends" IN voting against
II, cannot fail 10 shock the moral sense Of the coun-
trY. The wings have done every thing IN their
power 10 sustiin the credi, Of the country: but.
whilst the acting President IS allied with their enc
mes N DONG every thing IN his power 10 thwsrt
Their efforts, they cannot be held responsible for the
administration Of the Government. The Ex- coIye
againstu' and upon him and his peculiar friends.
and her Set-sty!ed Democratic lilies. LEI the respon.
sioiity rest II they are determined to disered,t the
nation, and - drive the people 10 madness, LEI the
issue come.
In conclusion, | say to them, W. have offered TO
meet you On the common ground OF pltriotsm; to
forget party Tor n while for TIE sake OF the country.
TO share with you the res pOnsibilry OF relieving he
embarassments Of The Government-embarrass-
tnenis brought upon It by the late Administration
Instead OF meeting us in a becoming spirit. you
nl1Ye met ne with taunts and reproaches, and seem
disposed toappeal TO the passions and preiudices Of
The people, rather than unite with US IN relieving
Their sufierings. II the public credit must be dis
honored-if ruin mus, continue 20 bligb, the efforts
oi honest industry-ifd distress must continue 10 per
wade the land-you cannot, say we did II. We
have done our duty, on your heads let the RESPONSE
bility rest.
-
since this speech was male, and a. the time orits pub.
'iu'n, tH r1morcl thsf Ofsrs have been made. % par.
r' ~ tufee and . hslf miHiDnsO Of the stock adyenised ~
adefeincceEsary for the present emcrgenrca Tiis rY.
wv hftI- communion bur, even admitting u 10 he
.' lI N anea nor conflict with The renr9ur r u MrR =
I.iHAsH me uncertainty which has for weeks hung
Over tn' mater. andthe ~tardiness ofcapiiaiIs.s In tsrin11
lNNn on im. ipau, show fhc depressed STATE offie money
maIstt Moreover 10 ordlnay times. when the money
"r erccnt. with = years 90 run. ought 10 c0mfrspd 4
m. ftrf, Or evenfcnr rcr cent stocks ought. on