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

fund for lis gradual and hnai e5llhc.'o"' n"u M
,ha Government could realize from the customs "ouiu
", ho more than sufficient for its ordinary exPendi.
,ures A tariff of thirty per cent wou'o not yieio
more than thirty millions, and notwithstanding al '
| professions of economy, retrenchment ana feoi"' "
| which they had heard so much ana seen So ille' ne
,,,ad ~ assert that our expenditures would not tall
bo,t of thirty millions annually. high tarIn "ouG
not he ca certain 10 increase the revenue; Tor, tar
mGht be made high as 10 defeat the ooJec' III 'e"
n7 su,,ose the Government did rerace lis steps ana
pave sufficient evidence that there wouio oe . "se
enJ prudent administration OF its affairs Could you
tbcn borrow the money? In the outset, he remarked
that two things were essential to enable government
10 borrow money on reasonable Terms. me mrs, was
confidence the part OF money-iehuers VI us uoy
IN nav its debts and second IN Its honest disposition
- ansronrate the means within its reach to the pay.
tent of its obligations. There was, however, thfo
requisite which he now gong 10 adVert 10. Ihefe
mus, be a suffciency of real capital IN The county
consisting in gold and silver coin, to perform the ieg
innate functions of circulating medium and employed
in the business of the country, however good The creo
of the Government may be. Specie was the only reai
capital and was the only substance KNOWN rom the
remotest period within the memory OF man, "hich ="
ncace and war served an acknowledged and staple
.andard of value The day was fast approaching when
tho mnoront truth would fasten itself on the minds OF
the neople of this country that gold and silver cur
rencv both for the Government and the people, was
not only essential TO the business OF The county, Dut
wns most essential as u means OF nalional dcIehce.
|
,ose thoi the Government changed its policy entirely;
That il repealed the distribution bull, and dd oil that
was necessary 10 inspire capitalists with confidence ~
its inclination and ability TO comply with It's engage
menis and he would further suppose that II was teh
found impossble gotiae the stocks OF Tie Govern
ment even at an interest of per cent. Would that ar
que that the credit OF the Government was at low ebn'
or that the want of prevented the negotiation oil the
loau, BY means
In consequence OF the breaking up of the credit sys
. 10 hnpy N nj
vast amount of properly forced into the market,
and sales were making at runous rates, ana inns state Of
th,nos was progressing Capitalists were waiting Tor cp
portunes to make bargains and anticipated greater pro-
fits Than they could mike by investments IN Govern
men securities No one could fail to perceive that such
state of thinGs existed this time-that instead Of
there being difficulty Of raising money, or rather
scarcity Of it, there an immense amount OF money 10
be sacrificed ruinous rates, and capitalists were wait
mo TO take advantage fit THIS state OF things was ~
dicated by what was called tghtness in the money
market and the equance of 1t was, that capitalists
found il more profitable 10 hold their money in order to
make purchases of property at sacrhce than to invest
il in the Government stocks at rate OF interest This
state of things was the result of the credit system which
once had so many blind advocates, and which was now
It's dupes and victims TO the ruin had
brought them. The credit system was the offspring
of the paper money system, winch was now expiring,
after hayino inflicted the most ncalculdble evils on the
country If the banks in the first instance had been
deprived of The power of issuing their paper credits,
| as money and oaning them out as such; and 1t the
recipients of their iavors had been deprived OF their
power OF lending out again these paper creds al h2her
rites of interest then the dsbedness OF the commu-
nity would be ten times less than it is. If these banks
had been prohibited from lending any thing cut real
capital so vast an amount of mprovdent loans would
not baye been made without resources either
from property the avas of their industry, and the
consequence would have been that very lew OF thein
would have become nsclVent.
/ MIR S. then went TO show the mischevous results
of the credit system, and the evils consequent upon Inc
circulation of bank paper CREDITS instead OF the consti
tuona money of the country.-(But we are compelled
by the want Of room to cut short Mr., Shields aple
remarks
Dir. McKEON addressed the House at some length.
Mr. SMITH, of Virginia, said he felt particular
desire IN consequence Of allegations made by gentle
men on the floor ofthe deep Indebtedness OF this Govern
mcnt at the commencement of the present Admnstra-
ton TO the facts and by reference 10 the re-
port, of the late and present Secretary of the Treasury,
Mr. Ewing, and Mr.. Forward, proceeded to show the
amount of debt left by the Administration Of Mr. Van
Buren, by means of comparing the aggregate e1pen-
diture of Government during that Administration with
the income for the time The former, the report show
ed TO be Sl56I4,000, and the latter Sl10737 900
showing an amount of Indebtedness left by that Ad-
mnistation of about ST. 000 and this he consider
ed mode of computation that could not be disputed.
He then adverted the charge made by the gentle
man from North Carolina MIR. Stany that the appro-
prations during MIR. Van Burens administration had
exceeded the estimates and PROCEEDED 10 argue al some
length by reference to documents The fnlsity OF this
charge lie also referred to MIR. Ewings report, and
TO the report made TO the Senate this session from the
Treasury Department, TO show the amount of public
debt at the commencement OF this Administration; from
all which he concluded that that amount was but little
more than four millions.
fe then, at length, examined the manner of
conducting the finances adopted by the present Adn-
ns,ruon, charging the Wing party with abandonment
of their principles disregard of their professions OF
economy, and, while the revenue was constantly de-
creasing with increase of expenditures over the
latter years of MIR. Van Burens administration &c.
In the course of his remarks he yielded the floor to
Messrs STANLY and FILLMORE for explanations.
Il MIR. CUSHING, at twenty minutes past hve obtain
ed the floor, and yielded it 10 a motion by
i MIR. WISE that the committee rise.
Tel!ers called, and the members favorable TO the
motion filing off cautiously and thinly-
Il MIR. WISE by concurrence of MIR. CUSHING, with
drew the motion that the committee rise, (there be-
ing about sixty five members present, and no quo
rum having been in the Hall aany time since quarter
before two o'clock.)
i MIR. CUSHING then proceeded with his remarks, and
concluded at few minutes before eight clock.
i Mr.A iERTON obtained the floor.
i The committee by vote of ayes 80, noes %
(no quorum,) and the House adjourned.
i In SENATE,
Il ITs5nfsJnu bfnrcb 70 1S12