Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-26

h.S
ton Inherent is now lower in the general maj
ket Of the world than when the former loan bill passed
The beat index Of that markets. the rate Of interest
which the Bank Of England discounts Judging BY that
there has been very great reduction OF interest with
in the last few monlhs-rom five 10 four per ceninm
Even in our own country, where confidence perfect,
interest is for from being high. II was but The Other
day stated in debate this BILL that the stocks Of The
State of Maine and the city of Philadelphia bearing i,
per cent interest," at par; and that OF his own Stale
10 its own Market is, he is informed, something above
oar But The Senator himself may be quoted aga,ns, his
own explanation. Forgetfu of the ground he had Ia.
KEN lie mentioned q remarkable fact, hatexchange
with ENGLAND, at this time, is very low; several per
cent below par. From this he inferred that money was
pleny-not indeed from increase of quantity blu, from
The dminu,ion of business Like every thing else, its
price if he might The expression as applied TO
ney,) followed the great law OF demand and supply
and it might be lowered well by diminishing TIE
m,nd, as by increasing the supply; and in either case
favorable state Of the market would exists for the
COLLATION. Of loans good terms, where the credit Ct
the borrower wss above suspicion.
The Senator from Rhode Island, (Mr. Simmons)
taking more correct view OF the fact, admitted tibet
the difficulty Of negotiating loan favorable terms
was the loss of credit bot he attributed the loss of
credit on the part Of this Government TO the loss Of
credit by so many of the States Of the Union He said
that there was mutual sympathy between the credit
of this Government and shat of the States, and that
other. He (Mr. CO. did not admit that there any
such for proof he referred to the fact,
that a few months since, when the former Loan bill
passed, the credit of this Government stood high
never higher although that Of many of The States
was then greatly depressed. But, while he denied The
dependence, he readily admitted there much
come xon between the two, that when the credit
of the States greatly impaired, great prudence
much caution aud careful management were necessary
to prevent that of this Government from being de-
pressed. II the moment when the money lenders
would view the conduct of this Government with tie
keenest jealousy, and when any mismanagement OF It's
finances would be sure to he followed with The worst
effect its credit but, with proper management is
credit would not be affected by the discredi: of The
States.
IT, them neither the state of the money market, nor
the discredt of SO many Of the States, explain
the necessity for the extraordinary terms to be offered
for this oan 10 what is it TO be attributed: II was
time for vague or gentle language. He intended 10
express himself plainly and strongly, but without the
least intention of offending II 10, then, 10 be ai'i.
buted to The loss Of credit the part of the Govern
ment-a rapid and great lnss-and which, he fearec,
was still in progress. And 10 what is that to be a
buted? To your conduct gentlemen. II is you who
have impaired lie public credit You are the RESPONSE
BILE party. You have destroyed the equilibrium between
income and expenditure, on which the credit OF 10.
vernments rs well individuals must ultimately de-
pend You have reduced the income CT the Govern.
ment below It's expenditures; in the FIRST place, by CIV
ing away portion OF the revenue from the public lands
"a portion by far the most permanent and growing
and in the next, by greatly increasing IFS expenditure
To this you added heavy lean Of $l2 000, GOO, making
an annual charge for interest of upwards of seven hun
cred thousand dollars And, TO cnp the climax, you
proposed, in the face Of all this, TO raise the permanent
per mixtures nearly thirty millions Of dollars, without
making any adequate provision TO meet IT, IL was thus
that the equilibrium between the income and expend
ture of the Government destroyed; and the want
If IN Get 4
of course.
But what you did was not fatal TO the public
credit, as bad it was, the circumstances under
which you did it. What were they? You did It when
YOU knew that the credit Of many States was deeply
impaired, and threatened to be still more SO. You
knew that there hazard that their discredt might
react and cast suspicion the credit of the Union,
and impair that Of this Government as well as that Of
the States which still preserved theirs, without great
prudence and caution in the management of our Fl.
nances Nor were you ignorant that the financial
dition of the Government in other respects highly
critical That you fully appr'zed of the fact,
will prove from your own words. How often hareyou
declared that there heavy deficit when you came
into power-that the revenue rapidly declining M.
der the Compromise act and that those who preceded
you had neglected TO make provision to meet the grow.
ing deficit and finally, that there great waste IN
the collection and disbursement OF the revenue. lou
stated all this 10 prove that the blame lay not at your
door, Admitting all you said, can you exempt your
You sought it-esgerly sought it-and that BY
the most Objectionable You got il under
the promise of reform, and thus placed yourselves
under the most solemn obligation TO administer the
finances with the utmost care and skill And yct'
il was under these circumstances, and in The ex-
tremely critical condition, according TO your own
admission, of finances of the Government, that you
reduced the income, increased tie expenditures ac
ded large amount Of debt, and proclaimed your III
ention raise the permanent expenditures far above
.tt1
like adequate means TO meet ouch increase Gan ~
then, be matter Of surprise that such conduct should
be followed by that rapid and deep decay of credit,
which il has been sunk, in tue short space Of i."
months, (if may judge by the terms oil this b..l 10
point OF depression far below whit it has becna
any period in peace war? BE assured that The keen
and vigant clsss who have money to lend watch your
course with ceaseess attention; and that not step
has been taken in the management Of the nances, nor
act been done that may indicate want OF due Gaze,
regard to the public faith, your part that hasnc
contributed impair the credit of the Government
especially at critical period that through whea
now passing.
Having now shown TINT it is the course you have
pursued which hos Frustrated the credit of The Govern
ment, the question next presented, is, What 'TPe"l
you to pursue disastrous 10 the public cree"
why did you surrender the revenue from, the land
Why greatly increase the expenditures at The SANE
time? Why propose TO raise the permanent eaPeHS
TO so high standard? Were you ignorant ct con'e
quences, Did You not that it would destroy s
equilibrium between income and expenditures: i''
cannot plead ignorance you did it with !orf q"
open. The loan bill Of The special session proves '
your had created deficit; aud The cec''''
ton of your distinguished leader whose AUTHORITY '%
high with you at the close Of the extra sefsi9' ''
there would be deficit in the for this yeif
at least ten millions Of dollars, concusvely shos'"'
the deficit then created known 10 he not Of t3
porary character. And here have still more W.
porlant and searching question presented: "h'!' ."
PEELED you, ut critical moment, when thu cfff' '.
the Government, required The most careful and ss
nursng, knowingly 10 destroy-not for The mom'"'
only but for the future-the equilibrium between
income and its expenditures. To this there can II
one answer: it was your system Of policy that 'mP'%
you-a system deliberately adopted ut The sreer.l ~
sion, steadiIy pursued since, and, it IS TO be ie';
will be pursued, regardless of consequences ~ " w.
vernmen, and country long you retain po"' r.
VIVA, that policy is, is not matter of in'eren "6r
conjecture. You have openly boldly, and mann
avowed that the great and leading objects Of YOU
Icy were Bank and Tariif-a National Bank aho ~
Protective Tariff; that without The one, mere l ,