Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-12

;,s; ;,s ..-s.s "a iSr ?fs, tsins aa's!sn: "a PEI
.Lalg is;s!eai AL Es:Eai:ai, 1oSr '.e ''e'' ''S
want, Of ,f.e Cnyrrn.,:en.. and can sEss y"
i,,au, Or If Tie iath Of ii' pledge - hep' 80" ~"
c,iIas,s will they not that the Government WIN
-, rle, .,or, means If il is inadequate 10 inrnlsh
s,r. onough for the ordinary expenditures OF Inc Va"
eminent thev could not he seeing that it's nane4na'e
10 furnish means for both the expenditures "' tue
yernment and the payment OF lis lnueo,eu"esI ~
~. di Tbev viii moi be unmindlul that the Cha!man
NJ The Committee on Finance has, on introducing '"e
ns.su-o nrasented the Senate with most oSas'fous
a,count OF the financial condition o tile oo'ei"e
IF that statement he correct, 1t shows lhat tue
this wear will hardly exceed Twelve 'h'ons =,
h,irmonsl Well the customs will not exceed
,b,reen and half millions And what IS the estimate
of The expenditures of the Government Tor 'ne
~, Fans bepred leave 10 explain fnriher, that
wien he SAID the customs would yieia ou' 9"u
half m;Ilions he meant the duties on The imports OF
49,; a. b,, IN that sum Of thirteen and haif mil
Ions ,s 10 he added the ofihree millions SIX nun.
I'D ,hor.,nd dollars, from duties OF last year, not
n,voa till this year the whole receips nom cus'o''
heinz UPWARDS of sixteen lniliions
re, continued MIR. Walker, that does mol aies Inc
position that the annual income of The Government
60 cusoms can only be estimated at thirteen OF tht-
torn and half Millions rs II Is TO the year "eo"'e
,he can,olis,s will look The loan may run 10 twenty
venrs and if that period be adopted on issuing tue
,L il cannot be redeemed till the end oil lhe tefni
I'D Conoress is asked 10 pledge revenue OF thirteen
aud half millions for the redemption OF mat loan,
lie !, is admitted that the Government IS al inns mo-
oont short ten millions OF dollars oil the means Oh meet
;np It's ordinary expenses and the interest on us ueos
VIII no, the capitalists that The pledge wh'ch Oh
ftred them mortgageis totally ihSu,he". au
,,a o,nnn relv upon such pledge: The Government
i,sodv dshonorcd and dIsgraced, ITS treasury notes
n-oes,ed and valuable citizens suffering ny te pres
sure thrown back upon them IN consequence VI 'ose
protests Do they not SIC that me a'u .n"u y. "o'
vet restored to the revenue: Ana w''nou' W. 'e''
o, of that fund let this bill be passed. aud IL may DC
tbree or four months before single offer Will be mace LOT
his loan from abroad-at home, there can DE none out
mon terms dscreditabe 10 The Government But re-
store the land fund at once, as preliminary VI a.'o
panyiuc slep and appropriate the proceeds as peoge
for the debt, and capitalists WIZ nave s'e'"s
ba 10 look to as security they will consider 1t Ger.
tain fund accruinr from the date OF the bill itse, ana
if the proper action of the Government be Observed
will prove ample and satisfactory GUARANTEE io e
payment Of both interest and principal IL lis 10 no.
done the loan may be authorized nomlnaiy at SIX per
cent but cannot be negotiated OF less loss than
81 100000 or perhaps 2,OGO,OOO IT not pre'endea
the money can he got at par. lie believed the stock
could moi be negotiated at more than ninety cents IN
the dollar which would leave loss oil 81, 2uoOou on
the oan but if The Indebtedness at the end o The year
was TO be twenty. millions, as admitted may De
on funding the whole will be two millions And what
is this loss incurred for: Merely to enable the Co
vernment to give away as donation 10 the states,
part of the public revenue, which II retained would
amply meet the debt but If distributed increases the
Indebtedness two millions and leaves no means at all
of payment But this donation is only partial: for il
IS not 10 be forgotten that already four of the States
have refused accept any share of it, and others will
soon follow their example Now the effect OF his
amendmen nj if adopted and followed up by proper &C.
ton on the part Of the Executive would be to obtain
the loan par very nearly at par, and TO PROVIDE
amply for paying off both principal and interest OF The
public debt He had consulted an authentic Congress
sional document from which he ascertalned that du.
ring the four years Of Mr. Van Burens administration,
part of which time was n period OF depression, the
proceeds Of the sales o. the public lands averaged
five millions annually, because the lands as sur
yeyed were duly advertised and brought into the mar
ket with proper Executive energy. II the same means
were resorted to if the thirteen millions Of acres
already surveyed and ready Tor market, which might,
by urging forward the surveys IN hand, be augmented
to eighteen millions, were extensively advertised, and
proper exertions made 10 get them favnraby into
market the same income from them that in MIR.
Van Burens Administrations might DE- easily realized,
and thus fund of five millions annually would be
provided, amply sufficient to purchase up the stock
long before il falls due, if the holders choose 10 sell
it, With the pledge of such fund.- appropriated for tho
redemption OF this loan, who could doubt Tor on instant
that the Treasury would Immediately he supplied
with means: Who could doubt that the Government
would thus escape the disgrace of having stock obbers
and brokers to hawk about its stock, Offering By
ton 10 the highest bidder for whatever 1t may bring IN
the money MARKET Believing that this disgrace and
degradation be avoided by proper course, he had
offered his amendment, and hoped it would be adopted
He had but one word 10 say to the gentlemen oppo
site 1t was TO appeal TO them to Join with him and
his friends in taking back and appropratng this fund
for the effectual relief of the Government. He ap
pealed TO them TO unite in this object one neces-
sary to save the Government from further disgrace
and competent to reinstate its credit lie appealed
TO them matter of necessity, to save tins nation
from the degradation of having its credit hawked
about to foreign capitalists, in the critical state OF
foreign relations now existing, but II all these op
peas were unavailing, he would ask them, in accord
ance with the clause in the Distribution act, are they
nor satisfied that the twenty per cent. TO which the
Compromise act limits the Tariff, will be transcribed
and consequently that the main power Of the Dsirbu
ton act has virtually expired BY Limitation, and ought
they not at give up their opposition 10 the time
restoration of the land fund 10 the revenue He asked
them 10 come forward now with becoming grace, and
do that which alone save the Government from
further degradation. lie had intended to say much
more and to enter into various details but he hat
been anticipated in much of what he had TO say by the
able ard ununswerabe arguments of the Senator from
New York, [Mr. Wright He therefore, felt it to be
unnecessary TO detan the Senate longer.
Mr. SMITH of Indiana, did not feel disposed tc
make speech, and would therefore confne himself &c
few observations isolated points under dis
cussion. He did not agree with the Senator from New
York, that the money market would be sensbly affect
ed by the stock Of this loan being thrown into mar
ke for the whole of it would be offered at once
only such portions the exigencies of the Govern
ment from time TO time required He did not attach
10 the question of Offering pledge to The capitalist.
tina, Importance which gentlemen did, because
he considered it all moonshine. lie referred TO Nc
Cullochs dictionary 10 prove that England had given
up the practice of offering pledges for loans lie then
advered 10 the question Of restoring the land fund.- and
argued at length against the proposition He ne
reviewed the speech of the Senator from Ohio (Slr
Alien ately delivered the subject, maintaining that
ii proved any thing, proved too much; for in prov
ing that il cost 81 per cent TO collect and distribute
three millions, il proved that 10 collect the whole reve-
venue il would cost Ell ht nine millions which il did
not; that the for The twelve years during
which General Jackson and Mr.. Van Buien admins
tered the Government which averaged twenty mil
lions year, had cost, in collection, hundred and
nil tnlcnc which W. dead oqs IN fhe i.y