Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-10-04

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RICHMOND. Va, TUESDAY, OCT. 4, 1872.
,n, ,be Torir bill Of the late session sup
v revenue AIDE guate The wants OF an economical admin
sraron Of the Government The Federal neIe
go In, m ~ for the aud money and permitted TO re-
~; i souander IT, AZ has spuandcrcd II for The last ten
years The Of the Federal Ssns mus pro-
far no paIsie cnn be- urged against tue states
receiving the fund which BE- onss 10 "Ms
U.hO comedies il No one. Indeed, 81 Tar IS inns
from being the case, the hest Economists q. view ioh
from the smallness Of The mporta'lons, that
Tho revenue from the duties will not exceed ~ or ID
millions of dollars when % millions are the estima
ted appropriations OF Wing Congress. 40 man De-
eves no has looked into the matter, thas The wants
of the Federal Government are PROVIDED lot, aho, '"
fact, very heavy complaints are now inade III Tue
North about the failure of the Government to redeem
its engagements The Tariff bill of the late session
will fail to supply adequate revenue, ana lne puoc
debt must accumulate upon our hanos. WIN "ha'
face then, it be pretended mat tue oheo o'a'es
Gun dispense with the land iund go .
A Cnrrespondent OF the i" Baltimore Republican
presents US with the candid confessions OF liberal
Whir in that City-who "complaned oil the tarih a'ey
passed by the Wing Congress, os BENG entirely 700
either 10 give increased revenue to The
Government or to afford the manufacturers the protte
ton which the more knowing ones desired ana ne
pronounced It highly injurious 10 The agricultural ana
planting interests OF the country, rs wei as severely
oppressive t" the mechanical and ab"rng classes
Said he " If the duties aIe as high as almost 10
amount 10 prohibition, they diminish instead OF IN
creasine revenue they will encourage so many 10
embark in manufactures, as TO create eomPettaoh
Tint will destroy cripple the whole ano, whist
they require from the FARMER an addlhond tarTet ~
d,ur 70 purchase twenty dollars worth of foreign or
domestic goods he may require for his family consump
ton then also rob him of still another Darrell by closing
the toreiyn MARKET and iesseniag price IF hes nheat
In addition these most injurious results he predicted
u.s EARLY RESORT TO DIRECT TAXATION oS THE
PART or THE GESERAL GovERSMEsr, as absolutely
to afford tie 10 keep lis rhtcis in mo
ton. so inadequate did he consider exorbitant Ia.
riff to accomplish that oIl-important object.
The following is picture Of the condition OF the
public finances extracted from the money article Oh
late y. y. Herald
awe yesterday mentioned the fact, that although al
the last Session Of Congress, liberty was gwen TO issue
Sc 900 900 Of Treasury notes, to pay debts Then exist
inn not dollar has yet been issued and nota debt paid
The Claims on the Department were then S5,oOu,UUu
and are now at least 81, 600 coo. This sum is due
10 contactos-a most active and indefatguble class oil
men-whose funds being thus locked up, their efforts
are completely parayzed. There are daily complaints
Of dull trade and business, and many people are LOOK
ing at the Tariff, some other legislative trlcR
the ma gc influence Of which they expect will make on
siness prosperous. What is the actual effect o The late
com mercal and financial movements OF Inc Govern
ment: The markets are and have been overstockeo
with goods The supply is greater than the demaho'
and the prces fall To revive those prices, Congress
oasscs protective tariff TO prevent foreign compe'
ition The immediate result is that holders oil goous
ask higher prices, which buyers are unwilling 10 give,
and transactions The aspect of the country will
not warrant the importations of goods for sale with the
increased duty; the importers therefore, cease opera
! inr shppiug business declines in the same proper.
ton and ship builders carmen, s'eyedores, and all
otber aupendnrcs of that business suffer AT the same
time the manufacturers are not benefited. lhey
obtain higher rates for their goocs nor experience
any increased demand THIS is the effect on com
mercal movements and it re acts upon the Govern
n,-nt by deprying il of It's revenues Thus again para
lives other branches OF business The Secretary, with
out shadow OF law 10 justify the proceeding has io
six weeks withheld The Treasury notes from the mar
ket and thereby deprived an active class OF men o
their means of operating. The Government owes The
contractors 100000 dollars. The contractors owe
other parties nom they cannot pay until they receive
their funds A chain Of mercantile mo 'ements pro
bablv to the extent of $50 600 600, is thus paray zed
because the Secretary does not choose TO pay Them
new for the stoce at a nj lReh 70 eo'ea ss @S
he Issued they would fall TO or discount The for
mer reason is that should affect the creditors il
any way. The money due ,hem and there is no Law
for the Department To withhold II. The fall in Trea
sury notes matter which concerns the contractors
but wha, is the RESULT AS they able get th
notes al ALL they obliged many Of them, to sell thei
claim, upon the Department to brokers at per cent
or more discount
"The numerous reports of Offers made for the loar
to The Department at par, are stockobbing tricks
the offers have been made, why are they not taken 2?
The fact ~, that months SINCE the Secretary Oh
tanned from John Ward and others, 81 800 900 of thu
. new loan, at two and half per cent discount 1t wa
then supposed that some vent would be got for thu
stocks abroad, which has turned out 10 be the
: Efforts ure therefore, now making TO sell that stock il
this MARKET but IL goes heavily in the face Of kentuck
Gs al ~ New York IS at par. To assist this move
ment, the balance of the stock is batted out Of th
market for the present To suppose that the stock o
the Federal Government can be kept al par in the pre-
sent and prospective state Of its financial affairs is
> reasonable. new loan, and that for large IN,
. 10 inevitable, al the coming session. What fleet tina
will have, itseasy TO estimate. The necessities of Tin
Federal Government for the next two years and hal
+ will be enormous. Or these we my form some idea
by recurring TO that which now exists and that whic
4 has run>pired during the past eighteen months.
The Herald then exhibits table from official sources
Of tie receipts and expenditures Of the first six month
OF the present year, compared with the perio
> Of IS4l.
1t concludes, as follows: "The expenditures Of tn
first six months OF the present year have becn indie
pendent of The debt, near Sl2000,000. The Secrear
estimated the expenditures, Independent, Of the debt
Tor the whole year, al S25 900 000 II the current ex
pendtures of the Government, do no; exceed this fo
The ne two years and half there must be raised SG
900 900 for expense and SEQ 900 for debt and inter
est making Soi 100000 be paid between now ant
! January, lSi5. To do this there is no resource bu
The lands and customs The former for the last TIVE
years have yielded 81 5000 per annun but if the,
yield S2Uc0,OoO there may be So O0o,oOu derived from
that source The customs for the last half Of thu
present year will fall far below those Of the FIRST half
but if they estimated at The for This and h
mex, year, they will yield S4l 100000. This will Civ.
an aggregate of Si6. OCOooo to pay $?4,O00,OOO-
showing deficiency of 100000 dollars, whct
result s arrived at by keeping the expenses at The
lowest point, and The revenue at the highest At eas
S2o 100000 additional TO all authorised mus, be
borrowed, and large portion of it at the next ses
sion of Congress. If direct tax is levied, it will
take months at least 10 collect it, Mean tn,e
the Government is without funds, and almost with
out credit either of public or private nature
To show what calculation is made upon the ne Tariff