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

orthe Government and that the principle Of specific
pledge was cnjoined by Mr.. Jefferson and MIR. lam
ton, essential provision for redemption in con-
tracing loan. In conformity With this principle in
every instance, this Government had pledged sinking
fund; therefore the chairman of the Finance Commit
tee incorrect in saying it vas new thing 10 offer
specific pledge. In every instance the public faith
was but a supplemental pledge. Now, instead Of a
sinking fund, rather q substitute for it, let the
land fund be restored and pledged for the debt and in
lerest to be returned when the Indebtedness IS all
cleared off, and it will be considered the most satisac
tory because the most specific pledge that be offer
ed The public faith will be, in former instances,
supplements 10 this pledge. Although the public
faith may be pledged; and ultimately there cannot be
doubt that the pledge would be redeemed, yet in the
present condition of The credit of the Government, and
under the circumstances of its being seriously wound
ed BIZ the protest Of its Treasury notes. and The pres
sure thrown on those who hold them unpaid after they
fall due it be perfectly obvious ihata specific and
iarioae pledge Of the proceeds Of the public lands IS
necessary to confidence, and that such pledge
must operate Immediately and efiectuay in restoring
and reinstating the credit of the Government.
Mr. EVANS begged leave to explain what he had
said in regard to this being the first time the Govern
men had been asked to offer specific pledge lie was
correct in the assertion he could not admit the pledges
Of the sinking fund 10 which The Senator from Virginia
had alluded as an exception. Such pledges not
specc from the Government to the creditor they were
only financial arrangements made by the Government
ITSELF and subject to suspension whenever the e1gen-
cies Of the Treasury required it.
Mr.. RlVES understood the Senator very we'll; but
he was mistaken in supposng that the sinking fund
had not been made specific pledge to the public cred
tor If he would turn to the loan acts TO which he had
alluded he would find the specific pledge given part
of the compact with the lender MIR. r. went at large
into the subect quoting many of these acts and point
ing out the specifications.
He next adverted to the power of raising sufficient
revenue independent Of the land fund, to meet the or
binary expenses OF the Government, and at the same
time to make provision for the interest the debt and
for the ultimate redemption of the debt itself He sho~.
ed bp statistics derired from public documents, that
there ,cas possibility, BY any adjustment ofthe tariff
that could be dsrised Of raising than tcenty three
millions of rcrenue from customs He took the average
of twenty five years, from 1916 10 l54l inclusive, and
showed that the from customs did not exceed
twenty millions annually; and in this included the
period of double duties, when hundred per cent Ia
riff was paid The only year which had exceeded thirty
millions was 1916, Immediately after the war, when the
former imports had been entirely exhausted during the
war aud commerce interrupted. The imports, conse-
quently, were for two years. excessive; but still
the average revenue Of the high tariff periods did not
exceed, on the whole, twenty millions annually from
customs Nothing even now but the reduction OF the
free list, and such adjustment as he had lately sug