Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-29
THE TREAsrRy AM THE PUBLIC CREDIT.

and 10 call public functonaries account surely this
is the time. The public papers, the debates in Con-
gress the complaints OF creditors, all make known the
nsolyent state Of the Treasury-tha there is not one
LEGAL dollar in it-and the condition of public credit,
which is too low TO borrow dollar any but usurous
terms AL this is and heard IN Congress, IN the
press and wherever dollar IS due, but there is Still!
another source of information more authentic than
these and TO this propose 10 have recourse
This higher is the official correspondence OF the
Secretary Of the Treasury with the Chairman OF the
Committee of Ways and Means of the House OF Re
representatives., in which he unveils the deporabe con-
dton of the Treasury and brings forward the Govern
ment plan of relieving its distress. Document
1873 of the House Of Representatives presents tins cor
respondence which is as follows:
"TREA suRY DEPARTMENT.,
March II, 1912
"Sr Mr. Selden, the Treasurer OF the u. S, lately
visited New York with authority from the Department
To enter into negotiation with or more oi the hanks
of that city, with view to an arrangement by whcn
specie funds might be provided for The payment oil
Treasurg notes falling due in this and the next month
le has returned without being able 10 effect the object
of his visit Since the 9Th Of the month, the means OF
the Government have been found inadequate to the
discharge of the notes presented tor payment al 'he
depository of the Government al New \ ORR slisht
depreciation having occurred and these notes, oil what
ever dates being receivable in payment of public dues,
were offered IN inordinac quantities at the custom
house. pay duties accruing on IMPORTS and consti-
tuted very large portion of the public rercnue accru-
|
ure in the Of the Government 10 meet The notes
which at maturity, and presented from day 10 Gay,
/ for payment
This extract shows the distress of the Treasury and
great enough it is in ell Conscience. FIRST the lea'
surer of the T. S has been sent to New York TO ne.
cotatc with banks in that city for specie to pay 10 the
holders of Treasury notes. Here il degradation Tor
YOU the Treasurer sent TO Wall street to Trade Tor
specis and how the Government to have no spe-
Gle Because the Independent Treasury is repealed,
/ 4 rkaIF tba ODD
paper money made the exclusive currency OF the Re-
deral Government This is the reason why sPfcie is 10
he traded for in New York But who is this specie Tor:
Not the creditors Of the Government generally but on
ly the large credtors-the large holders ct treasury
no,es-who are able to contend with the Government
and protest and if they do not get pay These large
creditors banks, and Is They who now throttle the
Government, and make it pay them in specie, while all
the persons who in the pay OF the Government,
and who are receiving small sums, must take paper
de precated paper-or take nothing. Even the small
holders of the Treasury notes get specie 1t is
the capitalists and the banks alone for whom this Ad'
mnstraton lsbors to get specie by trading Tor IT. alter
ha wing banished from The Treasury, by repeating the
/ Independent Treasury system. Next, the Treasurer
of the u. S., after having been sent on this Illuminating
mission TO the brokers and bankers in Wall street,
returns with flea n his ear He flou'ed and gets
nothing, and Treasury notes beginning 10 depreclae
more and more they the only thing paid to the CO.
yernment and consequently The only thing the Govern
ment has pay md thus It finds itself in eddy,
whrng round and round, and performing the msera.
| BILE figure of the "rieious circle.
The third point in the condition of the Treasury is,
that it is unable to pay the demands upon II by the
Treasury holders, and that from day to day they
were presented and payment not made This was the
beginning of the month. II is still the same thing tor
| the Government yet has no means OF payment.
The next part of the letter presents the cabinet plan
for the relief of this dsgraced distressed, and denuded
Treasury. The following is the plan:
| Hind.
urge upon you the necessity of the immediate inter
ference of Congress. The embarrassmenls OF the mo-
ney market, and progressive decline Of pubic credit are
no such as the opinion of the Department, TO call
for provision in the loan BILL by which the stock can
be sold for achaercr riH bring. If the sale shall be
fairly conducted there be hazard to the Govern
ment such provision, since is obvious that money
must be had upon such terms as 1t can be obtained 1t
NAV lie added that The instability of the money market
is such that if it practicable at this time 10
obtain funds at per cent can have no confident as
surance that it could be done two or three weeks hence
81 think it due to the holders of Treasury notes 10
suggest the expediency and the justice of provision
BY Congress for the payment OF interest in all cases
notes after their maturity and that such interest shall
continue for given period after notice requiring their
presentation for payment. Under regulation of this
Sort forbtarantc 10 demand payment would not be pre-
judicial 10 the holders of the notes, and might TO some
extent, operate as relief to the Treasury,
| am, with great respect,
Your obedient servant,
WALTER FORWARD.
"Hon. MILLARD FILLMORE,
Chairman ofMe Committee Of Ways and Means. y
This is the Government plan, 1t in iwofold FIRST
sell the Government bonds for what they will bring
Secondly, to perpetuate the interest on outstanding
Treasury notes
These are the remedies; and they the remedies OIL
desperation and of misery, and exhibit the Government
as reduced the shifts and con,rvances of ruined
spendthrft, endea vorng TO raise money upon USURY
IT, call tha hpp1 IL
under par submit usury and fraud; for the Go
vernmen will be giving its bond for 800, and paying
six per cent annual interest that amount, when,
fact, it has received that amount but sum below
that amount. To keep the notes out after they due
by extending interest upon them indefinitely is th'
shift of nsovent, who begs delay from his creditor
and slaves off payment by getting delay.
Such IL the con litiou of tho Treasury. and sucl