Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-19
Alakinr total of


Tins will giya an average expenditure for the FIVE
wears Of S2 Sos H. average per year less than
that ned by the honorable Senator ot Just about
erht mil Hons Of dollars THIS is uncomfortable err
,of. and hos had il arisen Internationally, from in
Guiding in the Senators calculation payments from the
Treasury which part of the expenses of the
Government. What payments hac been so included
i'm posb DIE for him say, as lie had not seen
the data upon which this average o So,0Oo,oUU hed
been made up.
He woud, however mention one ITEM which he did
not doubt had entered INTO that computation lie re.
te..ed 10 the issue and redemption Of treasury notes
This process had been going during almost the entire
period If Mr.. Van Burens Administration, aud upon
no subject had there been more pa pabe misunderstood
ings here and elsewhere, and more erroneous state.
men,s disseminated over the country. Almost ~
Senator who heard INN, would remember how re-
quenty and how eoGuently It had been contended on
thus floor well al all the hustings IN the country,
that the public debt, from the emission oil treasury
notes alone had risen TO the frshtiul sum OF twenty
millions Of dollars and yet every member OF Congress
who chose 10 examine the subject, knew that there
power gwen IN the laws passed upon that SUD-
ject to more than millions of those notes to
be outstanding any time, and consequently there
was no power create debt III that way TO exceed ten
millions Of dollars under any circumstances or IN any
contingency.
How, then, it viii very naturally be inquired, could
misunderstanding, broad and so universal te pro-
duced under limitation so simple In this very plan
deematle the expiration of year, but every note
made receivable al any time IN payment OF all
dues 70 tho t. : ard no note. hen once pad IN ior
pubic dues, whether at the Treasury or elsewhere
could he re.Issued, bat was, by the iaw required 10 be
cancelled and annuled and authority given to the
Secretary Of the Treasury, whenever note should be
so paid IN before became reGcrinabe, 10 cause new
roie 10 be issued in is place. In this way the orgIna
amount OF emissions could never be exceeded, as out
standing debt and get the gross amount Of emissions
40 nat m utS m
in the notes, within the year. The same identca
sum might, being represented by any single ana gver
note, be paid in, and again emitted the form OF new
note. during every month Of the year; and the amount
Of the public debt be effectively changed by the
process This was the mode adopted under the laws &c
keep ont the debt and while II diminished by the
payment III OF note Today, II was increased 10 exactly
the extent by the emission OF new note to-
morrow, in the place Of the one so paid IN.
| Still the books Of The Treasury would show, by tins
process the accumulation of an enormous debt upor
the SIDE, and the payment Of debt just equal;
enormous upon the other because every note PAID II
must pass on 10 those books much money re-
ceived and every issued in place Of the PAID
and cancelled must pass on To the oherside OF the same
book as so much debt contracted; while, IN sober
fact not had been either received paid Int
operation Of the credit system had been going on, undo
a aw OF Congress, through which the payment oil one
note was accomplished IL the emission %! another. Thu
is ,lmpc solution Of Tie whole mystery: and hat
those o seemed 10 he 50 alarmed at the accumulate:
Of public debr, turned their attention 10 the oppo
page otthe ledger, ami examined the correspond
ent increase Of and means, the true work
ing of tbs paper system would have been better under
stood aud more truly represented 10 the country. ]
paper upon The side and paper upon the other
CT, dit pom The side and credit upon the other
while tie apparent debt was thus swelied under the
operation of these laws corresponding credits
tnguhed by the same operation, so tina; the balance
oftnc books would, al all times, show that the gina
ten millions authorized TO be borrowed had not been
ceeded and mos. usually not reached.
| Tie document in his hand and 10 which he had las
REFERRED sustained him in THIS explanation Upon page
% would be found the payments made from the Urea
surv during the four years of the last Administration
and not understood by Mr.. Ewing 10 be part of The
pcnses of administering the Government, but payment,
from the Treasury independent of those expenses The
amounts for each year. thus paid, are given by Mr.
Ewing as follows
Crust funds, Treasury notes, interest,
&c, for the year 1877, $',6oo,o3i 90
ISIS, 7,9ll,C42 10
1899, 1901 ,2i9 u
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