Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-03-07
would inevitably have added 100 millions of dollars to

il would inevitably have added 100 millions Of dollars
the wealth Of the nation.
If by fnancerng, IT be intended the art and skill
obtaining capital, property and labor from the peopl
% the dextrous of credit, which is pretty correc
definition then the Wings have not been greatly II
error in their prelensions superiority finance. The
have proved their skill by their works. They hav
controlled nineehihs of The Banks in the Union,
nearly all ot those which have exploded. The Unite
States Bank alone, which has established the iinancia
skill of Mr. Bddle and hls Disciples has robbed th
people of fifty millions of dollars; and the tenders
i this mammoth institution the Morris Canal Banking
Company the Union Bank of Mississippi the Mer
chants Bank of New Orleans. and others, have swell
ed this loss 10 some twenty millions more But th
aggregate less from the failures of The Banks the las
few wears mostly under the direction of Wings, can
not be less than hundred ard fifty millions of dol
I lars But unfortunately for the country, during thu
Bank excitement in so and 80, the Wings succeeded
iii getting the control Of most of the States in the Union
and when they were not majority the Wing member:
of the Legislatures acting with small minority of the
/ Democrats, controlled the State policy Hence they
have succeeded in most Of the States in placing then
finances in most houriShing condition. In Massachu
sets, where they have until the present year, had un
divided and undspued dominion, they have inancier
ed the people into debt Of s., 100000 besides in
creasng the annual expenditures the last fifteen years
more than one hundred per cent, or from 100000 te
100000. In 1897, the Wings, by the agency Of one
hundred Banks, gained the ascendancy in New York
|
credit was so high that five per cent stock sold at
premium; and in four years of Wing rule the debt o.
the State was run up TO S2i 900. This, no one
deny, was successful inanciering Tor four years The
credit of the State sunk low that tive per cent stocks
were worth but little eighty per cent But since
the State has gone back the hands OF the Demo
Gratis or Destrucyes, they denominaied by the
Wings its credit mas been established and its finances
already restored healthy state under the judcioa
management of A. c. Flagg, the Comptroller.
l II LII In anrnrr
monty had majority, yet from the corrupt influence
of the Bank of The U. S, the Grard and other Banks
under its influence, Wing policy has prevailed in thai
State and this policy has plunged the State into deb
of $50 937, GOO. by DIVISION among the Democrats
the Wings in 1886 elected Ritner, and got majority
in the Legislature. The result Of this Wing triumph
was the rrcarer of the Bank of the t. s.. and an ad
dl,ion Of three millions TO the capital Of the Girart
Bank, both of which became instruments of corruption
and have since failed. THIS Wing ascendancy gave
enlarged and prodlga expenditure 10 the lncrna
Improvement system, which has resulted in creating
public debt OF forty millions Here is an example 0
inancicring OF the BidGle school Maryland has beer
under the control of this party, and Wing policy anC
Wing fnancering have had free scope, and the result
has been the same as other States. 1t has conferred
the people The blessing Of public debt Of 10000,
600 OF dollars In Louisiana, Wing councils and Whis
policy have prevailed and enriched the State with
debt of 500 sos coo. In Kentucky, the Wings hav.
created State debt Of about 81 00O 000 and in Ten
nessee more than three millions.
| But without looking farther into The fruits of Whp
policy and Wing fnancerng in the States let us fol
| low them to the National Government II is not We
quite two wears since they came into power, with lh
words 'retfenehnent and reform upon their tongues
They found the public finances prosperous condi
ton, the expenditures being in rapid Of reduc
ton, and there being public debt excep. about fau
and half millions Of outstanding Treasury notes.
/ But how do The finances stand now: They are in thu
most deplorable and hopeless condition. The expen
ditures, instead Of the promised reduction, were in
creased the first year about millions ofdollars although
the revenue declinng and cap the climax of FOL
ly the land revenue transferred 10 the States Thu
Cd year, the expenditures have been about the same
Notwithstanding the termination of the Florida war; th
completion OF the public buildings, and the reduction
the pensions, from or Millions 10 half million
dollars. The revenue has been steadily declining
notwithstanding t@o revenue laws have been enacted
/ imposing duties whole imports, except tea anr
coffee The last quarter the revenue is SAID 10 amour
20 only about two and quarter millions, or abou
nine millions Tor The year. The expenditures, inde-
pendent Of paymens Of debt, Will be about twenty
four millions, that The only for Carrying
on the Government is borrowing. From the low state
Of trade and Accomplishing capital. they may be able
TO effect loans. But this policy is both runous anc
disgraceful. A national debt of between twenty anc
thirty millions Of dollars has already been crealed.-
Ten millions will be added to this debt the curren
year. and by the end ofths Wing Administration there
will be public debt OF nearly fifty millions, were Wing
councils 10 prevail.
! It is to be hoped however, that the Democrats vii
have the asccndancy IN the next Congress, and put
n end to Wing laundering. The country has mac
enough of II, and II w,ll require ten years TO
from the evils i, has brought upon The nation.
Hartford Times