Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-12-14


that portion OF the dutcs which would the rsro
housed articles. This temporary effect b. met Mn
the system shall he adopted. mud va
canniercd other Time. II the consequence
would be- anticipated augmentation OF the revenue
could not vel happen too soon. The temporary deficit
which might be- CREATED, could be provided for by an cNc
sion oi the authority to borrow
The loan Of seven millions which has been previously
eiis.'es'-' W he Marrn
amount OF Teafpty mob s,hn oui.rung authoriz-
cd-one, BY reissue OF noies; the other l u loan on
stock M not more Than years. Tho Outstanding
ai the passage OF the amounted Sal 6Ss.3sT A. OF
which than eight millions fen due before the lstoi
~. lct3 shd the rsiac IN tho ensuing months The Ia
shnd ~ demand for money heng created by any Sudden
revason which mig ht be Produced by Contingencies in
ot'et ro,rir or nv causes which had control,
seemed ion9pe at an aInonnt equal TO iwohiSds o
annual cNcpge should po lac lett condition cbe thrown
upon the Treasury. AMI Illus absorb the at carrying
on the GaN,rnpeni NYihpy aPpearvd ~ jgrliy hc be-
fi that there wond he such ap extraordinary s<e
outtcvenut tor yea TO come would be necessary 70
such demand. II therefore deemsd advisable put
beyond The reach OF accident portion 81 is large
outstanding debt ~ ~sd relieve the department. irou
apprehension OF dancer from the rcs
do. The great ren,y ~ money which might c tempo
sry ,aso inN tied 10 suc cpis al events saving
considc ra'c nm0UpI OF Init The taic OF things
muy existing contemplated hv the thip section ol the
TetcJye TO, loau socoulingy madc under the d
rccuon OF the Presideptoi the Limited States OF mil
lions Oi dollars upOu yps stuck, h, airing interest
OF tpe cont. lcT amman, payab ~euiLaRngs eli tho
rate OF mic cd and one dollars and one cent fos every
hundred dollars " stock for nearly the whole sall po
don having been iakcn terms tti Ice fayahc. Tho
persons to whom and the ON which the stock
awarded, and the names and ptoposis of those Whose
OF Is MOI accepted, gvon in statement marSed
L. accompanying ins report .. ....... t..-. .
By tho funds thus provided Treasury bearing six
ecn interest to the amount OF millions have been
redeemed There thou remained c the outstanding notes
Si656,}s1 A. scsc NOTES also bore anEnercst OF six
per cent which was considerably above the value money
lfcntl very obvious uty To exercise the authority gwen
by The inst section Of tho act OF lsi3oi issuing other
such form aud such would promote the
convenience OF the Treasury aud Hvoid the danger aud ex
pcrse n rcmicemto the pu,c agents for disbursement.
ana nj the same time save "a the country the greatest amount
ct interest. fhc rorain prospect II The condition Of the
Treasury, mich has been exhibited this report adnion-
ishcd 10 this independent of all other considerations.
Notw outstanding all Interest had ceased upon than
millions OF the outstanding notes, consequence of the
neo pnen Ut r,riiaesso redeem the wIoc amount vet
II was psrce,sdthsi they wen present for redemption,
b Were retained by the people tor the purpose ct remittance
in III. transaction Of their business This fact indicated
tat the whole amount could probably he essued, the
outstanding noleS snoud be redeemed, IN others M ow
denomination. without any, N nominal interest and
that they would be received with aVijty by the public
creditors, it made convertible into coin nn demand.
In this state of things, and Tor these reasons il deter
mined, with e sanction OF the President, Ssc OF
the denomination OF lty dollars with interest tho
mil per nnnum Upon one hundred dollars and
else The authority livcn by te eighth section OF the o
1887 by purchasing these notes par Whenever presented
for that purpose AT tire repositories the Treasury in the
city Of New y rk, where two.ihis OF revenue and
means collected aud deposited, and give notice
such discrimination 10y upon the IL
was doubted whether the bonds required b. law be
4
sponsbiy for funds that might be placed their hands
make such purchases; and hence deemed in9rac
cabe to employ them for that purpose, if It had otherws,
been considered eNpodioni.
The made payable in one Sesr rather in con
iomy 10 the construction heretofore the 81
1887 than from conviction OF being required by that
act The object Of the second sseon be 10 pre-
Nent them from running bearing interest longer than
yoar II IS silent respecting shorter pcncd apparently
within view oil, aTgsone discretion The thatihey
will be purchased endorsed them, distinct from the DO
dy Of the NOTES, that 81 any extraordinary emergency
should occur 10 Poce any alry IN their purchase,
Tor other should b5 deemed lient.
doremen may BE- omitted aud The notes peruited 10 cir
eulae without interest they may be ALTERED specify
rate. They only receivable Tor oil public dG,
but may be exchanged for specie par ct the cusohou-
os and land Offices 10 the amount Of one bali the coin hey
may respectively have hand Less than two hundred
and seventy thousand dollar Vi tie have been
sued. .. D.. ....,. D..
Tho ofou had been by .umet Secretary 10 sub.
snute notes with nominal OF interest and also
With the low per cent bur it had not succeed.
ed m consequence OF their being convertible into coin
demand For, ~ the present value Of post d.
minshed In exact proportion u te tiue thas tfoIe
mauFiY discount upoa only be prevented by allow
ing interest equivalent 10 that time The question Of
VeTihy therefore. m truth question whether into
rest should should not be saved, the permitting the
notes % be al discount was not 10 be tolerated.
No aPpreho was or i entertained Vi The peIlcci ab
I Of The Department to purchase all that may be present
ed for the Pnr9ose There and always be surplus
an the Treasury beyond the immediate calls upon This
with revenue more than three times !.e amount OF the
notes constantly sccTung would be adeqaas its place
could be supplied without
interest circumstances required, with which portion 1T
the public expenditures could he made In the possible
vent of large accumulation, Treasury notes bearing such
interest would loans exceeding prescribed
rate, resort 10 ie authority stock, would Ell
'her OF them hc sufficient provide the necessary fund.
meet such accumulation. .... 81.
Tile cxigencies OF the Treasury demanded that the Ell.
tort should be made 10 relieve it from such weight OF
leresi, especially would preclude te sys.
tenn which invites Banks hoard Treasury notes. by allow
ing them an ini"r~ while hoy borrow Of tie community
~
The authority given 10y The Constitution "borrow
ney on the credit Of the L. - IN it, compfehends
every form Of loan which Congress may think proper
pTescnbe and u i not easy perceive now this
press aud unqualified grant Ut power bc limited
emlaiItd Cernin II H. that the most dishng uIsed
unna ho VINO contend Tor NiFicl construction Of The Con
stItuion have given their sanction 10 the o TN po
wer in the form oi bills OF credit ur Treasury notes.
We'll iouuded objections borrowing without an mr.
gent necessity, in the form either Oi permanent loans,
those OF temporary caractc That necessity also
huenee the terms and conditions ri cihcr mode. The
former 10y putting othe day lp1ymentto more convent
ent season. removes the moot eeciua check To- prodiga
~ and Offers temptation Oi difficult resistance. has ac-
cordngy proved the bans ut oil Governments. The policy
OF the Treasury system have been devised
tn guard against this evil by b6 cling the day Of payment
close upon that OF expenditure aud IL would that tie
more Immediate the liability ~ pay. the would that
policy lie promoted A po-tponemem for yeaT lis
es 10 pfousion and no check can be 50 efeetnsl in
stant responsibility Every loan thus made directly from
tie People, - ia tact made not IN consideration Of the int.
rest agreed ~ be- paid by the Government but literally and
solely upon "te credit Of the T. :"
IT, after such notes have answered the purpose of go.
Nefnmon 10 promoting convenience sccmiiy, and
10 the public disbursements. they should consequence Of
thor uniform value, he kept iH circulation any consider
able oSen by our for their cni,nce
IN inananin internal ilaa and keeping down the ucja
uoIs OF exchange between different parts II tbe country
arising from disodsred CURRENCY, ~ perceived hote
such result sforis ground Tor objection system cons
utionu IN itsc and adopted for legitimate and consttu
ionnl objects. ti- submitted ho tica Government is es
ponshle only for the abuse by the people II tic cy
dcnccs d ini debt which IL msy issue Their application
Ha tho 80 10 b. a
they wanted for hat purpose and that he rsdt oC c
United States" has taken the place VI local. chartered of
State credit IhOse who ohjcc, such consequence 90
ho present sia'e oi "ur finances, which require lOan in
some form, must, however chousr between the evils Of that
result they evils end the pefiis Of permanent nation
al deb which mast either be- created directly. TO-
low atno remote period, and take up Securities which may
be ISSUED 90 tie form q, proaced promise pay Tor in
his' as IN other cases, allowed the 81