Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-05-05

diminished, until the amount is scarcely sufficient Tor
tn. payment OF taxes
The circulation Of national paper money wasa mat
ter OF loud and alarming complaint, and the ordinary
Treasury note was converted into Sub Treasury Bank
note and paraded before the people genuine ems
sion of paper from a new National Bank disguised
under The name of an Independent Treasury Law
,d 20, the amount of that paper in circulation,
h;ch was about FIVE millions when this administration
o,ma into power, is now more than twelve millions IN
amount. . -,
The Treasury notes, which, according to the repre-
sensations of the Federal party, were consequent upon
10 establishment of the ubTreasury, have been IN
creased about millions OF dollars since the fePea
OF tina, law. -
The prices Of property and the wages of labor had
bccn de pressed by the Sub Treasury bill and must ana
should be raised That bill was instantly repeaieo ana
o hay continued sink until there has come 10 De
almost no market LOT Tie ohe' uhu ui''o'' 40
The mover of The Executive bad been so alarning'y
stretched as TO threaten 10 swallow up every DINER
branch Of the Government and every right oil the peo-
,le and reform revolution had become Indspensa'
hIa Roth have been experienced. The reform has
L,uoht the Executive power 10 be defined, by one OF
the most prominent of the Wing orators and states
men as constitutional fact, and, as such, it is as
freely inerPosed IN advance oil The movements Oh the
notce parties of the country, Of the measure of
Whjq Congress; while the revolution has made that
uower personally exercised by the President himself,
a. camiliary known to the tdewaiters about the Gus
tom houses as TO the cabinet ministers about his per.
son. 80
mon the holders of Office had come 10 be tyrannous
exercise OF powcr-a wanon outrage upon the freedom
OF speech and of thought, and was itself TO be pro-
scrlbed The practice has been substantially to sweep
all from Office and place @ho were found IN possession
OF either and much too narrow has this held Proved
| for the exempca,ion Of the contradiction between
promise and the performance, that the second round
of removals Tor op, MON sake had barely commenced,
before the second year of the Administration had ter
minated
which the people were urged and persuaded 10 try,
aud they have been least trials 10 the country and
| its institutions.
OF the affairs of the State the undersigned feel call
ed upon to make but brief remarks. They hope the
crisis financial concerns has passed. and that the
evils and dangers of Wing adninlstratio have been
cffectualv arrested. To their immediate predecessors
belong the honor OF having arrested the downward
progress of public affairs, and having laid the
foundation of financial system which, upulously
defended and followed, fail pluck the drown.
ine credit of The State from the depths to which it
was sinking, and place again upon the proud ele-
walton from which it torn by the ruthless hand OF
! the SEW IHPULsE.
/ Whatever difference Of opinion may have prevailed
amongst the Undersigned upon other and minor ques.
tons springng up the course of their legislative
action they rejoice to their Republican consttu
ens, that, upon this great question OF State policy and
political principle, but opinion has been expressed,
and they are bound 10 believe that but feeling is
entertained That opinion and that feeling TO main
tain strict adherence 10 the paying policy Of the last
Legislature as much better calculated to promote the
permanent interests and To sustain unEued the faith
and honor oi the State, than the declama,ory sensitive
ness of their political opponents, accompanied with a
uniform opposition TO every measure which has for lis
practical object the Limitation of its Indebtedness and
the payment of existing obligatons-a policy clearly
sanctioned by the large ma oty of the people who elect
ed Governor Bouck, and which constitutes cardinal
feature in the Democratic administration of our Go
yernment
| Here rests the real conroverted principle between
the two great political parties of the State and of the
country. The wide dividing line is that which sepa
rates The payiag from the promising policy, which dis
tinguishes between property borrowed and property
earned; upon real prosperity based upon industry and
capital, and on apparent prosperity resting upon loans;
upon the side Of which prevails the policy OF
Jackson, the payment of the debts themselves, and
upon the other, the policy of England the payment Of
| the interest only
After the recent and strong decision Of the people
of the State upon this great controverted question OF
State policy, and the readiness with which they have
gwen their sanction TO taxation upon themselves, 10
secure the permanent success and ascendancy OF Inc
paying policy, IL not to be anticipated that IT'S oppo-
site will he openly esponsed by our political oppo.
nen;s their declared position in State contests
Assuming rather an extreme desire to preserve the
public faith ii the Heavens fall, and pay TO the last
dollar, if starvation succeed they will be likely
santly to find special EXCEPTIONS where the great rule
of sound principle must be yielded in single in
stance 10 urgent local demand some exte AIDED
and powerful interest. They will appear 10 seek the
path Of safety and be confident predicting such re-
suits IRON measures the least likely to produce them
In matters of private and corporate credits, they wH
advocate rules OF generous beray, but the cord OF
soundness shall be drawn tight as to break and lose
all It's controlling power and in matters oil lnvesSa-
tion and examination, when symptoms of ro,tcnness
and fraud exhibit themselves, they will be particularly
pulons lest the public mind shall be shocked the
public confidence shaken and the sound shall be made
to suffer with The unsound. II Bank break and the
public be grossly, basey deirauded, their indignation
will be promptly and strongly expressed, but their
measures Of redress for the past and prevention Tor
the future will be tard,ly and eebly taken. In short
their whole action we'll in reference TO public as
private matters, Will be likely to show greater depend
upon scheme of financial legerdemain, than
upon labor and taXa,on TO preserve The soundness
seek, and then 10 demonstrate the living preference Tor
the promising over this paying policy
If the State cannot be plunged more deeply into debt
the party 10 which have alluded will turn their IN
divided attention TO the splendid schemes already be-
fore the public for fastening upon the National Govern
ment debt Of two hundred millions of dollars. And
in the arrangements preparatory TO the canvass OF 1874
every device will be tried in order TO weaken the force
OF the Democratic party by divisions as to men.
That there should be preferences strong and worthy
preferences, existing among different portions of The
Democracy in different sections of extended coun
try-that various States fthe Union should number in
the ranks of It's Democracy some distinguished citizen
upon whom The preferences of the great mass
of its Republicans should fall the party candidate foI
the Presidency natural, as it is necessary that
great and patriotic and dominant party in country like
ours, such as The Democratic party united is, and must
be, should embrace among its members many men IN
all respects worthy 10 become its official head, and hold
highest trust That these preferences and the grounds
for them, should be frankly expressed, while The ques
ton before the party is, which Of the worthy comPe
tors SHALL by the conventional action of ALL be selected
and made the candidate for given election, is per-
fecty in accordance with the Democratic principle
with fairness the part of all 10 ALL and with justice
to The whole party, its principles and IFS claims Such
expressions, uttered in the spirit of fairness and truth
tend TO give the whole public more perfect acquan
with all those who may be presented for their suf
ages for the first Office within their gift, and uttered
they can give just offence 10 none.
The name Of distinguished citizen of this State il
found among those towards whom the attention of the
Democratic party is particularly directed, and iron
among whom its candidate for President, for 1874 viii
HI. h.