Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-18
no. 92.--VoLUbiE XXXIX.

wait OF sonnd currency Of uniform value in every
past o. iae tn'on Tins, ne conienGed, the great
scarce OF the evils under which the country labored
Ia speaking of the condition of tie Treasury and it's
resources. he assumed that the dutiable imports Of The
year 1913 would be forty .wo millions
nue. IRON customs of thirteen fourteen millions OF
dollars lie estimated that the actual expenditures OF
The Government, independent of the interest on debt
would not exceed twenty-five millions of dollars for
the year and half ending tiirieth June 1874. He
combatted the idea that the debt could by any possb
ty, reach to what had been assumed by some-ihirty
or lorty millions before the end of l5e year. IL did not
at present exceed twenty-five millions: and could not
be increased one dollar without law of Congress 10
tiiat ehecl; oil which there possible chance now,
at this late period of the session. The reductions and
retrenchmens effected by Congress the appropriation
bills, rendered it certain that the Government could get
along very well, and without the slightest embarrass
men', by being allowed 10 reissue treasury notes al
ready authorized Those bearing n,eres. were already
al premium, and wculd naturally stoy out without
any eor and would be only necessary TO allow the
treasury notes falling due this year TO bear interest
keep them on, too and prevent them from embarrassing
the treasury.
MIR. l. attributed 10 the passage of The Tariff Law of
lest session, The revival Of The credit of the Govern
i ment, and the high appreciation of the Government
stocks in the money market.
n Speaking OF his resolutions. The effect that il ia
the duty OF the several States 10 make provision for
meeting their engagements, and sustaining their credit
he contended, that The General Government had rht
1
sure OF the States, inasmuch, the depreciation of
Their credit reacted the credit of the United States
and besides, as creditor oil of those States ct
least, 10 The amount OF millions tile United
States entitled the rights of creditor in regard
10 expressing lis opinions
lie also maintained, that the General Government
being the Government Of the same people who ow ned
the States themselves, bound render those States
IN ther necessity, whatever assistance it was in its
power to afford How that TO be done, was mat.
1 dePa jup nd ,,L.. l.,
OF Inc session. become proper subject of discussion.
Air T. concluded, by proposing the following amend.
'nent to The resolution of Mr. McDutiia
! Ecs0feed, That amoag the causes which have con-
trbuied most e.cieG!ly 10 the depression Of the TO-
reign and domestic commerce OF the country and to
The consequent. ImpoverIshGent Of the national Trea-
sury, and which have thus rendered resort to loans
inevitable, is the want oil currency of uniform value
in all parts Of the United States, commanding the
confluence of the people and measure designed TO
revive commerce. repensh the Treasury and avert The
further accumulation OF public debt, will be complete
or adequate 10 the accomplishment CT these Objects
winch fail to supply their wants.
Etsolstd, That another OF the prominent causes of
the present Frustrated condition of the business Of the
country, and OF the public finances, md which hes
largely impaired American character ard credit which
has exposed Republican institutions 10 rep.oach and
oblcquy IS the failure Of many States OF The Union
to provide fur the regular payment OF The interest
their public debts and especially the favor and coun-
ienence which have been gwen, 10 some extent iu
some portions G! the country, 10 the alarming and de-
st.ucye doctrine that these debts not binding upon
the people Of the States which have created them, but
may be annulled and repudia,cd their discretion.
Rcsoieed That, while this Congress does not intend
to adopt any measures for the payment by the u. S oil
the debts Of the individual Siaes nevertheless deems
proper view of the disastrou; to the
national character and credit, and TO the institutions c
republican government, of the failure Of the States to
fulfil their obligations, and of the principle which has
been asseried-that these obligations binding
thcn-o declare tina, the debts Q! the States, Gre
aed by the legislative authority thereof respectively,
obligatory md binding upon said States and cannot
&c By them annued or repudIaed and that it is the
solemn and urgent duty Of the people Of said States
resort to the most efficient means their power for the
preservation of their faith, and the fuflment Of their
Obligations
RtSo'sld That il is the duty of Congress, by every
constitutional and proper means in its poverty the
adoption of measures 10 restore and preserve
cy OF uniform value throughout the u s. by the collec
ton and disbursement Of the public revenue, and the
regulation and administration Of the public finances,
in such way shall be least burdensome TO the people,
and most conducive TO the revival Of trade and COM
merce; shall the wages Of labor from uctua-
tom as shall give security and steadncss to the indus
try Of the connry;o render every practicable aid and
encouragement TO the people OF the several States
their efforts 10 meet their engagements and discharge
the obligations into which they have entered.
| Mr. DAYTON moved to strike out the last three re-
solutions Of tile amendment, with view 10 insert the
| following:
Resolred, That the distrust and obloquy cast upon
the Federal Government, by OF The failure
certain States TO make prompt payment of their deb!a
is an unjust and unounded lmpuiaton upon IFS credit
and good fa;h that while this Government deplores
the misguided policy Of those States which have en-
barrassed themselves, it discaims all liability, legally
or morally, for such delinquency; WHILE in vndication
Of its unblcmished faith and honor it appeals with
confidence to lis past history.
Mr.. ID. then remarked that he had no disposition TO
! embark vh had
these resolutions; but, having submitted this amend
ment TO Of the resolutions he would feel prafed
if The Senate would afford him few moments in which
to Spzcss his views the subject of his amendment
II very desirable 10 him that the matter should be
postponed I'LL Tomorrow, pledging himself 10 Occupy
the Senate but lew minutes at that time
! Mr. RlVES remarked that he wished 10 submit a
paper which he had prepared expressing his own views
on the subject matter brought into The discussion on
these resolutions 1t was not then in order 10 submit
this paper amendment the resolutions pendpg
but, with the leave of The Senate he would present 1t
with The view't the amendment proposed by the Sc
naior from New jersey Mr.. Daytonl reiscted-of
submitting Il as substitute for the las; three rescu
tons Of The Senator from Maine, T,r Eyansl The
paper read rs follows:
I Rcsotsd. Iha. another OF the prominent causes
which teEd to prooug aud Increase the financial en-
ba.raseLs OF the country aGd reic.i the ultimate
restoration OF public and private credit is The uncer-
iany and suspense thrown The policy of this Go.
rernmen 10 regard 10 The debts OF The States by the
agitation of projects for the virtual assumption Of those
debts hy the authorities os Tie Union; that while THIS
uncertainty s permitted 10 exist lis mscheyous effect
IS to foster dciusve hopes of relic! from a quarter
whence it can never eg,;matey proceed and divert
the attention Of The indebted States from that timely
and energetic application o. their The
iulhlment OF their engagements which they would
Otherwise make, and which is The sole natural and pro-
per reliance for the udaon of their respective la
bilties and it's therefore, urgently demanded by the
interests Of the parties Immediately concerned as we'll
as BY those OF the country at large, that Congress
should now explicitly and unequivocally declare the
views It encr!ains Of the appropriate and constitn
ona sphere Ct It's powers and duties in relation to this
| subject.
Resoiret, That, in the fundamental division and al.
/ otment 81 political poHe! established by the Ccnsu-
ton between The Government OF the Union and those
Of the severa! States, there is power or authority
given 10 the orne. 10 provide Tor the payment of the
debts incurred by The latter. virtue oil their undoubed
!! competence, and within their separate and exclusive
jursdction-that any attempt by the General Govern
n.en thus 10 assume, and impose upon the people OF