Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-01-18
RICHMOND DAILY WING.
WEDNESDAY MORNING. JANUARY is, ists
M. Rando,pr. Speech on the Finances.

rnque ana We propose u oicr some remarks upon heh
aswell Us to publish them practicable.
ITO preserve intact and nviolNbc the pecunlsry credit
the Commonwealth IL Is necessary provide for the
tual payment OF the interest the public debt and Tor the
payment OF the principal of those debtsShin some def
mite period"
To preserve "ntact and nvolablc" the pecuniay honor
OF Virginia the cardinal duty every citizen and which
every citizen acknowledges be cardinal duty We have
never heard of the irsi citizen Of this Common
wealth who proposed Reputation; who did il
wholly and entirely Al prepared incur every sac
| fee To sustain the pecuniary honor of the State.
But that this is eectualy and sufficiently
donc when the the public debt is promptly and
| punctualy met.
We dissent from the view OF Mr.. Randolph. that fully
preserve the honor of the and invoabe
all necessary specify the period within which public
debt shall be iquidated. (ie proposes 25 years.
The public creditor is asking for such condition.
What he wanted when he lent his money his
Capital per What he Is his interest
The longer his money safely invested per cent and
the punctualy paid the better him. the
better is his stock.
To pay off the public deb, of Virginia in IS
yeas Mr. Randolph proposes the public bur.
ihens $3.50 900 per annum which
stitue SINKING fund for the gradual accomplishment OF
the object. We say increase existing thus
much-foT the income OF the State considerably
short Of its expenditure is no, that the necessary
quence'
Besides tina, the sinking fund principle now almost
universally regarded by the c!earet financial heads OF Eu
rope Humbug-as unreal and visionary-we oppo-
sed TO any OF the public burhens noir TO pay off
begin pay oil, the principal OF debt which the
di,or does and does ask fo and which proy
ded there i Reputation" there will be none in
Virginia, he had rather would your hands than
be returned to his.
Is this time increase necessary
object The groans OF the People the question
There universal amentaton through the land, only
on the part the moncyed Our Country has never
known period OF general and deep distress. Property
there ibut what avais property, when there money
to buy III
To pay oil the debt At the earliest practicable moment
and avoid the eNhausing process of paving interest
obviously the Of wisdom and sound economy
for Virginia and all others But this period of
depression were humbly suggest opressipe Ia aug
taxation pay the principal OF debt which the
ditor does Sufficient the day is the evil
thcreo-l is enough evil for this day that there a
cessy for augmenting the indispensable
gagements without farther augmcning them for con-
s,ution of William Pitts exploded faacy of ''sinking
Fund" Time enough do this when the Public creditor
calls for his debit and the People of Virginia can obtain
currency wherein pay him.
Motto Mr. Randolph's idea Of early payment Of the
State Debt do obec-but the time at which, 10 effect
that object, he proposes increase the public tnxes
We quote a few passages from Mr.. Randoph's Speech
n matter of curiosity:
ain strict adhesion topncpe each generation should pay
Its debts. A. the number Of those living above IL
Of age, less than those between the ages Of 81
ana a. 'ni nj the gnd OF ev"ry 20 year, ma
Oriy OF individuals upon the theatre OF life had u
voice at the commencement OF that period Should they
be bounu by the debts OF their predecessors unless thew
had been contracted from necessity and 20 the obvious bene
fit of themselves The earh the property of the living
and OF the dead. One generation cannot prohibit the
from the cultivation OF the earth and the enoyments OF
it, ruit~-nor should they attempt limit them as To the
prono those fruits which they should enjoy by the debt
which they entail upon them No debt should be contracted
except under circumstances OF great necessity and obvious
and undoubted benefit the generation which could
be paid in 20 Each loan bill shOuld contain
clause raising pledged for the payment inter.
and redemption Of principal, sufficient discharge the
debt within that time Debt and taxation would then pro-
grs with equal pace and the oppression of the upon
the people would the progress Of the other Although
reputation dsacefu Is bad grinding opprcs-
Ii Is the remedy Of fatal dsease-exces.
slye taXauOn-at to the liberties of country. The dis
grace is in the prOfgacy which the debt
than the poverty which repudiats Some have deemed
national debt national blessing. IL may be blessing
creditors, but u the debtors II due
citizens moned class, living upon the labors of
the peopc-it substracts from productive industry, be
wasted in luxuit takes from labor the bread which has
earned by the of it, brow be pended by Incidence
II due 60 foreigners IL Is tribute those who have
conquered by their arms but subducd by their gold
All that paid in taxes in every form Withdrawn from
reproductive capital Constituents should hold their
Representative strict accountability for every dollar ap.
Poprated under his sanction-extravagant expenditures
should call down upon his head Just indignation Expen-
dure= fatal in their demorazing tendency than
I their oppressive eXacuOns."
One would say il the idea was not strongly discaimed
by the Speaker, that there here squinting' mot
"awful"D "Repudation."
II strict adhesion to principle" requires each generation
opay its debts, ii be great outrage "prnc
pie" repudate debt than 90 years od-2O years
constituting generation and If 1t be shown tina
old public debt contracted from necessity the
ference of Mr. Randolph would seem to be that the sue
I lem t.,t,y kt a.. Dr.I
We arc aware that Mr. Randolph obugates Reputation
but must say that thuk these sentiments grace
/ somewhat closely.
With him do think that 'the disgrace more il
the proigacy which the debit than the poverty
| which repudates IT,"
IL u scarcely possible to imagine "prohgncy in the
Of a community borrowing money. To impute WHOLESALE
'prohigacy" the communities Of this conlederacy win
have borrow ed money improve the country, to ope
Canals make Roads and build Colleges, is gross msaI
pication Of terms Inudicious It may all have been to
great extent pericous principle and disastrous in tn
remote consequences al now aud feel that II
but "profigate." Pure and psriotc men, who wcr
fired with noble zeal for the honour and distinction
their country. the head Of the movement. Non
loved borrow with these views than Thomas Jcfe
son himself Mr. Randolph's Grandather-none idinduc
the Legislature To wsseii appropriations, oil thin
Jono,red in the frst from the Banks than Mr. Je
eon did to promote the darling scheme Of has old age
the University.
Having to pay through the nose for the mistaken and u
but generous and patriotic zeal Of the generation whc
gone, should not make abusive Of is memory n
to it, virtues.
"The earth snys Mr.. Randolph s the property Of Il
living, not Of the dead. One generation cannot prohib
the from the cultivation Of the earth and the enoyme
Of it- ftHo should they attempt 10 limit them as 10
J0yfon Of those Jrmts they should SHi0y Nv tie DEB
Thich they entail upon Them.
a .pIy luf uANEET'
SQUIRTING" Here is the germ Of Reputation. I'D
member from Abcmare did not IN other places and POI
Of his speech, most emphntcay repudato "Repudiaton
should say unhcsatngly that here was the thing itse
But he does elsewhere repudsie IL, and suggests measur
4 for avoiding that d.ucelu alternative, and Of course
meant 81
Ia But let me- tell him that his speech will be rumphan
hailed IN the rcpudauug states-and fall a. most n'
D. spcious sud "premonitory symptom" with tou
p effect nnnn he nInds Of fhn who have put their trust