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

ne her The holder al Ne" infh sN pc! es'.' ''"
would willingly cAehange it for tn'eG states 81"
,sr cD, az 49,, same amount ard witi, the same iie
Can i then be supposed he would exchange IL io'
United States tarec per cent: lcTtat"y not Eve"
our four and hall PER cent STOCKS wou'd hoi pe 81
EXCHANGED and Of course mol our i've per cents. III
deed The sound financial policy established By the last
ler,sla,y-e and which the present has INTENDED sciu
nniops "a m,n,ain shall be adhered to as 1t should
,bp-c . No roor, Ia doub. that the time is al hand wheh
Tho credit 81 ,s State xii! stand az firm, and It's s'ocks
Will sci! eas. we'll at nome OF aDfoao' Us "e
ot tie L. : oil tire same character 49,.
Nh,, lion = In b. the practical w"rkln. oi 'h'S
e,icndd .rhc,,e OF creating National debt OF Two
hundred millions CHARGED upon lie wn"e peot'e az"
the whuls nroner.y Of the country, US hFahS VI as
SUNNI, ~. trl,s 81 lie Staos 10 disembaTfass them
Wv ,i states whose credit is entirely pros
,ra,a and bc, hn; ceased substantially 10 make Ell
forts Ia nav rrr interest or PrncIPa ana therefore 10
feel pracicaliy Their enbafIassinch.s may Dc acSo
By The three uc cca stock, ana the oarTs OF t""'e
stocks be enabled 10 make immense pfoh's, anu Tue
in Them immense saecn!ations, by the exchange
l,.,. H. .t,. RI! ;bose States which haze sustained
their credit and na,d their interest, aud OF those whIch
are strnygnr 10 do 50 by re'renchng every possoie
State esncudl,ure by all entire Suspension oil Their
mill. works and by bprdcnsome taxation must re-
r.; a. o,n, Le pa;d 5v themselves from their own
r.sou-ces or ,cy must convert their cistfautve share
of The rer cent stocks into money at hity GEMS III
cash for dollar Of the stock, and in that way, RAISE
the means To meet their stocks.
effect financially Upon them and their people Will De
the following Each State IS to receive lis share oil lhe
two hundred a:0ns ut three per cent stock, accord
inc To it's population and its representations aud there
fore ACCORDING It's liability 10 taxation Tor national
objects The whole IS to constitute national deot,
which n,us, he PAID hy taxation, the present reve-
ru.s of The country not equal To lis expenses, anu
The only surplus which The United States has, already
On d. posltc with the States 1t IN VAN TO say mat
the land revenue viii redeem THIS debt. u mas beeh
| .lot, half N Ter
alone every dollar of that which is taken from the
national Treasury for this obec! mus; be made up by
dollar raised IN taxes 10 he applied to the ordinary ex-
penses of the Government. Practically therefore, The
stock be debt 10 lie paid in taxes, and each State
rust pay exactly the share IT receives as the hsrbu
ton is to be made upon the ratio upon @!ch ihe
lakes must be assessed The stock, 1t Is true, is noi-
na!lv bear interest OF three per cent ony bn 'he
principal, when itbecomes payable, must be redeenec
u, par that the solvent State, which converts Inc
stock into money to apply towards the extingushmeni
oil lis soven: debt, beng only uble 10 obla'h my
per cent upon the nominal value, really pays SIX per
cent for ITS money, and when the day oi redemption
comes, obliged 10 pay two dollars Tor every one re-
ceved
Sill! another class Of States must be also interested
whether they will or not IN this financial mea-
sure The non-ndebcd States are 10 have Their divi-
dend, because they must he taxed III common WIN Tie
indebted States, 10 pay the common debt II Inc lax
were 10 be direct that each State could assume lis
cuu,a a; once, and surrender The stock in payment
these States might save themselves and their czens
FROM loss but, VI the tax to be ndrcci as Is lle
aowed intention. they must convert the STOCK Tor "hal
IT viii command in the market-say, one-hali oil lis
nominal caue, contribute the three per cent interest
as o;ig us the lie of the stock, and upon the day OF
redemption pay s fnl! face, or they may retain the
stock pay tie intercs, annually INTO the National Urea
sury and receive il back for their dividends rs stock
holders, and when the day ot redemption snail come
paw in the the full principal, aud receive
il back cancel their stock, losing these operations
nothing but the charges and expenses oil collecting
taxes.
These specimens Of the practical acton Of thus
newly proposed financial system upon the National
Treasury the States, and The people These views are
exhibited test the policy and expcdency OF the pro-
positions and surely, il they are well founded, as
they believed to be, they must SATISFY every one
who will examine them, tha, such measure, 1t adopt.
ed! would oe any thing but benefit blessing TO any
oil the parties interested, the stock spectators
and the holders OF the greatly depressed and dshonofed
stocks. II there be national reasons for punglng the
country two hundred millions III debt Ter the benefit
Of these to classes OF men, scattered they over
Europe and America, then II may be safely admitted,
tina; the under discussion would be eminently
calculated 10 accomplish that object.
The principles Involved in these propositions remain
he noticed and here considerations present them
selves vastly more important than those Of mere pecu-
mary interest II The powers of taxation, conferred up
on Congress By the Constitution, are TO be exertcd,
not simply 10 meet the mixtures OF the National
Government, but Of the State Governments also II
the debts winch twentysS States may choose TO con-
tract, as well as those which the Federal Government
n.ay choose to contract, TO be national debts and
equally charge upon The whole people and property
Of the whole UnIon while the expenditures are purely
local and directed 10y separate State interests ana II
The Federal Treasury is also to become the Common
Treasury OF all the S.atos and the appropra-
tons of their twenty SIX legislatures, most certainly
system oi Government is 10 be made what the fra.
mers OF the Constitution never supposed was, and
intended II should be- aad what the Constitution
Itself does not provide for That sacred instrument wiil
be searched VAN, for authority in Congress 10
the debts Of The States CT the Union
ed for exclusive State objects. In the various Discus
upon tins important point the friends OF assump
on aud disributon for they identical principle
have attempted IN various ways TO derive hls power
or properly speaking, TO Justify its exercisc-hut
single position oniy has been taken-based upon
the grants OF power to he iuund in the constitutional
aud that that the Of Congress the oppo-
prla;on aud disposition Of the public money and pro-
psriy, limited only by the discretion and pleasure OF
Congress. ihs bold and broad position is attempted
be sustained by reference the secoud clause of
the third section Of The fourth article OF the Constlu
ton III these words:
"ihe Congress shall have power 10 dispose of, and
make all needu rules and regulations respecting The
territory other property belonging 10 the u. and
nothing this Constitution shall be construed Il
prejudice any claims of the t. S., of any particular
State"
When IL - remembered that after the close OF the
OF the Revolution, certain States claimed ti;a all
the crown lands WITHIN their vague and underlined H.
mis although wild and waste the property oil the
State, by vltre ci the conquest, while other States
claimed that these waste crown lands we're The
property Of all the States having been gained at the
common cost, BY the arms, and by the CON.
peril aud sacrifice Of ALI that, 10 settle these dis
pntes as well as 10 provide fund 10 meet the common
expenses oil The Government, and pay the deot which
the had occasioHed, ii The States had coded
to the coniederacy al! their interest and claim 10
;'Is public domain, before the adoption o! the coDstu
tion while others, which made large claims 10 the
waste lands had nc; tlade such cessons that time
and that il therefore became necessary TO confer upon
Conar rs, in the Constitution power protect and
manage and dispose OF the lands which had been so
ccdcd, and 10 do that without affecting the disputed
claims as 10 those not then ccdet-the main purpose
OF the grant above quoted viii he made perfectly mani
fest. Ii any doubt could otherwise exist as to this
construction OF lha: grant of power the last clause OF
the sentence would seem necessarily 10 dispe that
doubt, by IN express reference to the conflicting
claims oil the u. States and particular States II is
believed that this has remained the undisputed and