Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-06-03
[cosrIsUED.l
Treasury Notes and Public Debt.

The author Of the pamphlet IS exceedingly
anxious to charge upon the Wings the issue OF
Treasury notes to sustain the government. He
seems to have forgotten altogether that they were
fesorted to by the adj nisira,ion Of Mr.. Van Blu
rent keep its sinking fortunes afoat until its
close; Notwithstanding Mr.. Van Buren, found
national debt of only 8 ,S79,3l2, and cash in the
treasury, when he came into power, SIS SOC, 792,
and received in the course Of his term the dues
from tho bank of the United States. and from the
merchants suspended bonds OF New York, amour
ting together, over and above the whole national
1sbi, TO abou, S25 ,72s $50. besides all the ordi.
nary receipts from customs a high rate Of duty,
and SIS, l65 ,2S9, from public lands, and yet he
expended all this and left debt, officially re
ported, OF G S,74s, bu, which did no, include
the annui,ies payable by the government, or the |
outstanding appropriations. Gen. Howard, in his |
Zion lie tier, conclusive to the issue Of these
Treasury notes. and that they ore the Democratic
currency, He says:
Of Treasury Notes, voted in favor Of
issuing them when in the last Congress, ye, OF
opinion tina they furnished. and would
nsh, valuable currency, and with modification
would tho general circulation and be valuable
medium the Of society refer their de-
they should be reduced into the
smaller deangsn
The writer of the pamphle, in his zeal TO charge
the wings with creating national debt, says:
elm less than years a,onal deb, has been in
creased by item about sixteen millions Of dollars
Nov, il so happens tina, this statement requires
proof. That there was ns,ional debt to the
specified amount, may be admitted without touch
ing the question between US; the charge is, that
il was created by the Wings. This we deny
We say that Mr.. Van Buren, expended over $50,
100000, in his four years, more than the ordina
~ revenues Of the governments; that he left an
officially reported debt Of So, 1873 74S for his sue
cessor to pay, besides leaving a considerable
amount Of annui,ies to pay to Indian tribes, as
well as a large amount of outstanding appropra-
tons to provide for that he left the Tariff at the
lowest minimum Of the compromise act, produ-
cling much less revenue than received from
inpos,s during his administration; and, what was
worse than all, he left the currency deranged and
deprecated, and the industry Of the people para.
lyZed, go that they were unable to contribute 10
the national treasury they had done before
The Wings have created no national debt; they
found one which was rapidly increasing under the
administration Of Mr.. Van Buren, which they
have done al, in their power to arrest, but have
been prevented by obstacles and circumstances
over which ,hey have had no control, ana fo
WHICH lney are III no wise fesPoDsioie ihis ar
ticle, ike others, we are compelled to close with
out going much into detail in this matter as W
could desire; bu, we have said enough 10 SHOW
that there are two sides to this matter Of ma
tionnl debt and treasury notes.
REMEMBER
That "the mandate went forth in the messag
TO Congress of Gen. jackson, December, 1929. t
destroy the credit and financial system Of the U
States. The first experiment resulted in the IN
ordinate multiplication of irresponsible Stat
banks. and the consequent excess OF their pape
led TO the issues Of of the stocks of the We
tern and south. western States and to the creato
Of the greatest portion of their present heavy il
debledness. For We cannot be TOO often remit
ded Of what should never be forgotten. that d
ring the ten years from 1920 TO 1880, while
National Bank existed, only twenty-five Sta
banks were chartered with % 000, 900 of capt.,
Whereas from 1880 TO lS40 during the period
the State bank system, the authors OF which no
call themselves the supporters Of a specie cure
cy, and charge all the msfortsnes and embarra
ments Of the country to the policy Of their OPP
nents, three hundred and forty -eighs new ban
were created, with S26s 900 900 of capital; a
during the years of 1885 and 1886 and par,
1887, while the system at its height, me
shan one half Of the whole amount Of exist
State bonds was created, comprising nearly
whole of the stocks Of tho States whose sit,
tion is becoming too critical" All this was dc
under the reign Of our opponents, and nox ii
desire 10 make the people believe that the con
sion Of The country is chargeab'e to The Wings
IsIr TRUE1
Tho writer OF the pamphlet puts the follow
inquiry to the people:
"What would have been Mr.. Wehsters
Tariff bill passed las, of Congress Isl
ne had been there as member from LAD lanai He W
have found 'esresEy ssnsie ARTICLE raised made
state which is protected by thar bill.''