Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1847-02-04
FINANCJERING.
DEMOCRATIC PROFESSIONS CONTRASTED
WITH DEMOCRATIC ACTON


that Congress has authorised the President 20 BoR-
ROW rwENTY-ElGEr MLa.loNs OF poLLARs to
carry on the war. The loan is to be effected either
by the sale Of stock OF Government bonds, or by
the Issue ofTreasury Notes bearing six per cent.
interest.
When we saw the announcement Of the passage
Of this law, we could not but recur to the scenes
which took place in 1886, in the Congress Of the IT,
States and in the Legislature OF Virginia At that
period surplus, over the wants Of the Governments
had accumulated in the Treasury of the u States,
to tbs amount, in round numbers, of about Forty
Millions Of Dollars. This excess arose princi
paliy from the sales of the public lands, immense
bodies of which were sold during the prevalence Of
the specializing mania produced by the expansions
OF the State Banks, consequent upon the overthrow
of the U. S. Bank.
The question arose what shall be done with this
money! The Wings proposed to distrib,dc it a
mong the States in the ratio of their representation
and bill actually passed the House of Representa-
tlves, If our memory serves us, for that purpose
Gen. JACKSON, however, thought a distribution of
the proceeds Of the lands had strong squirting to
wards MIR. CLAY's great measure of Distribution.
He therefore declared that it was unconstitutional
to make distribution But at the same time he
announced that it perfectly legitimate deposit
the money with the States, and agreed to give his
assent to measure of that kind. Congress accord
ingly remodelled the law, and instead of bill to
distribute it was christened bill to deposit the
money with the several States, and in that form it
became a law Under that law 1'centy Eight
Millions, One Hundred and One Thousand, Sir
Hundred and Forty -Four Dollars and Ninety One
Cents actually deposited with the States, and
is still held by them
The Wings at tho time exposed the miserable
s,,bterfuge which had been resorted to by the Van
Buren, men to avoid the appearance Of sanctioning
the policy of Mr.. CLAY, and declared boldly that
the bill was TO all practical purposes distribution,
or donation, and not deposit, loan. The De-
mocrats, however, declared that it was only de-
post for safe keeping until the Government should
need it, and to give an appearance of pausbiity to
their device, they actually required that the Treasu
Of the u S. should, in making up his accounts,
include the sums deposited with the States as so
much money actually in the Treasury
Accordingly find that the Secretary OF the
Treasury and the Treasurer do annually report that
S2S, 100000 as in the Treasury, but always with
note appended stating that the balance reported in
cludes the amount deposited with the States.
| Well, the time has come to test the sinceri-
ty and honesty of these Democratic professions.
They say this $2S, 0l ,644 81 is in the Treasury,
and that it was never distributed or giren to the
States, but only deposited ,ciH or loaned to them
If that be so, why do they not require the States to
refund Ifit was only deposit, surely, they will
not object to pay up what they only hold trustees
or sub-trcasurcrs? The Government now wants
the money.-Ihey want just % 900 900 of dollars,
and they have little over that amount due to them
from the States which hold it on deposit. Surely,
If this be the true state of the case, the Govern
ment ought to make its debtors pay up. Other
wise, the Administration will be presented in the
very awkward attitude of borrowing twenty Eight
millions of dollars at six per cent interest, when
they have twenty eight millions and more lying
idle in the Treasury This would be fnancierinp
with vengeance!
We call upon the Democrats in Congress, there
fore, either to collect the $28, lOI ,644 81 which
they loaned to the States, and apply it to the pur-
poses Of the u. S. Government, or to acknowledge,
by their REFUSAL that they have wilfully humbugged
the People by false representations We insist,
moreover, that henceforth we shall hear no more
mouthing from them about the unconstutionaliiy
of the distribution Of the proceeds of the public
lands
And with all due Difference to our State Legs
lature, we would respectfully submit to them the
Proprlety of returning to the United States the sum
of $2,19S,427 90, which Virginia, according to
their pretensons, holds on deposit from the general
Government! IL they will do so, we will acknow-
ledge they were honest when they declared it was
a deposit or loan, and not a distribution or gift
And we will also be prepared to respect their scru-
pies about receiving the $42 900, which she is en-
titled to under the distribution Act of l84l If they
fail to refund, there is escape from the charge of
dcfrauding the people by false prctenses-of con-
vertng trust fund to their own use-and of hest
tatng to receive the $42 ,00O not because they are
in principle against accepting and appropriating
distribution or Donation but because the sum is too
small
NATIONAL DEBT OF THE u. STATES.
A correspondent Of the National Intelligencer
presents the following statement of the National
Debt
Capital Int per yr
Amount on 18th of March, 'i6 S19,OOOOOO 81, 2OO,OOO
Amount Of the Presidents
war loaD August, '46 100000 $50 900
Amount Of appropriations de-
handed by Secretary Walk
or, TO carry the Presi4
dents war to the Both Of
June, 1913 $4,000 900 100000
- ses,OOOOOo $6,s5oOOo
70 pay these Disbursements
the United States collects
the import duties, which
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