Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1862-12-19
Making SD ayIrar-;e 3I

coC lae Gscai year lSotJ o-I,occ LOO "
| Mixing 4 Aggregate oi s99 ,3O0,70l 2:
3 sa5.iac statsElen. ID sI omitted with thu
report, and as nsr. .! il, exhio'ing clearly tn
details Of thu receipts nnd expenditures o
the financial years 1862. 1853 and 1854
! Another tahIc s'al5a nu;,H,itte,,, in vS..&t
may bs seen Of wh.- particulars tn. eXi:Ess 10
deot consists, IN 7Att yesrs it was cohtrIc
! Jed, and when gnt; in whli aulHunia it n IL 90
| come duo.
The other tables required b. law also .o,
company this rnport.
In order to rsrs formation of sound opia
ions ss IN the measures required for meeting
! thi, 1crnards disclosed NJ tbs estimates an
! vet urprovidrd for, it ros7 sc uaefui 70 r.
view, hr.eGy, i'll cnnaecticn With thair actla
. uad PROBABLE results, tie Irensures already
7oIo1p sndsd and adopted, or 81, under leg
! isls1iye oonsidgra;i u.
! With "icw 10 ,ha necessary prcvlBiors
tux lbs expenditures then anticipated, the
! Ss1rut4ry PROPOSED 10 Congress, II it5 !sai
! ,r,zi1n, Euch lius5;itrs rs sE2nst: to him hata
! adapted In itJ 6ttAnnisnt of :hs object
Nt,.;ae Er,a dat III !ncrea6a Dt duties Gu .a:i-
! 1Is T.yo;is; l2.:j az IrYiruse cf tie di'-r:
;n>; t5d) .hs is. ;,as ni Internal ';n;ieSi i j
! \ h..rri nmibs. Ii oi UHited Sia;rs mates, CO...
va7;ihIe mo c,in; (3th} The ussuii=titi o.
! lnsns, Facilitated By the Organization Of benk.
: ms ssSnciations, vhGse ci.culsiion Should
consist uTifv Of ngtcs Uniform in character
:u, ciahnd By Thu Govs.nnont and secured
~ tn convu,I;b.iits into Coin, bg limited States
! hynls do poslted iii The TREASURY.
Al the iisHo theso reooInmendat were
/ antnit ted, Tho bark hIu not suspended spanI1
] Dav,rsn;s, and therc was rsaSvn to b. ve
! Lhst rccnnm;sng expenditure and dSoisis.
! mili,srT acipn wcn,i secure tia rlaune re.
/ ouIred for tns suppression u; ihs r,heiIi".
! u ,thout serIoua sacri'ice5 cr ,ho rart Of the
| Government, and withHr: rcsort to any othsr
currency than th't :: co:n srd equivalen,
! pu:-s.
U.e.psc 81 lGit57y i.izvF, hnw5v4-, in
creased expenditures. d':i,iG:Hh:d coniidsncl
II public securities, en+ lad. is impossible
) inr the n7nka aud ceq'tsi,.S, ;, @ho had ::,i.nn
! Tue pTsvaGs h'ans, To dispose If .hs tonds
held BY ths.l except nj rui..ilt. l,ss, ard ilr
Do.s'e Ia- tno i1"ornInsnt 70 nogotis. e
new iuG.s ci cuins a,c.p. ~ lih. ,r gfsa'er
. Les.
;h..re conditions in, be .u;.,easi,.5 nf fpr-
ric paynvntR aavi'>tle. The banks U: New
TnTk tuipenGed or iha 30ih Of December
1861. Thes eIsmplo Has tniiaSrd by upu-t
uf The baiLa throughout ,hs country, and
tie Gp1ernulsnt yielded 10 :np same per:rsii-
! " il r-s;eG; 10 The Cn;tad States i.u:.a thss
| in circulation.
ThlSss charged clron.hstSrcss required :.
change cf measures. Ths expenditure. hn1
slreadT reached Rn average n nearly q nil
lion and quarter Of dollar, each secular
1aT, u hiie ;hs rByenuG f."Iu I'll .nd ces hard
;y ,xc.etvi one-t1nth It tia: sua 1t ~.
nsc~s-a.y, th-rcfore, to r,ise hy inanG in
soma fnrm ahnns thirty i5.liioue monst, or
sixty n,liona every stxty days
Careful Inquiries sal iTfied the Secretary IkH:
the f.s: ESQ 0G0 600 coul! not BE had, in COR
=; betl-r rates than dollar in bonds ior
eighty cents in money; and that sach sue
ceeding losn would invulro submission 10 IN
crrssinglv t,issdeantsyeous teru.E. To ohta,
the fr5t sG0,UVU,G(N would require; tharetorf,
an issue Of told, "a :hs amount u
ST5 100000, sa3, ri cnurse, 81 increase
of tbs ru:lio dsht hv 'ha some sum
the next eco 0Q0,0Q0 you'd require, rsrhapa
500 100000 lr bonds snd debt snd the next
100000 if fobtairnLls It Iii, gould req uire
! perhaps, l20,000,Q00. 1t waa easy 70 ere
shat "a this yoSd uttsr discrsdle and nsreiC sis
would soon bs reached. TIE sdoptiun Of $
! pisa OF 1asnos Involving such consequences
Wiz not compatible with tia Sza-otSr7's idars
OF public du:y.
There remained hut enc cthc- rag Of raIs-
ing money By the negosiatior nj bonds In The
Usual raode. That eay s=ss, 10 raceiva
in payment OF loans tie 70: s or cr1iiss ct
| this banks in suspension.
To ascc-tsin what !4uult have bean tto
consequence Of 4 .tE0rt To this axredsnt, "
| is necasssry to ~rtner,.er shs, taa Bank rir-
culation O.! ttls ioy.! Ststns amounted or tnc
lst dag Of January, 1861. to al5GO00 900
that i had been reducpd IN $4,000 GGJ or
rhe let day Of January, 1852 ard thst this
c,Tculstion wss hifnseti throughout the
countTy il nj The chaanais Of husinnss.-
! In thesA circumstances lie collection ny loans
CT sutiicieGt nrlou3ts t, meHs the danandG
| upcm the Tr.as;T ii =. a.na far prompt bsy-
| nsnts would "a extremely difficult. The De.
! sctistion6 Of sucn lcars 10 the extent rc-
Qui-ed BY the public eS:Sonces, would crc.te
us1o7pd for the notes which would involve
| tho necessity, a. hrat, Of sacrifices not greatly
inferior TO thnea attendant on coin losns. II
subsequent negotiations should become prac
ticanic at eeerirClr hstter Tarpy, il -orld be
because the GnTeI iinaaf,f demand bad stimu-
lated Ihs making and is-Ing OF fank notes to
All ex!Ins far osYund the ordinary peads
Of busirese. The inaresse Of circulation
ii,lts :, irru!.,,ei would be- upimited. except
| ny the pos. h:liiy Of obts,rirg irtgrcat on
lo.ns Gift: or, IN other wrri-, by rhe pos
III e ht.i. "a lob III
| cns,.nu:iity and tho G,.ycrnruuat. THIS limit
Gsr'sin To be finally reached by all ban;s i,U-
pro,idsGtlv IrnHag=i. would not, however,
no reached immediately, or 1T the sams time
by Mi institutions, or hy tho g.u.n rate 0t
progress in NJ! parts Of the cnuntry- But IN
excessive circulation would surely ba thrurt
| upon tus community, forming currency
every she7e, b.'t irrerilsr.y dspTscisted, des
! tined IN part 10 become un,th-Gs nrd certain
to tax an: dersnsc. onyo;il measure, the bu.
sinass OF the p-',.le, snd ~ -it,:rrSSa, If not
arrest thr operations Of INC Gnv-rnn,rnt.-
L,,ans negotiated in Hi. circulation wOvid he
simply exchanges Of the ie':ss OF rhc nation
hearing interest md cerraie 10 f.s paid, fnr
the dents % mutiiu,!. Of corporations
bearing no iy,eraz, Az! cdftaip. in part, nave.
| T. he paid
This is f:u. partial representation Of tie
! consequences apprehendsd from tie rrae'P
! nj bank n1tr. fI:. loans 10 the t1uTern;Daris.
! Their character msie It iucossible for 10.
! S<,ct, ,t@ry 10 recommend ruch organizations
Ard vholly improbable tbat Congress would
| authorize them, If recommended
| 20 other mode Of providing, with Eny
iainrshis dtGreo Of pronpicuII, i0E the ;eIats
| pitha s:.ny ana navy, and tho no2eaa'tias >!
| a;ii.- branches oi the pubic service, t.sa.et
likely ,c ELECT lie objsct with So lit;!e pubic
ipcoa,:i.;sncc and so considerable public nj
van!s2r SIS Lie Issue OF United State note
adapted to circulation sa money, s1d aVnllasle
therefore, immediately iu Government pay
| nsDIs.
a.. >; y W.. Ji-,,. Ia,