Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1862-12-19
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lAlion. Should no future wars srresL r,due.
ton and again demali expenditures beyoud
revenue: toat day viii, however, st length
come. hen i stxll arrive, the debt may
DO re'sIa:d o. low interest al that amcunt, o:
some other security iog circulation may he
devised, o!, possibly, the vast supplies e ~!
rich MINES ma render all circulation unsc:.
VISIBLE except gold, and the absolute repre-
aud equivalents, dollar for 'i,i;ar
OF gold N the t~ronsury, Or On Sale deposit
elsewhere. but these consiceratic:S Hay &c
Tor another generation.
The Secretary torbesrs extended argument
on the conssitutionslity Of the suggested sys.
ten. II IS proposed as 81 auxiliary To IN.
power 70 borrow money AS ar agency Of II,
power ~ collect and d:sburss taxes; and rs at
exercise Of the power TO ,egu!rt. cororDcrce
ard OF the power To regulate the value Of coin,
OF tbs two i.st sources Of power nothing
nsed be Raid. Tbs argasnsn, relating 70 thom
TaH long since exhausted, ard is we'll Known.
OF tho ot!ler two theirs is no. room, nor does
II seem leedfll 10 say much. IF Con-
sgc:Ss can prescribe thu structure equipment,
and management Of vessels to navigate rivers
ho~,ng tetwecH or' through different Srstes.
rs Il regulation nf commerce.. Congress- unhy
aesurely de!s;min" what currency shah De
employed in tho interchange of-1he!r -ca4nmn-
ditieS which Is the very sssence Of commcrce
who have agreed 10 little p'se, hsyb
ceucursed in the opinion tha! the pHWe: to re-
gulate coin is,iD substance snd ~e:ect,a power 10
regulate currency, and that the trainers o; the
Constitution 30 intended. Ii may well enough
h.. Admired that -h1. T,orru,. ,a,Eon. "a.
regulation to weight fnenoss. shape and &C.
vice, banks aud individuals May issue notes
for currency in competitor With cyin- But
1t is difficult 10 CONCEIVE By what process CT
logic tie npquess!ousd power u regulate
coin be separated from the prwor 70 maii-
tam or restore it's circulation, by excluding
ell private or corporate substitutes
which affect its valua, hru eyer Congress
shall see tit to exercise that power fur ina;
purpoae.
Tbs Recommendations, now submitted, ~
tbs limited issue OF Unittd States notes, ~ &
wise espedient for the present time, AID as
sn occasional expedirnt in future times, arc
vi tue crgali.s'iop oi banking associations t.
supyly circulation, secured by NATIONAL bonds,
Sid convertible always into United !S,aic-
~SSH A~'No.PNbS' ~ -kSS.S S''
L-ents, into cam, arc pl.s.pt"; b. no tAyIr
60 excessive iesuus OF auy description IF :! et.l.
u.UAcy.
Ou the contrary, it is the Sccre,ary's iiu
bs!iet thar by no olLer patti can tbs resump-
ton vi specie payments be 20 surely reached
and SO Certainly maintained. United St,.Gs
ayte, rscelgsblr for bonds bearing s. a:caTe
s,ecle interest are ueXt bes. To notes con-
rertibie into coin. The circulation Of bank
log associations organized under = general
ACT Of Congress, stcured hy such bonds, eau bc
most surely and safely maintained Al the poiui
II certain conrer,ibiiity into coin. Il ten-
pora-Iy, these associations redeem their is
sizes r::th Unit>i St.1.s n5teS, rrSuu2',pa o.
specie payments viii Eot lht.eoy DC ds!syrd
0: endangered, but hastenvd and secured ;
foT, just SIS sVon Gs victory shall restore
pHG:t. tbs ample revenue. el.eacy s.cu;:t.r
s.: 10 legislation, sill cnsb!A thn G.vc:nuept
.hrougS advantageous purchases Q: specie, &c
r.pisce 1t ones lsgge SIN 4o1, q; NJ DIS
TAFT day, tho whole Of tais circulation ~
cain, wtthout d-.rirreat - Any interest, Dur,
~ the contrary. vi. gree, so. ~HGanitoa. cea-
rtt 70 I'll Interest,".
TIE Secretary TcsoEnTuenis, taerrc,rn. d.
.!nere papar noney schearr, but, Oh he CON
rrx-y, "a series .: me.suces looking % > 80,
a2d gradual return 70 goii AID silver ~ tue
only peruoanen; tasis, standard aud praarre
Of values recognized by tie Constitution
between which and IN ilreGeemab,s papel
currency, ne be believes, 4 choice is Now t.
DO made.
No country possesses ihs tru" elements
Of q higher c,edit-no Country, il ordinary
tiuee, can ualrt.!n . higher STANDARD of
currency and psyIDsnt tan tie Lifted
!SI.tea.
The Goro75m:I! Is less coet;y team thc: E;
most o!har great p@we;s, The expenditures
0; the current 6sc.i year, excluding those r:
tie War ard Navy Departments, can hardy
o4ud ,hoss of last year, which amounted to
s24,51l,4I6 IS. Estimating tDose Of thes,
Departments RI double tie expenditures 0:
the last year before the rebellion, they you'd
for the curren. year, kEj the war ended be-
IRE last midsummer, "a was anticipated *
he dnte Of tne taSt re port. amount 20 the eDm
OF sJ5,345,S24 -. TIE interest ca the pubic
debt. is fos the cairent resr estimated a.
S225. d. ,532' o.. snd will ret Drooabiv e. orrr
The: SUN. The whole expenditures o. the
Government. for tbs current year, On tao r,;rr.
position q: pcscc, ~culG, therefore. no. excrsd
$685. ,S43 Fl. This aggregate must DC IN
creased hereafter BY the addition Of interest
on the losns Of the current and future 7eara.
ard b. pensions, the p-eciss amount Of which
esnnct be foreseen. .EstDna," the iorC,cr ut
fftv, and the latter az ten millions a yrsr,aHd
the to.al annual exp6EajturcE in aen@c. will
react, emitting fr4ctiors, 20 elG5 QnG GOO
=. -k -
the year. ending March 81, 1862, were
S264.436,Ge2; those Of F:.uce for 1859, &C
coIcing 70 Frea:h official egtima:ea, will
reach s421 1928 9G0, ard THO ccnua! cz-
pen Ses Of Russia, GG:ordl.g 70 .ruo res;
accessible. INFORMATION, do net isll abort 81
$780, 900 900.
To nlG3t rvr Slrusl expenditures. An1 t.
aaslle beyond contingency the purctnsl DIS
charge o: the Interest IF the public dcnr. AoG
the creation of = sinking fua6' FIR its reAnc-
ton, Congress has provided e TcTanuo ir,W
cuSiome eren nov reaching near seventy Mi.
l;nns q wear, shi {. reTenuc ron ~iutn"ral
.dut!ea, which viii not probably 81 short o.
one huudred AID tiity millions . year.
Witaou: reckoning auy other rcsop-ces
TITAN .hass alie4ig: r,ovidcl, the ,rvcnas
rheref"te, Will Annually exceed Ii. expendi.
lures by i~55,000,000, which SUN may be
usnd. 70. tho reduction Of Inc public debt
II, ties, yts way snail be cnnlianel, contrary
80 hope and expectation 81 u.!irrnn,sr o.
1864, suc he public debt alsn reach he IL;
mos: limit nov anticipated 81 seventeen hun,
d,ed SGD hft- 7~1illio-s vi dollar, tie "xcess
q revenu. vii! reduce dat de1t, during tht
f,s; year OF, I ace, 1nasa than three rsl
c.t- ,r
hut tbs American Republic POSSESSES i'm.
pe2ae resources sh!ch hsve not yet beer
cs!ied into c~oni5ihu'i:D. TfHe gold -hea,;o:
rs,ioa ot'tho Unisd STATES stretches th"crgt
ns.5 siehtesu ;iel&s.is u isci.udc, from Hsiii>i
, oinmbla on ;hs north. 20 :GuXira GU tas
aou,h, and tnrcush mus:. :hsn .wsnIy Dr.
yre.s OF longitude. from The eH7tern d5c'ivi
,isa If tho Rocky Mountains 20 II" Enc'ft
oceap. IL 'ipclud=s .rso atdte-, ,."!itJrri!