Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1802-09-18


lars, applied to the payment of the prinoi.
pal and interest Of The public debt. woula
on the superstition that the whole of the
six psf cent and deferred stocks shall be
redeemed at par, and that the whole Of
the three percent stock sap,1dbe reiniburs-
ed atits nominal YaiUe, dis charge the whole
ofthepublic debt in.sevea years and a half
alter the year 1909, or within the wear
1917.
The accompanying bill provided for the
annual appropriation OF 7.30o,ooo to Che
payment oF The debt until IL shah be en-
tirely redeemed, which sum It vests in Che
commissioners Of the sinking fnnd, with
the reserved right of reinbursing ont cf
that sum demands arising under foreign
| treaties; il empowers the commissioners
10 borrow, by obtaining q proiongation of
lcrmer loans, or otherwise. the sums re,
( e'nsite for the payment OF the Instruments
OF Dutch debt due in the wears 1903
1906, with 4 provision that a sum euuiva-
lent lot that borroweder reioaned, shall be
laid ont in the purchase or redemption oe
the present debt; it empowers the COM
I m1ssioners TO contract with the bank OF the
United States, or with any other public
institution, or with individuals, Cor the paw
meit in Holland Of the whole or part of
the Dutch debt; authorises the allowance
OF one-iOurth OF one PEI cent. for mailing
rentt2nces abroad, and tIie appointment
/ Of a foreign agent with salary not exceed
| ms 5000 dollars.
a debate OF several days duration arose
on the provisions OF this bill, which wire
opposed by Messrs. Griswold, Rayard,
Dana, L. Morris and Dcnnis-.and sup
ported by Messrs. Randolph and Nichol,
son
In the different stages OF discussion a
variety Of motions were made by those
| opposed to the bill to strike out some parts,
and amend others, all Of which failed by
| great nalorities; Gentlemen, IN OPPOSITE
on TO the bill, contended that while it pro-
tessed to redeem the whole debt, II vested
new and dangerous powers calculated to
| increase and perpetuate it, by authorising
a reloan to the amount of the Dutch debt
| thattms authority was dangerous, inasmuch
as Il was susceptible of great abuse, and
useless as renitta1ces TO pay the accrr-
(! ing lnstalnnents Of foreign debt could be
made without difficulty; they declared the
authority tn contract with individuals for
the payment in Holland of The Dutch debt
still more dangerous, in as much as no in
divdGal was competent to the ob;e6t, and
! - the risks arising from dishonesty or.
mercantile failure increased with the ad-
| ditiouai organs Of payment created by the
| bill they contended thet the allowance of
ohe-tourth OF one per cent. was an exor-
bitant commission, and the Establishment
OF fcseign ageat, whose powers woult,
( from their extensiveness, be necessarily
dangerous, an evidence of wanton prodi-
gaiity, both of which could confer ftile
public benefit, and could only tend 10 be-
stow additionalpatron on the executives;
and II was added, that foT these end other
reasons tAe bill in its splendid tile to re-
deem the whole public debt, was a mere
cheat OH the nation.
The friends of the people declared its
object to 5e Of great importance. Instead
Of devoting 70 tie payment o. the debt, as
had hitherto been done, the surplus above
the expenditure of the government, it pro-
ylded for vesting IN the commissioners q
definite sum, which sfouid moi be affect
ed by the expenses ofthe government. 4
great elfcct OF this measure would be the
insurance of an economical disbursement
oFtile public money, which would be ade-
quate to every necessary purpose, in case
az emergency dbl not a-isc and in case
i did arise, the national credit would rest
upon SO firm footing. that no enlbar.ass-
nent eould occur IN providing for 81.
They remarked that no new or dangerous
powers were conferred BY The bin, as eve
" power, susceptible Of abuse, given bv
Il, had been, from the unavoidable organ
ization Of the sinking fund, already repos-
ed IN the commissioners that the auiho-
/ rIty TO make partial reioans Of the Dutch
debt became necessary from the difficult
ties attending renitances to Europe, and
! from the possibility frat the Pecuniary 81
t1ation Of the country might require an e.
EQUALIZATION Of the instruments Of foreign
debt, which, for few coming years were
very disproportiODate they Showed from
the experience Of the government, and
that Of The bank of the United states, that
.rsmiuances could not be made without in
curriDggrest difficulties; they declared the
imp tation ola tendency In this measure
20 perpetuate the public debt IN be veal,
and uniounded. IS any reioan o. Dutch
debt would be attended by the payment Of
an equivalent portion Of domestic debt.
The authority 70 contract with pubic In.