The recorder. [volume] (Richmond, Va.) 1802-1803, 1803-05-18
RANK STOCK.

5Cli VIC Odtk tlCCl- d. SA.s 'ttii (. D!k~i
examination of tic rhird fiction of the |
act Of 1895, from which only, it is add |
miGJed on all hands, rhcy derive their |
authority. The le0ion IS exprcntd in
thele words
IfaG Re i further enacted, that it ihall
he deemed / good execution of the pow
erto borrow, herein granted, for the laid
comm,iAoncys o. the linking fund, 20
Cau.e 80 DC continued, certificates of
ilock, Of the deicription herein after
menuoned, and 20 caufc the fame to be
iaid IN the United States, or clicwhcre
Preceded. char no more than one noiety
OF the laid flock fhall DC fold under par;
andltihall oelawful for the corr.nilli5ners
OF the iinking fund. if t5ey baH Jfad t5e
.IHms 10 be 19gf Gal,ahiage,a5, 60 tel {uch
and 10 many otthe ihaccs u che locA OF
the bank - The United States, belong
ing 20 the United States, As they may
thAk proper: and tha1 they apply the
proceeds Iheceof 70 the payment ofthe
iaid debts, il:4ssS Of ls1ling certificates If
fax rhe manner prcicGiocd in this
a6t."
TIE friends o; Mr.. Gallatin now en-
deavous 70 MAKE it appear by fair con
itructlon of dis fettion the coumitlion-
ers oFthe llnking fund we're veftcd with
al unlimited diicrcuon as to the lale 81
the bank Cock, guided and rettrained
by noih1n" bot cac dictates OF rheir own
opinion, rhat fuch lAie would be advan-
tagcous 10 rhc United States and there
tore, II ch1y executed this trult accord
ing 70 tbs telJ of their Judgment, they
are not a.nenabte 10 any onc. lt is ad-
United rfai this contribution is eilcntialIy
n1tciiary 10 ruc defence OF MIR. Gala
tn, butir We ale not mucn mii}akcn, il
Is 4 defence which can never be al
lowed am.
he words are, thar g il G1ail be law
IL. Tor the ccinmiiiioners 70 fell, If t6-,
,S5f"J*a@tbS Jlg''s to be mott aTvantageou5"
30" mott advantageous ;" the &cf does
not flop here, and leave il entirely TO
thcm TO fay whether If would general
y DC advantageous or NOT, 20 fell, buc by
fae l1oIequene claufc, namely, & inlfead
OF telling certificates OF dock" Is evj-
ptnt!y confines L1eT 10 make an cleo
tlon between theic TWO things, and 20
ceciIc which viii be moi advanCageous,
70 liiuc thc certificates, or Tell che ltock
We have tccn that it was first nccet,srv
for me commI0ioncrs 10 hcv thar sa~
proceeds OF the faies were 70 be qppE. 4
10 Tie cHllngWihmcnr q Drc1inr Dc
marc CANT lie United SLals, ~ ter
Onlecc 5tages bank, but Iha ro n,cl de-
manG had been nlaIc, ass }nl : ere n.t
they had noI brouga lurlLc.y. .aia
the a~5 Ia his Eeipecr, We iha.. now
zee chat tnty GII n.c even once take
lh'o enlT confederation inc question pre-
tailcd TO them, w.lcgaer It would be pre-
tsrab'e to icii tho l.ock ,npcal of laujnr
ceEl,.c"tes, aae. tQerrTore, thar here
5ail ,hcy fai! ro a!lag t6en,feIyes With
II the power conferred by me act.
The commi]Honcrs of the Gnkjno
iunJ, IN taeig rePort Of rbe 7ch OF Tnne,
tate, as their reaion for Filling The hanls |
flock, not that it had become 7-re8arv
toPay che bank Of the United States |
aod. lharthey were reduced to the al,cr- |
native OF choodng between felling fix
per Conc, certificates or the ban. ltock |
and that they thought ii moro aavan- |
t'geous to fell INC former: they tell Us |
nothing like lhis; indeed il would have !
cEpoied them to quellon Which they |
mighr have 5uPpoitd would now be
kept or 81 ii1atj for it would hay= been /
a;kcd, how they could make it appear
thar it VS. more Advantageous 70 icji |
Ink sch a- lois cfone huzafrl anu
nloeteer tbou.and dollars lets than Inc
m.rEct price, (to lay nothing Of he