Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-04-14

It cannot be doubted that il this una,
propriated furplus had exiGed at ,bs 'aap'
Of the aa Of 1896, that The power - u ave
the Cock created by that law wonH @n
have been delegated. The Creation Do "
the power was meafure Of neceaitv. W.
its exiitsnce depended upon the co on .'a
ance Of the fame necefi,y. The b.'L
flock was not direa ard immediate fms FMS
it was Ginply auxiliary. & therefore eoD,;s
gent. The laws under which The lsh,.
were contracted, and The icnd. rroyia.i
for thiE payment, conldered colIee;vd.4
plainly fpeak this language to The ce.y
mihloners of the taking fund: +" 7, ~,
fvsat that the iurplus OF ordinary rey.a '.
does not enable you to pay the ines1m. s.
Of foreign debt ard the debts due 70 'L'
bank, tben you llall have power 10 Gu
TIC bank flock" 4 power DEPENDING t ~
certain event did raj exit which was Il.
grcund of the power given TO the COM IN
nsiAioners, and their aef therefore j.
the fale Of the flock was not warranted /,
law.
To difcharge the debt due to the h,,t
was the ofenGble motive advanced h.
the Cor miGoners Of the Sinking Furd
but not the real objed in the lale Ct tbs
flock. After fun equal 10 the ,no.4.
Of the proceeds Of the i4le Of the flock
was applied to the payment of the debt
due to the bank, there filI remained d,e
TO them tie fun Of I,452,4oo dolls. Az;
although tie United States tad an ss0,
duaize capital in their treafury Of dolls.
100000, and the balance due from
them TO the bark was bearing intereA, yet
the money was uttered to lie uleleG in The
vaults, while an active fund, Yielding
more than s Per cent, is taken TO sx.
singuiG the debt rot however sked forby
the creditor.
The ruth is, the real objsa in telling
the flock was to facilitate the remittance
10 Holland Of an infalment of Dutch debt,
| Il is, however, Of little moment what
was the presence, 1.-THE power tic fell was
wanting. But ii is connected with tn,
| fubjeG toremsrk that this fuppoltd pow.
er had been dormant for fix years. Da.
! ring this long period, the Bank had uc
! required, nor the commidiorers confdspl
themfelves either bound or at liberys
execute it. The law was defgned for an
| ocfGfonai emergency. il gape an auIho.
rity to fsll the whole flock, or luch part
Of it as the demands on the government
at that time required.
The comlniinoners fold a part ard al
much as was neceGary to accomplish the
| defgn Of the law. This was complete
exseatioa IT Tie authority, and the aa
fnce that time has been conidercd TO b
tantus etfeo.'
A fact here deierves to be mentioned,
for the pufpofe Of Gewing The community
the kind offquare on which certain men
at. On the 9th Of April, 1901,
bill was brought into the houfe Of rspe.
fentatives entitled A Bill making PFC
viGon for. the redemption of the vhc''
public debt )" in this bill'here vas pro.
vito lily introduced, " that the power
therein given fhouli not be conffued 70
repeal or diminilh the power given Tie
Commissioners OF the linking Fund, b!
an al entitled An act making pfo'lH"
for the payment Of certain deO's Of III
United States to borrow certain ium'
and to fell the flares of the Bark OF tM
United States il the manner and on y"
terms for the purpofe authorized BY ..s w
faii act :" This clauft pafed unn0' IS.
till the laa readings of the bill WIKI ta
Mr.. Grifwold roie and ooityed 10 :.
houie thar he was apprehenhse that '.'
provifo, ifit had any meaning, was 10.
tended as an infdious method OF re'lnDs
the aa of 1896, which he coohde[ 'a, 4 4
having expired with the occaiion O' =.
not, yet, asst had no connection WIN a,a,I 4
bill itfelf he fhould move that 1t De w. ~.
out. This was objected TO bscauie i ''
from federal quarter OF the noul'' ,ci