Rhode-Island Republican. [volume] (Newport, R.I.) 1801-1806, 1804-11-28
F,.~. .be NarioxAL IsrrLLrorxcsR.
10 THE PEOPLE.


The DIM ENlE-No. VIII.
IN this view Of the financial operations of the
4 government, il may be proper conciieiy 10
notice topic. brought up from time to time 10
toit party purpoies. About the clole OF the
yeu 1901 the Commiihoncu OF the Sinking
fund made contract with Mr.. Barring. where
by they fold him z,1io ihaTes OF Bank hock.
Tor an advancs OF 4S per ceht. making i.zS7 200
dollars, on fbe condition Ihst he lhousd pay an
equivalent fun o: the foreign debt due by the u
nited States at the exchange of Al cents the
guider. Attic cole a Ihe eniuing fenion, within
two days of iu terminston, Mr.. Bayard bro't
forward motion OF enquiry, on the ground
that the CommilIoners had 10 legal authority 10
iell the Bank fhares, aud that il they had the
rover, they had f,crihced the intcseit of the
United States by the low price at which they
had been fold. We fhall pats over the diln-
senuou, manner in which ,his enquiry was urg-
cd. with the Gngc remark. that no other motive
but the deGrc 20 wound the naturalization IN
poriuuity 90 joRisy their conduet. could have
produced the motion at the time IL was iubmit-
ted. Fortunately, however, the friends of the
administration manifested, on this occahon,
vigilance aud knowledge that conioundcd their
eDemies.
In This aifcufion ifwas con,cnded thar the
ConniiEonefs had 80 legal authority TO fe! the
bank flares. Ia aniwcr 70 this declaration. ref-
erence va, had 10 The sa of Congiels Of 1876
10 relation TO the payment OF The public dent.
Thar sti authonies the CommlIioners OF the
iiuking fund. 90 borro- five millions, Tor the
pnrpoie OF paying )ycb dtbn 70 fbs bank Of roe
UsheG Stafe5. TO The back ot Neg YoIk, and
fnch inaa!nentsrt the foreign debt, zDsrs teen
dae Sy ygeHid bcesme DEE in ibs oss,jS effbe yea,
1906. The ls~ provided that this authority
NIGH, be exerciiec in ihsce different ways the
two frft authorized ioaning the money from ia
| eiyduzls, and che Third authorized the Commit
| lones, if they deemed il mott advantageous.
20 lell fueh and 70 many of the ihares in the
bank of the United States, as they might think
proper, for the above purpofe. of the FUN due
to the bank of the Unitej State, in the year
1906, i, was fllewn that 2,74o 600 dollars 'c-
NAMED due on the III Of Jaouary 1904. For
the puIpaie, Of in part paying this debi. the
Commiiiione,s fold the bank ihaus. The pow
er gives ia 1896 TO fell the bank fhsres be-
irg unlimited in'point of time, ard tie objects
20 which only IL was limited remaining IN exit
encc, it appeared as clear q, day light that the
authority was legal. Such. moreover, appeaf-
ed 10 have been the contemplation OF the iegf.
lature in the anteeedent year e Sor) who had
paiscd law providing FOR the dilehsres OF the
public debt, ip which it is provided that the
| power given 10 reloan certain inHalmcnts ct the
| Dutch debt " ifal not bc conasued TO repeal.
| dim,nfh, or stfcet the power given 10 the Com.
| migioners by an al making providon for the
| payment OF certain debts OF The United States
| tthe very se, 10 queEion paaed 10 1907 TO bor-
| row certain FUN; Of money, and 10 JeHfbe /5ar0
ir fbe bank Of abe Unifed Slater, belonging 10 ibe
| United Siai,t, in the manner, on the terms, and
! for the purpoic, provided by The fsid att."
To prove that the in,erea OF The United
| States wa, not facrihced by the fale. but that
| ON the contrary, ii wa, cmineutiy promoted by
il, we laail extnd from Mr.. Nicholfon's ipcech
the following fsement', which, It 10 conce'ved'
will Be h,isiaftoiy to every unprejudiced rn'nd'
"T The z,z1o fhares fold at 4s per cent.
advance, or for $50 dollars each, and produced
The fun Of I.187,6oo dollars. By iel'ing TO
Barring, the Commffonen OF the Sinking fund
we're enabled to make an advantageous contrstt
with him for the payment of the debt IN Hol-
lard. The bark OF the United States had re-
fofed 90 contract to make the remittance the
! Manhattan bank in New York offered 10 con-
t,aet. bot the lowell rate offered was st 43 cents
the suilder. Mr.. Barring offered to eo",raes at
Al cents the gui!der. provided the Commia,on.
er, would fell him their fhares in the bank ol
the Uni,rd States. This propoGtion they &C
cedee TO, and fold the z,aao fhsres for
| dolls. I,aS7 ,6oc
Gained on the purchafe OF bills
Of exchange for 3,I4o,4s7 gui'den
a Al cents each, ,nAesd OF @3 cents;
the diger,c- cenis per soilder,
eqral to $500, oiooe
| i35o,4os
| Thi, fam makes the real pro-
ceeds of the bank fhares. and fhews
the true amount received by the
United States for than, f,3So,4oS
| But The gentleman from De!s-
ware kys the fsle might have been
II a6u