Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1804-10-24
From tie .NA4rowAL INTELLIcENcER.
T 0 7 II L 2 Z /. L.
TIE WCE.
no. VIII.

oil The government, it may be proper con-
cise!y 20 notice topic brought up from
time 10 time to suit party purposes. A.
bont the close Of the year 1902 the Com
missioners of the the sinking fund made
contract with Mr.. Barring, whereby they
sold him 2,2a0 shares of bank stock, for an
advance OF as per cent. making ,2S7 GOO
dollars, on Me condition that lie should pay
an equivalent sum OF the foreign debt due
oy the United States al the exchange of
Al cents the guil;ler. htthe close Of the
ensuing session, within two days OF It's
termination, MIR. Eayard brough, forward
4 motion of enquiry, ON the ground that
the Commissioners had no legal authors
ty to sci! the bank shares, and that if they
had the power, they had sacrificed the in
.erest OF the United States by the low
price at which they had been sold. We
shall pass over the disiugenious manner
IN which This enquiry was urged, with The
single remark, That no other motive but
the desire to wound the administration IN
the tenderest point, without giving them
an opportunity 10 juztiIy their conduct
could have produced the motion at the
lIme 1t was submHted.--- Fortunately, how
ever, The i,iends,"f the adminstra ion ma
infested on this occasion, a vigilance and
knowledge that couicunded their enc
mics.
In this discussion it was contended tha'
the Comm issioEers kac. no l. gai AUTHORITY
to sell the bank shares. In answer 10 DIS
declaration, reference was had to the act
OF Congress Of 1896 in relation 10 the
payment of the public debt. That ACT Az
ihorises the comm ssioners Of tie sinking
fund TO borrow five millions, for the pur
pose of paying sach DEBTS to The hank NJ The
United Stafes. TO lie bank of New YoiE.
and such instruments Of the loceign debt
as Vrre then due ar sh2HA become die IN
The course Of tie year 1895. The law pro-
vidcd that this authority Nigh, he exercis
ed IN three different wavs the two frs,
authorised the l0ahing the money from in
, dIvduals, and the third authorised the
Commissioners, ifthey deemed il most ad
vantageoue, to sell such, and so many OF
the shares in Tie bank OF the United States,
as they might think proper, for the above
purpose.-Ot the sum due TO the bank
OF the United States in the wear 1896, il,
WAS saewn that 2,7zO OGO dollars .crnain-
cd Cue on the lst Of January 1902. For
the purpose of in part paying this debt,
the Commissioners SOLD the bank shares.
The power gi:en in I796 to sell the bank
shares being unlimited in point of time,
and the Objects TO which only it was limit
ed remainirg in existence, ii appeared as
clear as day light that tie authority was
legal. Such, mortoYer, appeared To- have
been the contemplation OF the legislature
ia the antecedemt year (8O2) who bad
passed law pro'iiing Tor the discharge
OF tie public debt. in. which il is provided
that the power given to reloau certain in
siaIments of the DJtch debt " shall not be
construed TO repeal, diminish, or afe6l the
power given 10 tie commissioners bv an
acl making provision for the payment Of
certain debts of the United States (the
very act IN question passed in 1907 to Dor
row certain sums OF money, and n sell tie
5hares ia he hank n Me Uniird States, be-.
longing 10 the United He,sa, in the manner.
on the terms, and for the purposes proyi.
ded By the said aa."
To prove that the interest Of the Unit
ed States was not sacrificed by the sale,
but that or the contrary, il was eminent.
iy promoted by it, we shall extra6 from
Mr. NlchoIson's speech the followings state
ments, which, il is conceived, will be Sd
tisiaclory TO every unprojudiced mind.
The $3.50 shares sold at As per cent.
advance, Or for $50 dollars each, and lro-
duced the sum Of i,2S7.6OO dollars. BY
selling to Barring, the commissioners of
the sinking fund were enabled TO make an
advantageous contract with him Tor The
payment % the debt IN Holland. The
bank Of The Unrcd States bod refused 20
contract TO n the the remittance; tie
Manhattan bank in New York offered to
contract bnt tho lowest rate offered was
at ~ cents the guilAer. Mr.. Bariur offer
ed TO contract at forty one cents the gull
der provided the commissioners would
sell h,rn their shares III Tue bank of The
United States. This proposition they ac-
coded 70, aud sold The 2,2ao shares for
Dollars
I,zS7,6OO
Coined ON the purchase &C
bills Of exchange for 3,f4o 487
1Wl'crs ut Al cents each in-