Jenks' Portland gazette. [volume] (Portland, Me.) 1803-1805, 1804-09-24


To dilcharge this debt. the act Of Congrels pro-
vdcd three ways Firt, by ar ordinary loan
iccondly, by the fac Of the per ceat itock
below par thirdly bv the faie of the bank
ecck. In neither of the former Ways could IL
be paid the latter therefore the only one,
by which it could be discharged at that time.
1t was never however The detigu Of congress TO
make the bank ftock principal and direct fund
for the payment of this deb: could it have besn
ESudated in any.other way. twas competed
of feveral leans, authorized by fcvera! atts; in
each Of which ipecisl fund had been prcvid-
cd to aniwer the debt to be contracted. -ih;
fund was the furpIus Of duties OF Imports and
Tonnage. The iurpus Of the ordinary revenus
was made by law the immediate. and in itclt
was the natural fund to meet tine debts, which
contltuted the 5,3o3,o4! dollars While
therefore luch iurpuhes exi!sed. il was clearly
NOT thc intention OF the att of 700 70 tuier fix
percent ilocks TO be fold under par, OF &c allow
any 0. tn. active productive fuods Of the Unit
ea States TO be diipoi-d OF. The power to fell
the per cents. ana bank ftocks was evidently
psedieatcd upon the jai!Rrs of ne oyignai find.
tt9viesd in coaiequcnce OF the ordinary revenue
being AFFORDED by prior incumbrauces. In cafe
OF the iae ithe alnk R5ck BY the com,n;ilion-
crs the ordinary funds were net appropriated.
Both Gallatin & IL &C preGdenr nfoi.a thas there
was tiirp.us OF money beyond expenditures III
tie 'reaiury, during the fame year, Of D.; ,oo,
dollars. Il may then be advanced the this act
OF Mr. Callatin and others IN telling the Bank
itoc1, while thevc was an appropriated fur
plus in the treaiury more than Competent TO
anlwes the purpoles for which it was fold, was
not Gmpiy e54yc, out a ma4 msparvaatab1e az
jamptl0n Of po4Oer.
1t cannot be doubted, that if this unappro-
priated (urplus had exiited at the date of the
act Of 1916, that the power, created bs that
law to fel! the flock, would have been delega-
ted. The creation of the powers was a neaf-
ure of neceity, and its exitanec depended on
the continuance Of the fame neccflity. The
bank tock was not dire1 and immediate fund
it was Gmpy auxiliary, and therefore contingent.
The laws, under which the debts were contrac-
ted, and the funds provided for their payment,
conlidered collectively, plainly fpeak. this LAM
saage to the cor.niiiionsrs Of the iinking fund.
-'' h the event that the iurplus of ordinary
revenue does not enable you TO pay the Initial
! ment Of that foreign debt, and deb,s due to the
bank, then you fhal have power to fell the bank
itock" A power depending or certain event
| has no exitc nee without the occurrence Of tie
esenr. In the preient inttance the event did not
exit, which was the ground OF power, given to
the commiilioners, ana their act therefore, in
the .alc of the bank itoak, was NOT warranted
by law.
From the queition of right we come to the
| examinatlon OF that of exp-diency This involves
! two things firtt, whether the ito-s was fold
| for the beit price, the market Afforded Sec
ondly, If NOT, whether the lofs was eonpenfa-
tee by any advantage, which the. government
derived from undertakings upon the part Of the
pufcna !:
The price of aocks, from actual fales about
the time OF the difpolal of the bank itock, was
from 50 to So in London it was as high as
iSS. The fae made by the commiIoners was
II June, 500, ana the iniialments Of the Dutch
debt became due on tho It January, II Febru-
AIRY, 1T March, and IL June, 1909. In confe-
| qnence of this the purcha fer received two divi-~
dens before he was obliged TO make any paw /
ment, which of courfe compoies part Of the
profit Of his bargain.
7bs @mes ySH, aa2o at
I;o sUeyf5 l,322,ooo doN.
The fs0a Slv;dsnds, qolieb
amounted 70 80 dolls. ma
! Date, qVs's eqaoifs 7:,48o i
TIE aHhse tbersef!ke U.
States parted rui.s qoas I,4o7 40
TIE fahs qoas IN fa7 maze
. at l4s, and yielded outy I,1S7,Soo -
The Cu;ted States there.
fora ciny io9, IIo,sso
The enquiry nov is what benefit, afforded
by the contract, will compeniate TINS lofs?
1t is itated by the commit ,rers, that Mr..
Barring, the purchalsr, ia confederation of the
ialc OF the flock at45 per cent. advance UNDER
took to pay at amterdam.g uilders, 3,I4c,4S7,
70 i-a ar the rate Of a GEMS the guiidcr. In
March, April, and May CT this year, bills on
London might have been pnrchaie,i under par !,
during and iubtequent to the fame period bills