Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1806-04-25
c O N CT II f S S.
HOUSE OF REPRESENTATIVES..
"WEDNESDAY, April le.

ing gun boats, was read third time and
pissed.
The House resolved itself into @ com.
miuce II the wbo,e--MR. GRgoc in the
Ichair--on The bill supplementary to the
laet, Untitled San ket making provision
for the redemption of the whole OF the
Ipublic. deb; ofthe u. States.
/ The chsirman proceeded to read the
| bin until he came TO the 4th and sth sec.
| tons. which authorize the commissioners
of the striking fund to appoint one agent
| in London, and another in Amsterdam.
ltoreceive subscriptions and transfers, and
TO issue new certificates; and 10 enable
the holders OF old six per cents deferred
or three per cent stocks who may become
subscribers to the new stock either in the
=. States, or in Europe, and who, or the
first day of April next, and on The day of
The subscription, aha,l be resident in Eu-
rope, to receive the. i,iss.est cn their
stock, either in the u. States, or at Lon,
don, or in Amsterdam.
Mr.. Varnnm moved 10 STRIFE out the
| fifth section.
This motion was supported by Mr..
Davenport, aud opposed By Mr.. ]. Ran
dolph. and disagreed to-Ayes ST.
Noes ~.
On melton Of Mr.. J. Randolph, the
compensation allowed 10 each Of The a.
boyc agents was fixed at 5000 dollars
Ayes 4s.
The 9Th -eelion was read AS follows:
SEC, 8. .H'ld be II further enacted, That
from and after IL. first day of April next,
whenever il shall be necessary TO issue
new certificates, either in lieu of such GER
tihcates of old six per cent. or deferred
! stock. as MAY be lost or DESTROYED, or by
reason Of a transfer of such STOCK from q
| s'ockho'dcr TO another, or from the books
] ct an Office 10 those Of another Office :;
the new certificates, instead OF stating the
Nominal amount OF stock which original
iy was, but is no longer Tie sum actually
] due by the y States, shall express The
true amount Of the annuity due, a, the
1 rete OF eight per cent. OF, the original a.
mount OF principal, at he time when it
shall cease. But ell the other prdvisiors
heretofore mede by Law, and now in force.
relative 20 ,hr SAID stocks, shall re nsin
IN tul force, as If no alteration hcd been
made in the form OF tbs certificates; and
sucb new certificates may be subscribed.
IN conformity with thc provisions of this
act according to the then unredeemed a.
mount OF the principal stool. originally
! due.
Mr. Quincy moved TO strike This seelion
our, under the impression that il impair,
ed ,he original contract between the U,
States, and the public creditors.
Mr. J. Randolph vindica,ed the sca;on
against this charge.
Mr. Dana did not Think j, impaired the
original contract, bu, considered i, super
lluous, as in bis opinion the power given
by it was already vested by law in the Of.
ficers OF the Treasury department; when
the question was taken and the motion
lost without a division.
Mr. ]. Randolph rnovrtito eli the hIsnl,
in thai part of the bin which provides for
the conversion of three per cent. stock
INTO six per cent. with "sixty.tvo and a
bali :" by Which he holder Of every hun.
dred dollars in the 8 per cent. stock is
enu;ied to receive sixiy-two and half
dollars of six per cent,
Mr. Crowninsbicld opposed this mott.
on, as vel as the provision for convert.
ing The 8 per cent. into 6 per. cent. stock
under the idea haiti would DO Injurious
10 The Unned States.
MIR j. Clay defended ihc provision ard
made detailed Argument TO shew that
II would be beneficial 10 the u. States.
Mr. Dana declared himself in favor Of
The proposed modification Of the public
debt.
Mr. Jackson spoke agains, II.
Mr. J. Randolph advocated this part OF
the bill, ard
MIR CrewninshieId replied.
When the question was ,sl.n on The
motion Of Mr. !. Randolph and agreed 10
Ayes 5l-Ncss SO.
a motion, made by Nr M,rmford re-
qnlring the agents, before they enter on
the execution Of their oG:ces To take an
oath or affirmation for the dilieent cse-
cuiion ot.helr trusts, and requiring them
to Give bonds iuore or more suretie.. IN
The penal susA OF 10000 doi!ars--.as
agreed To.
Nj Dana moved 10 strike ont the words
marked IN Italics IN the foJlowing secliou,
with view OF restraining the provisions
OF the bill to the present 3 per cents, and
l urder The H.,