Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1807-01-27
FRInAY. January 10.

FRIpAY, January 10.
An engrosscd bill, authorising the Presi-
dent of the u. s. to accept the service OF a
number cf voluntcer companies not excee-
ding thirty thousand men, was read. the
third time, and passed withouta division.
An engrossed bill supplementary to the
act entitled, +" An act making provision
for the redemption ofthe whole OF the pub
lie debt ofthc u s. was read the third time.
M, j. Randolph called for the Yeas and
Navs.
NJ. A'qf01 said he should have content
ed himself with giving a silent vote on this
bill, but for the call Of the Yeas and NAYS
Having been required, he deemed It his du-
" To assign his reasons for voting against
the bill, which he should do, although he
should stand alone Re knew no advantage
that could accrue to the ". : from the p,s-
sage of the bill. What did it hold cut
The opening Of new subscription 10 all
the persons holding evidences cf the eXis-
ting public debt Were the IT, 5. - be BE-
ne'itted by this modification Of the present
debt, or were they in the least interested
in il? II was clear that they we're not ia
terested; for if they were, the keen spscu-
ator would never come forward - sub
scribe For therefore, the sole purpose Of
! eHpehiting the payment oftlc debt, thc 60
vernment were about to make a sacrifice
! 70 the holders of the public debt Who
were these holders Men who had . lrca =
DIV proved on the interests of the nation.
Mr.. Aston said he considered this az
neither more nor less than second asSula1)-
ton system, pursuing the same tract pur-
sued by the first act making an assumption
OK dcbeS. This was Il measure giving his
description of people who had specialized on
the imports "f the country, another advan-
tage. " held out q strong invitation - eve
ny citizen of the u. ). or of foreign natl
! on, to subscribe TO the new loan, by giving
them nine per cent. more than the value OF
their stock twelve or fifteen months ago
Ofthis he had evidence-and that at that
period there could net he more than So per
cent. got here Or at Philadelphia for three
percent. stock. The bill therefore gives
the holders of this stock nine per cent. OF,
, their capital. II was for this, as well a 5 for
many other reasons, that he should vote a.
gainGt the bill lie di not believe that the
situation cf the u. S. was such as required
such n precipitansy in paying off the debt
} nc man was more disposed than he was 70
| discharge the debt fairly and honorably ;
! but he was not for doingit in such manner
as to promote the advantage Of the holders
I OF the present paper ofthe u, s. Mr.. A. re-
I peated that he cOnsde red the bill exactly
| IN the same light with the assumption bill
! passed a long while since and that Il ought
to be denomin2teI an amendment to that
/ law. instead of the act 70 which il purposed
10 I've supplement.
Mr. j. RaHdcith observed that 20 him
nothing was palmer than that where two
individuals stood in the relation Of debtor
and creditor, new arrangements ofexiStinc
debts due from one to the other might be
made TO the mutual advantage Of both. At
present the commissioners Of the Sinkin-
Fund were authorised to purchase old si,.
per cents. and deferred stock at their nomi-
nal par Value-that is, IL the rate e nrr
hundred dollars in specie for one hundred
dollars stock and those stocks we're every
year partially reimbursed ut this rate. The
only good, therefore, that The provisions of
the bill could do the holders Of these spc-
Cies Of stock would be that the government
would pay them at the same rate that thcv
were now paying them, and at which they
had made purchases az fast as they could.
So much FOR this part Of the bill.
With regard 70 the provisions relative IN
three per cents. Mr.. z. SAID he would state
plain fact, that would come home TO tho
simplest understanding possessed by aay
member OF tic committee. A farmer owes
his neighbour thousand dollars, for which
he had given his bond, bearing All interest
of three per cent lie has it in his option,
to psy it oil, for $50 dollars. Now, do Won
think there is a proyident farmer in the u.
8. that would hesitate to discharg- the
2 LOCO by paying $50 instead Of suffering tho
1000 dollars % rest as a burthon orblis
or q lien on his estate This is
the plain question. DO the House think it
mos, for thc advantage Of the estate Of The
good people Of the y. 3. to pay of this stock
II the rate Of S. percent. or let it remain
incumbrance on the nation and
IS it not self evident that an arrangement
nay be made between the public ard IL