The enquirer. [volume] (Richmond, Va.) 1804-1815, 1807-01-29
(To be Continued J
FRIDAY. Ian. Ii.


prohibiting the arrea Of debtors for debts not
exceeding twenty dollars, which was referred
to ielect committee.
MIR. Jer. Morrow prefented petition from
tundry inhabitants of Fairfield county, Ohio,
praying for the Establishment of feveral new pof
offices, which was referred to the Poft Office
Committee.
Mr.. Boyle from the committee on public
lands pretenTed bill making further provifion
for the difpolal of the fections of land hereto
fore reierved for the diipohtion of Congrefs.
Referred to committee of the whole on
Monday.
An engrofied bill, authorizing the PRECEDENT
of the U. S. to accept the fervice of number
of volunteer companies not exceeding thirty
thouiand men, was read the third time, and pai-
fed without divifion.
An engroiied bill supplementary to the atf
entitled, An act making provifon for the re.
demption of the whole of the public debt ofthe
u. " was read the third time.
Mr.. ]. Randolph called for the Yeas and
Nays.
Mr.. Alton faid he fhould have contented
hmielf with giving flen vote on this bill, but
for the call of the Yeas and Nays. Having
been required, he deemed it his duty to afign
his reafous for voting againtt the bill, which he
ihould do, although he fhould faud alone. He
knew ne advantage that could accrue to the u
S. from the paiiage of the bill. What did it
hold out ? The opening of new fubfcription
to all the perfons holding evidences of the ex-
ilting public debt. Were the U. S. to be be-
nefted by this modification of the prefent debt,
or were they in the leaf interefed in it? II
was clear that they were not interefted for if
they were, the keen lpeculator would never
come forward TO fubfcribe. For, therefore, the
fole purpofe of exPediting the payment of the
debt, the government were about to make a "a
crihce to the holders of the public debt. Who
were the holders Men who had already
preYed on the interefts of the nation. Mr.. All.
ton iaid he confidered this as neither more nor
iefs than fecond afIumption fyhem, purifying
the iame tract purified by TIE frft a6t making an
a!nmption of debts. This was meafure giv
ing this deicription of people, who had fpecu-
lated on the interefs of the country, another
advantage. 1t held out Rrong invitation TO
every citizen of the United States or of a foreign
nation, to fubicribe to the new loan, by giving
them nine per cent. more than the value OF
their flock twelve or fifteen months ago. OF
this he had evidence and that at that period
there could not be more than Sc per cent got
here or at Philadelphia for three per cent ftock.
The bill therefore gives the holders Of this fock
nine per cent. on their capital. 1t was for this.
as well as for many other reafons, that he
fhould vote againlt the bill. He did not believe
that the Gtuation ofthe United States WAS fuch
as required iuch Precipitancy in paying off
The debt. No man was more difpofed Ian he
was to dfcharge the debt fairly and honorablv
but he was not for doing if in Guch a manner az
to promote the advantage of the holders of the
Preient paper of the United States. Mr.. A.
repeated that he conidered the bill exactly in
the fame light with the aiiumpiion bill pafitd
a long while tinCe, and that it ought 10 be de-
nominated an amendment to that law, nfead
of the act to which it purpoled TO be fuppie-
mcUt.
Mr.. ]. Randolph obferved that TO him no
thing was palmer than that where two indivi-
duals food in the relation of debtor and Gre
ditor, new arrangements of exiting debts due
from one TO the other might he made to the
mutual advantage OF both. At prefent the com
miilioners of the Sinking Fund were authorized
to purchafe old FIX per cents. and deferred flock
at their nominal par yalue-that is, at the rate
of one hundred dollars in fpeci: for one hun
dred dollars flock, and thofe ftocks were every
year partially reimbursed at this rate. The on.
IY good, therefore, that the proviious Of the
bill could do the holders of thefe fpecies of
Aock would be that the government would paw
them at the fame rate that they were now paw
ing them, and at which they had made pur-
chaiesa as fat as they could. SO much for this
part Of the bill.
w tn regard 10 me prOViHOnS relative to three
per cents, Mr. r. faid he would hate a plain
fact that would come home TO the fmpleR
understanding poffefed by any member of the
committee. A farmer owes his neiehbor
thoufand dollars, for which he had geen his
bond, bearing an intereft Of three per cent. lie
has it in his option, to pay it Of, for go dol
lars. Now, do you think there is provident
farmer in the U. S. that would htitate TO dif-
charge the thoufand dollars by paying $50 10.
ftead of futfering the 200 dollars to reH as q
burthen on his children, or lien on his ef-
tate This is the plain quehion. DO the
Houie think it mott for the advantage Of the
eitate ofthe good people of the u. s. to pay
of this itock at the rate of 65 per cent. or let
it remain perpetual incumbrance on the ma
ton and is il not felf evident that an arrange
ment may be made between the public and its
creditors, as well as between two individuals
TO the mutual advantage of both?
The quellion was then taken on the paGsge
the biii--Yess l12--N4ys Is.
MIR. Elliot obieryed that he had fome weeks
hnce preieutcd number Of refolutious on the
important fubje6t Of national defence, which il
was not the pleafure Of the Houfe to refer TO
4 committee of the whole.
When it lhould be the pieafure Of the Houfe
to refumc their confederation, he faid, il would
be his with to giibdyaw the err, Which had