Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-02-18

In Oruer thdt thS xya
fully comprehend the Argument w -
here insert that part OF the aiorssa ,'
act which we say is virtually repo'
ed
ARC: .. 1896. SECT. 90. i" n1s
,uactsd. That The monies arising IN
der the Reperue La,rs which nave :
been or during inc present session .,
congress may lie passed. OF SO 'i' ''ii
thereof as may be necessary sAa''
be and are hereby pledged anu . "p,
propriated for the interest Oh ..''
stock which shall be created ~ '"'
loans aforesaid, pursuant TO the pro-
visions Of this act. first paying 'ha'
which shall arise on the stock ere,
a,ed by virtue o. The first mentloa !l
loan, Ia loan 10 pay OF the foreign
debit to continue so pledged aaa ap
propriated until the final ;'edemp'io"
Of the said stock, any law 10 the
contrary Notwithstanding ;-subieet'
nevertheless, to such reservations
and appropriations as may be reqai-
site to satisfy appropriations hereto
fore made and which may be MADE
by law during t'rc present session OF
congress. including the sums herein
before reserved and appropriated.
rthat is, 100000 dollars for the or
binary expenses of the civil LIST and
TO The end that the said monies may
be INVIOLABLY applied in con-
formity to this act, and may never
be DIVERTED to any other purpose,
an account shall be kept of the re-
ceipts and disposition thereof sePa-
rate and distinct from the product
of any other duties, impos's, excuses
and taxes whatsoever. except such
as may hereafter be laid TO make
good any deficiencies which may he
found in the product thereof towards
satisfying the interest aforesaid"
BY the foregoing section it will be
perceived that the original duties
were to be INVlOLABLY APPLI-
ED to the redemption OF the debt,
and could not $50 far as the faith of
congress would gol in any manner
be direrted tllereirom to any other
purpose.
Now l 10 assert, that the duties
have been and are dicerted from the
said appropriation TO the payment
Of another species Of debt, the Er-
clequer Bills. which do not in any
degree differ from any other debt
due from the public. And 1 go fur
Their. ererg description Of creditors
TO the public are preferred to tie
public stcckhaIders. ard have a pri-
or claim an the duties irefo"e solemn
Iy pledged for .he national debt.
will explain this proposition to
the comprehension Of The meanest
understanding. The exc'equer bills
are on the face ofshem receivable in
payment for any debt due to the U.
States, and especially for duties
They are freely passed to aug man
to whom the public is Indebted Ito
Mr.. Gray for l,e 1890 dollars year
for The old wharfage Of the Ctesa-
pcnt:e; to General Dearborn for his
salary in Canada. Whes possessed
Of them, these new creditors to the
public hold an order drawn by the
secretary Of the treasury on all the
custom houses. ordering ,!le officers
to pay the holders of such order the
amount out of any bond due TO the
custom house.
This new description of creditors
are then preferred TO the old. and if
the amount Of eX"heguer bills so IS
sued should equal the receipts Of the
custom house. not one cent would be
left TO the public creditor.
According 10 Mr.. Ga!la'in's OWN
statement il is not expected that tie
revenue next year will exceed FIVE
millions. and exchequer bills to that
amount have been drawn. So that the
whole fund destined and pledged 10
the public creditors is or may be
withdrawn. The creditors however
have ONE REMEDY left. Irthey
will loan Mr.. GaIla.in TWENTY-FIVE
millions, he will pay them back their
interest, whirh is FIVE millions. If
they 90 not lend, he has already to-
Ken care that they shall not have one
cent Of the money appropri ted to
them. 1t may be ast.cd how such |
monstrous and palpahie violation cf |
public faith escaped congress. and |