Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-05-08
CONGRESS.
HoUSE OF REPRESEATarIKEs

HoOSE OF REPRESENTATIVES,.
TuEsDAr April %.
MIR. Nelson of Va. from the committee to
whom the subject was referred, repor ed Joint
resolution, requesting the Presden' of The Uni
ted States to cause further observations to be
made, TO ascertain the longitude of the capito
IN the city ct Washington which was twice
read and ordered to be engrossed.
The House then went INTO committee of the
Whole, Mr.. P'tkia in the chair on the annual pro-
vision tor invalid pensioners. The details this
bill, embracing additional cases of pension, the
mel ease of former ones, and the arnu, prop Isl.
tons made u insert other cases with the dis
cuSsIon OF the CLAIMS, rs usual, occupied much
time. The bill was finally reported to the house
the numerous amendments were ag IN consider
ed and disposed of and the bill ordered to third
reading.
Mr.. Lo7vndes from tie committee of WAYS and
Means reported on the amendments of the Sc
nate On the tariff, recommending an agreement
thereto, which report was committed.
SPEiE PAYMENTS.
On motion of Mr.. Calhoun the House resolved
ltselfinto a committee of the whole, Mr. y elson
DIVA. in the char, on the bill to provide for
the more effectual collection ofthe public reve
nue. IN the lawful money of the country--to en-
force the payment ofspec {.
The amendments offered Yesterday by Ny
Calhoun were read
The first section Of which prov DIES (substanti-
aily) tor the issue of Treasury Notes to the a.
mount OF - dollars, OF such cOnven ent de.
| nominations as the Secretary of the Treasury
shall direct; transferable by delivery, not to
bear interest; not to be fundable to be receiv.
ed every where in dues to the United States
and may be re-issued from time to time.
The I'd, Sd and 4th sections provide for the
preparing, signing and issuing the Treasury
Notes, for paying the expense thereof and the
usual penalties for counter citing them
The 5ih section provides, that the Secretary
of the Treasury shall issue said notes upon loan
to the B INK of the United States. or any state
bank applying therefor, on such terms - lie
shall deem necessary, having regard TO he CIR
cumstances of each case, and the security of the
United States, at rate of interest not less than
- per cent per annrn /; but not to loar to
any state bank more than mDiety of their capi.
tai paid in these loans to be reimbursable in
three equal annual instruments, comnu,ed from
the dale of the respective loans and be pa ID for
as they become due, in he legal coin or i'm trea
suy notes. The moiety on motion Of Mr. Smith
was subsequently converted into one fourth. /
The 9th section authorizes the Secre, aTv of
the Treasury 10 issue SAID notes al their. par va
Iue to individuals, companies or corporal ons
and receive in payment therefor the S.
stocks but the amount sold for funded debt
not tn exceed ['ivel millions the notes so sold
be taken out of the annual apprnprist,ors for the
sinking fund, and the funded debt thus acon;r.
ed, to be transferred to the commissioners of the
Sinking fund, and by them applied as the law di.
reefs with other funded debt
The 9TH section makes it the duty of the Sc.
cretary Of the Treasury, annually, TO Withdraw
from circulation, and TO cancel a portion Of said
treasury notes, equal to one-third of the whole
amount issued
The 9th section Of the amendments provides
that the future issues Of treasury notes, under
the act OF Feb. q, 1915, shall not exceed the
sum OF five millions of dollars.
The amendments being read, long and ardu.
Gus debate followed, Of which we can give a,
present only the name of the speakers, and few
OF their prominent arguments
Mr. Calhoun moved TO fill the blank in the
first section with Eileen millions and then. in
a speech of some length, stated to the commit.
lee the benefits which were anticipated from the
proposed issue Of treasury notes the aid and
rehef heS would afford 60 the mmuni IN, a.
he pc ne which would unl dably, be - ode
ed by the banks in the necessary ctlrtaiImenf og
their notes from circulation, &c preparatory r.
, he resumption of specie payments, which the
bill would enforce. II was his opinion that the
bill would be eifectusl in producing the nav
meat OF specie without the aid Of this feature |
but there were others who doubted whether fhs |
restoration could be well or safely effected with. |
out 1t and he wished to afford every f,ciIitv
and relief that could be with propriety given. as
well to the banks as to the community.
Mr.. Alo5erfsoH followed in opposition 70 the |