Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-05-09

;, and aaninnced his intention to
~, a.,s,.. ii eonssquenceof the proposed
IN, Of the loal,. (for l2 years that
:. ;utercss to he paid thereon should
: limited 10 Eve per cent. III it can
.,.hc borrowed al this rate, it may De
;;sedby 4 temporary load. at 6 per
s,,t whirl. the Bank of the United
t.atesl IS 10 be authorized TO lend.
M 1rinble then made a motion. to
,r,te o,.t .two' millions. (the proposed
,mont Of the loan9 and to insert IN
IAN thereof .fse' millions and enter
4 into a broad view of the state and
,rosne.t Of our financial affairs, to
NOW. that larger loan than two mil
IONS og dollars was necessary from the
,,,enne having been oyerrated, and
IN if the sinking fund was left I'M
auchcd, f,e millions would be little e.
,oueI,. his motion succeeded, he IN.
.,dsd Of course, TO move to strike out
i nroyision, which authorizes the ap.
,,Iication OF the surplus of the sinking
hind fur the present year. to the carrent
csnrnses of the year. To separate the
El;slinct questions, however, OF the true
pnornt of deficit. and the expediency
N; thus applying the sinking fund. he
|imited his motion for the present to
4 .triking out the word toe. leaving the
amount blank, to be flied as the CON-
|mittee should think proper.
MIR. Storrs followed, on the same
|side d tLe question as Mr.. Trimble.
|:lc TOO llaubted the correctness OF the
Estimates OF revenue for the present
\ car. aud therefore argued that the pro-
[pusci amount OF the loan was too small.
|llc Was also OF opinion that a due re-
|gara to the public faith ,yequired that
|lhe surplus nf the sinking Fund should
mot be applied to the expenses of the
current year, Sc. In the course of
|6s speech, MIR. 5. gave notice that he
{shoUl1 call up has motion looking to a
slsten Of internal revenue, with a view
Eot amendit z it so as to make it reso-
|latian calling OH the Secretary OF the
Treasury TO report to Congress at the
next session, system of Internal Tax
|ation adapted to any deficiency in the
|revenue arising from the excess of the
Expenditures VI the government over its
receipts.
MIR. Smith replied to Mr.. Trimble
kaad Mir. Storrs. lie denied that there
1 Twas any Invasion of the faith of the CO.
E,ernmcnt as pledged in regard to the
blinking Fund. tie defended the report
I of the committee of Ways and Means.
poio, to point, and argued that it would
4 be absurd to borrow money and pay
|interest on it, that il might lie idle in
Eihe Treasury, AS this money must do,
{if borrowed, since it could not be en-
|pioye,l in the redemption of the public
kdebs, unless col which there was no
probability ii should be in the market
at or below par
Mr.. Lowndcs made a few remarks
lin favor of the bill, but also in favor
/ of somewhat larger amount OF Loan
|tnan two millions. thinking that luan
of that amount left too little surplus for
|contingencies On the subject of the
sinking fund he took the same ground
/ as Mr.. Smith, and entirely denied that
/ the application of the idle surplus of
THAT fund tn the current expenses of the
government was at all inconsistent with
|tac laws creating aud regulating that
|iund.
Mr.. Baldwin spoke in favor of a
/ loan of FIVE millions, and of course a
against that part of the bill which re-
Bates to the surplus of the sinking
Fund. which fund, according to his con-
|straction of the law, was sacredly
pledged TO the sole purpose of paying
,he public debt, and inapplicable to a
E,sy other unless during war--a case spe-
Erially provided for, and therefore ex.
|euling any other contingency.
Mr.. Barbour eontroyerted Mr.. Bald
WINS construction of the law. lie con-
Pended that any Surplus of the the Sink
fng Fund, which cosld not be applied
kto the purchase OF the Public Debt at
pr under par. might be applied to the
ordinaiy purposes of the government
being idle aud useless in the hands OF
the Commissioners of the Sinking Fund
until at the end of two years it reverts
TO the Treasury.
/ Mr. Rnlduin and NJ I,n;n,hla both