Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-05-16

ed to the consideration ~ Tue piii ~ ="
:iise the President az the United States 70 bor'
row i sum Of money for the use OF the go
yernment.
Mr.. Lowndes moved to amend the bill by
striking out that part Of (which authorizes
the loan 10 be taken for an extended time, at
an interest OF FIVE per cent. SO as to leave
the loan TO be taken at rate not exceeding
six per cent and redeemable at the pleasure
Of the government.
Mr. L. was ofopinion that there was coca
sion in the present circumstances OF the coun-
try, 10. tie up the goyernmentfrom redeem /
inc this loan when they should chuse and
that it would be setting bad example to be- /
gin now, in time Of peace, to borrow mo-
ney and make thasloan SO long irredeemable.
Mr.. Smith, of Mary land. opposed the mo-
ton. He was well informed, he said. that,
ON the terms proposed by the bill, the loan
could be obtained at 5per cent land ne
thought it desirable to obtain a loan at 5 per
cent. to pay off debt on which an interest
of 6 per cent. was now paid. The owners
of the Mississippi stock. SO far as they had
claims on the government, would perhaps
invest the whole in this loan. He was not
moved by the pride Of opinion in opposing
this motion but he believed that the sub
stantial interest of the country required the
commencement of system otloans at the in
terest of FIVE per cent.-and ne was told that
this was a favorable time tor doing it..
Mr.. Lowndes saddle was not willing that
the government should be debarred, by its
own act from making use of its unappro-
pirate funds, at any time, in the redemption
of temporary loans like this II the go
yernment should have money thus lying i.
die, the gentleman should see that they
would lose by it in one month what they
would gain in twelve months by the differ
ence of the rate OF interest. We ought not
now to set the example Of creating, in
time of peace, debt which it would be out
Of the power Of the government to- extin-
guish at its pleasure.
Mr.. Smith said, that, il he could believe
that in one or two years the treasury would
be in the condition the gentleman supposed,
he should not perhaps object to the propo-
sed amendment. But he had no expecta
ton that such would be the result.
After few words from Mr.. Johnson, in
favor OF the motion of Mr.. Lowndes. the
questionthereon was decided in The mega
tive by a small ma ority.
MIR. Williams, OF North Carolina. then
moved to strike out three millions, the pro-
posed amount Of the loan, and in lieu there
Of insert two millions. This motion was
declared not to be in order, the house hav-
inc already changed the amount from two to
three millions Mr.. w. then moved to strike
out three millions, and insert in lieu there
of two and a half millions.
Mr.. w. said, he made this motion, on the
ground that he had no idea that we should
be able to keep in the treasury million OF
dollars tor contingencies. He had no wish,
he said, that government should ever have
a dollar in the treasury mole than was ne
cessary for the authorised expenditure; be-
levlng that the expenditure would keep
pace with the monies in the treasury. II
more money should be necessary, the Pre-
sident had it always in his power to con-
yene congress for the purpose of providing |
it.
Mr. Smith, of Maryland, said he should
oppose the motion, though he believed it
not very material. If the money was no,
wanted it would not be borrowed. Inc
bill contained no absolute injunction to bor'
row, tut an authority to borrow if necessary.
Mr.. S. made statement 10 shew, that even
if the whole amount of three millions OF the
loan should be borrowed, it would not IN
crease the debt OF the country, inasmucb as
besides the outstanding Mississippi stock,
there was 2,soo, 900 of the principal of the
public debt to be paid off this year
MIR. Little suggested, that calling con-
gress would not be very economical pro-
cess for effecting what could SO easily be eff
feoted now. by leaving the bill as it stands.
MIR. Floyd made few remarks in favor Of
the motion /; and
Then the motion was negatived.
The bill was then ordered to be engros-
sed for third reading the yeas and nays
being required by Mr.. Cooke, but not sus-