Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-05-09


GLIDING any other contingency.
4 MIR. Barbour controveried Mr.. Bald
wins construction of The law. lie con-
tended that any surplus OF the Sinking
Fund, which could not be applied 10
The purchase OF the Public Debt at or
'Sjlnder par, might be applied TO the ordi-
nary purposes Of the goserument--b being
\ idle and useless in The hands OF the
Commissioners Of the Sinking Fund un-
Mil at the end OF two years II reyer,s 10
If\he treasury.
y MIR. Batiwin and Mr.. IrimLie both
W pke i'm reply, the latter much al large
"A IN. after IA session OF about six hours,
IA Vmmitiee rose and the House adj
LOAN BILL.
En bay 5.-Ihc House then again re.
solveA elf into committee OF the whole,
MIR SA OF NortA Carolina in the chair, on
3 the Loan Bill-Mr. Tfin,bies proposition to
strike out the words too millions, Icing un.
der confederation.
Mr.. Storrs rose in Support of the amenG-
menf, and entered into an argument TO shew
that the sinking fund was solemnly pledged
10 the redemption sthe public debt and that
This fund could not be touched, or diverted
from its original purpose, without violating
the public faith he spoke also in favor OF
filling the blank with 1--WE milliens, aud thus
providing resources for any unforeseen cou-
iiDgeucy which might occur.
=.
&C fortify the opinion which he ha'I yester-
day advanced, that IL was entirely within the
Just power of Congress, without impinging at
all the public faith, 10 apply the surplus of
the sinking fand 10 the pnbiic current exi
geucies, auI that it eSpedient 10 make
snch An application CT the surplus 10 supply
i rhe existing deficit in the Treasury OF the
Union.
Barbour position and maintained the pro~
priety OF adaefipg inviclably TO the system
adopted in 1916 tor redeen,ns the public
debt and consequently the inexpediency of
touching the sarptns or the sinking fund which
81 ne considered as forniinc ore OF the most es.
81 sential features in the permanent systems OF
M che government, and which should not be
Al made suksefvient 10 temporary causes o inci-
lNslenra al pressure on the treasury. lie remark
Ia ed at same length on the present exlgeucics,
and the pr0babie condition OF the treasury
w Sor The iaiuse ;believing that ihe deficit wond
W greatly exceed the amount estimated by the
N committee of WAYS AMI means, and that the
lie euue {, ON the prblic lands was much o.
II lVeIrated, he regretted that sume permanent
is,ractjcal system had not been proposed by
"a the committee instead OF the insh1c!eot system
n Of loans, TO wliich he wGs opposed.
4 MIR. Barbour made some remarks IN reply,
and Mr.. Clay rcjoined.
N Mr.. FgIer made some remarks On tie nature
of pledges from which AMI ,iunia reference
\ to the laws providing The stalking fund, he de-
dnced the opinion that the only point 10 which
tue faith OF Tie nation was pledged. was to
the public debt as il si,ouid become due, and
that il was no violation of G!.at faith to use, in
che mean time, for another purpose, the mo-
S,ey set apart for that object. so that tie debt
was faithfully lRet when the day oil payment
should arrive.
mir. LarndeS concurred entirely in all that
\ had been said cOncerhius the necessity of OBJ
serving the public faith, ~ paying either the
4 interest or The principal o. debt WHEN II
becOmes due; the ORiy pledge olneT than this
was, that l0miiions of dollars sllonid he pro-
vided annually, above the expenditure bnt-
ss the unemployed portion OF this fund be al
lowed TO lie in the hands OF the commission
of the sinking fund. TO morrow for the
public exigences would be adding To the ex-
penditure without Increasing the income, &c.
He was averse TO borTowin: money merely 10
purchase up stock and argued AT some length
To show that the public faith merely
pledged that there should be mnch of The
public debt annually paul; it 10 he bought
not that the machinery OF tie sinking iund
sifould he kept up that there was no linprO,
priety, and that il would be eypadient, to
make use of the surplus OF the snbins tund
II now lying inactive. lie thought X would be
improper to adopt any permanent system o.
revenue other than Tie existing one, IN the
present exigeBcy because no one conld fore
see what would he tue amount OF income from
the Ordinary sources next year IL was proper
N 10 see what would probably be the permanen
coHaiiion OF the pecunlary resources of the ma
81 lion before permanent system should be a
IA dopted 10 meet il, Sc.&c.
M MIR. Clay again spoke in support OF stead,
'a and invioable adherence TO the system provi
"a ded in 1916, tor the gradual redemption OF tn
HI public debt; arguing that 1t was this conrs
A of policy which had given such advantage q
lei England al to enable her to contend with, ant
IL almost conquer, Europe; and that stI let oh
seTvance OF il by this government was neceS
y sary 10 preserve the public credit nRimpaire
n aud give confidence in the good faith of III
4 government. &c.
Mr.. Smith, OF Nd. entered into an elabora,
defence OF the report OF the committee OF way
4 and means, aud the course recommended b
II chem.
The question was then taken oa striking Oh
tie W0i q tIrO aud carried.
Mr.. Smith, OF Md. moved TO fill the blau
With three ipilliOns.
Mr.. Trim5ie moved five millions.
MIR. Williams, of n. {. moved tTO milo,
4 Ssre hundred thousand dollars.
4 Tie notion tor fUe millions being first tries
~ has negatived; and
~ / The motion TO fill the blank with tl.ree mi
YiOns was agreed to-ayes G5, noes so.
On motion of Mr.. Smith, OF Md. the han
LETT 10 fix the rate OF interest to be given II
lie loan filled up with fee per cent.
& Mr.. LswRdes moved an amendment, havir
n TDr lis object TO make the loan rsmDuTSsb
ia at the pleasure OF the government. instead
ri alter the first of JannaIy 1882 aud paying
Interest in the mean time OF six per cent
concsIviug il improper, that because, al a IN
neut of pressure, the government vas obiigt
IN TO contract debt, il should III case of mo
~ prosperous circuuIs tanceS not have the facul
Of paying it off
Considerable debate took place on this I'M
ton, chiefly on the probable revenue in yea
M 10 come, anu the ability of the government
t3 pay this loan-in which Messrs. LorHdes ca
Smith, of Nd aud Fuller, took sides II
t inotion to amend the bill was ncgatived
4 ayes 80.
Ell MIR. BaIduia moved to insert clause to a
III thoriZe the sale from time 10 time of so mn
n of the stock OF the Bank Of the United Stat,
owned by the United States, as may be nee,
,H sary to meet the expenses OF government