Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1822-04-05

p' op!s BY persuading them that such recog1i-
uon was all sufficient to their political eXis.
tence and happiness that the most eiicacious
system would be TO establish order and wise
institutions of government, throughoutthe pro-
vinces, and To she;v themselves worthy ofthe
fraternity of other nations, when il would be
voluntarily Offered ;"* an,s on our part, by
absthnlng To propose that fraternity, until the
elements OF their political society, purified
from the crimes and corruption engendered
by iormer oppression, have settled down into
order, and they have fdly demonstrated their
capacity Tor self government and until we are
mutually in Il condition to derive al, antagcs
from Tree intercourse, which will ov crhalance
the considerations the fpii, which immediate
recognition presents, without a prospect of
good.
ROBERT s. GARNETT,
II Member from Pirrinia
See letter off. NJ Forbe, of the I7h of Sept. 1897.
Inc question being taken upOn entering the
SAID written declaration on the Journals Of the
House, II was negatives. ayes 40, noes 81.
On motion of Mr.. Hooks, the House agreed
To Consider the report of the Committee on
the Post Office and Post Roads, relative to
the adoption of Imay's invention for the
security OF the mail, Sc
Mr. r. JOHNSON proposed.te modify the
resolution IN such manner as 10 authorize the
postmaster General to adopt the plan or not,
mt his discretion. Mr.. j. expressed his doubts
fthe efficacy of the plan proposed, but he
was willing 10 submit it to the discretion of
that officer.
Mr.. ALLEN, OF Mass, was also in favor of
submitting the subject to- the discretion of the
Postmaster General
Ihe.modIiicationw was opposedb by Mr. OVER
STREET, when the question was taken there
on and carried.
On the resolution as amended,
Mr.. Taylor expressed his opinion that the
resolution ought To he Joint and he mo, ed an
amendment to that effect, which was agreed
10, aud the resolution was thereupon read and
committed.
An engrossed biz to authorize the Secretary
Of fhe Treasury to exchange certain stocks
bearing an interest of five per cent. for certain
stocks bearing AN interest of six and seven per
cent. was read a third time
Mr.. TUCKER OF $. G.. called for the yeas
and nays on the final passage of the hill which
were thereupon ordered
Mr.. r. JOHNSON opposed the bill in speech
of some length.
Mr.. BUCHANAN observed, that although the
bill before the House, even as it had been
amended, did not please him i'm all IFS details.
yet, imperfect as it was in his estimation. he
deemed ii in principle, to be "A measure so
advantageous I" the country that il should re-
celve his decided support. The gentleman
from Kentucky (Mr. Johnson has complained
that the friends of retrenchment, of whom he
protested 10 be one Ofthe most Jealous. were
denounced as radicals and enemies of the pre-
sent administration. Mr.. b. was utterly at
loss to know what application such remarks
had to the subject der discussion. Ifihey had
any, for one he could observe, that denuncia
tons Of this kind would have no terrors for
MIN. lie neither desired nor expected any ia
Vor from the administration and he trusted
that, whilst he held the high and honorable
station OF representative Of the people, he
should neither wish nor ask for any other dis
tlnclion. He was, therefore, alike Indifferent
whether he WAS called radical or an ultra.
MI b. SAID, that the present amount of the
nationa! debt might be stated for the sake of
even numbers, at S $4,000, 900. s $4,000, 900
of this sum is tie balance of the war loans vet
remaining unpaid, and bearing an interest Of 6
and 7 per cent. per annum. This balance will
be- redeemabIe at the pleasure of the govern
ment, in the years 1895, 1926, 1927, and 1928.
The measure proposed by the present bill is
an exchange of 8 100000 Of this stock, upon
which the government now pays an interest of
6 and per cent. for stock to that amount,
bearing an interest of 5 per cent. and not re-
deemable until 1880, 1881, 1882 and 1885,
This exchange, in all human probability, can
now be effected. The only question, there
fore, TO be decided, is the policy of the mea-
sure.
Ii is said by its enemies that this bill should
not pass, because it will deprive the govern
ment of the power of redeeming S $4,000, 900
of the public debt, during the years in which it
will become due. If the slightest prospect
existed that we should be able to pay the
s G3,OOO,OOO during those years, then, said Mr..
b. | admit this would be conclusive obicc-
ton to the bill .UnqucsliOnabIy wc should
not deprive ourselves of the opportunity Of
dlscharging OuT debts, whenever we shall have
the ability. But does any gentleman, however
sangninc he may be in his calculations, really
believe that our revenue, during the years
1895, 1896, 1897, and 1923, will he sufficient
to deiray the current expenses Of the govern
ment, tO pay the interest Of the whole of the
national debt, aud sink S63,OOO,OOO of the prin-
clpal? During each Of the two last years our
debt has increased upwards of 81 600, 900;
and tie Secretary of the Treasury, in his an
nual report, has informed us, that until 1926.
the year when the first Of the war loans may
be redeemed, he does not calculate that our
ordinary receipts will enable him to do more
than meet the ordinary expenses &c govern
ment, the interest of the national debt, and
the payment to the public creditors Of the
small balance yet unpaid Of the deferred per
cent. stock. That officer, we are informed by
the Chairman Of the Committee Of Ways and
Means, now believes, from the late improve
ment IN the revenue, that the 2,000,O0O of G
per cent stock owned by the Bank Of the q.
states, may also be- discharged during The in
ermcdiate years. This, however, is the ut
most extent, beyond which our most sanguine
expectations have not carried us.
lyon should delay making such a pToyi- !
ion ms that contaminated hy this hill ,,rt;I