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

c"rSc, OF you VIII ne compelled To pay for
IL an interest of per cent. If you pay the
amount, you must provide the means, by re-
sorting to loans and your necessities will then
compel you to borrow so much at once that
the value of money will be raised in the mark
ct and you will not be able TO Obtain it at so
cheap n rate AS 1t can now be procured. Is il
mol, therefore, infinitely more polite To make
the contemplated exchange of S &c, 900 900 at
the present time, when it can be done upon
advantageous terms, than, under existing cir
cumstances to trust to the future?
Should this exchange be effected to its full
extent, there will still remain 37,OOO,OOO
which we may pay in 1925, 6, y, and % up
wards OF 100000 each year. This SUN so
greatly exceeds that portion of the sinking fund
applicable to the payment of the principal of
the debt during those years, even should il be
IN vigorous operation To the full extent at pre-
sent contemplated by law, that we shall then
ne Obliged to borrow large sums Of money!
This bill is calculated to divide the pressure.
Let us now make an exchange of IA part upon
good terms ard, by doing so, we shall secure
to ourselves infinitely better terms for the
balance in 1925, 6,7, and 8, than we could
otherwise expect.
MIR. u. said, he believed this to be the aus
Picious moment for making the exchange
Trade is reviving, and the demand Cor mo-
| - consequently STedtcT.
we realize the commercial advantages which
we expect from our declaration, that the south
American Provinces are free and independent,
new avenues will be opened for mercantile
enterprise and forthe employment oftliaI cap
ital which now remains idle. The interest of
money must rise as the demand for il increases.
On the other hand, if Spain should, in viola
| ton OF the principles of justice and of the laws
oil NATIONS, declare war against us for recogniz-
ms the independence of her colonies, or even
threaten 1t, the necessary result must be de-
preston IN the price ofyour stocks. The ex-
| perIence of every country, i'm a state of actual
Improbable war, proves the truth of this posi-
lion. This, then, appears to be the favorable
lIme, which, If we suffer to pass away, may
never again return.
The immediate effect of this exchange will
be AN annual saving of s 100000. NV friend
from Kentucky, said MIR. ID. who is SO lauda
bly, DESTROYS ofintroducing economy in The cx
penditure fpublc money should have inclu-
ded this item in his calculations, &c. sc.
Mr.. Il. concluded by expressing his decided
opinion, that, in whatever view this bill could
he presented, it would be beneficial TO the
country, and, therefore, he hoped it might
pass.
Mr. FULLER expressed his sentiments a.
ganst the BILL and, among other objections.
he urged that it provided for giving to one
class of the public creditors an advantage over
another, by permitting the holders of stocks
ut different loans and value, to come in and
avail themselves of "a common privilege. He
remarked that, if the state of the stock mar
ket should be the same two years hence as at
present, this would be a losing bargain, and
he thought the chances of its favorable nuctu-
alton were not such as To authorize the calcu-
lations of the friends of the bill.
Mr.. WooDsoN was also opposed 10 the bill
| lie considered ii as neither more nor less than
"A Virtual loan, and that at a period of prospe-
| rity and IN time of profound peace. He
ilad not, he SAID, the nerve 10 recommend such
pi'l 10 those who had honored him with a
sea- IN that house. He did moi profess an ac-
qumnance with the minutie of calculation
but he was opposed to the principle of the
bill Money, he said, was the sinew of war
II was the nerSe OF government-without it,
me halr OF Sampson was shorn. The purse
gave law To the sword, and if we were pung-
eel IN never ending debt, and that, too, In
| the hands OF foreigners, the government must
necessarily be reduced 10 weakness and i'm
hecility He contended that the practical
operation OF the bill would be to transfer the
| rubIic debt TO foreign stockholders. He
| Thought, from the messages of thcEXeCutve
and from the reports of the Treasury DEPART
ment, from time TO time, setting forth the
Frightening prospects Of our revenue, it could
not be possible that we were reduced t. the
necessity OF resnrting To such an expedicnt
as this bill had provided and he continued
MS argument Tor nearly an hour in opposition
10 the bill.
Mr. M'DUFF1E said, il was not matter Of
surprise, that, in question INVOLVING millions
there should be much interest excited In the
house; nor that il should be involved i'm con
siderable difficulty and doubt. Til, was re-.
| any, however, question of financial calcuIa-
| ton and he was somewhat astonished that il
should have drawn forth so vide discussion.
ana the introduction of topics particularly by
the gentleman from Kentucky, (Mr. f. John
son. $50 remote from the true question before
the house. 1t was not the creation of new
debt, which was the object of the bill. 1t was
oniy the postponement ofan old one, for the
| payment of which we cannot otherwise pro-
VIDE. The gentleman from Kentucky Mr.
Johnson) decaims against direct taxes, and
at the same time denounces the onIy measure
by which they can be avoided. Mr.. Med. al
SO replied TO the argument of the gentleman
| rom Connecticut, Mr.. Tomlinson,) express
ed the other day, which, he said, had made
| much impression on the house, and for tie
moment had made Il similar impression on
himself. But he contcnded that the argument
when pushed TO the extent to which it might
fairly be carried, would be found, however
plausible, to contain a ftlIacy, and urged va
rlety of considerations in support of that opi-
Mon. Mr. McD. also replied to the remarks
of the other gentleman from Kentucky, (Mr.
Woodson,) and commended that his objections.
however well founded IN themselves, were not
applicable to the question before the House.
He said, in reference to the apprehension that
the stock would be transferred to England,
that its natural effect would be, to make The
foreign creditor dependant upon us-for To-