Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-06-01

ing appropriation 10 enable the Pr. sident ol
the United States 10 hold treaties With GER
tain Indian trbes"-and being reported with.
out Amendment, was ordered to third read
ing.
On motion Of Mr.. McI.ane, the House
went into committee of the whole, Mr.. Con
dict in the chair, on the bill 6. to authorize tn.
Secretary of the Treasury to exchange. q
stock bearing an interest Of five per cent. fui
certain stocks bearing an interest of six pei
cent"
Mr.. McLane moved to amend the frs,
section If the bill by inserting the following
Be IL e.aeted, &c. Tha, the President Of the Un,ed
States be, and he is hereby, empowered to borrow
or befnre the LIST day of April next, the credit
of the United a'es, a sum not exceeding five mil
lions at dollars, at rate Of interest payable quarter
yearly, NOT exceeding four and half per per
annuu, aud reinbursabe ut the pleasure OF the gov,
eminent, at any after the 3lsi day OF Drcr -,
1881, TO he applied, in addition TO the moneys which
may lie in the Treasury at the time Of borrow ing the
same-o pay off and .,;scharge such paris oi the six
per cent stock OF the Uued States Of the year 1872
rs may lie reJeemable after the LIST day oi .nuary
Sec and be ii further enacted, Tina, i, shall he
lawful FOR the Bank of the States lend the said
sum, any part thereof: and Il is hereby further
declared, that il shall be deemed good execution
Of The sand power borrow, 70, the Secretary of the
Treasury, with the appreciation Of the President oil
'he unitd States, cause TO he constituted ce,,i-
hca,es Of stock signed ny the Register ofthe Treasury
any par, thereof bearing an interest not exceeding
FOUR and one half per per annum, Transient
he AID ,edeema6'e as aforesaid, and to cause the
said certificates o: stock be sold Provided, tina,
40 stock he sold under par.
Mr.. McLaDe prefaced this motion by a
statement, in explanation, If considerable.
length, the substance Of which will hereafter be
placed before our readers.
This amendment was agreed to, and the
other parts of the bill were coriespondiusly
altered when the bill aud amendments err.
reported tn the House.
MIR. f. johnson opposed the passage ofthe
bill, not believing il necessary 10 borrow at
present; rs there was considerable balance in
IN" Treasury, and by an estimate of the gem
tleman from ~ Z. Mr.. Cambreleng,) the Opr-
ration of the tariff will increase il iii. PC miluns
tie went into a calculation To show the balance
of revenue wouid increase every year; and
that this country would lose, instead Of gain
ing by postpOning the debt at reduced rate
of intertst-and he moved to postpone the
farther consideration of the bill till the st day
OF April next, (Which amounts to Indefinite
postponement.) THE remarks of MIR. J. will
be published more at large hereafter.
MIR. Cambrelens, of N Y, had not intended
10 rise on this question, but deemed it neces-
sary to reply Ia the gentleman from Kentuc-
Ky, Mr.. r. J0hDsOn,) who had referred to
his revenue estimates, aud tn the fate Of
former stock exchange bill. That gentleman
had very much misunderstood him. He had
never been SO absurd as to calculate that
tariff, which would gu into operation on the
Seih OF June and LIST Of January next, levying
additional duties, payable al distant periods in
1895, would contribute directly to the revenue
OflS24, whatever might be the effect of antici-
paied imporlations. Considering that bill as it
actually passed, as a enue measure-and an
unnecessary one toO-he had presumed that
when in operation, it would augment the
annual receipts. We are not now making
any distant calculations-the period is near at
hand. The first proposition in the bill, is to
convert that portion of the six per cents paya-
BILE on the lst January next, which we may
not have the means Ia redeem, into a stock
bearing an interest Of four and half per cent
nr less 1t is presumed that, after rede-ming
100000 dollars, in seven per cents, au
thorizrd during the present year, and estima-
ting the revenue of 1894 above the Treasury
estimate, which can now be safely done, there
will be, on the lst day Of january next.
including the usual amount Of unexpendrd
appropriations, about FIVE mDns applicable
To the redemption of the debt due on that day
The object of the bill is to enable the Covers
ment to reduce the interest on the amount
unredeemed. The second proposition is, TO
renew, at diminished rate of int, est, that
portion of the SKIES falling due on the LIST
January, 1895 which we shall not be able to
redeem. With regard TO the period of the
final redemption of the public debt, MIR. C.'s
calculation correspondent in its result, with
that of the gentleman from Delaware. (Mr.
McLane.) Assuming a revenue Of twenty
millions less Than the actual revenue for tw o
Years past-and a permanent expenditure of
ten millions more than the annual expendi
tnre during the same term-ten millions, AT
least, would remain annually applicable to the
payment Of the interest and the redemption
of the public debt. With such revenue, and
such an expenditure, without estimating the
increase Of revenue under the new tariff, the
public debt would be extnguished in 1856
considered MS Hypothetical, being founded on
an anticipation Of continued peace.
The gentleman from Kentucky is mistaken
In surprising that the stock which he had
proposed to exchange in 1925 is the Identical
Stock we are now about to pay off. From
1925 to '28, sixty five millions become paya-
ble--that bill contemplated exchanging only a
part, leaving about thirty millions to be re-
deemed with the revenue anticipated. With
regard to the failure of that negotiation, il WIS
owing entirely 10 our delay in adopting the
measure. Before proposals could be issued a
reaction had occurred in the money market.
which rendered he negotiation impracticabIe.
except for a small amount. H. that case. too.
il was at the option of the creditor to acc.d.
or not 10 our proposals the stock was moi
then redeemaI,le. The bill before us contem
plates n neg collation. AT and near the period of
redemption, and Of a different character. From
the fate of that measure, however, we may
draw an argument against postponiDg the bill
Under consideration. The rate Of interest is
low muc IN bpIpw utr former aDfciDations "A