Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-05-14

and six per cent MAS deceptive. The stock,
when thrown INTO The market, would not bring
more than rs per cent. and vet must be paid
az par. Hr opposed the bill, and gave warn
ios that. il its passage were pressed, he should
oiirr amendments. the effect Of which should
he To make the stock payable only out of the
sales Of the lands.
| MIR. Storrs went into a history Of the FOri-
da treaty. He commended that, by ITS pro,i-
sions, the Government is bound To- It's citizens
10 make satisfaction for the Spanish spolia-
tons, as soon as the amount Of their claims
shall he iiquidated. He, therefore, thought Con-
sress had no moral right to leave this stock
unpIOvided for ill the next session. He in
sisted that interest Oh this stock must be paid,
as interest on all The other Government stock
is paid. and might not be left to run on till the
lands shall b. sold. He thought the sooner
the debt was paid, the better, especially if the
money can be bad on low terms.
Mr. McLane rose in reply. He had spoken
on authority, when he had said the money
COULD b- got at four aud IA half per cent. Such
ar oifer had actually been made-:,nd Gue had
been inserted IN the bill as measure of pre-
caution, t. cover fluctuations in che money
market H would not be wise 6-defer this
payment to next session as then FIVE mil
hons OF the War debt must be- provided for.-
ihe measure now proposed was not one of
the Committee Of Ways and Means. 1t had
been urged upon the House by the people Of
the United States Mr.. McLane defended .ne
mode n"w proposed as only meeting the spirit
aud form "fihe treaty stipulation, He denied
That the interest mis- Int be Deferred. l. il
might, and should he SO deferred, in II years
the sum would be doubled, and the claimants
hose their debt. Ne insisted that the difference
oetweenthe interest Of - and 6 per cent " uld
be aa actual saving to the Go, ernn1ent. SUP
pose the Florida lands should not bring the
i've millions. the Government must make up
the deficiency.
Mr., Liverm.re commended, that, If the lands
failed tn bring Fhe " mole sum, the Government
Is not, undti the treaty, bound 10 paw any
more than the actual amount of sales. He re-
commended that, if money could bi had al
four and half Per cent. the bill should be al
tered Ia that rate.
The debate was farther continued by Messrs.
Rankin, Cambrr!tng, Mallary, Buchanan, and
Liking ston, who ad,ocatrd, and 10y Mr, Tay-
Ior and MIR. Clay, who opposed the bill
MIR. Taylor moved That The committee rise
and report progress, with view that leave
might DE- refused 10. sit again, The notion
WAS negalived. Ayes SO, Noes 76.
The debate was then renewed by Mr.. For
syth, who spoke in favor of the passage of the
On motion of Mr.. Sharpe, the bill was a.
mended by reducing the rate of interest at
which the Eve millions may be borro wv ed from
IJfre per cent To four and haiT per cenf.
Mr.. Clay moved 50 toamend the Bib as 10
make il read
"The Secretary Of the Treasury be. and he
hereby Is, anthorlzed, wiirlhe appreciation Of
tire President of the u, States, to cause TO be
ISSUED certificates of stock efth, y. S. to any
amount not exceeding The sum'sf Eve millions
OF dollars, and bearing an interest. of six per
crntum p'raunuu, from il,e 49, tay of June.
1894, which stock, So created, -tslail BE- re-
deema''ie ont of the proceeds'of the sale Of
the lands cedtd tn the UhIted States by the
aforesaid ,ca,y.p
Mr.. Mcl-ane opposed the amendment, and
The debate WAS further prosecuted by Messrs.
Clay Rankin; Footof Conn, Gail, REED, Clay,
aud Archer, -.
The question os The amendment of Mr..
Clay was then disagreed u, Ayes'S2. Nu.s SO,
Mr.. Cooke offered the following amend
men', which was adopted, mem con.
And provided, also, That, in all cases
where the person or persons. in whose name.
or for whose benefit and interest, tue aforesaid
awards shall b. made shall be in debt and in
arrears 10 the Unired States, the Secretary of
the Treasury shall retain The same out of the
amount vt the aforesaid awards. in the first in
stance, aud warrant or certificate, as the
case may be, shall issue only luI the balance.o
The bill and amendments ha,ing been read,
were reported To The House.
The bill Was ordered to be engrossed for
third rrodi1g
And thtn the House adjourned.