Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-26


occurrences in the House in reference TO this subject
ne olher morning. said he, stepped into the House,
"e Sehueinan from Virginia said, as passed him. that
ne had resolution which he intended present to
The House, touching the finances, upon which he pro-
posed TO offer some remarks, to which he invited my
a''cntion Not dreaming that the gentleman proposed
10 raise any such question that embraced i'm this
onton, and being at some distance from him, inds-
hnctly heard his remarks, and immediately pre-
sent briefly the result TO which my reflections instantly
brought me on the subject very few days afterwards
never having exchanged ideas the subject it'll any
one previous to IFS agitation see my course on that
occasion ascrbe to political motive and nv conduc
IN resisting the motion Sscribed to the base and un-
princrlcd motive of having first agreed to co-ope-
crate in the object, and then, finding the sentiment of
the House TO be against the propositions of rising 10
break its effect One word now said on this subject
may save many more. came here with the intention
of doing the business of the nation, and doing spee-
dhy; and so Tar as 'tdepends o. me, and God gives
strength, II shall go and speedily. But il the Jour
nails OF the Administration at the Seat of Government
are sanctioned in course which will give any mea-
sure OF whatever nature, party complexion, the
sequences cannot fail 10 be highly injurious think
proper TO express my deep Indignation before the Peo
pie OF the United States against this forcing OF men,
whether they will Or Undue all public concerns
with the bitterness OF party. Mr. Med. added, that
he had exchanged sentiments this subject With but
very few individuals; but he rentrued to say that the
vote on tins resolution would not be party vote. Ev-
cry member will vote upon it his honest impressions,
which he will not suffer to be affected By his relations
10 any party.
MIR. NJ D. concluded by expressing the hope on
all sides, so far the Journals around them un-
der the conrou of any party, that they would, at
least permit tins congress to go on with the ransac
ions OF the public business, without imputing politi
cal motives 10 measures having no such origin.
MIR. TAYLOR, of New York, after an observation
on the Importance of this question. demanded that
be decided By yeas and nays The demand being
sustained by the House, was ordered accordingly
Mr.. DRAYrON then rose and expressed great
reluctance to trouble the House, which he should not
have done bad few of the objections the proposed
measure which he considered of the weight been
advanced by either of the gentlemen who had opposed
him lie agreed that the question was one of great
mpor lance, and that il should be speedily disposed Of
The arguments of the honorable mover of the resoI
ton were certainly very ingenious; but he had not adj
verted to what he thought ought TO be the primary con
dcration IN discussion Of this and one which
was OF much greater consequence than any considera
ton merely pecunary.
The first question to be settled was whether or NJ
the proposed scheme would rebound 10 the pecuniary
advantage OF the United States: That it would DO SO
constituted, IN point CT fact, The only argument the
mover; and If such the case and there existed no
counterraiug objection, The measure should doubtless
be adopted But if on the contrary, il should appear
that the plan attended with pccunary advantage
whatever, then the honorable member himself would
confess that 1t ought 10 be rejected. The gentleman
had made some calculations O: profit which seemed to
him. 10 be sure, very plain; but it would be found on
examination, that instead of profit, the reverse would
eusue The present value ofmoney is per cent. The
Government obtain whatever amount it wants. al
this rate of interest He did rely upon the fact that
Government could get money at cheaper rate than
others but Canal Companies had actually issued stock
at - per ccnun and the premium o.; that stock redr,-
ced the real interest TO per cenum. This then he
assumed as the interest at which money could be Dor
rowed where the security good. Now, if the 60
vernmert received, at this period, per cent on its
stock IN the ban& got an interest exceeding the
mon Interests OF money hundred and fifty dollars
for every hundred dollars has invested in this stock
By selling the government would lose the difference
midi IlfyI nIla
hundred surprising The stock remain al IFS present
ADVANCE thai, admitting the public faith not 10 be
at all shaken by tie SALE still create. benefit would
be realized by continuing 10 hold it, But there could
be no doubt hata very great depression would be pro.
dnced by the sale Of seven millions of this stock The
honorable gentlemen from Virginia says that the price
depends in all cases, the proportion between sIppv
aud demand. The principle, with some limitation IS
no doubt, correct but that the question before
the House The question for 10 weigh, said Mr. d.
49, whether stock which sells at one hundred and
wentythree per cent in consequence OF the confidence
that the government will CONTINUE TO be stockhoder
would remain ut that rate when known that go
vernme nj would not continue II that is the cause
CT The present high price, take away The cause and the
stock must fall. How low il you'd fall could moi ex
actly DO known; might fall par-eyen below it. The
consequence o this would be 10 deprive the government
OF great amount OF money which it now realizes
twenty three per and by might nav debt ,f
eight millions, by advance Of only six and half
millions IL was perfectly well known that when
once Puohc confidence in any moueyed institution
Is shaken me consequent depression is cover
ned by settled mathematical rule but bv ,l,o To-,
iDgs and fears of the holders, and it not unfreouen
iy happened, that BY such panic tho stock which had
before been the highest actually became the lowest in
market hir d. SAID, that he thought he had satisfac
torhy sfiewn that GoverTne Mt Oud not be raiuer
bn very probably loser, by the operation now propo
sed But II surely ought 10 be denoustrabIy certain
that soIne gain will result before we went into mo
0eyed operation OF such magnitude and extent? What
possible combination Of circumstances could have =
stronger effect in depressing the price OF any pubic
security than that the Government, without any known
or ostensIo!e cause, should suddenly Withdraw all IFS
existed.
Yet the mere pernary calculation OF profit and loss
ala not constitute The strongest objection to the measure
proposed Ut matter Of far more muortauce tat
the character as nation for fidelity tn its contracts,
pfess or implied should be sacredy preserved than tina,
1t shouid gaih any pecuIary wIa He should
not apply the strict rules Of ethics the doctrines Of the
common Law, 80 Ike this but merely the rules Of
common sense ard common honesty When the charter