Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-02-09

''e eNportaou, with regard 10 the importation,
change can be anticipated. Some dimnutiOn has been
experienced from the tea trade and something from
presumed iaods ia the wooleDs; but these are both
before Congress
But, SAID Mr. j. besides these calculations have
me opinion of very extensive merchants that this will
be good Importation year, and that herc will be no
railing OH The inposts will probably never fall be,
low the nett estimated for this wear of twentv
miiiions. hut ii there is any of the dangers which
nave been anticipated, and which be had heard predict
Hu II IS reason fer keeping the two millions in tho
lieasuFy i"r all exgencics. In September next the
commissioners OF the Sinking Fund will be again cal
eo on 10 examine the state Of the Treasury and they
WIN apply all that rensins after pay all the appron,.
a'ions the ten millions, and the reserved two millions
10 The public debt. III you force tic money ovt nj
Tue treasury AM any accident occurs, or any detjc
ency happens in the revenue shall have 10 borrow
IN January, 1925, there a sum in the Treasury
similar 10 the there, and no such movement
was made There is now less reason I've have dur
S these two years. paid all the expenditures of the
''osc!nmcnt. We have paid the ten millions zach
year 10 hc PnLlic debt; have paid three millions
over and above that and haoe appied sir NIL
t0ns to ratous 'tsel ttir purposes and the Treuss.
ryi @,H as rich rs il 0ds at that day, to ct co mil.
ons q surplus realty for any emergency, and at the
disposition of Congress.
A!r. j. SAID he would haze presented other and fur
cher views OF this subject, but he ignorant of This
proposition until the bill Just read If this sun,
can DC spared from the Treasury, it will become sub
ect OF inquiry for Congress, what obcc, il can bs
applied FOR the greatest benefit of the countrva He
was opposed to adding it 10 the Sinking Fnnd
h
)ec;s OF greater moment.
Mr.. }. said, tIare balance due from the T,ea
"! I" '''e commissioners OF The Sinking Fund.- which
accrued several years ago in consequence of there NOR
ICING money ea01gh TO pay the expenses of the Go.
'eIn'aent, and the ten millions. The Revenue was pof
Su4"oieh'. he ten millions was more than could be
AFtre Lonrrg Tie last two years, have paid three
i!iohs OF t old bsiancc and there still remains three
nh'i"ns more which! IL be paid whenever the Reve-
nne T'.' afford that surplus Bu; this debt which the
gentleman OF Md sa;sis die TIE Sinking Fund merely
fiat
Sinking Fen! law passed. have not been ablo TO psy
the ten millions; and there now three millions neces
sarE TO make good the Ten millions every year sine,
! 1917. NE haze paid, since he Peace n5on one INN
drsd millions Of ne Public Debt and uDcarly, Of tren
~ millions for ua,i0ns o6je!s of 1,sbc
interest Mr.. j. sa!d in reply TO Mr. Sanford that the
commissioners OF the Sinking Fund had themselves
gwen The construction to the 4th section of the ay OF
1917 by which they determine that two millions must
remain permanently in The Treasury, and all the sur
Plus must be applied 10 the Sinking Fund.
Mir Smith, OF Maryland, said that the bill came II,
suddenly when ne was hardly prepared go into ds.
cnsson upon ii; hnt lie would now add few words
ie gentleman tro New York had said that it was not
necessary keep the two millions IN the Treasury
o' lac i;HoEn over and ab0Se the two millions was
me Striking tund, amd had nothing 10 do with the ten
'iiiohs applied 10 t.e liquidation of the public debt
we or we're VIC not, 10 pay debts? fw were
"hY h"l taGe Tins money, by which no Inconvenience
would be sustained? Tie Gentleman from Georr;,
was Instskcn but the gentleman from Iouisiana Lad
CORE c'ed hI' he (Mr s was of opinion that there
II III IHT
appropriated by the bill the deb, ,rouh, r-radnaiI, 10
pai and the interest on million annually he saved
'' az inc same ''e, over and above million would
ne ic!t IN the Treasury, would there be any fear
! O! training ii: tor there always from three
20 i've millions in tho Treasury taking info ccnsdcra
ION 'be many uncai!ed fo appropriations He did poS
t"i '"cic would DC asy deficiency in Tic duty on tcs
tiS year, because OK il was in tie country and
was honded; although he Gid pTsiend 10 say ubaf
wond be the effect of the late occurrences in connec-
ii"n with thai article Of finance in the ear 1898 Flo
! had no IN mod,
trade IN that article that if the duty was moi reduced
upon teas tiist the merchants woNid not feel autho-
rIzed to send their ships for the article, because the
East India Company now importing into Canada
roe OF duty not Tor the consumption of Canada bus
tie United States and that the price on that article was
much lower fhan could bS afforded by eur me chants
therefore, what the effect Of this STATE of things might
be he of 1899 he was not prepared 10 say,
Re did not intend WISH 10 discuss the bill II I'D
come up unexpectedly; and lie would no,y move 10 law
il on the table.
drawG his mu;iJn remarked that he yas ro ;nn,;,a,
to the object, bu TO tie bill II ', as 10 draw ON oiIc
rom INC treasury, and add to the appropriation Of
zen millions, 10 discharge the public debt He denied
That there any law existing yyhicb made il ;,pre
tive That two millions remain in the Treas,ry
ne aCt only dTeCts that. when there was more than
TWO 'h5ns IN the Treasury after the payment of the
expenditure 0f tie Government IT should be applied 10
ne SINKING Fund He thought the two millions at the
tPosa! Of Congress- but he objected 10 making use f
them IN the manner proposed because they could bo
necessary according 10 tie estimate which he had
made TO add 10 Tie supplies which would he needed 70
meet The appropriations which must necessarily be
made during Tie year. According the statement OF
the gentleman from louisiana for all the underlined
Objects to which money must be applied there would
remain with tins two millions, but 2QiO 900 dollars
ne OBJECT Of The bill, he repeated, was 10 take one
on rom the treasury, and add TO Tie ten already
applied 70 The public debt. The object of the gentle
man from Mary land was 10 draw one million from
The Treasury, TO be applied in this manner Mr. S
was vas opposed 10 the project bu he willing TO mo-
md -,
milton, over and above the two millions in the Tres
suiy should he applied 10 discharge the debt due tho
Commissioners Of the Sinking Fund.
'T. holmes said, thai this question il was ma,
yiai to take the state Of the revenue into consdea.
,'on he should say few words upon the subject lie
beHeved that the British colonial act in relation TO ar
'c'e5 hfonSh from beyond the Cape Of Good HOPE,
would cause great diminution in he dgcs Of tlo.G
articles il he read the act right, it aas 10 introduce