Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-19

licensing ships and vessels to be employed in tho
ting trade and the fisheries: and for the regulation Of
the same.
Mr. johnson of Kentucky submitted the following
resolution:
Resolved that the secretary OF war under the contvo
OF The president of the United States authorized and
requested to instruct one officers of tho corps
of engineers 10 examine the Horse Shoe Bend on I,ie
tug River in the State of Kentucky and eSrvrt the
pract'cabilty of establishing armory of isst1ned
States at that place similar 10 tue Harpefs Fer
~ or Springfield. = Ia
HOUSE OF REpREs .lTATIyEs
Upwards of forty petitions were preseotedsto. the
house this day, shnoug them. szss>,
By Mr. SeEseant-of the sugar refners of Phiisdel-
pha, for a-iucsease of drawback of duties szs<zs
BY tie same-Of Richard w Meade for ,J,c nav
men, OF bis claim against Spain, assumed by the S-
teI States under the Florida Treaty; also of aiare
lDumber of citizens Of Penns,lyania on his helalf
90 motion os Mr. Brent, it was resolved That se-
iect committee be appointed to and report to
ths mousse the number OF lots originally owned in
w ashIogton city by the u. s. TO whom said lots ssre
solo, aud by what antioiy the for which each
lot sold and upon what terms: whether the several
sums Tor said lots have been paid and whom and
II paid. the manner in which the have been OPP
propriaed and if not paid, the balance is due and
| by whom due. And also. the number of lots vet
remaining snsoid And that SAID committee be in.
s'rhc.ed I" inquire INTO tho expediency OF passing
Ia" hAIpg Tho nanor and terms OF the gales of tbs said
ols apu " the same Ou found pedient they have
leave to report bill TO that eject and that said com
nittee may be enabled proceed in said
they are empowered TO send for persons and pa pers
On motion OF Mr. Vinton, il Resolved, that the
committee the territories be instructed to inours
INTO the expectancy of forming territorial govern
ment within the country lying north the State of IL
inos, and between the AIissssipoi river and J,kes
Superior and Michigan.
On motion of Mr.. WickETe, il was Resolved, that
the COMMITTEES roads and canai, be instructed to in
qaire into the efpedIency Of making further provsns
al In
hI@;issippi rivtrs.
Mr.. P. P Barbour offered the following resolution
Itesofced That the committee of ways and means be
instructed toinqure into the expediency of providing
by law for tbs sale Of that portion of the stocr of The
Banlz of theU S. which is held by the government of
the q State and tho application of the proceeds there.
of, TO the payment of the public debt
Mr. Bsfbour supported his resolution BY several
perttnenr emarks. He considered the proposition
subject OF Importance TO the finances of the country
deservsd to attract the attention of the House. Cen
temen we're aware that the oil stock now held
by government in the United States Bark was eouaI
70 seven millions Of dollars. This stock according TO
The recent quotations, was sold in the money market
at scd per cent above ITS par value If the amount
heidby the government, sold this valuation
profit would accrue TO the u. s of something beyond
$500, O00 Ii mered, he said serious cons esrao,
whether 1t would not be an advantageous operation
to- sell that stock. The gentleman then went into q
calculation, showing the aid which this would give
tGIa rds the reduction of the national debt II would
form actual addition of 900 0Oo to the availab,e
lam
TO enforce his views, and reasoned that the govern
ment ought not TO be continued stakeholder to
banking corporation.
Mr.. NlcDufe SAID be did not rise for the nurpose NJ
opposing the resolution. Being mere pronot;op r.
institute an inquiry through of the standin com
niltees Of The House he was willing it should pass as
Is the general usage, matter OF course and he
would have been gfatisd il, in conformity with IL
sage equally general it had passed without debate II
not his intention debate the merits of The n-o
position, and although he differed with The gentleman
from pirg inia, in almost all the he had presented
hs was not prepared 10 say what might be his ultimate
opinion on his proposition though he felt strongly inn
pressed against IT. lbs object in addressing the chair
vas to prevent the IMPRESSION from going abroad that
he views of the gentleman from Virginia were those
'f the House, an impression which would naturaIIv
enough be made if the resolution should pass With no
'tier remarks than those o: The mover
He would barely suggest 10 the gentleman from yir-
.ina, without pretending go into an argument tia,
% had oveT-ratcd the profits which the government
would derive from the proposed operation The gen
iemsn would see, on moments reflection, that tho
'ery tact OF the government suddenly throwing into The
MARKET seven millions o! tie stock of the Bank wouId
ii ITSELF reduce the price OF that stock 20 point very
title, if any above par The nero discussion of the
ubject here aud much more the adoption of tIe nro
posed measure, would distu5b most nurously the &C.
;unary relations OF the country, and particularly of
hose who were interested in the stock OF the Bank
MIR. MCDufie differed with the gentleman from Vir
,ina, to the political effect Which ,yond resnlt from
he proposed measures He clearly of The opinion
hat while such an institution the Bank of the u
states existed, exeri,ug great influence over the
medium of the country, il was true poct
the government 10 roain its influence in the drec
ion, and The only mode in which that influence could
re egitimaely and fairly retansd was By CONTINUING
Stockholders in The Institution.
Mr. Gorilan of Mass ;chusss, agreed with the gen
eman from 3. &. The disposition 10 part with mil
oBs OF stock, proclamation 10 the world tia, il
'as not worth TO any the value offered 10 il
n the market lie hestated not to say, that Wien
yer the government undertook TO sell That ouaut,v
you'd fall fully one half of its present value He
iFengthencd his opinions By the statement of several
circumstances connected with the old Bank of the IT
states lie did not believe that millions could be
old.
The only that the United States stool, now
ellis at 23{ per cent above par the confidence which
capitalists had in the existing state of that institution
~ me act OF congress establishing that Bank Govern
nent possessed the of appointing FIVE directors
1y selling The stock they could be diyesled of that
'ower, and he did not see he propriey of retaining
he power after disPosing Of the interest. This pre-
enied TO his mind an uUfovorabIe view He wished
have more time to consider such proposition and
o mark ITS effects abroad. lie moved 10 lay the re-
olntion the table