Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-02-09
CnNgrsgg Bf tie Gl. $fatrs
WEDNESDAY,, Jan 81.
IN SENATE.
THE SINKING FUND.

Ia f,yn
'nons reserved in the Treasury be applied TO the
oebt due to the commissioners of the Sinking Fund
was taken up as IN committee of the whole.
hr Snnh. OF Md. said, in relation the object of the
OH" That three millions due TO the Commission
ers OF the Sinking Fund. 1t would be inconvenieni
10 ray this sum now, because the, were informal he
the Secretary the Treasury that there would he bu,
about three millions of disposable funds in the Treasury
al be Close OF the year. The actual receipts were not
Hno"h' and the sum al the disposal Of Congress was
reduced 10 l,90GGDO dollars. The Secr.tary of fho
ssasfs.v was by law, authorized TO tS.ain two mil
iicns In the Treasury & above the ten million. r..
the reduction OF the public debt he would sill he
authorized 10 do SO u1ess the Law altered The
commissioners OF the Sinking Fund must he paid: and
II cd not seem that any ;geucv would renuir. tie re
Ser"atien ct the two MILLIONS; and This bill nYorose1 TO
aiHe one iii!!cn from that sum and apply il TO the IL
quotation OF so much of the debt dae tie Cnnmss;oo
eIs o. the Sinking Fund, and to make tie same annn
aiappropration, until ;iat debt be paid off No,lng
oe 'aHen oy THIS from the dsposabIc fnuhs in tn.
Treasury, as,if anDropriatc6 i, yo,l =,
"'n "hen'poyed; while ii 4, applied as uroposej
ny Tie bill IT would save the payment Of the interest
=" uha ''i'on oil dollars TO the Sinking Fund. The
act by which two millions 10 be retained in ,ho
treasury was passed in the time of Mr. Galla,n end
since That tune 40 Xiency had happened that render
ed necessary 10 exPend that sum Thence il ,zae
argued That ha OF TIA: SUM could be safely taken FOR
this purpose.
MIR. Sanford observed, that he was ,nwillinr 20
oppose The BILL INIT he constrained to object 10 il
as either lie n'nders'o-d the Gentleman from Mary.
land, OF he was wrong in the statements unuu which
TINS bill was founded Tie supposed that there
was law nasn it tla duty OF the Secretary of the
treasury to keep in the Treasury millions in case
Oh any unforeseen e%gpncy. But there was no such
acts The act alluded onIy provided that then there
was over two millions in TIE 'irtasury tie surnl,Is
should &c applied 10 certain Objects did not ma Ike
absolutely necessary I. keen the two millions i'm tho
treasury. II was also provided that the Treasury
shon!d never DC e>tacsies;ill ;'o two ,nous were
never cni OF the power OF Congress. What was tie
OBJECT OF this ball? 1t 20 adj one million Il, the ten
nhihohs' appropriated 10 the reduction nj public:
: debt which would make ii eleven millions. The FAC,
49, that the two millions in the Treasury rvera II the
disposal OF Congress and considering the necessity
whch now existed for greater amount of fund. for
the public objects than Congress had N lis ,iis;osaI
seemed TO him fair Gucson whether tic million fi
The OBJECT provided for in the b before Tia. Senate
should not be deducted from ii,c ten r,::!ins snneJ
to the payment OF the public debt ra!,e than added 70
H. Tie two millions retained in the Treasury ere
always at the disposal Of Cong cs and il.t be ned
ed f,r tue eXigeHc,es OF .; Government lie felt Id
i;dent ~ opposing tue bi o 'he object ii which he
had 40 objection; hB: II ilat il ,yas r,i
considering whether il Should be eHtce, In som.
E other
Mr.. Cobb would offer another idea II was known
That there was one million o toe .nuls in the Treasu
Ty, winch were unavailable; and H. according 10 tie
bill, million should be draw from t,c irsosr-,
wond il net be emptied entirel,s
MIR Johnson OF Louis,sn;., said ito Gentleman
frci!, Georgia was Gnisra mistake with regard 10 the
f million Q" unavailable funds He stated that there was
nominal balance In t: Treasury every wear ana Lad
not materially varied this year ftt,.n the last
There was stated, by estratc, to be in the Treasu.
~ 90 tha Isl January 1877, about six II, l;ions and
ban, oil which million known not TO be eipc
tive, and was therefore taken into view bp hcL
ltH III the treasury ahnnt fave aud half millions. But
ABOUT three and half millions uf this money was nm
cXPen'ed appropriations, which had not been called
oF ior he Objects 10 which had been apnropr;ateJ
oot would be drawn as fast required inrine The pre.
seh' year. hatsunl, although always tie Ireasu
~ i'" lie nature OF the contracts and Disbursements
e, OF the Government, fund TO be drawn m
was already destined to particular ru.nscs But there
rc'hanci IN The Treasury, still, two millions one half
OF which The gentleman fro Maryland proposes 20
ply now 10 The payment Of the public Debt
Mr. j. said tb1t he lad 40 !;rowlc,se o; ;iis ia,ap
'ion' Inc bill was called up suddenly and without
uc' ne na' no papers or documents TO refer to- and
should depend On his memory for Tic facts
The act of 1917 directs that Ten millions of thn P.
venue OF The United States shali he annually arplIed
by the Conm'ssloners OF the Sinking Fund 10 the re-
denptioD of the Public Debt and tie 4th section ro
yIdes that all tbs money tIc Treasury over and a
hoFe the Ten millions, which shall remain after proyi
a!hS Tor the current appropriations, shall also be Al,
PiIed 10 The Sinking Fund except millions which
arc TO remain IN the Treasury 70. anv extremely that
may occur. Mr.. }. stated that the Commissioners OF
the Sinking Fund, during tire last year had paid oyer
inc ten millions as directed BY the act; that on they
examined tho state Of The Treasury set apart sum
eG"a TO tie appropriations Of Congress last year the
ten millions which by the din section must remain in
the treasury for all accidental and extraordinary oc
casofs, and then applied the balance TO the Sinking
Fund 10 20 20 the payment OF the Public Debt and the
balance thus paid about one million 1nakipe
teYen millions "pPiied du'ins the year 1896 to this
! fund, 10 cxiingnib the debt.
! lie vas opposed touching this two millions now
The bill establishing this system was wise one: il had
been enacted upon the advice Of the most experienced
statesmen and fnanCiers Of this country He would
not derapee the system !C any temporary purpose and
without Obvious advantage necessity This sum had
0eSn set apart AS sum necessary remain in The
treasury to guard against all accidents or exiraorji
nary occurrences, such war, for example. 1t did
not seem That the sum too largo for such Gov
eminent as This: the has been wisely and prudent
~ hXed' IL lhe gentleman from MARYLAND meant tina,
taIs sum should Dow go 10 the Sinking Fund as part
~ ie yen ID IONS Tor THIS year, very LILLE you'd be
gained by ;hst the Commissioners oe ,Lc aiI,;l
Fund wonj, in due tifne, apply the ,yboe len millions
oi ms year; and tie little saving of interest even if il
coua pc applied now TO the extBguisbnent of the pub
nc Doot would not be worth the arrangement Of orr
general system but It could be applet he thought
! carrier than June or JUly.
l But ihe gentleman means 10 apply Ibis million oyer