Literary cadet and Rhode-Island statesman. [volume] (Providence, R.I.) 1827-1829, 1827-12-19

CONGRE:S.-Ia lie Senate, on Wednesday !
Mr.. I;ARRIsoN introduced a bill for the re-
peal, IN part, Of tho duty on imported salt;
and MIR. JOHNSON, of Kentucky, introduced
a bill for the relief Of The Columbian College.
Mr.. RoBBINs, presented a resolution for an
entering into tho expediency Of building a Gus
tom House at Newport. Some time mas also
spent in the consideration of Executive BUSH
ness.
In the House of Representatives : the Reso-
luton offered by Mr.. BARNEY, on the preced-
ing DAG, calling on the War Department for
Information, relative to tho making OF a Canal
from baltimore to the Chesapeake and Ohio
Canal, was taken up and agreed to. A num-
/ Der Of new resolutions were introduced and
adopted. A report was made by the Surveyor
General, containing the result Of n survey TO
ascertain the Northeastern boundary line OF
the State Of Indiana. Mr.. TITLE obtained
leave to introduce a bill fixing the ratio of rep
rcsentation, under the fifth census, and after
the Sd Of March, 1888, at one representative
for every co, 900 inhabitants. The bill was
read twice and committed.
In the Senate on Thursday, the Rev. Mr..
Ryland, was elected Chaplain without oppo-
sition. Tho Chair communicated a letter
from Samuel Angus, praying that his petition
TO be restored to his rank as Captain in the
Navy, presented TO the Senate last year, might
be renewed; which was referred 10 the Naval
Committee. Mr.. DickersOn gave notice that
he would ask leave tomorrow TO introduce Il
bill TO provide for the distribution Of u portion
Of the Revenue of the United States among the
several States. A message was received from
the House Of Representatives., informing the
Senate that a joint resolution had been passed
for the appointment Of a Committee Of three
Members from each House, TO direct the ex-
penditure offunds appropriated for the purchase
of Books and Maps, for the Library, and rev
questing the concurrence oil the Senate. The
Senate concurred in the resolution, and Messrs.
Dickerson, Sanford and Robbins, were APP
pointed on the part Of the Senate. Mr.. Dick-
ersOn rose, and remarked, that, as the situa-
ton 10 which he had just had the honour OF
being appointed, was one in which there was
considerable responsibility of u peculiar kind;
and as lie did not anticipate being a member
of the Senate after this year, lie hoped he
should be permitted 10 decline the situation /;
although he very reluctantly shrank from any
Of The duties which his station imposed upon
him. The question being put, whether MIR.
Dickers0n might decline acting as a member
Of the Committee, IT was decided in the mega
tive, and the Senate adjourned.
In the House of Representatives. Mr.. Ser
geant presented u petition Of Richard w.
! ulCuit, ~ IL Dl1 incht VI Iho uiliIlSUsC tluilll
against Spain, assumed by the United States
under the Florida Treaty; as also, of a large
number of citizens of Pennsylvania, on his be-
half. On motion of MIR. Pearce, it was Re
soLred, That the Committee of Commerce be
instructed to Inquire into the expediency OF
purchasing a site, and erecting thereon a Gus
tom House and Ware House, at Newport,
Rhodc-Island.
Mr.. p. p. Barbour submitted the following
resolution:
Resolped, That The Committee of Ways and
Means, be instructed to enquire into the expe-
diency of providing by law, for the sale of that
portion of the Stock of the United States,
which is held by the Government of the United
States, and the application of the proceeds
thereof to the payment of the public debt.
Mr.. Barbour, supported his resolution in q
speech of some length. II was opposed by MIR.
.M'Du6ie and Mr.. GOrham and finally laid on
the table. On the subject Of this resolution
tho National Intelligencer remarks: THE
high responsibility of the quarter from WHICH
this proposal came, might have given it an
alarming consequence to the commercial conn.,
munity, had it not been met by the decided op.
| position of Messrs. MCDUFFIE and GoRHAM
The principal recommendation of the measure
proposed by Mr.. B. appeared to be, the gain
which would accrue TO the Treasury, by the
advance of taoenty three per cent at which the
Stock is now selling; and which, on Seven
Millions of Dollars, would certainly amount 10
n very handsome sum. The fallocy, however
ofsupposing that Seven Millions of Bank Stock
Zone fifth Of tho whole amount of the capita
Of the Bank Of the United S%tates,) could be
thrown into market, without seriously affecting
the price, was satisfactorily painted out by the
gentlemen who spoke against the proposition
of Mr.. BARBOUR. The necessary effect o
such a glut of the Stock market, would o.
course, be enhanced by the jealousy that would
arise in the money world, both at home ano
abroad, from seeing the Government, Gin whose
hands rest the power OF extending tho charter,
and an important control of the affairs of the
Bank disembarrass itself at once of the stock,
The example of the Government would be fol.
lowed by other Stock holders. All, especially,
who have purchased stock at a high advance,
would rush into the market, TO anticipate the
course of depreciation. This depreciation
would thereby become more rapid. As it in
creased, the panic would spread, till it ended
at best in a fall of stock below par; a result
which would infallibly be productive of the
most disastrous transfers and forced sales, and
general arrangement"