Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-02-06

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ne PAID; and u did not seem that any exigeDcy
would require the reservation of the two mil
lions; and This bill proposed to take million
from that sum and, aprly it to the liquidation OF
so much of the debt due the Commits toners of the
Sinking Fund. and 10 make the same annual ap-
propriaton, until tina, debt be paid off Nothing
would he taken by this from the dispos bic funds
IN the Treasury, a., if il not 40 appropriated,
u would remain unemployed; while, if it wa.
applied IA proposed by the bill, il " ould sav e
The payment Of the interest one million OF dol
lars to the Sinking Fund The act by which two
tfniiiions was TO be retained in the Treasury, was
passed in the time of Mr.. Gallain, and since tina,
lime no exigency bad happened that rendered il
necessary to expend that sum. Thence. it was arr
gued that half Of that sum could be safely taken
for this PURPOSE
Nr. Sanford obserrsi, that lie was unwilling 10
oppose the bill, but he was constrained to object
10 II, as either he misundersr God the gentleman
nom Md. or be was wrong in the statements upon
winch this liil was founded. The measure suppos-
ed that there was law making il the duty of the
secretary OF The Treasury TO keep in the Treasury
s"o millions In case of any Unforeseen exgency
Out there was no such act: The act alluded t. on
" provided that, when there was over two mil.
lions in the Treasury, The surplus should be appli.
ed 10 certain objects il did make absolutely
necessary to Keep the two millions in tho Treasury
1t was also provided that the Treasury should ne
yer be exhaused-sii the two millions were ne
The object of This bill! II was 10 add one million
to the ten millions, appropria ed 10 the reduc ion
oil the public debt, which would make it eleven
millions The fact Is that the two millions in the
Treasury were at the disposal of Congress. and
considering the necessity which now existed fer
greater amount OF funds for public objects than
Congress had at lis disposal, il seemed to him
fair question, whether tie million for the object
provided for 10 the bill before ,he Senate shout at
ne deducted from the ten millions applied 10 the
payment OF the public debt, rather than added TO
II. The two millions retained in the TregsuI,
Were always at the di-posal OF Congress, and
might be needed for tie exigencies of the Govern
meh'. lie ieit dfijent in opposing he bill. to
the object of which he had no objection; but i,
struck him that il wa orlh considering " he,her
It should not be effect ed in some other manner
Mr.. Cobb would offer another idea. I, was
known that there was million OF the funds in
the Treasury, which were unavailable; and IT.
according TO the bill, one million should be
drawn from The Treasury; would i, net be emp,ed
entirely?
Some fur her discussion tool. p!are in which
Messrs. Johnston Of Lyu Smith OF Md. and San
ford took part.
Mr.. Holmes said, that as on tbi. ques' ion it wa.
natural TO take the state Of the revenue into con
alteration, he should say a few words upon the
subject. lie believed that the British colonial
act In relation 10 articles brought from beyond the
Cape OF u sod Hope, would cause a great dninu.
lion In the duties Oh those articles. Ifhe read the
act right, II was to Introduce articles iao Can ada
Tree OF duty. Row, one way or another thi,
must diminish tie revenue OF the United States
Either the British merchant oud be enabled to
introduce those commodities into this country al
rates so low that our MAJ chan.s will Be unable TO
compete with them, or we mus, reduce the duty on
our importation. much to enable our trader. 10
ester into competition with their eigi5ours in
these articles. In either revenue must be
impaired: in the first by diminished importation
In the second by less amount of duties charged
There could be little doubt, ihe duties reduce
ed, that our merchants could compete with the +
iHdia Company. which, like all companies, was
burthened by restrictions, bile our trade would be
carried on by individual enterprise. Still our re-
venue must be seriously diminished on articles
beyond the Cape Of Good Hope. Mr. H. diffe, ed
from tie gentleman from New York. az he consid-
cred that The Secretary of the Treasury was bound
TO reserve iletwo millions in question. The law
which that gentleman had referred TO, directed the
Secretary to dsburse all the money in the Trea-
sury, but two millions; and thus he was directed
TO retain tina, sum. This bill proposed to apply
one million to the payment OF deb, due the
Commissioners Of the Sinking Fund, which was
now thee millions, and the question was. yybeiher
they might draw out the million, and apply it
10 this purpose; il was question rather of expe-
diency than OF power. Had ever the two millions
reserved in the Treasury, been required by any
exigenry OF the Government, other than war? He
thought not. AT any rate, he bad never known Of
any such exigency, since the law authorizing this
reserve as passed. In bis opinion, the SUN might
be safely and adIvantageou,y appropriated TO the
purpose pointed in the bill He thought one
million sufficient for any exigency IN which we
could be exposed, and he thought two millions
more than needed. He should second the mo-
| ton TO lay j, on the table; and the bill was then
laid on the table.
BANKRUPT BILL.
4 a..
| throughout the United States, was then taken up,
and. on the question OF engrossing the bill for a
third reading,
Mr.. Smith Of S. c. delivered bis sentiments at
great length against the bill.
He was followed by Messrs Berren and
Hayne, on the other side; when the queetion wa
put, and decided in the negative, by the following
vote:
Yeas.-Messrs. Baiemsn, Benton, Berrien,
Boulgny, Edw ards. Harrison, Hsyne, Johnson OF
Ky. Kane, knight, Mills, Robbins, Sil-bee, Smith
Of Maryland, Thomss--15
Eays.-NIessrs. Barton, Bell, Chandler, Chase,
Clayton, Cobb, Dickerson, Eaton, Hendricks.
+ King, Macon, Marks, Randolph, Reed, Ridgely,
Rugger, Sindiord, Seymour, Smith of South Ca
rolina, TazewelI, Van Buren,, White, Wiley,
Williams, Woodbury. -25.
i So the bill was rejected; and
Il The Senate adjourned
HOUSE OF REPRESENTATIVES,
JANUARY, 81, 1927.
PRINTERS OF THE LAWS
Mr.. Saunders moved the following, which wa,
read, and laid over till tomorrow for consdera
lion:
ResolUsd, Tha, the Secretary Of State commu
mir To - If Of