Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1828-06-25

S27l,233 81
This does NOT include tie printing of the
present session, which will make the total re-
celvcd and receivable, by them on LIST July,
at least S325 900. They received last wear
upwards OF S72,Oo0--a sum exceeding, by
$1,000, the total expense of printing and sta
tionary, of all Inc branches OF the Govern
mcnt as estimated by committee OF this
House, in 1919, which was computed at
! S65,OO0.
Among those savings in The contingent ex-
pcnScs OF the House, which may be called
minute, but arc valuable on the score of en-
ample, your committee would recommend
that the practice Of folding any other docu-
men's, III tho public stationary, except those
printed by order Of the House, be prohibited;
for on enquiry they find, that for documents,
speeches, newspapers, pamphlets, * c. about
sol reams, at cost of about $4,000, have
been already used the present session. And
further, that the privilege given to each rnenl-
Der to subscribe, during the session of Con
gFess, tor three daily papers, at the public
expense, be abrogatcd. Independently of
tins abuse, atiOrding an evil example to the
other branches Of the Government, the indul-
gcnce must produce ri abstraction of the at
tention of the member from the business Of
the House.
Finally, on the subject Of retrenchnc our
own expenditures, your committee would re-
commend, that the practice, too often induI-
Ged IN by the House, Of voting TO themselves
copies otboOkS, IL cases where extra editions
have been ordered, be discontinued; and that
all the contingent expenses be vigorously and
lncylb!y confined to such objects as NAV be
indispensably necessary TO tic transaction
Of the public business. not 10 the luxury
case, or convenience Of the members.
And for this purpose, they propose, here
after reporting sundFv resolutions.
's.4nd farther, that they inquire sracihcr ony
modification Of The sinking fund act can he
made soiA a pic,D cfproducimg a more spceGy
cring'0sh'nc't Of lie pajEc debt"
The views which your committee would
have presented. and the measure Which thcv
would have recommended for the accom-
i pl'shment of this most desirable object, have
been anticipated by the bill reported, since
| the commencement OF their labors. by the
Committee of WAYS and Means. for carry
ling certain balances at once to the credit cf
>! the sinking fund, without permitting them 10
! accumulate in the Bank of the y. States.
; producing no intercsf--they having nofhino g
10 add to this branch Of the enquiry. than to
suggest Tor the consideration of the Commit
! tee OF Ways and Means, the propricty Of tii-
Irectlng an early exchange of the six pcr
cent. stock; now rcdecmablc, and hereafter
rcdeenable at the pleasure Of the Govern
fncnt, for one bearing an interest of four and
a half per centum. About half the public
debt consists Of SIX per cents, most Of which
VIII not probably be redeemed for at least q
few years. As general rule, the committee
would abstain from any inference with the
public funds, or the circulation Of the coun-
try; but measure 0" economy may be adop-
IN IlfI 70 ..,>-
IrcdcemaSle. and for the redemption o (which,
the means OF the Treasury are not now adc-
quate, without, III any manner, disturbing the
currency Of the country. The actual rate Of
interest, IS now only 4 per cent and there il
no substantial reason, Why we should contin-
ue to pay, Annually, SIX per cent. on stock
which we nay redeem at any moment we
please. II the present holders arc ,inwiino
| 10 convert their stocks into others. bcarinG
IN interest of / 10 per cent which is above
the current rate, your committee would re-
commend, that they be paid OFF through
| temporary loan, redeCmablC at the pleasure
| o. the Government. Former measures Of
this character, before these stocks were re-
decmablo, were attended with some difficult
ty IN their execution; but now, that they NAV
be redeemed or not, at the option Of the Go
Vernmcnt, it IS for us to say whether VIC will
pay, from one and half to two per cent. ey-
cess Of interest, annually, on somc twenty
millions of our debt. BY such a measure.
there would be an annual reduction Of the IN
tereSt on The public debt Of about 100000
"A measure of economy not unworthy The
attention Of Congress.
In closing this report, in which the multi
pllCity Of the subjects, conGded to your com.
nittee, has bafiled every effort to compress
1t within such limits, as would have been ac-
ceptable to themselves, and not fatiruino
to the House, they have supposed tlat sts2
ti5tical table would be satisfactory, showing
tire gradual increase of the income and cx2
pcnditurcs Of this government, from 1889 to
1927, inclusive, which they have prepared
from the documents obtained from the Urea
srry, and have appended to this report. mar