Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-05-11

not stated. Although, when it passed, was
at Ashland, | assure him that was not there
altogether uniformed OF what was passing
In the world. 1 regularly received the Re
gister of my excellent friend MIR. NilcS)
published in Baltimore, the National Intelli.
gencer, and other papers. There are two
errors to which gentlemen are sometimes
liable; one is 10 magnify the amount of
knowledge which they possess themselves,
and the second is TO depIeciate that which
others have acquired. And will the gentle
man from Maryland excuse Inc for thinking
that no man is more prone to commit both
errors than himself: will not say that he
is ignorant of the true meaning of the act
OF 1880, but 1 certainly place a different
construction upon it from what he does. 1t
does not ObHge the Secretary of the Treasu-
ry, or rather the Commissioners of the
Sinking Fund, to apply the surplus OF any
year to the purchase of the three per cent.
stock particularly, but leaves them at liber-
ty "to apply such surplus to the purchase OF
any portion Of the public debt, at such rates
as, in their opinion, may be advantageous 10
the United States" This vests discre-
fionary authority, TO be exercised under
official responsibility. And if any Secreta-
ny of the Treasury, when he had the option
purchasing portion OF the debt, bearing
higher rate of interest, at par or about par,
were TO execute the act by purchasing the
three per ceuts, at its present price, he
would merit impeachment. Undoubtedly
stale of facts may exist such as there being
no public debt remaining TO be paid but the
three per cent stock, with surplus in the
Treasury, idle and unproductiye, in which
1t might be eXpedient 10 apply that surplus
TO the reimbursement of the three per cents.
Rrt tbo ,,,t Is
greater rate than three per cent, it would
no:, think, be wise TO produce an accumu-
lation of public treasure for such purpose.
The postponement of any reduction of the
amount of the revenue, at this session, must
however give rise to that very accumua-
ton and it is, therefore, that | cannot per-
ceive the utility of the postponement
We are told by the gentleman from
Maryland, that offers have been made to the
Secretary of the Treasury TO exchange three
per cent. at their market price OF SO per
cent. for the bank stock of the Government
at its market price, which is about l26
and he thinks it would be wise to accept
them. If the charter OF the bank is renewed
that stock will be probably worth much
more than its present price if not received,
much less Would it be fair in Government,
whilst the question is pending and undecided,
TO make such an exchange? The difference
IN value between stock bearing three per
cent. aud one bearing seven per cent, must
be really much greater than the difference
between 96 and l26 per cent. Surprising
them 10 be perpetual annuities, the one
would be worth more than twice the value
ofthe other But my objection to the Treasu-
ny plan, is, that ii is necessary to execute il
TO continue these duties, as the Secretary
Hha Oh
twentyfour millions 10 pay he has, from the
accruing receipts of this year, fourteen mil
lions, and we are now told by the Senator
from Maryland, that this sum of fourteen
millions is exclusive OF any of the duties
accruing this year. He proposes TO raise
eight millions by sale of the bank stock
and anticipate, from the revenues reCeiva-
BILE next year, two millions more. These
three items, then, of fourteen millions, eight
millions, and two millions, make up the sum
required, of twenty-four millions, without
the aid ofthe duties to which the resolution
relates.
The gentleman from Maryl land insists that
the General Government has been liberal
towards the West in its appropriations of
public lands for internal improvements; and
as TO Notifications, he contends that the ex-
pendiures near the mouth of the Mississippi, |
are for its especial benefit. The appropria-
tons Of land 10 The States of Ohio, Indiana,
Illinois, and Alabama, have been liberal
but il is not to be overlooked, that the Gen
eral Government is itself the greatest pro-
prietor Of land, and that tendency of the
Improvements, which these appropriations
were to effect, is TO increase tie value of the
unsold public domain. The erection of the
Notifications for the defence of Louisiana
was highly proper but the gentleman
might as well place TO the account Of the
West, The disbursements for the Qualifications
intended TO defend Baltimore, Philadelphia,
and New York, TO all which capitals West
ern produce is sent, and, in the security of
all of which, the Western People feel live
iy interest. They do not object to eXpendi-
lures for the army, for The navy, for iortifi-
tons, or for any other defensive or CONNER
Cial object on the Atlantic, but they do think
that their condition ought also TO receive
friendly attention from the General Govern
ment. With respect to the State of * entucky,
not one cent of money, or one acre OF land,
has been applied TO any object of internal
improvement within her limits. The sub
scription 10 the stock of the canal at Louis
Vile was for an object in which many States
were interested. The Senator from Mary
land complains that he has been unable TO
obtain any aid for the rail road which the
enterprise of Baltimore has projected, and in
part, executed That was a great work
the conception of which was bold and highly
honorable, and il deserves national encour-
agement But how has the Committee of
Roads and Canals, at this session. been CON
sttuted The Senator from Maryland pos
sessed a brief authority to organize it, and,
Al