Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-02-28

nus tflut oi koDl nave Dcen
unusually great;-that those of 1882 will in consc-
quence be greatly reduced, and in this particular
think he is correct; but the Senator infer,
that tho receipts at the Treasury will not to
the sum reported fourteen millions. In this suppo
sition, Mr.. President the Senator from Kentucky is
entirely wrong. yho receipts i'm 1892 have little
connection with the importatons of that Year; per-
haps quarter of the duties which accrue in
1882, may bc received into the Treasury during the
year.--Rut there is wide difference between re-.
venue accruing, and money actually received into
the Treasury. The Secretary prcdicates his Report
on bonds taken for duties which accrued i'm 1891
and which, from the usual credits given, are paya-
bic IN 1882. In this matter therefore, he cannot be
mistaken. lie has list of the bonds before him.
The Senate may, therefore, rest satisfied, that the
stated by the Secretary of the Treasury of four
teen millions of dollars will remain i'm the Treasury
as expressed in the report and that there will be ten
million of dollars inapplicable to any other object
than the redemption ofthe 3pcr cents, unless app-
cd to the purchase of the stock payable in 1888 and
1881 j trust, have satisfied the Senate that no
censurc can attach to the Secretary of the Treasury
for the expression of his intention to pay off the 3
per cents. that i'm doing so, he simply performed
an act of duty in compliance with existing laws
The sale of the Bank Stock for the purpose of
paying the debt is objected to. Ipropose to take
tee Of it merely financial measure. The prn-
cipai considerations by which tho proposition to
sell the stock is recommended, those connected
with the public interests with the liberation of the
country from debt and with all the consequences
arising nom such state OF things.
The report of the Secretary of the Treasury goe
upon the supposition, that on these grounds the
government cannot be rcsembled To an individu-
al dealing with his stocks, for the purpose of the
greatest pccunary profit and that the general ad
vantGScs of Il sale, aud the consequences more
than equivalent TO those of mere stakeholder.
But rs mere financial and money operation, the
scheme of the Report is absolutely profitable.
1t will be perceived by the Report, that the ord-
nary means of the Government will, by the LIST of
January, 1888, pay off all the debt excepting SlO
3O26 $685. which it is proposed to e-imburse on or be-
fore the 3D. March, 1888 consequently, the sale of
the Bank Stock, and the application of the proceeds
must be considered taking place at that time.-
Such appears to Inc, Mr.. President the obvious
scheme of the Report
The authority asked i'm relation to the Government
Stock in the Bank of the United States, is to sell
that Stock at a mol less than $4,000 600 and not
absolutely to the Bank, but only in the event that it
will give more than be obtained i'm any other
manner, or from any other source. Under gene
raj authority, there is reasonable probability that
a portion of the Stock may be exchanged on advan-
tagcous terms for the three per cents proposition
for more than million has been already made TO OK
change ut their respective value i'm the market.
/ will assume however, that the stock be sold at
SO 100000 which is about 10 per cent advance and
which may be considered as fair price, when we
take into consideration the question of the renewal
of the charer-and the effect of this is conclusive
y shown, by calculating the value of the stock to
the Government, if it retain it during the whole
term of the charter, and comparing it with the
amount Of sale and saving of interest on the three
per cents.