Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-13
THE FIVE PER CENTS.

In the House of Representatives OH fIludy, |
Mr.. SELDEN'S Resolution on the SUBJECT Oh
the Five Per Cents came up as the unhned
ed business.
The Resolution is in the following words
&C Resozped. That the Committee of Ways and
Means be instructed to report Oil, requiring
the Commissioners of the Sinking fund lorth-
with to purchase, or otherwise feoeenl' tle nse
per cent stocks of the United States, and direct
ING the Secretary of the Treasury, from time TO
time to place under the control OF SAID ION
missioners such funds not otherwise required Tor
the purpose of the Government as shall pc ne
cessary for that object, and, in case OF dehclen
cy, to sell so much of the stock OF the 6ank %
the United States belonging to the Govern
ment as will enable them to complete the pur-
chase"
Mr.. LANE, who had the floor on this resou-
ton being absent
Mr.. STEWART, of Pennsylvania, observed
that he could see no occasion for the adoption OF
such resolution. The powers Of the Commits
sioners of the Sinking Fund were already ample;
and there would be, he thought an obvious i'm
proprety in passing positive direction to them
TO redeem this description of stock. Such d.
rection must have the effect stated by the gen
tleman from New York, (Mr. CAMERELENG,) OF
raising the price of the stock in market; and be-
Sides there were no funds IN the treasury 10 APP
ply to this purpose, unless injustice should be
done to other interests of the country. There
was no pressing necessity for extlngulshlng at
this moment this little remnant OF the Public
Debt consisting Of fraction over four millions
He should therefore move to lay the resolution
| on the table.
| At the request of Mr.. SELDEN,
| Mr.. STEWART withdrew his motion.
! Mr.. SELDEN then said that he had but
| few remarks to offer to the House. Ii he under
stood the Annual Report Of the Secretary OF the
Treasury, as the gentleman from Pennsylvania
seemed to do, he should agree with that gentle
man; but as he understood the report, II 1t al
forded an accurate statement of facts there was
money in the Treasury fully sufficient to pay
the outstanding debt of the nation. If the Sc
cretary was correct there remained on the LIST
of January 1884 in the Treasury, the sum of
SO, 1888, 600. Out of this sum, there were appro-
priations to the amount Of 100000, Gncuding
| 100000 Of what might be denominated sun
available fundsnO leaving upwards of four mil
lions capable of being applied to the Public
Debt. The question, then, for the House was,
whether they would leave these four millions
| idle in the Treasury and at the same time leave
the public debt unpaid? He was willing to adj
NIT that, if the consequence apprehended by the
member of the Committee of Ways and Means
| Mr. CAMBRELENG would follow, it formed va
lid objection to the measure, viz: that by enforc-
ing the redemption Of this stock, you would raise
| the price of the article in the market. But the
| fact was otherwise. There was no such thing
as raising the price of stock of this kind-stock
of fixed settled value. 1t never could rise but
a shade beyond the actual value. Ii was i'm
| possible to give it fictitious value. 1t would
he as unreasonable to expect that the price of
banks bills might be raised in the money mar
ket by an order, to the Bank who issued to re-
deem them. Bank stocks might no doubt be
thus raised in price: but not Government stock,
SO soon redecmable at this is, which never could
bring the holder beyond the principal and five
NOV into TO no toll huf
people of this nation, having means to pay their
debts, left the money in their chest and left their
debt unpaid? Yet that was the position which,
in substance had been advocated by his associ-
ate from New York. Was that the policy to be
pursued by the American Government in the
management of her finances? To place its mo-
ney in Banks where it drew no interest, and
leave debts unpaid which were drawing inter
este But it had been said that, by leaving the
money in the Banks, it was of advantage to the
trading community. Indeed and was it the
doctrine of gentlemen on this foor that money
was to be raised by taxation from the whole
country, that it might be lent out to Banks who
charged interest for the use of it2 To such doc
trine he could never subscribe.
/ His object in referring the subject to the Com
mittee Of Ways and Means was, that that Com
mittee might bring in law in such form as
would guard against the raising of the price Of
this Stock, if such a result should be supposed
possible. The law might provide that the Com
missioners for stock surrendered should pay,
previous to an early given day, two per cent in
advance, or some other reasonable premium
and beyond that day diminished premium
Mr. S. sad in explanation, that he had not dis
tinctly heard the amendment proposed by the
Chairman of the Committee of Ways and
Means, (Mr. PoLK,) when he accepted it, but
as he had accepted it, he should abide by what
he had done, especially as he understood from
conversation with that gentleman that he was
as DESTROYS of relieving the country from the
Public Debt as he himself Believing,
therefore, that that Committee would use their
best exertions to further the object Of the Reso-
luton he should wait for their action upon the
subject If however, after waiting the reuui-
site time, he found that nothing was done, he
should take the liberty of apprizing them, from
time to time, Of what was the state of the Pub
lie funds, and should continue occasionally to
enquire why they had not acted on the Reso-
luton.
MIR. LANE, of Indiana, (havng now return
ed to his seat,) said that he had endeavored, on
a former day. to get the floor, and now rose,
not that he might discuss the subject on this re-
solution; but to congratulate the House and the