Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-07
Proportion Foreign
Am. Foreign bears 10 I'm.
British West Indies. SCOTS 4Oa3 8 per cent.
British Am. Colonies, 77.492 TACT 96 10"
SINCE THE ARRANGEMENTS.


he other resolutions offered Yesterday were considered
and agreed TO. ''' 49, e"
The bill Tor the relief OF Elihu Hell Pay and oher..
was read second tine end consider -d 10 in on,,i..
OF the Whole. ard, being r, por,e, without smeplmeu,
M. Mug moved 70 amend The bill by striking rut the
word "e'sewhere, and ting iu the State of Ioui.i
ons." as 20 prohhi, the location nj the land In .n
Other state than that OF Louisiana
ne 's,e ion was opposed by Mr. Poinde xer, ard AL.
." motion oil Mr. Clay. who suggested ,ha, the hour
the table 80 - 80 ~ '' y"
On motion Of Mr.. Shepley IL wa. ordered tina, when
'ne senate scJon'n, II adjourn to meet on Monday.
~ ~. - REMOVAL OF DEpo>Irts.
i"e wee President then ed the spsc ial or,er
orng Tie Report Of the Of the ON the
SUBJECT OF he removal OF the deposite..
VT neh''n men resumed his marks, and continued
"n COCK mhrn, without coming TO conclusion, he
gave the floor to Mr. G,unhy
oh '"o',sn Of VI Grundy the Senate then adou ned
A HOUSE OF REPRESENTATIVES.
H"er oisposing oil some minor business
MIR Sedens resolution which is in the following words
coming up as the unfinished business, viz:
"so'red' That the Committee OF avs and Means he
"c,eu 10 report bill. requiring the OF
Inc SINKING Fund forthwith purchase or otherwise re-
ee; we hve per cent stocks OF the United States end
u"ec"hg me Secretary of the Treasury from time 10
nme' TO place under the control OF said Commissioners
,nus NOT Otherwise required for the purpose the
as shall be necessary for that object and in
NJ, suenTeney, TO sell so much OF the stock Of the
nsk oil ,he n,'ed States belonging to the Government,
's WIN enable Them to complete the purchase.
r seiden addressed the House. wing that he nm.
.a on previous day, when this resolution
up unexpectedly, colleague (Mr ambreIeng) had ex-
pressed superstition that he (A1r had ed such
resolution into The House without understanding what
was NE existing state OF the law on the subject /,
would, at least have be, kind i'm his collie 70 h,v
spoken with him privately instead of pre.snt,na h; Nv
lore The House in such lights but he belle Ina, he did
m what was The state OF the law, and thought
ne could show that the resolution he had presented
was necessary, aud ought to be adopted The law n.
Vsm%,y stood, authorized the Commits lone rs of the
M u,.mg r"nd 10 purchase the public stocks whenever
,'ey .oun oe redeemed at certain specified prices
!" io'V me law was changed and the Commit ssioners
,n,I;n ""py dnm"rissd TO purchase any OF the out
s'a"uhg stock OF the Government, hut not renering
imperative upon them to do il. hat was now tho ate
e FUNDS oil the Government ted by the Secr.
n o. me treasury! The balance in hand after paving
ono IT, IL per cents the first of this month 60
oooooo Alter dednciing Of this sum all
appropriations, and the funds available tber, re-
maine" Haoie 10 be applied 10 the payment of the puLc
debt over four millions OF dollars which might he sn
e" ~ paying OIL the Public Debt of the country mi.
o'snce remains after deducng of the public funds
s"eeh' amount TO pay off all the four and half ner
GEM, Stocks The live per cents alone remain of Le
Puonc oeo' lie asked gentlemen whether il was usei,I
OF eApedent TO leave the public money LONGER i'm The 10
pose BANKS to be subject Of contest en- IN. local
Banks aud the Bank ofthe United States when IL mih,
Se "ppned 10 pay the public debt But, il the funds ON
n"n shouid not be sufficient fully discharge the d.b,
The Government had property on hand which womJ ~
ply any deficiency. The resolution was so drawn a. 70
that II pom branches OF the it provided
u "ere should not be funds in the Treasury sufficient
10 pay oil the whole the debt that So mnch Of
s o. ,he United States Bank, as belonged the Co.
e' should be disposed Of Tor that purpose as woulJ
supply The deficiency How much of the stock /, wouiJ
DC TO sell he able to saw nor was il ma
teriai TO know. ~ ' was " una
In connexion with this subject he would G,r,h ,,
a me resolution did not go cotle the Commissioners
WI" any new power but only direct them to exercise
VIC power 'hey already possessed. That a provision d
'ecfng, not authorizing, the purchase NJ The NmhI;
SOCK was necessary, he would refer TO statement in
,e annual Report OF the Secretary of the Treasury
appeared that the TOUR and half per cent s,ocIs
were redeemabe the LIST of January 1894 gv;na az;
mohhs notice But the officer OF the Government in
stead oil having given this notice OH the LIST of JuIv as
If nh
Jun only now be completed on the first of Nav nexI.
whereas If notice had been given on the Is of I,l la,
VIC SUCK would have been redeemabe on the 81 of L.
nuay instant IL certainly time for the Honse IN
81 ana not only permit, but require the payment
VI "e rune Deb', when the country possessed the
means TO pay it, Had The notice been given az hs had
"SSeseo the country would have been exposeJ IN
pay ae interest on the i2 per stock which remains
u'eueemen' and the whole might have remained unre
ueemed In consequence of the deI.v in ;
houce, mad not the pressure of money inLiced the
sued. 'P' VIC proposal Is
me only question was, whether the per cent.
@ oe purchased at rate that would Justify the law,
the returns oil the stock market AIRED that This
STOCK now commands It's par value ooe,h.r
WIN me current interest. During the last eieb,cen
P, oes"es me current interest; but this was not uniform
hghl DE sald as general statement that The sock
now al par or nearly and, such being the case il
""s"' io' 70 remain longer outstanding.
again; This species Of property was never liable n be
,Gi OF speculation; it could not receive that ar
e income oil which is settled and fixed bu, n;oh E
enlarged by the successful prose uioD of bnsness sno
A STOCKS, and stocks OF that character All that the
vi tue hve per cent stock realize is the amour,
PneiPa' ana interest to accrue thereupon And there
,oe You can never create fictitious value TO this socL
NY masking The law perempory, ecally az the socL
payable oy ITS terms, in four wears II never co,IJ ~,
o' shaue ABOVE lis nominal value. Let him no,v ask
"eer resolution OF this character not
"e FAVOR OF The House? The Government had money n
is iahds 10 pay OIL its debt, and this al time 90 Tho
ueo could be purchased at fair value Such AN ar
idhgemeht and appropriation of money womb relieve
fr0f n.tIrha ,w,ut
VI e Puoiic money Its effect was TO prot ct and adj
vance e Puoic interest, TO pay the public deb, and o
oVe one oil the causes Of the rcia distress bv
P'.B uhuer the control OF the creditors of the
h .,'e money which must finally be paid them which
ny couu use ~ the shape OF loans TO individuals and
whch the Banks reuc tantly loan in conseonen. Of
'"e uhseied question relative TO the public deposites
Eve" law should raise the price to l. or even mr.
per cent above par il would st be better 10 m,ks hi;
use me money than to leave ii in the Deposire Banks
' ~ was craving no interest, aud perhaps unsafe
apn, as whole, not passing into CURRENCY
rusue ms suEgesiion The effect of navino off H..
per cents upon The state Of the money market: pro
Van,y most OF mat stock in the hands Of Americ
nouers-and the result would be, to nut nearly lie
w"oie amount thus applied into circulation Io the
III % commerce. IL might be said that pott,on nj ,Lis
STOCK was owned abroad, and there ore ne money would
90 our Of Tie country. But such would not be the 70
sun It's only effect would be- 10 induce tI,e iorsis,
stakeholder 10 re-nves his funds in American
OF oher descriptions Not TO apply our surplus G,n ~,
The redemption OF debt, would be tn crea,. dot
IN The foreign market as 10 the discreet ~
nnenc"u SOCKS and as TO the diligence and vigilance Of
E'I oo.e'nep, 10 TedeemDg The public securities when
IN It's power The money would not be Withdrawn from
me country, b." only re-invesed The final result yvonld
III practice, he TO put four millions of doa,s heio a.,
amount OF ms STOCK, INTO circulation, not liable IN bc