Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-02-25

II IS alleged that the Wings seek the as,
sumption of the State debts in order 10
bolster up. the ''Credit SYSTEM. and the
Wings on the other hand, have got a strong |
point Of agitation, and persist in accusing
The Administration of attempting 10 i'm.
pair and destroy the credit Of the States.
and infringing upon the rights of the
States.
Mr.. Merrick, to day in his speech, dis.
claimed SO far as Maryland is concerned.
this assumption project, and Maryland is
one Of the heavily indebted States, but he
contended for the distribution among the
old states of share of The proceeds of the
sales of the Public Lands, and strenuous.
w insisted that the latter measure was
constitutional, expedient and necessary.
The House in execution of the order |
adopted yesterday, proceeded to ballot for
a select Committee, whose duty it viii be
to inquire and report what price ought to
be paid for The public printing. Proppo.
sails have been made to The House for IFS
execution, 80 per cent cheaper than the
prices fixed by the law of 1919 But |
have not. lle-slightest idea that the House
will reduce the price one cent.
Our winter is breaking up. The ice in
the Potomac is moving.
JAN. 81. :
The debate on Mr.. Grundy's report
against The. assumption of the state debts
by the General Government, after closed
Yesterday, was of The most exciting char
acter. Mr.. Preston addressed the House
for about haitian hour, in a very severe
speech, and was followed BY Mr.. Webster,
pho prophecied the most disastrous con-
sequences, if this paper was thrown into
the English.stock market, as coming from
body of so much weight as the Ameri-
can Senate. After a long debate, the re-
port was recommtted TO the committee,
on motion made by Mr.. King, of Ala.
1t was nearly dark when the Senate ad.
iourned.
The debate on Mr.. Grundy's report
continued this morning, the Chairman
having submitted it. again with few cor
rectiens. Mr.. Preston was. opposed to
the whole affair, and wished no report
of any kindto be made on the subject. He
expressed an opinion unflvorable to the
assumption, if it was submitted TO him as
an abstract question, but at this time he
| did not consider any action pro or cor
necessary.
Mr. Grundy replied, that it became the
Senate TO take time by the forelock in this
matter, and proceeded 10. read the letter
of MessFs. 3arpgs. stating that it was
necessary to. have some national pledge,
in order 10 save State stocks from a sacri.
fee. He considered that when danger
was feared, it was the duGy of Congress
to loolNo if Immediately, and not avail
ITS approach. This was the state of the
question at PRESENT. was a direct prop
osition that the General Government
should endorse the debts of the Stales
He denied that any charge was made il
f the report directly or indirectly, upon the
j credit or Willingness 10 pay, on the par
: of any Of the states. He hoped the,
would be able to 90 50, but it was no rea,
son why disclaimer should not be made
\ by the Gene al Government that il had &c
! right TO pay them.
/. WASHINGTON, FEB. 6, 1910.
i. The speech delivered by Mr. Calhoun
n in the Senate yesterday, IS said by hi
: friends to be one ofhs best efforts
! Though he spoke for an hour only, he sue
II ceeded in abiding to almost every topic c
: the-day-The Tariff, Navigation, Publ
Lands, State Rights, and the assumptio
fof State Debts, by the General Govern
n ment; the latter being the subject directl
n before the Senate on tie motion of N
j. Benton, to print the Report of Mr Grundy
d Mr. C.. attributed the present distress q
!. the country to the large quantity Of ire
: deemable bank paper which was foatin,
t throughout the land alta merely nom ma
: value. lie considered the whole sehem
d OF apaper currency as unconstitutional
e and ifthe trainers of TIE Constitution bat
: imagined the effects of it, which they ii
not, some provision would have bee
Il made in that instrument to prevent It's ev
/. er being received by this. government i
! payment of debts. Mr. G. recognized n
]. currency bat god ard silye~ IN the. Uniiel
t Sta1es-arla If we could succeed in- Oh
e taining that, ali liirer over Of Europe woal
s be inefficient to make Us hercafter, wha
!, we now ale in a monetary point of view
r her yassals. Northern gentlemen wer
e mistaken IN regard 10 the effects Of q lal
J, if--New England, with a barren soil an
;. nothing but timber as staple, furnishe
y navigation for the whole country lit W.
/ her great source Of wealtIl-but, with Ii
e single exception ofthe raw material, evl
'el 'ry thing used IN building and fitting o,
i vessels, was subject to a-heavy duty
r iron, nails, cordage, canvass, copper. q
1t He paid merited tributeto the North (;
d, her industry and enterprise, and went {
ID 10 prove that hertrue interests were 10
# promoted by the great principles of fr
a trade. OF the capacity of the States to p;
I'd their debts, he had not the least doul
IS but he thought It becoming the Americi
5. Senate, That no false promises should
r heldout to banks or bankers here or els
" where, about the duty of Congress to {
e. sumo them; be was, therefore, in favor
"a the Report. As for his own Slate,
Id though her loans had been made for /
IL most chimercal, and extravagant puFpos
n he would disown her, if she refused
IS meet every dollar other pecunlary enga
of ments.
be Mr.. Preston SAID, as the different q
dr tlemen entertained no doubt Of the nbil
I'D lofthe States 10 pay their way, he wo,
Z