Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-12
UeaHeSGay, .fPfti D,
IN SENATE.

IN SENATE.
The PRESIDENT pro tenn. la'd before the Senate
communication from the War Department, covering
the proceedings Of The court of inquiry on the charges
against Lieutenant Colonel De Eussy, contractor Tor
furnishing stone at the Rip Raps, reported TO the Be-
nate in compliance with the resolution adopted on The
LIST instant.
On motion Of Mr. EVANS, the Senate took up, as
in Committee of the Whole, the bill from the House
for the extension of the loan Of loll and TOR an add
ton of five millions OF dollars thereto, ana LOT ao"S
interest on Treasury notes.
Mr. WRIGHT hoped before proceeding win Tue oo
servatons which he was about to OTTER upon Inc Dbl
now before the Senate, he would be permitted 10 re-
mark that the circumstances under winch the SENATE
adjourned Yesterday somewhat pecuilar, ana ne
had noticed tina; some degree OF feeling had been ex-
cited, in consequence Of an inference having peeh
WRONGLY drawn that It from personal considera-
lions that an adjournment had been proposed. ne
begged to say as he had SAID before, that 1t would
have been more agreeable himself to have proceed
ed with what he intended to say, but that ne had yield
ed TO the molten for adjournment IN order 10 accom-
Inodaie those who taking peculiar interest III Inc
question. were DESTROYS OF approaching IT'S discussion
with fcelurs relieved from the fatigue winch Tie late
ness Of the hour and the previous business oil 'e Gay
had imposed upon them. lie was aware how disagree
Bile a thing It was listen to dull and iiresome speech
when oppressed with feeling of exhaustion and Ia
trne For this reason he could not certainly feel that
any d,scoprtesy towards himself had been manifested
by those who voted for the adjournment
remarkinu upon the fourth section OF the amended b
md Il would not b necessary for him TO recapuia'e
nov what he had already sad, as he womb prooaoiy
have hereafter to refer to tins part OF the SUD-
ec The question he was then considering was as 10
Tho influence which this section OF the act would nave
unon the mode of obtaining proposals for loans. THIS
section BE- commended, must measure and govern the
terms for proposals, in all cases aud under all crcum
stances; and, the honorable Chairman OF the nance
Committee seeming 10 entertain views somewhat siih'
lar 10 hi. own, he would say upon this poin
but merely read the section he had referred TO.
This proviso simply declares, in The tewest possible
words tina, no stock shall be sold below par, while tins
section of the amended declares that The Secretary
shall sell the stock hereafter to be issued al Inc highest
nosibe pr,ce that can be- obtained for 1t, after having
advertised for reasonable time. Now, he mao sup
posed that such negotiations as the honorable Char
man of the Committee seemed 10 anticipate, either per-
sona or bv agents, could be entered INTO Tor The safe OF
rho stock low par The terms OF the advertisement
he had supposed must measure. IN every respect .he
terms Of the propositions made by lenders; ana mat
the proposals must he made in pursuance OF such
advertisements and in strict conformity to It, How
could the stock be sent abroad for sale unless The
apent for lis sale be guided by some specific vaiua-
tion OF that stock But he would DISMISS this sub
ieci and refer Car moment TO the third section o Tue
original which authorisss the Secretary oil Tue lfea
sury to receive written proposals Tor the purchase OF
stock or TO employ an agent dispose OF The same and
10 compensation for eecin5 such sales, mol
to exceed per cent upon the amount OF the STOCK
disposed Of Tbs provision was not III any way atei-
ed unless IL were BY nsructIon OF the clause WnicD
he had inst read The filth and last section OF The
original act, pledges the faith of the United States
for the payment oil the interest and tue redemption
of the principal Of the loan authorized to be made
under II The fifth section of The amended bill pledges
the entire revenue arising from the customs, both
for the uayment of the interest and the redemption
of the prime pal at least so much OF 1t as may be
necessary 10 reach both these objects. lie would
here refer 10 Il remark of the honorable chairman upon
no first irnp he lpdr
the objection that the offering specific fund IN pledge
for the fumeut of obligations, or for strength.
ennr the faith OF Government, was altogether iW'ro-
per- and that such expectation on the part 81 the
capitalist would b. d,sionorable and derogao'y 10 the
character Of the Government. That the men VINO pro-
pose to lend US money should ask us what will you
mortgage for It's repeymenc-what will you present
assurance that you Will pay your ooiigatons;
impl,e. want of confidence which is highly discre-
diabie This might be So he OR. NrghD was not
a very NICE Judge OF these considerations OF honor,
more especially where they were commingIed with
money; but he would venture TO tell the honorable
Senator that It he would converse with RothSchIid
or Barring inanciers not Of nation, but OF the
world they might he called, he would find that they
would quite as receive visible and tangible
evidence for u money obligation as honor or faith,
coming from whatever source, or howeve. soiemnly
pledged 1.-THE history of the transactions OF those dis
tnguished houses had down 10 MS truly, they had
learned long that money would procure honor,
and that they had been more fortunate Than many men,
always paw debts He could not himself feel that the
Government would be dishonored, If in connection with
its pghied faith, presented TO the world when asking
pecun,ary credlt-a specific fund to meet the payment
of the obligation He unable, he confessed, 10 iecl
that constituencies winch had been manifested by the
honorable chairman and Others regard 10 The mPugu-
inr of our own credit by offering such pledge 1t would
be enough for his argument to say 1t IS offered IN the
amended bill cases oil future loans.
But the honorable Senator says, with III that astute-
ness FOR which he disng uished, Shall io. gners ask
you wha, will you mortgage: Well, after all Is there
any security, in point of fact, given? Not at all Ihey
pu. nothing the reach ot the creditor but bef Iaith
and honor, after all.
S,ppose they were to violate the provisions of the
act and cxpend the revenue arising from customs for
other purpose, and not redeem this Stock WOULD
the lender have in his power to seize upon those re-
venues and axe them applicable 10 the payment oil
his caima No, at all. And suppose they had pledged
their public lands for the redemption OF their bonds,
would the boder OF the bonds be able to ior"lose any
mortgage upon those lands, and obtain repa, nent:-
No SIR these pledges added nothing to the security c
The lender but they served coniirmatons Of the
ten;ions OF the Government, which few Governments
ever had, and few, he believed, ever would violate
II was putting IL in the power OF the Executive Oil
Ger To fulfil their Obligations, and pointing out the
mode Nv which IT should be done, unless TIE eg'sia
tive power interpose and expressly violate their en-
gagements
Tho sixth section of the amended act provides that
the Secretary Of the Treasury shall report upon the
amoun: loaned aud the proposals, Distinguishing those
accepted aud those rejected. He had but single re-
mark make upon this provlslon-it was good rs tar
ms u went; but IN the of the emission Of Trea
sury notes II had heretofore been considered safer and
better that that officer should be called upon show
as often as once month at least to the country and TO
the world, how rapidly he was issuing those notes and
he believed the honorable chairman would acknowledge
,ha, the &c, might be amended this respect with ad
vantage.
The seventh section declares that all the provisions
Of the former act not changed by the provisions OF this
bill shall remain in force He would proceed 10
notice the chief points which the measure presented 10
his apprehension, ind they these first, as to the
durability Of the loan; next, as TO its nego,iab'h'y
next. as 10 the manner in which the stock is TO be dis
posed of and next the debt authorized 10 be contract
ed and in tie least possible space. lie would offer
ONE remarks upon each Of these points, not tax
Ii 1-Lo IN which lie hid nan lLcnl