Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-12
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IN SENATE, t.,....,
! -, rplca.r nresea.ed The memorial al 'ho ''"r''''
! -, aod dealers OF the city OF aev ORE, -
narts of watches, and jewellery generally .rp'tsc"
that The present duty of % per cent upon W.
49,, r ,rooer y Of that description defeats tue pun po
os "nerne and subjects the fair dealers 10 coh'Pe.''
o Win those who do not pay duties al an anu PIy
nu that the duty upon watches ana )e"ene,y H.,
nav he so reduced TO discourage smuggling va 'Ae %
very small and very valuable ari'cns > anu -
nc!ease The revenue and protect the honest 'hPofr'
h - Ill as The domestic manufacturer OF Je"eheIy. ne
moved The reference of The memorial, Without feuo'"s
,n Tho Committee on Manufactures
~ '"e THE LOAN BILL ,
rho ORDERS of the day brought up the loan bill as Inc
,nfn;bcd business of yesterday. The question Peno
ng beinp on MIR. Walkers amendment TO restore TIE
land Fund 10 the public Treasury and pledge lhe pro-
ceeds of the public lands Tor the interest a"'
ton of the loan. r.Lo c,.,,
Gov, Pennsylvania (Mr Buchanan, who was entted 10
the floor while he made an explanation Oh 'iAtei
which had not before attracted his attention. lie a.
ndsd n The fourth section of the BILL which upon CLOSE
examinations he found was 30 worded as 10 pear con
struc,on which he sure was not intended ny 'a'
section as il now stands, it would appear Us u le oe
cretary Treasury 10 be preciuded rom sene
the stock at par well as Tor less IMAM par e
viousv advertising the sale. Now he od not suppose
n one though, of precludng him from accepting offers
FIR tho stock at par whenever he met win them ne
had n,epared substitute for that section, winch lie
would ask 10 be read for the information OF the Senator
from PENNSYLVANIA, and Senators who might oesife 10
an,e, ;no the discussion, and he would at the proper
time offer il as an amendment. lie presumed u "ouo
not no be in order put in form as an amendment,
another being pending, unless the Senator from MIS-
s;ss;np MIR Walker whose amendment had priority,
would admit of it, lie would, however, ask 1t TO be
read.
The intended amendment was then read as follows:
ali fart Lnp
section and insert
See A. That the Secretary of the Treasury be, and
he hereby Isl authorised dispose of the stock here
after 10 be issued or any part thereof at IFS par value;
but no part thereof shall be disposed of under par I'M
I'll the same has been advertised reasonable time, and
proposals for subscription 10 said loan invited, and the
said Secretary hereby authorised 10 accept such pro-
posas if he deem it for the interest OF The u D so 10
do shall offer the highest price for said stock or any
part thereof or appoint agent or agents. as pro-
yded in the third section of the act approved July 2l
lS4 before reced, to negotiate The same: Provided,
That no stock shall be disposed OF at lower rate than
the highes, price offered in said proposals
Mr.. BUCHANAN spoke an hour in favor OF the
amendment of Mr.. Walker which pledged and appro-
pr,aed the proceeds of the sales of the public lands to
the payment of the principal and interest Of The public
debt We shall give his remarks at length at an early
day.
Mr. RlVES observed that the amendment proposed
by the Senator from Mississippi met his entire appro-
baton He would not have risen 10 occupy the atten
ton of the Senate il not that he considered him
self called upon give reasons Of personal cha
acer why lie felt bound TO differ from the friends with
whom he usually acted He did not conceive it ncces.
sary TO enter upon the wide field of discussion, involved
in The consideration Of foreign and domestic relations,
already So fully debated various occasions. Indeed,
he was satisfied these relations had arrived at stage
where some degree of was peculiarly proper IN
speaking Of them this floor. lie did not consider
il advisable necessary TO say any thing on these to-
pics He would conne himself, and, indeed, lie could
wish the discussion confined TO the allimpor;ant
topic of sustaining the Government, and reinstating
its credit. lie knew well that every member of the
Senate had that object first at heart, and that the only
difference between them to the means Of accom-
plish. ne it, He was willing 10 admit his copvc.
lions frankly lie satisfied that the adoption Of the
anne ndment proposed by the Senator from Mississippi,
(Ar Walker) ritay and intimately connected 'ciM
the best interests Of the country, and the preservation
ofe honor, character, and integrity Of the Government
Under these circumstances, he felt himself called
upon 10 give it his hearty and energetic concur.
renee; he could consider himself choy int1cusabe, if
he did not He was that the Senator from lndi
ana fAlr Smith, who had made very able argument
on the subject of the land fund, as he always does
any topic he discusses, and other esteemed friends
with whom he generally concurred, considered this
thing of n specific pledge oil moonshIne The honor.
able Senator from Maine, the Chairman Of the Com
mlttee Finance, seems to think that TO expect
any pledge at all, is an imputation on the honor
are like individuals in many instances; and, although
unlimited confidence might be justly placed in the
honor and integrity Of individual, in the common
occurrences of life nobody would doubt The propre-
" and prudence OF looking to his means OF repay
men as we'll his character lending him money.
So capitalists being asked for this loan will look 10
the means of the Government as well as to ITS charac-
ter for punctuality and integrity. They will inquire
into the it has Of redeemng lis promises, direct
or implied, Of good faith and repayment Hence the
49,. nhttnd nj 70
to exhibit its ability to meet all its engagements. The
confidence of the capitalists will be in proportion to the
abundance OF revenue with which the Government is
enabled to meet lis demands If there was no other
advantage flow from the restoration OF the land fund,
would it have the effect ofenarging the ability OF the
Govern 10 redeem its promises and sustain its good
faith with those capitalists find hop much more salts
aetory oouldn those capitalists, he Government
acss empowered to make them the specific pledge Of the
proceeds Of the public domain as distinct and nrtola-
lie fund for The security Of both prne pal and interest.
Now with regard to the doctrine maintained by the
Senator from Indiana and the chairman of the Com
mee on Finance, that England had abandoned her
system of specific pledges and that this Government
had never acted upon that principle, he had few
marks to make. He believed close review of the II
nancal history of Great Britain, during the last and
present century, would show that it the departure
from that system by profignte and extravagant admit
nistrations, which had so overwhelmed England in pub
lie debt. But under load Of Indebtedness the
establishment of the sinking fund, pledged for the
redemption fthe debt, though by very slow process
sustained the credit of The Government and enabled it
10 achieve its national objects. Here Mr. Rves entered
into of the loans negotiated from time to time
By The Government ofthe U. S, with view OF showing
that mixing fund pledged well as the good faith
the Government, and that the principle of specific
pledge was cnjoined by MIR. Jefferson and Mr. Hamil.
ton as an essential provision for redemption in con-
tracing lonn. In conformity with this principle, in
every instance, this Government had pledged sinking
fund.- therefore the chairman of the Finance Commit
tee was incorrect in saying it thing TO offer
specific pledge. In every instance the public faith
was but supplemental pledge. Now, instead Of a
sinking fund, rather substitute for it, let the
land fund be restored and pledged for the debt and in
leres to be returned when the Indebtedness is all
cleared off, and will be considered the most satisfac.
tory because the most specific pledge that be offer
ed The public faith will be, in former instances,
supplemental this pledge. Although the public
faith may be pledged; and ultimately there cannot be