Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-19

press Limitation not tn be sold under par.
Mr. EVANS explained that the bill did not propo-
to incur indefinite expense in employing agents To sci
TIE stock, as the compensation was limited 10 one ten
of one per cent. for the sold by agents. and
10 the objection, that by throwing 30 much Govern
n'ent stock into the market in competition WIN IN
State stocks, the latter would be still further dePrcss
ed, he admitted such would be the consequence Bu
what then! The Government must obtain The money
and if Inconvenience arises others, is TO be regret
ted but cannot be he Ped should it prevent the 90
vernment from relieving itself lie had no tear tti1
the stock would be sold much, if any, under par Tie
Secretary of the Treasury is obliged to advertise ant
receive proposals. and sell the stock TO any bu
The hshest bidder. The money must be had; and This
bill proposes TO ret in the best and only efficient way
in which it lie rot There is no other reasonable
mode of obtaining Tie loan. lie hoped therefore, The
amendment would not prevail.
The question was then taken Mr. Benton S
amendment by yeas and nays and resulted yeas lo
nays -, follows:
T,as-Nlessrs Allen, Basby Benton, Buchanan
Calhoun, Fulton, King, Llnn, McRoberts, Sewer,
Smith of Conn. Sturgeon Tappan, Walker, Wilcox,
Woodbury., Wright and Young-9
.Ngs-Messrs. Archer, Barrow, Bates, Berren, Clay
tnp Choae, Critiend-n, Evans, Graham, Henderson,
Huntington, Mangum, Alerrck, Miller, Morehead,
Porter, Preston, lt'ves, Summons, Smith Of Indiana
5ou,herd, Sprague, Taa,adge, White aud Woodbridge
%
So the amendment WINS rejected.
The question required on MIR. EVANS amendment
10 the pnrth eclon Of the b which adopted with
ont division.
Mr. BENTON moved TO strike out the third section
Of the bill, which was in these words
Sec further enacted That the certificates hereafter
Ia h. issued Tor SAID loan may ~ae" rrqa"d be IN c form as
shalt he prescribed by the Secretary Of The Treasury that the
stock be transferable b. delivery OF The Certificate instead ol
bcng assisnabie Gu the books Of the ,Treasnry
Mr.. B. SAID that this section novelty in legis'
lation-an innovation III our practical departure from
all wholesome precedent All Government stocks are
| ,r,hl bpp Kent mi cf
points, and this IS the first time that the l. D. have pro-
posed do such thing Some of the States have done
ii in the last few years, during the runmad days Of
the paaer SYSTEM but the Government OF The u. S.
Great Britain, has never done such thing Gentle
men who advocate this BILL said Mr. b., should give
reason for thus departing from all precedent, and max
ing the stocks Of the Government transferable by de-
livery, like common bank note, or bank check, pay
able to bearer In the absence of reasons from them
must search for them else for there must be
sons when dangerous an innovation is attempted
What can they be; Clearly 10 make currency-to
make issue of paper money TO be forced upon the
weak creditors at par and sold 10 the strong at eighty
or ninety in the hundred. THIS stock will be subsu
led for the excequer bills, and will rest purely on faith
ON public fa,-w.ll be bulls OF credit issued by the
Secretary Of the Treasury under discretionary aulho
rty from Congress- The Secretary is TO prescribe the
form of these certificates and will doubtless give
them the form which will answer the pnrpose-as low
five doIlars-and payable 10 bearer ike bank note
transferable by delivery: The holder IS the owner
and has right TO demand payment. The finder, the
rolber the forger, all on footing in point of own
ership with the actual purchaser. They may demsnd
pay, and payment to them is good Not so with paper
transferable by endorseme nj or by assignment on books
There the true owner is protected, and payment tn a
finder, robber or forgsr is invalid 1t must be paid
over again to the Assignment on books is
security against countereiiing; make these stocks
transferable by delivery, and new field is opened for
counie rleiting-a field which must embrace both Eu
rome and America. Books will have TO he kept for
part for i, is only part of these certificates which
To pass by delivery then why not put all on the books
Why not let the same books show oil the debt, and
where il IS: What can there be 10 noke this
stock transferable by nelivery-and IN w korm the
Secretary peases-uness 1t IS TO make N0rrency OF
ia substitute for the fifteen millions of cxche1ner is
sues, I'm fact, MIR. b. considered it attempt TO
smucele paper money issue through Congress, and
hoped that the clause would be struck out
! MIR EVANS observed that this section was in the
bin rs il came from the House. He had no idea that
II oave any such authority as the Senator from Mis-
sonri ina rires II was utterly impossible that such
! Government stock should become paper currency
the Treasury notes had become paper currency,
further than the quality Ut being redeemable IN Co.
yernment dues As TO the assertion that no Govern
mon, stock had been issued hitherto IN such form,
he did mt know whether that was the fact with regard
IN this Government; but he quite certain such
wos the form in which all the State stocks issued
II is not imperative that the stock shaH be made in this
FORM but that may, when 1t 10 desired by The money
lender upnn negotiation with the Secretary ct the l!ea
sury lie pointed ont the convenience OF thus torn oil
stock 10 the holders and secrsthe only thing al con-
sequence TO the Government being that it shall he
ready TO pay the nteres: the certificate OF interest
when presented b. the holder The stock may be con-
sidcred of value on account OF tins facility ana
the only view of introducing this clause, was 10 ac-
conrodatc the bidders for The loan. tie insisted that
le stock was TO rest, dollar for dollar, The lean it,
self ana could aot be converted into paper currency
MIR WRIGHT remarked that he had very little more
to say than had said already lie desired merely to
rep!y TO observations Of the honorable Chairman
or the Finance Committee; and FIRST as regards the
transfer Of these Government certificates lie believed
the custom had been introduced into some OF the
States and had been adopted by some banking ins-
tu.rous of transferring their stocks IN mode winch
was described by some French word which he did not
remember: hut he really hoped that in this country the
tire had gone by whe necessity for following such
practice esiscd A few years ago things were gong
on 100 rapidly permit Of regular transerseven OF The
titles of real estate; assignments were used which could
he transferred from hand to hand But here they were
about to negotiate large Government loan, ana 10
conniefbalsncc the convenience of having The scrip
from hand 10 hand, with forty, or perhaps
EIGHTY of interest receipts hanging upon them, they
INNS, set eff this other convenience, which had been
fell bv The State of New York, to considerable en-
,en that the holders of these certificates cannot divide
them. :, .oooo :
Suppose the honorable chairman holds $1,000 OF
the Government paper and desires 10 sell half 10
his friend he must have duplicate set ot lie crrht-
Gates issued from the Treasury Department lie be-
ieycd that any other plan would have been preferable
10 this ki,e,al plan ofattaching the certificates And
again, in the operation ofth's system, II there were ma
zard as lie always supposed there was OF tie paper be-
inc coun,eriri,cd, you incur all the danger Of having
yonr certificates coun,erfed. You send out 81 ooo,-
600 at six per cent the interest which, IN twenty
wears, will amount To twenty per cent more Than the
original loan aid you offer by far iaer field to coun-
,erlee, than IS offered By the banking institutions.
II. hoped the Senate would leas! strike out that pro-
vision which authorizes the transfer of these certificates
MIR. WOODBURY. pointed out inconvenience and
loss which gilt arise by the Treasury having no means
Of ascertainng the rshtul owners oil STOCK %nen me
certificates of interest presented, or OF deIecng
iurged signatures.
Mr.. EVANS did not see any difficulties that could
not be guarded against TO prevent the treasury sns
,;nn4 anv less by forecries or not knowing those pre-
senting certificates of interest. lie asked had any
thing Ct The kind occurred with regard 10 ifeasu