Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-21

making the loan reimburssbls in three yesrs, which
was also nesa,iyed. MIR Randall moved TO strike
GU! Of the same section the words "ei,her at the
VIII OF the Secretary, or" eontendng that IL they
were retained, the loan would be for an indefinite
period. The motion negatved.
The provision authorizing the Secretary OF the
treasury to sell the stock below par. should il not
DC disposed Of before certain period, was warmly
opposed by Messrs Underwood and Wise.
MIR Underwood said be was disposed to vote for
TINS bill but f this amendment prevailed. he should
vote against 1t. He held It to be the duty OF this
government to pay its debts but he thought il
was not bound to obtain money at any sacrifice for
tue purpose of meeting its engagements. All that
'hey wotc bound 10 do was to exercise their Goa
sututonal power in raising the ways and means
tic was not willing 70 put Il in the power of the
Executive Department OF this Government to hoist
Government bond and sell il at a discount. There
was no moral obligation them TO incur this sac
tlhee Tor the purpose Of meeting the engagements
OF Government. The only moral obligation on
them as Representatives. consisted in faithfully APP
plying the constitutional power with which they
were invested in meeting the engagements OF thi,
government He held, with the gentleman from
vermont, that IL was necessary commence by
taxation the duty OF raising ways and means to meet
the eNigencies Of Government. He was for doing
II iorthwith; aud he said their constituents would
consent TO pay any thing necessary TO proper and
economical, he might even say, liberal admnistra.
show them that this money was wanted. He was
not willing TO vest in the Executive Department OF
TINS Government the power 10 sacrifice the obligN.
tons OF Government.
| MIR Wise said lie should be Obliged 10 pursue
precisely the course Of the gentleman from Ken
| lucky, mir Underwood.) il this amendment were
adopod. His first reason was, that IL wns a propo-
stion directing by law the discredit Of Government
certificates of stock. II the scverest stall that
could be given TO the Governments own s,ocb, on
| lis own lava presumption that its bonds would
not command par value. lie though, it was the
most unwise and imp1litic proposition that could
L.,
/ and Means
| lie said he was requested to move that the COM
''tec rise; he would not do il, but would agree 20
si TINS bill o9i This night If the committee were so
disposed. lCr'cs Of agreed NC, mol
lie did not wish to delay tins bill, but mus; give
ms reasons, when such pro! osiiion made,
why TIC must oppoS- II. IL was proposition call
cn'a'ed TO dscredlt not only the stock OF the Co
! vernmeni, bot Il the States. lie would ask the
Chairman OF the Committee &C Ways and Means
whether there had been Lny Recommendation like
TINS ircm the Secretary Of lie Treasury.
M Fhlmore said he would make known what
ne knew on The subject when he should get the
door.
Mr. Wise eaid this proposition was not justified
| Oy INC tunes lhe7e was nothing IN the times hat
'hooId Justify making the times worse than they
are. When hut yesterday tho bonds Of this Go
vernmtnt were coed against the world, now by
law they were 10 declare thew should he hawkcd
~ the market; md provided they would only I'd.
vcri>e u for enspuable time they could sell them
against the Government; coming from any quarter
thet could DO il more iniutyl
IL ned Ueon said TO him, suppose the Secretary
OF tho Treasury cannot negotiate this loan At par7'
lie woaid not suppose such thing. II This loan
was 10 sell at par, the competition with the State
stocks would break them down To no hing. III
they were 10 provide that this stock might sell
under par, the State stocks would become ten times
worse. lie insisted that there was no necessity
TOR Government discredi,ing itself-none whatever
Gent.emen had SPOKEN of the pressure of the
times What vas the eifcc. of 1t. To drive the
money out Of the country2 No: entirely; but TO
ho.dit m the couniry. Extend the time to fifteen
ye'rs, and he hoarded capital would be let loose
ard q c lo,n ncso1ied A. par, and gladly al par.
They need rot cross the Atlantic for II. Were
they rTcplrcd 10 say tina; a Government loan by |
law on twelve years time not good invest. |
meni-ihat the Government was nct sound debt. |
oII That was the question which i; was for them !
solcmrly 10 dccidc-whether this Government was |
worthy Of trust. They were aiding the shavers |
and brokers wonderfully by proposition like this !
the People would all be injured by this proposition
ani no one would be benefited. Instead If pro-
viding ways and means, it would weaken the ways
and means.
Mr. Fillmore obtained the floor to reply, but |
yielded II TO Mr. Stanly, who moved that the Com
miIiee rise, which was carried.