Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-12

as March, leil, and ese were tue ""y ''f''i :" CO. o
contracted by the last Administrator" va"
And from member OF that BODY WHO was curing 'na'
period at the head % the Treasury Department, ne ue
rived the Information that the aeinaht when nav
been redeemed about one hiiiioii' naM.lS o 1
whole debt of tie last Administration only Soo4o"o'
and he repeated hs again; because t"ey %
heard mistakes upon this point, IN The DISCUSSIONS
winch tool, MACE He would next, III pursuance OF
the course he had proposed, MAKE very ie" remains
upon that feature Of the amenoeu OH "i'c"
the ,ranserab,y of the stock II was po'hl 10
winch The honorable chairman had not made any al
i;on md Ina very frankly stated us his reason that
!, had escancd his attention. He (alr. WrighD con.
iessed il was to him perfectly mover aea 10 near u
the evidences Of funded Government s'oehs oS"e
transferable on delivery. lie had been goo" dea aI
Guaned with debts Of this sort IN MS own @a'e' a"o'
not assuming that 1t the intention 10 create paPe
circulating MEDIUM of this stock and to send II INTO mar
Ee, To be sold far Whatever would would brhg, ne
must have the authority at least {" Tue char"a" Vi .e
committee himsefbei,re he assumed lha' such was 'e
intention BIZ: lie woud ask now inc in'eIes' "ecou"'
of ,h,s deb. could ever be- arranged with CONVENIENCE
TO the Government and justice 10 the holders OF inc
bonds, ue could very well suppose that II could be
pllshed without difficulty by keeping ne ansie'
books different points AS 10 ''e 9tae Iu"oS VI -e"
York. the books keptn the ciy OF ~ ana was
felt TO be no Inconvenience. AND now much more
troublesome he would observe, 1t would be to send the
certificates to the Treasury Department whenever ap-
plicaton was intended 10 be made TOR payment OF ih'
erest which might be due than TO keep sci oil BOOKS
at the Department ready 10 be referred 10 IN moment
Next as to the durability Of the loan and The manner
IN which stock was 10 be Sold and what are likely to be
The influences produced upon the Treasury ltseI Inc
stock which had been already issued under The orr
rinal act was first >l6G00 a. FIVE and two'i'ihs per
csu,n-xt 50 23 600 at FIVE and halt per cent; ana
~ 1o 400 n. SIX per cent. al which stock, he was
informed had been taken by our own citizens, and
taken al par at the rates Of interest he had mentioned
and il was all stock which had but three years NE
and now they about 10 put into the market uhGe
The operation of this law, SIX per cent STOCK, WIN
twenty wears fe, and 10 sell IL for what u wouiu
brnr in the market a, auction. They had been ioid
Yesterday that ninety live per cert Was laleiy oheI
ed for SIX per cent stocks and REUSED Out "ou'o
this be the after they had forced INTO the marker
81 COO 900, at twenty years HE: Again: the stoch
ORIGINALLY issued stands SIMPLY upon tie pledge OF your
ti,ib anc YOU are going TO back the loan by the
pledce yonr whole dervable from the customs
Of the couatry and, instead OF taking interest as your
nit of Involvement TO capitalists 10 Lend You Tx what
NAV be called At this time the ordinary rate oil interest,"
and you hoa, upon the value OF your stocks ana Ne
world ask what is the probable influence which would
be exer,ed upon the five and hall per cent stocks ua
der this law: If what they heard were true, the only
payments made 10 the Treasury of late, consisted oil
Treasury notes yet while Offering 10 the moneyed com
mun,y these stocks what they choose to give for
them they expected 10 keep these Treasury notes ahoat
al par Could such thing be possible: lie feared IL
not. go
There wasa further influence which would be exered
by the issuing q: this stock al whatever It might bring,
,s resocc,s the credit of the individual States. These
States had about $500 600 0G0 of stock float in the
markets of tie world. He might he answered that The
object of the bin for the distribution OF the land fund
was to assist the individual States in relieving them
selves from their lablities but lie would answer Tor
his own State that she would prefer 10 tie relieved
from benefits of this kind the tendency OF which would
be- tina, FOR abou, half million which you lend 10 her,
# I'M
cient sum TO carry her operations OF improvement,
or even to meet the demands which made upon her
for sums already borrowed. And what would be the
influence upon the banks of the country produced
by the tender OF such bait to capitalists: whence
would the means be derived From The banks either
directly or indirectly. The tendency must be TO with
dra the capital from those institutions.
Their stocks would be forced into the market and sold
at depreciation to enable capitalists 10 make better
speculation by investing his means IN the still more de-
preciaed national funds. lie would not claim 10 be
prophet in this matter but he firmly that The pas
save of tins bill would, in very short period, suspend
every bank IN the Union But passing this, how was
the measure likely 10 at the revenue Of the country
for il must not be forgotten that after the first oil July
next all the duties imports were to be paid IN cash.
and IN what condition would their merchants be TO
pay cash duties, while we stand in The market with
our eleven millions loan, to be sold at the highest price
we can oeG He would ask what would be the value OF
their cash duties when they came forward with these
invitations to cupdiiy: He firmly believed that they
would not Get as much money III the Treasury from
the loan BILL and all the other put together, as
they would ret by esuming the land revenue, and not
attempting To alter The import duties The alteration
would assuedly have the effect Of destroying the I'M
port trade He might be asked, what under the circum
stances in which they placed, was the best course
10 be pursued. lie prolessed but little skill wisdom
to direct in matters of difficulty, but he would say, un
hesaiinnly, take back the legitimate of the
Treasury and, particularly after the recommendation
Of the Executive, check Your expenditures; bring them
down from twenty. SIX eighteen millions Of dollars
or any amount s, lower, until your for the
wear will be sufficient 10 meet them; and, above all
do not destroy the main source from which you mus
derive that revenue. Almost any course was better
than that which if persisted in must result in the tota
destruction of the credit and the of the whole
nation.
The bill was then reported back from Committee o.
the Whole without amendment
Mr.. WALKER offered The following amendment
which was read:
SEC s. Strike out all after the word "from,' in III.
I'd line and insert:
The sales OF the public lands shall be and the same
are hereby distinctly, separately, and nvolahly pledged
for the payment OF the interest and the redemption
the principal OF all the stock which has heretofore been
issued under the provisions ote act hereby amended
or which may hereafter be issued under the provision.
of the said hereby modified and amended; anC
also for the payment of The interest aud principal
and all Treasury notes issued in pursuance Of the pro
OF IAN act TO the
ing of Treasury notes, approved the 18th day of DC
tober, eighteen hundred and thirty seven any ac
subsequent thereto, and now outstanding and unredeem
ed or which may hereafter be issued in pursuance OF
the provisions of any Of the said acts; which said pledge
hereby solemnly made shall be in way impaired OF
revoked until the priocpa and interest of all OF the said
debts shall lave been fully paid and satisfied, until
the full means Ter such payment shall have been accu
mulated in mcney aud placed in the Treasury of the
u. S TO meet such payments. And all the provisions
of The entitled an act TO appropriate the proceeds
Of the sales of the public lands and 10 grant pre- emp
ton rights, approved on the 1'h September, le4l
which are inconsistent with this seclicn of this act
shall be and the hereby suspended in their
operation until The pledge Of the proceeds Of the sales
of the public lands made hereby shall have been fn!ly
deemed ard discharged in the in this section
required. And Tie said proceeds Of The sales of The
public lands, such portions thereof as may be ncces
sary for these purposes shall. lie and the hereby
appropriated 10 pay the ntere, upon the said debts,
and 10 redeem the principal Of the when due and
payable, sooner, IN case surplus Of money in the