The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-13

isai 500 s4as52s sa IL 90
By g. DavNewB $40 $50 about SO SooSoo 90
Here is the celebrated bill:-
Be enacted by the Senate and House of Representa-
tves of the United States OF America in Congress
bed That the Secretary of the Treasury be- and he
hereby directed and required before the first day
in the empl ,yment Of the United States the port
aforesaid and their annual pay and salaries that their
aggregate pay salaries, and compensation of every
scrption, shall not exceed the aggregate Of three
dollars.
Sec And be it further enacted That no greater mum.
Der of persons than are authorized by the first section of
this act, any larger il the aggregate for their
pay salary other compensation, than is heriR allow
shall hereafter be permitted for the said port York
Sec 3. And be further enacted, That it shall be the
duty of the Secretary of the Treasury report in detail
to Congress- at its next session. the mode and in
which he shall have performed his duties under this
| THIS Bill ,cas read a third time and passed, 1t
was rushed right through.
The question then came up on printing 10, 600 ex-
ira copies Of the reports of the majority and mino-
rity of the Ways and Means Committee adverse to
Cost Johnsons plan OF issuing $500, 900, 900 Of CO.
vernment stock
On this. Mr. GwlNN, Of Miss, had the floor He
continued in reply to Mr. Adams. He said 3
expireo, Twas proceeding to state the grounds
taken by the State of Mississippi in regard to these
bonds. As my colleague, in letter published in
and concise history of these bonds, running back
from their issuance to the article the Con stitution
which prohibits the creation of State obligations,
will ask the clerk to read extract from that letter,
which have marked Extract read by Clerk ] Sir,
this is the basis upon which the State has founded
its action on this question Neither party in Mis-
sssippi in favor ct laying tax TO pay these bonds
One was for assuming the debt, but refuse to Law
tax to pay it, Their motto was that Of the gambler,
''Sete fair, if you pay" The other party re-
fuse TO lay tax to pay these bonds because they be-
lieved there was no constitutional or legal oblga-
ton on the State to pay them. Not dollar was
ever received by the State OF the proceeds of these
bonds. The agents who sold them were appointed
by the Bank under authority derived from the I'M
| constitutional supplement. The money did not 90
| to the State Treasury:-was received by no State
officer-there is no evidence among the archives of
the State OF the existence of these bonds or the
stock of the State in the Bank. No obstruction
had been thrown in the way OF the bondholders to
prevent their selzing the assets OF the bank.
differ with Gov. McNutt as to the value of these
assets. il they are well managed, as / have
no doubt they will be- by the present assgnees who
be large surplus to be applied to the payment of
the bonds There is also lOa millions of property
mortgaged by the stockholders which some Of The
ableet legal men in Mississippi contend is liable
for the payment of their bonds ! am no LAWYER
| and have no opinion on the subject; but the
one have given is sus aimed by gentlemen of legal
Gle has been thrown in the way of the bond holders
to proceed to foreclose their mortgages. The State
and United States Courts were open to them II
this morgaged property was held liable pay these
IL
tates in Mississippi, and equal in fertility any in
the world these, with the assets proper would
amount to from Is to 20 millions of dollars, which
the bonds; and, Sir, believe these bonds are more
likely to be paid than those of the States who
have been passing resolutions against reputation.
Sir, alluded yesterday TO the course said to have
been pursued by the gentleman from Massachusetts,
dnrng the negotiations at Client in regard to the
navigation of the mississippi river. have no conf
dence in the approximations of the gentleman as to
Al l. - oil 4
British steamers. Blue lights were held out during
the last war directing our enemies to our weakest
points OF defence. The gentleman from Massachu-
sets may be called the finger post directing Great
Britain, to what he supToses our weakest point of
defence now in the event OF a war; He has declared
that in the event of insurrection in the slave
States, If the United States were called for pro-
lection defence, that our slaves will be freed
His great object to be, to bring about the
emancipation of slaves, even if success would
bring with it universal slaughter and bloodshed.
The Speaker called to order, Mr. Adams wished
the gentleman to proceed) am coming TO the
question, sir. The gentleman from Massachusetts
have more effectual aid in carrying out his
schemes OF emancipation, than in the event of
point of attack in the slave States, indicated by him
yesterday. Let that nation send her war steamers
into the centre OF the slave States, declare martial
law, encourage nsunsction; let the States thus
assailed call on the General Government for assis
lance to quell these instructions and according to
the doctrines of the gentleman from Massachusetts,
our slaves would be free, and his object would be ac
complshed | do not charge that he intends or
wishes this, but his course this question is more
likely to bring on war; if we do not assume these
State debts than any that has been taken before here
or elsewhere. member of this House, who has
held the exalted station Of President of the United
States that the State debts must be assumed
or England will have cause for declaring war The
British government will not be slow in taking up
and carrying out this doctrine. The gentleman has
called the defence of Mississippi against the assump
ton OF this debt metaphysical" Foreigners have
said they cannot comprehend the distinction be-
tween the State and Federal constitutions Here is
authority IN future for them on this side of the wa
ter The gentleman entertans great horror of State
Reputation OF unacknowiedged debts yet he is the
advocate and voted for the bankrupt law which es
tabsh-d the most wholesale system OF reputation
fhonest, bona, fide undsputed debts ever known in
this or any other country According 70 the gen.
lemans theory III disgraccful for State to refuse
to assume debt she declares was created in viola
ton OF her constitution, and for which she received
nothlng-yet 1t Is perfectly fair and honorable for
the citizens OF that State, all to repudiate all
OF the honest bona fde debts under the bankrupt
law-debts contracted in accordance with constitu-
tisn and law and for which full value was received.
| will make a practical application of the gentle
mans theory Of an honorable reputation of unac
knowedged State debts, and honorable Reputation
OF acknowledged private debts During the glorious
era Of paper money, from 1885 to 1910, commercial
houses in Europe established agencies in this
try TO advance money to the planters TO secure ship
ments OF cotton TO their houses. Competition
sprung up in this line Of business, as in most
the cotton was worth, which settlement LETT the
planters greatly in debt These balances falling in
part IN the hands OF the Earrings, sent over Tor
collection, but the planters are now about TO go into
court under the bankrupt law, and pay of the debt
al one cent to the dollar This is all right and fair,
and perfectly honorable But these same Baringe
have some bonds issued in the name OF the State of
Mississippi for which she received nothing and she
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