Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-01-19

redemption Of the pabc due. There wcrc appeals there
10 pass Stay Law. and u this time the people to
raise sinking fund to pay OF debt which you are not
asked or called TO Psy-s fund which no did think
80 highly OF some gentlemen, but he would discuss
IL now.
the present Legislature provided for the on the
public debt would place the public credit in the best
duon and that would be all the creditors could desire
peciay We have unanimously adopted resolution which
put down the question Of reputation. At auspi.
clous period We provide sinking fund adequate the
object now proposed This proposition has nothing do
provided for.
MIR. CRurcHrErD did attach much consequence to
whatever disposition might be made OF these resolutions
They were mere distinctions and concluded nothing. The
rub would be when the the
fund lie did know that he could the creation
OF such fund at this time. II, when the laid
he could bring his mind believe that the people could
stand the increased taxes for this fund.- he might for it,
But he would first provide for the interest and then his
people could he would so far he that
fsrthest pay the public debt.
MIR. GRAY would for striking out, but he agreed in
principle with the Chairman of Finance. lie favor
OF establishing Sinking Fund; but the time
pcious for the creation of such fund He would only tai
the people at present. enough To present demands
MIR. WILLIAMS thought the Committee of Finance re-
commended the true policy lie opposed the system
OF borrowing His constituents anxious for speedy
liquidation OF the public debt TO accomplish this they
were willing TO submit to an increase OF 80 per in the
taxes.
Mr.. RANDOLPH proposed by holding foreigners
guaranty of the certain redemption OF the public debt
obtain the OF public relief Interest
more than per abroad. and by accrcding State
bonds, capital would flow in upon u.s. be invested in
State bonds; but it enough would pay
actually raise the prove that will pay
Mississippi and Indiana had always said they would pay
but that did give them credit He cxhorted the House
hold the Sinking Fund.
Mr.. BRoADUs-Make ample provision TO pay interest
and the public creditors would be content They wanted
nothing but their interest and he conceived that the npu
taton OF reputation could upon the State long
interest paid IL and lust TO the people n
impose no more taxes upon them now, than actually
demanded by the public eNgoncies. When hotter
round, the million OF Bank stock owned by the
State, will probably be par and then the State paw
oits debt by transferring bank stock creditors lie
for getting with present difficulties with the least
possible oppression to the people.
Mr.. BYRD prepared from the lights, before
him, say what course he would pursue. lie regretted
that the Committee had brought in detailed report
Until could be shown that Sinking Fund could be cstab
shed without greatly increasing the burdens of the peo
pie, he could support it. lie should hold himself un.
committed for the present.
Mr. DANIEL opposed 10 increase of the burdens
OF the people, which could be avoided He therefore
against taxation for the creation of n sinking fund He
would pay possible the floating debt OF the
the debt the banks ducand for the immediate paw.
of which the faith of the pledged But
in regard the other debt he would pay
and that all the creditors expected had any right TO
expect They took State stock without sinking fund and
they did require it, The Stock already
market owing the conviction abroad that this House
determined pay interest. He asked the supporters of
Stay Law, they while staying the hand of the pm
creditor prepared the State loose upon the pee
pie augmented taxes demanded by the obga
lions of the Statel
The debate continued by Mr.. LrAKE, Of ~. in sup
por, OF Sinking Fund and by Mr. DANIEL in opposition
Mr.. CRUTCHFIELD rose 10 speak,
When the House adjourned