Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-19


the earth the spectacle Of being borrower and yet unable TO
borrow IN the market He hoped the opinion which had been
expressed that this six per cent stock could be negotiated
would be realized The adoption Of his amendment would
in degree change that state things He knew would
be objected to his amendment that It adopted capital
lists might combine and compel the Government to sell its
stock below par but he could not think that such combine
ton need be apprehended This very broad Union i
the Secretary restricted to this Union he
could send agents abroad he pleased Such combination
then, ne could not think any capitalists here would attempt
| and, II they did, he nothing to fear from IT.
Mr. FICKLIN moved strike all that portion Of the
amendment which provided for advertising with view to
make lew remarks in reply to the gentleman from Tennes
lie would say that gentleman that the experiment
h been tried which he desired again hazard and the
sas, that the Government stocks directly after went down
most uinous low as thirty per cent on stock
aFfy cent Treasury notes This, he was understood
say, during the OF 1914 which time there has
authority sell six per stock for less than par
Disaster had attended subsequent similar experiment. and
such would be the result and the credit OF the Govern
ment would be seriously affected Rather than adopt the
amendment OF the gentleman from Tennessee he would make
the stock eight, ten per cent stock. That
all he had to say and he withdrew his amendment
The question then taken on Mr. GESTRrs amendment
and it rejected.
The third section read
Mr.. GRlNNELL offered the following substitute for it:
.fnd be il further enacted, That the Secretary Of the
Treasury be and he hereby authorized receive proposals
for the taking OF such loan, part ereo and
before dpusng of the said Stock issued for such oa
Secretary Of the Treasury shall inserted in
anil two public newspapers printed in the principal city
capital o each State advertisement stating that bids and
proposals LOT SUCH loan VIII be received until certain day. 10
be specified IN such advertisement than sixty da.
less than twenty days from the time Of the first insertion
said in the two newspapers in the city Of Wash
nso and stating the amount OF the loan required and IN
what nsaments, and when and where will be required 10
be paid and the said Secretary may pay such expenses
be necessarily incurred in printing and issuing certificates Of
stock and other incident the execution act
which shall in all exceed the which
$4,000 hereby appropriated for these purposes and shall
In he Trea othe
propated provided that compensation shall be allowed
any officer whose salary fixed BY law for any service per-
formed by him IN the execution OF this act -
Mr. G. said that the great object Of the amendment he had
offered was to provide for full and fair competition for the
loans wanted This only be done by public notice in the
newspapers OF the amount times and PLACES Of payment and
inc amount Of each nstament to be paid The money Of
course, will not be all wanted time. II is of great inn
portance to the bidder for the loan know precisely when he
will be required to pay it. Great dissatisfaction felt when
the last loan was made, under the act of ls47 this
count The advertisement stated that the Department
the right of fixing the periods when the money
be paid Many deferred from bidding because there
was no certainty when they would be called They
must either keep their money hand losing the interest,"
run the rlsk OF being called and not ready pay The
want OF this knowledge also gave rise suspicion per-
sons residing here had advantage those distance
by nimations more less definite to the periods when
payments would be required Another advantage the
in advertising would be the knowledge beforehand of how
much per month would be required for the purposes Of the
Government This would be a great relief to mercantile
1 people !.
| The amendmen twas agreed to-
Mr. McCLERNAND moved to amend the bill by inserting
the following section, in after the third
section
shall have been IN market twenty or more at the time Of
applying to enter the under this section shall be subject
to sale at dollar per aud all of the public lands which
shall have been IN market twenty-five aore
sad shall be subject sale seyenyye per
and all Of the public lands which shall have been il market
thirty aforesaid shall be subject sale fifty
per acre Potad That person shall be authorized
to acquire more than township the lowest OF fifty
cents per Pote also, That this section shall
construed impair any preemption right authorized
which may be authorized by provided fs-he That
the be received under this section shall applied
directed by law.
The CHAIR decided this amendment be Of order,
not german to the bill.
Mr. COILAMER moved TO amend il as follows
THAT the moneys arising frsm duties goods wares and
merchandise which may be imported into the United States
much thereof shall be equsl the payment the
tere De and the hereby pledged and
the OF said Interests the faith of the United
States hereby pledged for the payment of said debt
Of the same when ultimately due hereby directed
out OF any money then in the Treasury otherwise appro-
priated."
Mr.. COLLAMER said il was understood on all sides that
the object Of this bill enable the Secretary Of the Trea
TO borrow sixteen millions Of dollars in addition
In addition the revenue but this section as il
Stood declared that the whole pledged
payment Of the interest," and then the principal Of the loan
and also directed that the Secretary first apply the
received to the principal This would not be due for
twenty years 10 yet the Secretary would be compelled
apply the very first moneys received into the Treasury
sinking fund reimburse the principal Of the debt
He do this before he did any thing ec with the public
money So that this loan instead Of being in aid of the re-
only, anticipated the to received and forced
the Secretary equeser all the money that came in I'LL the
debt provided for Mr. &. thought the introduction of
provision Of this kind defeat great purpose of the
bill, which get millions Of money IN addition
the This would get the money in addition 10
the at all only pedge5 the revenue as fast as re-
ceived, and se9uestered it from all other uses.
Mr. PALFREY moved strike out the whole of the sec
ton and should the Amendment prevail and the bill be re-
ported to the House. his purpose TO move in the House.
strike twenty years the duration a the oan and
FIVE " that the money should be reimbursabe at
the end Of FIVE years and then he should move direct tax
the Of which should he converted into sinking fund
pay both principal and interest Of the loan He would III
possible within the five minutes allotted him) briefly state his
in favor Of this First he was very certain
this would very powerfully tend putting stop 10 the war
for lie fully persuaded that many constituencies which
highly delighted al the hood Of glory which was
coming upon the nation from Mexico would feel their en-
thu,asm quite end by the time the collector paid his
cond visit and would cry very vocerously that stop
must be put this war; Second direct tar was the pro-
per He would put il the gentleman from Ohio
the chairman OF the Committee Of Ways and Means 20 saw
whether he expected to raise than thirty five millions Of
dollars this time Why, the ordinary current expenses Of
peace system very much short of that II was
true the would grow with the growth the country,
but did gentlemen forget that with that growth our expend.
lures would increase in the proportion No rejecting
man could well expect the from customs to do more
than deay he expenses OF the Government eth ess
would they yield Elk millions Tor interest.