The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-17

MI w. L LAWRENCE moved TO amend the second
section ny inserting after the words dtached To
thcaie or certheates the words 'o not less amount
than $500 each" Mr. L. thought that amount small
enough Tor hose certificates upon which these coupons
Mr.. McLANE suggested that the amendment in
consistent with the entire section and moved 10 subst-
ue The words '.hy dollars for ''fve hundred dollars
NlL Mel. SAID his object was TO open the loan the
small capitalists of the country, and TO render the govern
ment independent OF combination OF capitalists.
MI. Lawrence explained his amendment.
MI. McLANE withdrew his amendment to the amend
ment,
Mr.. GREGORY suggested that the section be amended
by inserting after the rroviso that stock should be
sold below par the words in the city of New York,
hypothecaled for any loan thereon"
The suggestion not being entertained
MI slEsDf moved to strike out the proviso that the
stock shah not be sold below par; and said that must
have the money Whether the price should be above or
below par. that would depend upon the circumstance at
the time. This amendment rejected
Mr. GENTRY moved To amend the second section by
inserting, alter the word par, eleventh line, the words
Until the shall have been advertised a reasonable
me, ana proposals for subscription TO said loan invited
United states so TO do is hereby authorized to accept such
as shall otter the highest price fox said Stock or
Mr. 9. advocated his amendment in few remarks
Mr. flCkLlN moved an amendment to the amend
ment for the purpose of making few remarks and OBJ
served that to sell this stock under par would deprecate
the value OF the stock heretofore issued and would be
unjust to the holders. Mr. F. then withdrew his amend
ment.
II
moved by Mr. GENTRY; which was rejected
The third section then read.
Mr.. GRlNNELL moved substitute for part of this
secuon, providing that the Secretary OF the Treasury
shall advertise proposals for the loan, showing when the
money shall be wanted; and that the expense of issuing
the stock shall not exceed sixteen thousand dollars
HIS object was, he said to let persons know when and
where they were to pay the money Under the last loan
act there was difficulty in ascertaning from the Secretary
OF the Treasury the times when the bidders were 10 pay
and the amount that was To be paid There great
faction on this subject among holders of the late
loan in New York. person who had taken two hun
bred thousand dollars wa. obliged to keep the money by
him. not knowing when he was 10 be called upon The
provision would prevent the suspicion OF any partay 10
bidders. He had brought forward the amendment with
the appreciation OF the committee.
Mr.. VlNTON said the Sd section copied from the
act OF 1872. but the substitute proposed was better
Mr. Mckay was DESTROYS TO render the bin pract.
raising the required loan He did no, wish to see the
object of the bill defeated The gentleman from Massa-
chusetis by his amendment, deprived the Secretary Of
the right to employ agent to negotiate the loan An
agent could be sent into the interior, among small CAPT
alists to obtain bidders for the loan. Send the agent
for instance to Norfolk. He authorized to say that
the mechanics there would take several hundred thou
Mr.. T. B. KING said that, in his part OF the House,
nothing could be heard as to what was going on. He
wished that the chairman of the Finance Committee,
and any else who had anything to say that was
worth hearing, would take the Clerks table
Mr.. VlNTON suggested modification of the subst-
ute to NEE; the views of Mr. MCKAY, and it adopt
ed as follows
And be 1t further enacted. That the Secretary OF the
Treasury be, and he hereby authorized receive pro-
posa for the taking OF such loan any part parts
thereof and that before disposng OF the sad stock
tor such ioan the Secretary OF the Treasury shall
be inserted IN two public newspapers printed in the
Iciy OF Washington, and IN two public newspapers
advertisement stating that bids and proposals for sch loan
wibe received until certain day, DO specified such
twenty days, from the time Of the first insertion OF said
yrrseneut IN one or two newspapers in the city Of
Washington and stating the of the loan required
ana IN Wnht instruments, and when and where it Will be
required 10 be paid and the said Secretary may pay such
expenses as may be necessarily incurred in printing and
issuing cert cates stock the employment of gents and
expenses incident the execution of this act which shall
not IN all exceed the sum Of sixteen thousand dollars which
sum OF sixteen thousand dollars is hereby appropriated for
these purposes and shall be paid Of any ey
compensation shall be allowed to any officer whose salary
is fixed by law for any service performed by him in the
ecution OF this act
Mr. McCI ERNAND moved an amendment TO the 18th
section; which was ruled out of order
Mr.. GREGORY offered new section, as follows:
dad be FURTHER enacted That in the emergencies
OF the country snail prevent the obnnent of the aforesaid
sum OF sixteen millions of dollars any part thereof AT
the rae e., and d, on the terms proyded in this sabe
or any part thereof the payment Of interest the
Of or not to exceed, seven per centum Porded, That
the loan oplaned at seven per cenum be rembursable
any time after five years after the first day OF July next
alter the passage of this
The amendment was rejected.
Mr.. McCLERNAND moved the following amendment
to the bill, to be introduced as distinct section:
That all OF the public lands which shall have been in
to enter tue same under this section shall be subject sale
ut the price of dollar per and all the public
lands which shall have been in market twenty five
years as Aforesaid, shall be subject
cents per and all of the lands which have been
in market thirty years aforesaid, shall be subject
10 sale AT hy cents per PTOUidei That per
son shall be authorized 10 enter than township
tue lowest rate OF y cents per 1na pr0rded also
Th't'hs act shall n be construed impair any right
exemption authorized which may be authorized
by any existing law: Propided further That the moneys
to be received under this section shall be applied now
directed by Jaw.
Mr.. COLLAMER objected to the reception of the
amendment as being out of order.
Mr.. McCLERNAND said he found a precedent for the
amendment in the 4th section of the BILL which pledged
the imposts Tor the reimbursement of the debt proposed
the amendment pledged the proceeds of the sales of the
pnblic lands Tor the purpose ii section was
gernane to the proposition for loan, his amendment
should be held 10 be so.
The CHAIR ruled the amendment to be out of order
The ith section read.
Mr.. COLLAMER moved to amend it. His object was
TO strike out that part relative plegng the public rev.
cnues to pay the interest and principal of this loan This
was an act to provide sum in addition to the revenue.
But, though the loan was not due till the end of twenty
years, YET the Secretary directed to sequester por
ton OF the revenue TO pay this debt and thus the very OBJ
lecl oil the loan TO be defeated.
Mr.. PALFREY moved to strike out the whole section
lie wished to move, in lieu of if, amendment REIN
bursting the loan in five years. and to Law direct taxor
time. The people would not tax-gatherer more
than once or twice before they would instruct their rep
resentauyes TO stop the M could expect that
the revenue from customs would hereafter be than
adequate TO The ordinary expenses OF the government
Mr. NlNlON SAID this section copied from the
loan act OF lsl3 The part pledgug the revenues
important The public creditor would regard the pledge
rs | nfnlt hat. III