The southern press., 1850-10-01

lmproprety Of undertaking to do this business
or that Of like character, through uncertain ol
irresponsible agents. Mr.. Marks, whatever b,
did, was unauthorized by this Government; and
so far as he was an agent, it must be known to
all that he was selt-constiluted agent. II he
had rights, hope they will be given to him. II
he had no rights in this matter, ] do not think
that Congress shoSld attempt at this late day
to legislate to give them to him or any other
person over him.
The senator from Maryland I,as said that the
money is to be placed in the hands of English
bankers. He is mistaken So far as we are
concerned. The money is to he placed in the
hands OF the Executive; and it is the business
OF the Executive to pay it in hard dollars in
Mexico, and tc that end to employ houses OF the
first responsibility, no matter whether they are
English, or Scotch, or Dutch, or Of any other
country | understand that there is contract
for placing this nancy in Mexico at 81 per cent.
premium, and further understand that the Sc
crctary Ct the Treasury considers that IL proper
and advantageous contract. If it is not, the ex-
ecutive government can find that out, and, if ut
liberty, can make better. My position is, that
this duty does not belong to Congress. The
idea that we can take sides W tn persons scramb-
ling for the amount which an be made by the
difference OF exchange Isl in my judgment, alto
gether out of the question. Our business, re-
peat is to place the money in the hands of the
President of the United States, aud let him, who
is charged with the responsibility dispose Of this
| question, aud take the responsibility which at
taches to it. could state to the Senate, II ne
cessary, all that appertns to the relative merits
of these exchanges; but will simply read a fe .
remarks made by Mr. King, of New Jersey, OF
the other House, himself banker, and whom
| h,iayo h. f,,lly fad with fhaSa suh-
jects. He says:
"Thc question is asked, who is to make the
contract! The President of the United States
is bound to see that the indemnity is duly paid.
He directs it to be paid either by the Secretary
of the Treasury or by the Secretary of State.
This is III. ordinary mode by which payments OF
thisk have alwa, be III made. The p lyment
for which this bill makes an appropriation be-
comes due in 1851. The gentleman from Ohio
proposes to amend the bill so as to make it inn
perative on the Secretary of the Treasury to
make this payment. He did not know that the
amendment of the gentleman from Ohio woulG
at all alter the matter. There could not bt
probably any better contract now than this, as il
now stands, considered in all points. There
, could not have been better one made at the
time when it was made Other contracts might
have been made, as there may have been RI
valry, combination Of spectators ready to
make tho arrangement on apparently better
terms for the Government. But when it was
made there were no other applicants or bidders,
and the contract made was the best for the Gov
ernment. II was sure of being executed, and
without any risk. He saw no necessity for the
4 amendment of the gentleman from Ohio. From
4 his own personal knowledge, he would say that
no arrangement could have been made by the
Government which promised, with certainty,
more advantages. The Government runs no
risk whatever; every loss which may be In
cured must fail on the contractors, and none
upon the Government.
Hc bad made these few remarks rs the results
of his own experience. lie had never had any
conncxion with any public contracts or public
money-bcyond his own per dieni--sincc he had
had the honor ofa seat in this House.
| "a few simple figures will show the practical
result:
Eighty five dollars in London, according
to the existing rate OF exchange, are
worth in Mexico 800 0C
Eighty five dollars in London will cost,
at the present rates of her exchange
1 in New York 81 OF
4 Difference in profit 6 OF
Now the contractors pay to the govern
ment 80 81
And reserve for themselves 2 81
on each 800; which covers expenses, huctua
ions in exchanges, losses of interest commits
sions, and their own profits.
slf the government undertake to trailspor
the coin to the city of Mexico, where it is paya
ole by treaty, that would cost three per cent a
least; whilst by adopting the mode above re
terred to, this outlay is saved, and three and
half per cent. per annum are gained, making 81
and half per cent, or on the instalnent G
S3,36O,OOO almost $22OO0O. This shows th
E great advantage of adopting the measure unde
consideration"
One of the most experienced bankers of tn
( United States, who has devoted his whole lii
to the subject, states, On his responsibility, thai
in Ills Judgment, no better arrangement coul,
be made. Now, if these gentlemen have com
.peting claim on conflicting contract, let then
{ go to the Executive and prefer their claims whel
they can be settled upon proper evidence, ant
not come here to Congress, which conceive ha.
nothing to do with the matter
| Mr.. EWING. Mr.. President, in answer tt
the inquiry of the honorable senator from Mary
land, Mr. PRATT,l | will only say that if there
be contract existing with either of the depart
ments upon this subject, that contract must ne
cessarily appear in writing, either by letters o
some other record on the files of the department
8 know nothing of it, and have no information
upon the subject | heard conversation upol
the subject while was in the department, lut
, do not know what was the result Of it; but
presume it did not result in a contract, and
, it did, that contract must in some way or other
appear upon the files of the department.. This
sir, is all know about it, and all have to SAY
on the subject.
i Mr.. SOULE. Fruitcss as will most likely
be my opposition to this bill, cannot consent
to withhold from the country the reasons which
induce me to resist its passage, and to record tn,
vote by whicl, wish to signify my entire dis
, appreciation OF the politco-fnancal operation
/, which it is intended to consummate. The ap
preparation which il provides has for its objec
A the enabling the government to carry out con
tract which places the two last terms of the il
S demnity we owe to Mexico under British infu
ence and British rule. Sir, am decidedly AYERS
5 to England being in any shape or form sutfere
c to become the agent of America in the perform
ance of the obligations we have assumed in
Solo,nn traatv tovords Meyico | am ot lna