Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-12-24

VI
- Iir r.rac,ee with the gentleman from New YORK [Mt
BRnaKs woui seem 10 desire TO int'oduce here by his
amendment. Its borrowed from me bu.sh fatlameh
h lhey never undertake leslslae upon any great sub
ice, ri uorv affecting individual pursuits without first In
sWtin commission OF inquiry IN respect 10 H. ana 81
lar tariff is concerned especially would aVof ina
nracticc BECAUSE IN. manufacturers comparatively c"
numbers and can always act in concert and ~ mus aci-
ny always present tnGIr views IN 'ie MOS a"so''
The couniry whereas the great oouy oil c com,
mainly including tile a.cuuE!ss are rit 10 inuSouh
industry combat this combined action would go of
such resolution the gentleman from New 1olk mas pro.
posed with great pleasure II proposed at the proper
lime and when had lime: but The very reason when
wc.ld prompt 90 for such committee when we aad
tir would cause oppose il The combined pow
cs would be ready al 4 moments w1rnng would not
ES: sir there is another practice of the British Parliament
liza, j. .ouay as wise that 10 which have refeetone
t il more becoming than 10 them bccanse here
rr Difference supposed 10 be paid 10 pubic sentiment
nd ,h,, nr.c,c is Tor an outgoing Parliament an
Going Administration propose no radical reform in the
pocy Of the country upon The eve o ht going out when
Minister has been defeated IN iaflalcn anu a ga 20
the country determined ueon they always regard II as oe
coming them propose nothing but The usun appropriation
bills and 10 attempt no radical change OF policy.
Well now sir This House and this Administrator sla"'
.omcwbo, in ,hut attitude al this time. The Wing party
has gone upon an appeal before the county, ana ey
been defeated In lille than Two months we WIN
have President installed Already nearly nan % 's
House have been passed upon by the people some ol c
members of this House who called upon 10 isti
tuc ner legislation in respect 10 the a! tnat mas peVa
ed during the greater part OF De'hor!a
tirn and which has even survived wing adHihssnt
lion have been changed Some have gone ous IN conse-
aucnce OF the Of the number ut members IN S"e
III the older Sta; Others have gone out because ey nave
been dismissed from public service BY their constituents
still Others have been superseded by convenenS ana YET
still Others ha"s voluntarily resigned The next mas
been and will W elected under new census, under "ch
her. i. a ncv distribution Of political power. In ms pre-
clsc condition things tocs seem 10 me that ms HouSS
during this very short session. have It's time ssihclen
occurred with ordinary appropriation bus anu ohe
pressing measures which will not adrt Of delay, without
opening The inermnablc subject OF the tal
But sir the gentleman from New York hr. BROOK J
seemed 10 see Of these considerations ia" lie s
.s his movement If his induce outgoing Congress
during an outgoing administration IL iHcricfc WIN inca
sure such vital Importance by re:ins 70 me ARG a
nconycuen SURPLUS now in the Treasury, and 10 the ne
cssiry Of preventing its still further accumulation NOV"
sir have not the estimates Of tic Treasury DePart
am told that they have not been sent TO ne ,t,
So very likely they not printed The report os INC
Secretary of HE Treasury has moi yet been sent 10 10 us
Therefore any estimate By 10 the precise condition ni
our finances present thci prospective condition. would
be- entirely premature But have enough already now
ever to satisfy hr House. that inconvenience WIN re-
suit from delay in reducing the revenue, II an outgoing
purty should propose Thing they had not proposed
Now in The first place me gentleman cAas@efass
HE surplus hand il the President states il correctly me
President. his annual message states II al ABOUT
Sli 50O.UUD.
AIR BROOKS That IN July last
Mr. BAILf. Well sir, did not anticipate this debate
and am speaking without documents before me, therefore,
sneak in round numbers have not the returns since
that time but my impression Is that the surplus has moi
been Increased thai Time; but the documents will $40"
when get But be that may under the exist.
law the Secretary OF the Treasury authorized 10 pur-
chase portion Of stocks; and know OF no better use
a debtor make OF his surplus money than IL pay ms
Ihts Tn, Gentleman says hom ever the stocks 10
in New York anu he thinks desirable arrangement
10 purchase stocks that Why sir per cent
STOCK redceuble in 1865 100 IS only lttc more than
per stocks rcrrtnabc al the same tl'; ana Govern
nIrnl per cents with that time run, would be above
par Therefore, there is no loss in buying up these per
cents al 100 To say nothing about surplus OF revenue,
which is idle do know that would lose by nceon-
tim Evrat n deem
pa, able six months do not pretend 10 speak win pre-
else ccuracy because The estimates have not been sent H.
and referred 10 those of last year they APP
pcacd but on The st Of July NEXT upwards 81 SIX million"
Of our loan Of March, ls43 will be due My impression Is
thar more than six millions and quarter will BE- due al hnt
time know there will be than six mloEs due by
the 5Orh Of June next.
\ MEMEER. That has been anticipated
Mr.. BAYLi. We are somewhat in the dark upon this
oGn, az The report Of the Secretary OF the Frc1
sry nor The official estimates; but take il for granted that
the loan refer las been redeemed, because the
nd half o the public been redeemed in The last
fiscal year including the Mexican indemnity and the inter
q upon The nubic dcbttc t~o together making upwards
OF seven millions. think there has been only ttc
thi: ,wo miHns Of the public debt paid within last
cal year that the loan Isl July, 1888 OF upwards %
six millions. rcmalns yet 10 be paid.
Mr.. JONES, al tennessee The Presidents message
900 900 Of the public debt has been paid In
The last year. but that about $2OOOOO0 had been paia since
' Mr. BHYIT ina, is very tine he states tho amount
redeemed and hall millions; but sill 10 make
that rurlutrS what has been paid of the Mexican
rnnv nj interest 'r public debt The
in" To upwards Of 81 600 600 But the stock OF .d
Mach s3 pay able July, l~53 my impression is thai
no great amount has been redeemed. THIS will remain 10
sc seen get The documents; wien this discussion
viii tc better timed! The Secretary ri The Treasury has
hriiy "f law however 10 redeem the stock ol lSiI, ana
80 not think wOui be bad policy purchase j. up iis
market value, when the Government has large surplus in
lis Golfers 1t is worth much to ii ~ il is any body
lsr; and il j. dscrcjlabIc the Government, in
opntou H. when it has surplus on hand 10 purchase
ls own stock AT liz current market rate.
ut the gentleman from New York says. il the
lcnr OF liz: United States is known 10 be in the market
III purchaser u IL stocks, will them up higt
Why sir every stock broker III the United States
know the Government is in the market purchasing its
stocks PREMIUM just as well as he or know it?
and vet the price gone but little above the par value of
per stack! II we were Compelled 10 purchase them
might be unduy put Up BY The brokers' but we are not
Ersl,s the loan If ST 100000 due next July there is debt
ri IS 600 900 due in 1856 These loans cannot bn much
ubge par they have short lime rum and il the
pre- sent law does authorize The purchase of these loans
drance, easily pass Law 10 authorize it, and thus
make The best disposition Of our surplus means by paying
win il our debts
Under all these circumstances, considering thu, deb!
is To be paid an! considering that the Government
,yrcnA ,h. surplus revenue in purchase Of It's
srcs ana thus leave il free Tor investment in Stale and 9th
er stocks do think this outgoing Congress md the
out gong Administration under suc! imperative duty
undertake the short session. The work Of remodeing
tariff which, as have already stated is not only The product
of Democratic administration but has also survived un
touched. Whl@ Administration.
But the gentleman from New York Mr. BRooKs says in
reference predictions Of deficiency Of revenue
which confidently made by the enemies of the tariff
of 1916 that that tariff executed in bona fie
mannc He says that by amendment approp;;l
bill in lS7, and by Walkers Treasury circulars
amount nf derived from that tariff nearly dou
hcd. The predictions therefore, that that would
produce sufficient amount OF revenue carry the
penscs OF the Government have been fairly tested
Now sir although The Supreme Court of the United States
decided that these Treasury circulars put construction up
arii OF lS46 which, technically, il would bear
yet know thai Mr. Meredith, who Mr.. Walkers
cessOr put the construction upon thai which Mr.
Walker put upon il; and knOt. still fuher-lnd nobody
hdn the gentleman from New York himself!
because he coGicracd with me in caryin: the OF 1850
through this H0use-that We based support of The
1850 affirming Walkers circular and virtually reversing
the decision OF The Srrreme Cuu, upon the ground
Walkers circulars did give the construction which Congress
intended when they passed the tariff lS46; act Of
1850 urged and carried through this House by me-
carried through the Senate By colleague Of mine Mr.
HuSTEn upon the ground | spenk with confidence
with regard Ia this House. because presented The b here
mysC, and with The aid Of the gentleman from New York
M BRocKs carried il through and it carried through
the Senate the same ground nearly quite
confident
Bu, The gentleman is strangely in fault in respect the
predictions o The nadequacy Of the tariff Of 1916 bring
sufficient ol revenue into the Treasury the
expenditures OF the Government; for he bear in mind