The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-16
CITY OF WASHINGTON WEDNESDAY, MORNING. FEBRUARY 6 1853

place. il is rather large amount and il might not be al
together convenient 10 the treasury OF the United States
10 pay IN cash, especially IN view OF contingencies which
may arise and Tor which every prudent government will
always take TO hold sufficient amount of funds in
reserve In the next place the issue Of three per cent
stock will be perfectly satisfactory TO the creditors OF
Texas and II they are satisfied do not any reason
why others should complain And in the third place
this plan is unquestionaby more advantageous to the
II it be objected that about to pay a much
larger of money the creditors Of Texas than was
reserved under the act Of $780, all have 10 say is this
that while the principal OF the stock proposed 10 be is
sued is undoubtedly 1898, 900 more than that of the
served five Millions the interest is precisely the
and that, inasmuch three per cent stock having
long time 10 run Is valuable lve or SIX per
cent stock having the much shorter time 10
run, ana lnasmuch provide In the bill that the
Secretary of the Treasury shall be authorized to pur
chase mp this stock in the market whenever there may
be more than $7,000000 in the treasury, ! apprehend
the practical effect upon the treasury OF the United States
will be 10 subject il to greater charge than if the
$3,O0O,O00 had actually been issued to Texas. A three
per cent stock, having twenty years TO rum will not ap
prehend, command higher price in market than at most
eighty per cent The old revolutionary three per
cenls even after the period when they arrived at mar
y. commanded think, only about ninely and ten wears
before, am informed by the senator from Rhode
Island, Mr.. CLARKE they sold at sixty. | apptehend,
Of the Treasury the Of twoIor three years after
the passage OF this bill, if il should pass 10 purchase
the whole OF this stock at saving to the government Of
at least heen, aud perhaps OF twenty per cent or near
lnasmuch as we can do that within short space OF
time, shall also interest 10 very considerable
amount, which would otherwise be accrung Besides,
five millions Of five per cent stock would command a
premium in the Market and could not be bought up al
par, and probably attempt made to purchase
them, they would rise to some eight or len Per cent pre-
MUM The probabilities therefore are, especially five
per cent stocks frequently iao the hands of banks
security for their banking issues that there might be
difficulty IN buying them mp at any price, and the govern
men would and pay interest upon those stocks for
series OF years, 10 greater extent than il would be call
ed upon TO pay the interest upon stocks to the amount OF
80 1893 900 proposed TO be issued by this bill which in all
probability be purchased There would, therefore, be
considerable gain the interest," which, added 10 ht
difference between the purchase of the stocks in the
ket the and their par value, would reduce
|the very much So that in all probability tht
government will suffer larger loss by the issue OF these
S. 900 three per cent stocks than by the issue OF five
millions of five per cents IT. however their calculation,
should be disappointed in part, they may be, and The
United States should eventually lose million of dollars
BY The settlement OF these claims. it would be matter OF
regret since il would be consequence OF liabite.
incurred by the annexation OF Texas, which fore
seen that period, and which have vany endeavor
ed to discharge through the agency OF that State.
Having thus briefly presented the principal points OF h
case will postpone further remark until it may be
sary for 10 reply 10 senators who take different view
OF the question.