Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1876-05-17
CENTENNIAL READING I

I
J -.ih lIa a4if'ra itf'- - arfaa I'D i
On the bill IN. II. 2Sss) to aid in the eompletio,
Of the Washington Monument. i
Mr. MAcKEy, of Pennsylvania. Mr.
Speaker, on the 2etb OF February las
| presented to1he House bill, which
was appropriately referred, entitled " A
bill to aid in the completion of the
Washington Monument and desire tc
say few words upon the. pppriety
and Importance of favorable Congress.
sional action on the Subject, with faith
and confidence that il thebill is enacted
into law the earnest desire of every
American citizen TO have that nnfin.
ished monument completed would be
gratified, and in a few years it wonid
cease to be disgrace and dishonor TO
the Nation and marked reflection
upon the ingratitude of the Republic.
by the provision of the act of Congress
of the 14th of February 1876 the sum
of sl,50O,0OO is appropriated to the
Centennial board OF finance for the In.
ternational Exhibition to be held in the
city Of Philadelphia, and in the net it
is provided that in tho distribution of
any moneys that may remain after the
payment Of the debts Of the Centennial
board of finance the appropriation made
by said act shall be paid in full into the
Treasury Of the United States before
any dividends are paid to the stock
holders Of said board of finance. I'm
der the provisions of the bill presented
TO the House the Secretary of the
Treasury Of the United States is direct
cd TO pay out of any money that may
be paid into the Treasury under the
provisions Of the act of Congress rela-
ting TO the Centennial celebration of
American Independence the sum of
$500, 900, to be used in the completion
of the unfinished Washington Monu-
ment in the city Of Washington in ac-
cordance with the plans that have been
or may be adopted by the Washington
National Monument Society, the money
to be paid us the work progresses, upon
acquisitions of the Presitlent'oi the Uni.
ted States, after his approval of csti-
mates made by the engfnccr in charge
Of the work. II is estimated that nm.
dor the plans recently adopted by the
Monument Society the sum named will
be sufficient TO complete the monument.
As the Centennial Exhibition is an as
sured success, there can be no doubt
that the receipts OF tho board of finance
will be largely in excess of its debts,
leaving Q surplus in its Treasury more
than sufficient TO pay the amount pro
posed TO be appropriated to aid in the
completion of the Washington Monu-
ment.
(, But il has been argued that the pro-
viso of the act of February II, 1876, |
that no dividend shall be paid to the
holders Of stock until after tho REIN
bursement of the amount of the appro-
priation made to the Treasury of the
United States, warrants the construc-
ton that the stockholders shall be paid
the par value of their stock before the
surplus of receipts after payment of
debts is paid TO the Treasurer of the
United States toward q reimbursement
of the appropriation made by Congress.
LIDO not so understand il. The proviso
in the bill appropriating one and balf
millions OF dollars was not so intended,
not so understood, and not so received
by those who voted for IL and | do
not believe the stockholders win make
the claim, If the patriotism of the Ma
ton is invoked in favor of a construc-
ton of the proviso in the act referred
to in accordance with the true intent,
spirit and meaningof thesame, which
wiser men than myself have SAID was
a clear provision agairst any division
of capital, profits, or sussets, after pay
ment Of debts until the money appro-
priatcd shall have been repaid 10 the
Un'tcd States. But II is not my prov
ince nor desire here to discuss that
question. II must be determined at
another time and before proper tri.
bunal whether, in the ordinary legal
acceptati0n Of the torn, stock in a cor
poration is debt entitled to prefer. !
cnce over other accepted liabilities.
desire briefly TO review the history Of ,
The National enterprise which II is the /
design Of tho bill | had the privilege
Of introducing TO aid and encourage.
As carly as 1799it was resolved by I
Congress, on the Gath of December Of
that year, "that marble monument :
10 be erected by the United States dt
The city Of Washington, and that the /
family Of General Washington be re.
luestcd to permit his body to be dc.
posted under il, and that the monu. /
mcnt be 80 designed as to commcmo- }
rate the great events Of his military /,
md political lifc" In complying with !
Lhe request embraced in this resolution
Ihe widow, full of the tcndercst afIec.
Jon for the memory Of the great man
or whose loss whole Nation mourncd /
with her replied in these touching and /
Impressive words '- .
Taught BY The great example which have 80 :
ong hsd bsfors me never TO oppose my private
sishss 70 thf pablic, will, need moi, / oannot >
10y what sseriher Of indisid feeling make 3
. sense Of publn duty. .ri e.. . In
aButto thisday thercsolution remains q
Wasbington's remains d
'cst sacred nj Monpt Vernon, aud the III
monument is mot crecteds In. 1901 q II
wAa adopted by the House b
II RAprseenta atises appropriating $780, v
M for lkciercctj0D 0f q yuono rnont n I,