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Another amendment was offer- circuits, on the ground, that in ed, by Mr. Rowan, prohibiting the Ohio and Kentucky, there existed supreme court from declaring the at present the evil complained of, constitution, or any law of a state, in a greater degree, than in all the void or invalid, unless seven of the other western states : that those judges concur in that decision. two states contained a greater poThis amendment, which struck at pulation than any other circuit, and the fundamental principle, upon indeed, greater than in the three which all judicial and legislative new circuits together: and that questions are decided in this coun- the litigation then depending, betry; an amendment, which would fore the federal courts in Ohio and have given to the minority of the Kentucky, composed a greater court, the power to control the ma- docket, than the pending suits in jority; and still worse, would have all the other western states. These authorised that minority to sustain a reasons prevailed, and the house single state, in an attempt to violate divided; on the question of agreethe constitution of the United ing to the amendment of the seStates, was rejected by a vote of nate, 110 against, and 60 in favor 21 to 20. The strong support of the amendment. The senate, which this proposition received in however, contrary to establishthe senate, was asserted to be ow- ed usage, adhered to its amend. ing to the desire felt by a portion ment in the first instance, instead of the senate to defeat the bill, of insisting on it; and, subsequentwithout directly opposing it. It ly, when the house, in the hope of was well ascertained, that no such adjusting the difference, asked for a principle could receive the sanction conference between the two houses, of the house; and it was advoca- and appointed conferees; the seted by some, with a view to clog nate declined the conference, and the bill with this unacceptable pro- the bill was lost. vision. This object, however, was An act altering the time of holdattained in another manner. The ing the supreme court, to the seother amendment being made, the cond Monday of January, so as to bill then received the sanction enable that court to hold a longer of the senate, and was sent to term, in order to dispose of the nuthe house for concurrence. It merous appeals which had accumuthere met with decided opposition. lated on its docket, met with a more The whole delegation from Ohio, favorable fate, and became a law. and all but three from Kentucky, In pursuance of an act of conopposed this alteration of the gress, the secretary of the treasury, (Mr. Rush,) on the twenty-second balance in the treasury amounted day of December, transmitted to $1,946,597. The actual receipts congress his annual report on the into the treasury during the three state of the public finances. first quarters of the year, were As by this statement, it appear- accumulation of large sums in the ed, that in the years 1826 and treasury. : 1827, the ordinary resources in the 2d. By a new loan, or exchange treasury would be unable to dis- of stock, reimbursable at a period charge those portions of the pub- sufficiently remote to induce the lic debt becoming payable in those loaner to reduce the rate of inteyears, the secretary recommend- rest. This was the mode recomed, that proposals should be au- mended by the secretary of the thorised for a loan, to the amount treasury. of fifteen millions, (which he con- 3d. By applying the means of the sidered as the deficiency,) at 5 per treasury quarterly to the discharge cent., payable in 1829 and 1830. of so much of the debt, as can be
By this report, it appeared, that $21,681,444, arising from the folon the first of January, 1825, the lowing sources, viz: Customs,
$15,196,397 Public lands,
976,902 Dividends from the United States Bank,
367,500 Arrears of internal duties, and direct taxes, and incidental receipts,
98,886 Repayment of advances,
41,758 Loan under the act of May 26th, 1824,
5,000,000 The estimated receipts during the last quarter of the year,
Total receipts, $26,781,443 Expenditures during the three first quarters of the year, estimated at
$20,190,979, viz : Civil, diplomatic and miscellaneous services,
2,098,525 Military service, including pensions, arrearages, Indian department, &c.
4,890,310 Naval service and building, &c.
2,127,156 Public debt,
11,074,987 Expenditures during the last quarter, were estimated at 3,253,000 Viz:--Civil, diplomatic and miscellaneous services,
445,000 Military service, &c.
960,000 Naval service,
820,000 Public debt,
Making the total expenditures for the year, $23,443,979, and leaving a balance in treasury, 1st January, 1826, $5,284,061. Of this balance, it appeared by the report, that $3,500,000 were balances of appropriations previously made by congress, and that of the residue, viz, $1,784,061 ; one million consisted of unavailable funds, having been deposited in banks, whose solvency is there considered doubtful. The receipts for the year 1826 were estimated at $25,500,000, viz: Customs,
$24,000,000 Public lands,
Total, $25,500,000 The expenditures at
20,584,730 Viz:-Ciyil, diplomatic and miscellaneous, $2,032,454 Military service, &c.
5,525,662 Naval service,
3,026,612 Public debt,
10,000,000 Balance 1st January, 1827,
$4,915,270 The exports of the year, ending Sept. 30th, 1825, exceeded
$92,000,000 The imports,
91,000,000 Of those exports, between five and six millions were domestic manufactures ; $ 66,000,000 were of domestic production, and the remainder of foreign origin.—81,000,000 dollars of the exports, and $86,000,000 of the imports were made in American vessels. The gross amount of duties accruing during the three first quarters of the year, exceeded $25,500,000, and the debentures issued during the same time, $4,489,710. The total amount of funded debt on the 1st of October, 1825, was $80,985,537; which was composed of these items, viz: Revolutionary debt, 3 per cents., redeemable at pleasure, $13,296,231 Subscription to the U. S. Bank, 5 per cent.,
7,000,000 Loans of 1813, redeemable in
1826, 16,270,797 Loans of 1814, do.
1827, 13,096,542 Loans of 1815, do.
1828, 9,490,099 One half of exchanged stock of 1825, redeemable 1829, 792,569 The other half of the stock do. do 1830, 792,569 One third of exchange stock of 1822, do. 1831, 2,227,363 One third of do. do.
18,901 Loan of 1824,
1832, 10,000,000 Loan of 1820,
do. 1832, 999,999 One third of stock, exchanged in 1822, do 1833, 18,901 Moiety of stock, 1824,
1833, 2,227,363 The other moiety of stock,
1834, 2,227,363 Loan of 1821,
Unpaid treasury notes,
In this manner, the treasury discharged by that surplus. This would be enabled to discharge mode the committee thought prethose portions of the public debt, ferable to either of the others. redeemable in 1826 and 1827, and The committee, by applying the to distribute the repayments upon surplus in the treasury, at the end years, when but small sums were of the years 1826 and 1827, to the made redeemable.
increase of the sinking fund, acThe committee of ways and cording to the act of 1817, made means, in the house of representa- the deficiency of the treasury, to tives, to whom was referred this discharge the loans redeemable in document, took a different view of those years, to be only $8,351,803 ; the subject. They considered, that being $6,648,197 less than the esthe time at which the loans were timate of the secretary. To remade redeemable, was fixed for deem this sum in the years when the benefit of the government; and it was redeemable, the committee that it was not bound to redeem did not think it expedient to make thém at that time, but had the op- new loans, especially at that motion of so doing, if it thought pro- ment of severe pecuniary distress. per.
It was doubted, whether money at The modes of paying off the a less rate of interest could be propublic debt were three, viz :- cured, and the saving to the go
1st. By paying the whole of any vernment, by the exchange, would loan at one time. This was the be less than that by partial paymode ordinarily adopted; but, ne- ments made quarterly. The sacessarily, occasioned an expendi- ving, by this latter mode, over that ture, on account of interest, by the by an exchange of stocks, at 5 per cent. would be $481,934. This, nessee ; Mr. Forsyth, of Georgia ; however, was upon the supposi- and Mr. Floyd, of Virginia, option, that the receipts would ex- posed the passage of the bill : ceed the estimates of the secretary. they thought the appropriations too The committee were of that opi- large; and they disliked this annion ; and, accordingly, reported nual expenditure on objects, to against making any new loan, and which they could see no reasonarecommended that the stocks ble limit. should be redeemed quarterly, ac- Mr. M’Lane replied, that it was cording as the state of finances too late to raise an objection to the would permit. To prevent that policy of fortifications. It had been disappointment, to which the revo- adopted by the government, after lutionary pensioners had been con- much consideration, and was justistantly subjected, by the neglect of fied by every consideration of excongress to pass the appropriation pediency, and by the experience of bills, a bill was introduced, at an the last war. These fortresses, for early stage of the session, for the which appropriations were asked, appropriation of $1,576,290, for were already in a state of forwardthe payment of revolutionary and ness, and great expenditures had other pensions. This bill passed been made upon them. For their without much opposition, and the completion, an annual appropriagovernment was relieved from that tion was requisite ; and the sums censure, which is as sure to attach, asked in the bill were the least, to a tardy acknowledgment of a that could be applied to enable the debt of gratitude, as to a total neg- works to proceed with advantage. lect of the claim.
Mr. Forsyth objected, that these On the 26th of January, the ap- appropriations were all for the propriation bill, for fortifying the north, or the southwest ; and that coast, was taken up.
none were made for Georgia or Mr. Kremer moved to strike out South Carolina. He could not the first section of the bill. He consent to expend large sums, said, he was altogether opposed to year after year, until he was satisthe system. It was extravagant ; fied as to their equal distribution, and he should prefer to apply the for the protection of all. He wantmoney it cost, to the discharge of ed more information, and to obthe national debt. Upon calling a tain, he moved for a postponement division upon his motion, he was of the bill. the only vote in favor of it. Mr. Mr. Pearce, of Rhode Island, Cocke, and Mr. Mitchell, of Ten-' replied, that these fortifications