North Carolina Newspapers

    I
The
rth-CaroliChmhicIe ; or, Fayetteyiile Gazette
Vmrn
Proceedings of Congrefs.
BOOSE Of iErRESEHTATmj, J
Tutday, March 9'.
2 ajaviption of the J ate debts under con
Jideration. TH E fifth refoliitlon Was tlicn
read, vtz.
. ;k:.Refolved, that 'it is advifiible to
endeavour to effect a new modification
of the domeftic debt, including that of
lk4E!rjicuar Hates, with ihe voluntary
conlentole acmsGyTimmtt
terms mutually" beneficial to them and
to the United States."
-j -. ... Mr, Bland 'faid he was not for going
about the bulb, but wilhed to come to
the point at once. , He wiihed to effccV
tliis loaa on terms conlliunional with
.f j&e faith 'of the United States, as. pledge
ed id creditors. It would, if agreed
to, be advantageous to theUnitedStates,
becaufe it would multiply fpecie, and'
realize property in the fund. He there
fore moved lor an , amendment, or ra
ther a lubftitute, to the above refolution.'
- Bur upon Mr. Fitziimons explaining
-that' Mr. BlanA'jLropofitton would
conje forward with more proprieTfltlr
future ftage of the bufinefs, Mr. Bland
withdrew it.
The fifth refolution was then agrcsd
to by the houfe, without debate or di
fifion. The firth refolution, was next read,
Viz. - ' .
" Refolved, that for the purpofe er
, preiTed in the lad preceding refolution,
fuWcriptions towards a loan ought to be
Opened, to the amount of the laid do-"
medic debt, including thatof the refpec
tive.. dates, upon the terms following.
Viz. . .. -
"That, for every hundred dollars
fablcribed, payable in thefaid debt (as
Well mterell;af principal) the fubferiber
be entitled, at his option, either . &
" To have two-thirds funded at an
annuity, or yearly mtcreft of fix per
" cent, redeemable at the pleafurc of go- -wnment,
by pay ment of the principal
and to receive the other thirds in lands
of.tthe wellern territory; -at jthe rate of
twenty cents per acre. .
Three other alternatives alio' make
apart of the fixth refolution ; Tjut the
houfe appeared to take the firfl alterna
live fcparately under confideration
When . - , .
Mr, Boudinot rpfe and oppofed it, as
bernga mcilfur? which would greatly
injure the value of land..'. He. ftated
fevenil 'objections, and .faid it would
have been more fyllematic . to have ap
pointed a board of commiflicners to dif
pofe cf the weflern territory, the pro.
dace whereof would anfwer better in
difcharging he debts; than any other
msdium. He therefore nrnnnCA
fubllitute a refolution in place of the firli
alternative, to wit. " That four per
cent, be funded, and the remainirg two
percent, be paid by a certificate, pay
able in ten years, and bearing an inte
reft of fix per cent." which certificate
might cafily be redeemed with the pro
diet of the falcs of the weflern territory.
- - Mr, Hartley feconded Mr. Boudinot'i
motion.
Mr. Tucker objefled to the fifth refo
Iittion, and every fubfequent one. - He
laid that the fecretary of the treafury,
in making this propofal, had materially
departed from the honourable princi
,.pls hid down in the beginning of hir
report. - He thought it would be Letter
'4o have fuch part of the debt as the
rcfourccs of the cotmtry would permit,
funded at the inteteftof fu percent.
er annum." If and. fid hr.
emued between feveral nf the
but it was at length determined in fa
vour of the. chair. -r
, Mr. Boudinot then YeaTurned his ar
guments, in favour of the propofition he
had made, which was oppofed by Mr.
. Fitzfimons. V. . .;
-Mr. Lee faid, that unlefs "the words
were !lruck out of the refolution which
; propofed a lefs intereft than fix percent.
teirwou1dbe "anewrfet&jn -that-thrUiWed-States
are not able to pay at fix per
. cent, and in fact be a declaration of
bankruptcy. . .
. Mr; Boudinot' ftill defended his pro,
pofition, and wifhed that fome better al
ternative might be ffeied than that of
me lecrctary's.
above. 1 ' l mimca i 784.. Every thing that came of 10 years : Whereas, by the Secret
in r riia 1 1 1 . - 1 - . . -
tterrtWWMf ,1.- ... 'l4iU1? 'V4b,ocu,ea Uom- ry's plan, the unfunded debts won d nnt
faitthMrkers motion was nTTfl a make than 6 millions of dollars.
Z a allreaufury onout an advantage that will make it bear
''i; Nov.34, bf 22026 72. aS high a market 'price 'as the iunded
5 ri ul? ,W ,Y , dcbt UPn e whole, he laid that,
adjourned untxl 12 ,by Mr. Boudinot's propofition, the
O clock to-morrow. ,;t -, Aett wrt1t1l l . -f
Mr a rv sk pl ' ternavc ttnder the 6th refc
M n afhmPP3:under7confidefatioiL -
Mr Boud,not;.and Mr. Tuckercalled j , Threttiohrbeforthg
for the refolution. to be read with Mr.
Boudinot's amendment, to which he
propoled an amendment, viz. ", 7hf
fucb csrtificoks he received as J perk in ail
paywevts of iDeflefn lands."
fie then obftrved, that 20 cents per
: WWarrooh-arrahiatio
Mr. StSne faid a few words refnecling
a land office ; and Mr. fitzfimons ob
ferved that Mr. Boudinot's propofition
was a diftincl one, and might come in
Aiiouicr alternative.
. . .WtDNESDAV. Marrh tS ... ;...... .. ' r . '
vnn,he "f..rt of Secreury at War, An then" afked V hether it was not an
.on the petition of CoL; John Ely, for ineligibleplanto fet 35 millions of a new
erarT,cPbyfican, &c. was read " debt afloat for the Iptculators to v ork
alter fome deliberation, it was tr,A ?ttzm??zrs
to refer this report, ' &c. to Hhe feleft aniodelftM Kpi
Thlj ri j '" . . . .-ditprs or the nation, why "adopt lO 'He
1 harder of the day was then called hoped it would not be adopted. .
or, and the Houfe went into a commit- ' Mr. Boudinot anfwered MrAmes.
octrciary s report, tne nut al-; and. declared that his calculations l ad
TT 6Ul rcloluuon being no .better fimilitude than if he-had com-
pared the debt of Great-Britain to the
prtnt-cf We owela ccitain Aim,
lay about -j millions or upwards ;'ie
millions might be (aid to be about t ne
third. He nieant to pay ttie creditors
two-thirds, and to fat i sty them for the
other third at the expiration of fc y ars.
with full Intereff.f How the gentleman
can make 10 millions to equal 22 n,iiir
1ioTnv-etr4iR8FvJtdi.cfL
HV thniiiYlit th oU rl
by the Secretary fuch. ys -none would be
found to accept of it, but fuch as wan-
teu to turn it immediately into rr.or.ev.
11 '1 !' ... ' .
io ftrike out the words " 20 per acre."
and to lubllitute, in lieu, thereof, 'Mr'.'
Boudinot's-pir pofition of yellerday, with
Mr. Tucker's amendment. ,
Mr. Sherman, thought it would be
good policy to lelTen the H,l f hi--,;
-ciErjnclpaljHe was forpuH'uiiig
the mode" pointed outMrTlinSecltarys
rcport. He wifhed. that the Secretary
had alfo reported a mode of felling the
lands, and fecmed defirous to writ lor it.
Mr. .boudinot faid he was confident
, Mr. iioudinot fa d, he was not verr ;f iV, va.. , -r- lcu,' mm t imnieciiateiy into money.
ius meaiures. , . - -
Mr'.. Smith (S. C.) thought it would
j - w.y muugm il nvmtu
be belt to add Mr. Boudinot's propolki-
as an alternative.
- Mr. Scott next rofe. We are come
to die point at laft, faid he ; it was firft
argued by fome gentlemen, that land
was not at its equivalent value, but he
contcrJed that it was now at its value
tn market. There were fundry appli-
oflbtS for i7,me millions of acres. The
obllacle which had been mentioned by
Mn Boudinot, refpefling titles, was not
well founded ; every land purchafer
knows how to fecure good titles. He
reprobated the method which had been
adopted by the old Congrefs,, of having
the lands furveyed at the expence of go
vernment before fide : Are we, faid he,
to keep the public debts hanging about
our necks for ever ? , We are told that
the weflern country may hereafter be
come the centrei of government : the
propofals already made, fl;cw that the
lands are valuable $ and if propofals con
tinued as rapidly as they appeared to
indicate we fliould fuonbe able to pay
off die whole debts of the United State.
. , Mr. Boudinot dill contended, that by
bringing too much into matket.the va
lue would be depreciated : But
Mr'. Scott faid th lt It U'as Tina nf Jte
value,a'nd if we wait untilit rifes.we may
off as h payment for one third of the
ne w, men a mcalu re would produce the
evil confequences he had mentioned ye
flcrday. ,If we pafs du's refolution, we
never can fell a large trafr of land. He
was for pledging thejand to fink the
-jpublic debt by all means. '
Mr,7itzfimons faid, tie creditors w:e?-e
not forced tq take this or that alterna-
.tive. but were lft zt tfiIp .n
. ' 11 v 1 . l n j 1 1 .
and he believed that this'ahcVnnt
looked upon not beiier than "a 'mere de
ccptron. ;Me'theVtrcre.'5i!h"efed' tq- hit
propofition, , which he believed would
jufiiiy him in dechning ;l at if would
fink the public debt tluee tira'cs as fall
as the other fand anhough be negatived
he was of opinion ,diat gentlemen would
return to it, or fometluniT fimilaV.
ivir. i-awierceiaidtrjattue gentlemaa
... r , , vi'u""i 1 j-awicrceiaiutnattue eentlerr'an
SrbSP c aItCrnii,V 1 VC",de t0' (Mr- Boa"m ) had caikd the debt 27
But wnh rtf, o Mr.i Boudinot pro,., .millions s but he had omitted
17 ' " Q' r Cal m0TC' ' Hc-,I,en contemplaied the prof
proved from aconTanfon cf the two peft of the intereh cf n oneV fallinK iri
. cafesf which he dien ated. and dreu-, tt: -.1 .c.:-.. ..f , ,7 T .neJ
conchifion that the propofal mentioned
by the Secretary, va's die moll elegiblc.
.. ;Mr. Boudinot was' of a different vp'x-
"" . .Mvimii ni(iac wouiu
beft, anfw'er the., end propgfed .' If wc
ke,ep die lands in our own hands and fell
them out in large parcels, thier value
will incre.ifj more, than if they were
brought to market by fo many fellers i
ITieie would be moj-e feilcrs tlian buy
ml'hey-uulLbtTCjiluicdjo 4. or e
-i.ciu per acre, initeaci ot 20 cents;
and who will trive 20 cents ihar mn rmr.
chafe nt c Upon the Whole, he thoucht
his propofition mofi elegiblc.
r Mr. Hartley agreed wit Mr. Boudi
not . in the general principles He
ihought many difficulties would arifc
irum reuucnonoi intcrclt ar.d the pavini?
- - - - WMA U
of the WeRcrn Lands!
iff :
Foreinen will
- -.vUWI
nave a mbre equitable bption, and the
rrrd,t of the United Sates will be bene!
frnm fjw. tt-Cv
On motion of Mr; Fitifimons, the
committee rofe.
ti - et t xr . ,MU'1"1 i"c i-'nuca cate$ wiubc bcne
The report of Jofeph NWe, rcgifier fined, by retainmr, the pmpof (ion or"
.....wM...-....xuim.nis, uiciu- mirns were modifications 5 bne a
pcrmtendant of finance, was rend , fet- m.vle irredeemable for a fm rfrf"
2"?. ''!J7 . dehnwhUfttheremainiuepitwaspoft.
iwu I'junainauiie wncd; . He thought Mi. l,;.".,.-
aniiuin. 11 una, laid lie, be a
lull equivalent to pay one-third,, furely
land is a iuft an emiivaVm ia m V.
whole. The alternative prrpofed, he
thought altogedicr inconfillcnt with
common juflice, and therefore moved
to flrike otit all the wmls in the prnpn
iitioa after option," and io fuLftituic
accounts of the faid Robert Morn's ha.!
been regularly regiflred, and fettled
fome time pafi.
A printed flatcment has been deliver
ed, and proper invefiigation already
mace our, winch render it unrcccflat y for
proprfition an abarn'orrncnt Hi the-
principles laid down by the Secretary
It was 1 defile At in to put eff the one
third for ten years.
It carried a departure frrm the prin
ciple upon u.e very fce of it, which
- , iv i.j mc Viy ice 01 it. which
Congref to order any ccmmnoners on the Houfe w.-nld not nrrre to ' for it
liVr 1 ;i . ' lc' w1Ui0 m'ue u,p Jidtd debt near f
The laid accounts wee clwlcd the jft n rr.illoas if dclkr at the ciftitaUoa
the Uni ed Stat es.iiL'ieeablv tn tb Km.
crctary's idea, fo that, in lefs dian the
time mentioned by Mr, Boudinot, jndu
ding the affumption, jkc. might be re-
v- iii.i.n iinji uon;irs. ne
was againft Mr. B(.udinot's propofition.
The quellii.hbcing put upon Mr.
Boudinot's pu pofition, was negatived-
by a great majority.. ;
. The qucftion was then put upon die
main propofition (or ill alun.aiiw)
without any amendment, which wa
a c reed toLv a77Tn;TnirV-rrf;ii
-lhtrJtlfy March n. . , r
,. Incon-.niiiueof the whole cn the to
prt of the Secretary' if the troaiVry,
i'T making proviiioiifor the llppoit cf
die public credit. ( , .
. The followintr rrobr.firinn ilen
rcad.vi. Tohavc the wht le lun; ftu.d-
and to receive a cctr.pcnfatirh fi r the
micrcii, iinecn cicuiauana
payable m, linds,as in the
r ......
- ------ v...ivu yt llivi.tlll J I'll r
,...v., .... xjuttiu, yum in iras alter
native. After a lengdiy ilifcufTioh the prcpoi
Htion was negatived.
" The nett propofition was then rend;
and further debate enfned. . 'I'hr ff m,
miticc p c.witl out cc m!ng to a deciiion
on a nmiion n-ade by Mr. Jackfon, to
ftrike out what relates toiricdccmainity
in ihisklternative.
A fecund memorial from Ceorgiv
Sciiba re1)Kcing iputdiafe of laiidiiiv
die Weflern Territory, was read,
Mr. Tiuii.liill brought in a bill for
rnaling arrrupciifdion' to Col. jrhii
Kly, lor In i'eiviiis, as a furgcon to the
late army of ihe United Suus-which,
vai reaJ. Aduraedi
    

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