Newspapers / The Raleigh Minerva (Raleigh, … / April 11, 1803, edition 1 / Page 1
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V Twenty SMllftgt per tear, t '5 'K - MONDAY,' ApVil fi, 103:4 Vot. Vin. Naii8.,36(& I i l kMk Griswqlds'Speecb J ' Introduaory to bis reolution. to inftru& the ! Committee ot Wayj ana Mean to invci- - 'tigiW the report; of the commiffioneri f - the Sinking Fund t Delivered, - in ' the' ' ' Houfe, of 'RepiefenUtives of the United i States, j" 'V ' , , - . y Vcdmfdayy "MUrcb 2, 803.- --H-Thold "my hand V resolution - which I attempted yefterday to fub-' mit' to the confideration of the Houfe, buttoas then prevented bya prefer-! ; ence which it was thought; proper. to " git4o:&otherjY baefoTo " this refoluti&fl beg leaveit this time tacaUyonr attention,-and I truft the importance; of the fubjeft vhich it. - involves, will induce gentlemen to ; J give it a cpnfideratioiu As-1 mdnti- -v cried tyefte2ayythr retaliation' pro1 pofes an'irrveitigauon ot the .report , of theri6himiffioner5 ot the Sinking Fundi who received in the ccmrJcjof J .v;-.. . n : ' ; I . ' ' 1 1 ... .. 1 -tiie uu year more man ien millions r roi the "public money to be1 applied to . the difcharge ff the principal and in- tereft 'ot' the public debt, but whofe accounts have been rendered with fo much- uncertainty as , to leave it - rfoubtful- whether the money has been applied,' or the. law regarded. For the purpofe of afcertaining whe- " thef thisr has, been done," 1 propofe to : inftru.cYthe committee of Ways and Means to examine the report of the ' conimiflioneTS and to report to the Houfe and although I -regret that fo ptort a time will be allowed for exa mination, 'yet when it is recolle&ed Ythat the report has already been fe , 'Verat weeks "before that committee, " and no apparent progrefs has been. ' 'made by them,1 1 trait it. will not be thought extraordinary; that I fhould endeavor even, at this late : period 1 of theSeffion; to ftitriular their sin- t veftigatibn by newinfiruc"tions Vc ' It may be proper further to obferve ". tftat. the chairman of the, 'comrTiittee of an4tf eansjf $Ir .Randolph) has been long apprized of the objee-' tiW which have been ; made ttfthe report ; of the commiflioners, and probably has long . fince erinfulted with the acting omcer of the boaidi and will be prepared to make a re- pprt.'rhe journals, of the Jloufe will ihow that the, comtaiifionefs t made their report bri 'the 7th day of ::tebrtoai7d; it will be recbllekea . that as.foon as; it was Iprjnted and laid b'nf ou t tables, upon a : motion which I had the hbnor at that time of .,. fubmitting, the Houfe , referred 1 the report to the cpmmittee of Way? and Meaiisi and Ulie chairmainpf. that: coramittee will , recqllecl: that on the' fame or the fucceeding day 1 dated to himu the objections Which appeared aga7n;tne.repUniler 'thefecifi cumftahces. we may expect a report , from-the committee before the clofe of jthe fcffioh r but Svenif this fhculd not takcplace it ray be ufeful to call l the; particular attenriori of ihe merhr bers of the houfe to a fubjefl: which csii only be full jt : elucidated by cal- , culations in the clofet, andQentle wenwiil (then be induced at itheir leifure,' to make the inveftigatioh for themlelves. W But before)! vTead the refolution in my v place. "or offer it tor . vthe h6ufe,nkwill takeKe Uberty of explaining the , objects to which I . think the attention, of the committee ..; ought to be particularly directed, and will point out fome of the objections , whicharile tc the proceedings of the Com tM ffidners and; to their accbunts. - i '.The proVilidns of the Jaw of the :lalt feflion entitled';- v An aft to pro- , -f r aA.- j . : . .1 , f t branches dfthe finking fund, fhould form an aggregate of 7,500,000 dels; anditjwas mad? the duty ottheebm milUoners, to apply this fum yearly a"4 evcry year' to the payment of tne , principal and intereft - of "the pupiic.det)t.. ; llie duty of the com miffioners has not ' only: been.thus' clf S?nned buf "tfo the recollection of 'every member of the houfe; that in the difeuffio which took place on this" floor upon, the' ouok& w mc idw in queiuon , it was confidently aflerted that the com mifliohers would faithfully and lite rally execute the lawand that we mightLbei: aflured that they would apply ;in : each year ''the' fund-of 7.tooIooo dolls, to the DrinciDaland inte'refl of the debt. An examination of the report of the coramiflionefs will fho w how far ' . thefe Dromifes have been executed. ' S-By the, .report, ft appears that the on, talffion rrrecej?ed is the year 1 8oa, the p propriatioa for that year, amounting; as aires, dy obferved to ; - . - IUt. 7,306,00 i But they have applied to the pay. , , ' '. ment of the debt from the fore- going fund the following fumi on " iy, nu is jo uy , For.' intereft on J ' , the whole debt for " , , the year iSojTv iMiS 47 ' Fr account of a t debt due to the bank 2400 , ' For inOallmeota - k , ' ' " of the Dutch r debt : for the year i8a 1,344,000 i For reimburfe- , i , menu of 6" per cent., and deferred ' ftockf ' eftimated at " 1,1 1 7,869 37 '.0;53O,OO7M-f- I- 1 vide fbr.the rederriptioii of the whole ' ' , " tMlKll 4oK'S Mlinnt ! T nriimo 'Ki forgotteby the Houfe. u,On this law it is neceffary ;only tto obferVe, that' A the commiffioners : of the ; finking fund, were authorifed to' receive in , each year from the revenue from im- . . poft and tonnarala fum. trhich when '. .ided to the receipts from tertaia I port which require inyeftigatioa and Leaving a balance in their ' .' . ' ' , : hands unapplied St unaccount- ? ed fpr of -r Dolls: J6",993 I mUft be perraitted'again to repeat that it was made -expr elsly the duty of the comrriiwoners toUpply within the year this fund of 7,300,000 dolls, to the inteieft and principal of the; debt, and to obferve that it has not been done, if credit is to be given to their ;owh report j and! .hope the; comniujcc n tneir repprci' in form the houfe why the law has not been' executedr;y' v V ; " ; lf it mould, be examined by' any gentleman'preient, that the payment made to. the bank,: from the fates, of ihe bank fhares, -may be cbnfidered as a payment from the fund of dolls. 7,306,000, it will only be neceffary torthofe gentlemen f if any fuch there be) to turn to the. law, and to the report of the i co:minilTi6ners,---and they willlbe fatisfied v tttit the law? tiould riot warfahr thecomniifliohers not have they daimed tnat the ptoj ceeds of ,thofe (ales 'compofed a'ny part of the fund of 7;3oo,odo "dolls.-1 but on the .cftntfary have not 6nly fold the bank (hares and applied the. proceeds to' pay thebank, but have, in addition, jclaimed and receiyed from theTreafury the whole fum' of 7,300,690 dollars fundefthe1a of the laft feffion; and without applying it as has been already dated. , ; jit can fcarcely be neceflary to pb fervt. 'that the remittances , which may. haye;;been' made to fctplland to, meet the inltallments of the Dutch debt fof the current year cannot be :"co.nTi dered as a paymentioMebt in theyear 1 802 or 'as i legal appUica-' tiott of ariy part of the, fund of dolls. 7.100.000 for the year t $62. Fof as the fctw, requites tharthe pfayment of; ddlls: 7',ib,6o' fhall .be" made in, eacn year, a provuion to. meecaw ftallnierit falling due 'fo 'k, fubfequept year, cart be no payment within the year and as ? thefuhd ofdollars. 7,3oo,cb was adually received for, i the year' h 062 f it ' was clearly ; their duf jHo apply it within the year. i S i J, l. -JL liCI dlC VIU1C19 UAL 15- Ul U1CIC to fome jof which I reqUefltthe atten tion of the houfe..' It will -be found in page $ of thereport, that the com-i tniflioners 'have ' charged-'dollars I 4?95,73tt, 47 cents, as. a payment for the interdt which accrued on the ' whole debt, for the year j8oi.;' ;l his charge rnajr be correct, but it does' not agree with the freafury accounts,' and there rouft pe an error Tome where.1 .'.V - Z V. y - la the la(t annual report of ' 5 ' ' the Secretary of the 1 reafu- , : - , ry, tne intercR or the do. , t meltic debtt is,ltated to be 3i4709. 75 , In the report of the Secre v tary of laft year thef inrereft 7" '. Of the "puUh' debt Tor, thej T"CTv year iHoi is ftate'd to beT "Jfi&tg$x"cQ Forjnin an ggregafeFdolVg947,i907$' "-By comparing. this aggregate wjlh the charge of the conuniflWncrs, it will be found, that their account of intereft exceeds the freitiurv account bydofls. 1184. ?9 -cents, Itp peered to meS'robable that the fecre: taryhadiwdc th? miflake irt flating the intereft upun the dorrieftic debt, and had, per haps omitted to charge the mtereit upon rhe debt due to the bank, which j. as appears by the re port of the commiffioners amounted to dolls. 1 62.02 c. But hen this fum is added to the aKcrecate of the treafurv account of Jnt pirp.lt. it will hp ound that the, relult " exceeds the commiuioncrs' account by dollars 43,477 28 cts. fo that this conjecture cannot 'explain ? the difficulty. The confufion and uncertainty-which ap- pears in tne amerent accounts wnicn reUte; to' the Inteieft of the debt if the ' more unfortunate becaufe we are not only prevented from know ing what the true amount of intereft on each . defcription. of. debt is, but f.r ,; - Isjiable'toobj'clions V iature eoually 4 not more feriois and important,.1 It appears by the report thatio the-.year i8oa, tf commillioncfi received jn cah om the Trea. fury thefuin of v;.,fv(dollv $,37J,7 i8 like Vile an unexpetidcd ba-C . - ,' , mice id xiojiaiia si tne c:oiq pf, the year 1 8o i , and Which i ne to their apds in i 9qz guifders 2,313,846 .9 ft. 't Krs? equal tor, ..,',r ..w.ja.yjl 6 i t' '"-' '" ' 1 fprming,'an' aggregate."; or,..',V jvhich the conwuflioners wertf 1 , bound to account, of a v io,a98,90 88 r- By their mvn account they have-' made the following payments that is 10 iay- -r - - vf For interefl on the J "'"TT public debt ;4.7jt47' For inftalJment of ' the foreign debt y " " k , -and a debt due,- -f s the bank f i',d34,oo " , ' for reimburlertient - ' of the 6percent TrA H and deferred ; , lock, eftimated at .Aggregate," 1,117,869 37, r.. doiis: 7,81.7,07 84- ( are leff inxt ftare of "tmcertalnty in relation to the aggregate of intereft, and of courfe Cannot fay.: whetlier the ccunmiffioners have charged too hiuch or too JUHeK l'he importance of receing cortetl "and detailed ac. counts or thefe large payments by 'the., publick agents,' is tod apparent to re quire any "remark from me fo im "prefA itnece0ity bn the jhoufe and it js a cifcumftance which ,h4s fur prifed me as ' much as any ether in this report, that in a. cafe which is attended witlv fo Jiitlerdifficuhy commifliohers. inftead pf ftating in detail" the ; intereft up jn ach de fcription of debt, as it wr-s their duty' to do, and ia that way furniOung fis? with the m'eah? of purfuing. their calculations, have only fent us a gfofs. amount , difagrCeing with the 1 rea f ury :1 account, ; Without ' furiufhing a fihgleVr7w from which we canafcer taln the : Ir'uthior'iallehoodbl the charge", v Before I clofe my remarks opqn this part of the accaunt, it miy not be improperM to notice, .that; the' accounts of laftjt in Tegaxdto th intereft cf the Dutch debt; did not: agrees with' each other.' In one part of the report of the fetjretary,1 in the fable marked P. the intereft on the Dutch debt for the year 18 02 Js ftaf ed : to be: 47,93 irdollarsV-rAnd iri ' the fame report in 'table R. the inte- reft for the fame period is; ftated-to be only guilders .1 , t 45,0,' equal to dolls; 4 8 '"i tGQi Nor 1 will, this d i fa-T gteement bis reconciled by adding tO the arnount of intereA in table R the prerhiam and comniiflions for 182, . upon the Dutch, debt j : and confidering thbfe charges as intereft. 'I'hofH comtniffionsr &c amounted to guilders 59,577 10 5 ftiversi1 equal to' dollars 113,83 1, 'and if added to the. interelt will produce; Jin aggregate whicli exceeds the intereft in table P; by fix thoufahd dollars ; Iri fhOr tyt ins impomDie To, examine' mis. ao- i:ount or mtereii in any airecwon, wi t hout fihdtfig pur felves perplexed either 'byerrors oruhcertaintiesii ; vThe general acou'ut the eoaiBUEoaets which deduced from the a- , ', r - 1 mount received, leaves aba- ' ' lance for which no certain t -'f account has beenrendered, of 8,480,68 j ,04 ' , -' ; L- ' This ftatemenf has been made on . he principle that thepaments charg ed by the xorhrhiffioners were cor -reel, but it remains uncertain whe- iuci iMcjr wave ueeii correcL- in any particiilarThe : uhcertaintyj in the intereft account ii have already no ticed, arid I will, ftOw obferve that the report of .the- Secrefary. of the Trca- fury of. the jaft year; does not agree with the prefent account in regard to ' the inftalment of the foreign debt for . tne year 1 52. ; it was ttated by the Secretary -laft; year that this ihftal- ment amounted t,6 ,, jjoVooa guil- ment I is ftated to. be lonly guilders 3360,006. -;Which is;rightand ' xvhichjwronff J i know not j the two accounts ? differ . 1 90060 ;: guilders, 1 he reimbuifcment of the 6 percent -. : andjdeferrtdftock. fias hot beellj (t amincUned to think) ; ftated comct ly fbut thi the Secretai y gives only ?ns eftimated and Tfhalf -pals it by wit hout , further remarK. ' .. ; ' ; y : But I proceed : to make Ibirie fur; ther; remarks on fhpKalanrp Af nllt.' r ,40,683 h for ;ivhichnb : certain' -actnthaIbWii4ered ;. -: . - 4 It (s Cr r iie, that . thercommiffioners " cerram remut ancesto nqmana oerore the fir ft of January, j 8 03,' and which" remittances were to, meet ihe lfiltal- ifnent.sipf;th.el DutJH debt falb'ngdue in 1. 8.93s afnij which they 'rlimati'zt guilders 5,9 1 4,606 1 c fti vers," equal j o do"ars 2,365,842 '?. 60, bht it :;will , beremarkecTthat this is Only ah "'muiei, '- arid' it; islleftfto the Houfe to 'decide whetHerr the difburfenlent of . thefe millions of the public money ii 'only to be accounted for ortjeftimate. It the Houfe. is Jatisfledwith; this mode of accounting, feel it my duty " as1 an' individuals to enter my proteft againft fuch a prpcedure.Si,' upon -fuch naccount t imairis"'ftill;Tim- certain whether one half of thelqao nev'hns -ever Fipn rpmifti h , cQmmiuioners einmaTetnai tney nave remitted five millions of guilders they might with as rnuch propriety -eftimate thithey' had '.ircnoittetfjtisn millions-thef e : is fio certainty in the ' term, and we are left as much in the ;dark mrefpedtp the true ftate of the, On the fub jecl:. fp'Mtt v'' i But why is this part of the account fent in on, eftimate? Can there be -any neceffity for this j Do not iheac-1, counts i6fvtherteo1iimiohert''-ilw. every cent yhich?has -been paid fort l thefe remittances ? Do notthefi6 -,;;;';Ui.-::B:ir:;-
The Raleigh Minerva (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 11, 1803, edition 1
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