Speech Of Mr Phillips Of Massachusetts

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ISBN 13 : 9781332199198
Total Pages : 22 pages
Book Rating : 4.1/5 (991 download)

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Download or read book Speech of Mr. Phillips, of Massachusetts written by and published by . This book was released on 2015-08-05 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Speech of Mr. Phillips, of Massachusetts: Upon the Bill for the Relief of the Sufferers by the Fire at New York, Delivered in the House of Representatives, February 16, 1836 Mr. Chairman: I hare full it my duty to examine, with carc, llie provisions uf this bill, and to weigh the objections which have been urged against 11. From an acquaintance with the stale of business, and the general situation of merchants in the city of New York; from personal observation of the immediate effects of the recent calamity; and from inquiry into the probable extent of its wide-spread consequences, I have been convinced of the importance, nay, of the absolute necessity of some early provision, on the part of this Government, for the relief of its debtors in that city; and, upon reflection, 1 am satisfied that it is not more the impulse of liberality than the obvious dictate of sound policy to do at least all that is proposed in this hill. The hill provides for two objects: first, the relief of such debtors of the Government as were immediate suflerers by the tire; and, secondly, the relief of all who were indebted to the Government in the ciivof New York at the time when the fire occurred. The proposed relief is confined, jn both cases, lo debtors of the Government, and consists simply of an extension, without interest, of the time of payment of bonds given to secure the duties upon goods recently imported. This relief it is proposed to afford in the largest measure tu the immediate suflerers, and in a less degree to the others who arc supposed lo be liable lo temporary embarrassment, if not direct loss, from the necessary consequences of such a calamity. The extension of payments tlms provided for is an indulgence which the Government can grant, in the present state of its finances, without inconvenience, and, under the existing arrangements of tho Treasury Department, without any sacrifice. Such is the nmoimt of surplus revenue already collected, that, if these bonds were paid at maturitv, the Government would have no use for the money, and it would be suffered to lie in the deposit banks without interest. The clTecl of the bill will, therefore, be, to allow lo the debtors ol the Government, raihcr than to the banks, the gratuitous use of thu amount of the bonds during the time of extension. So far as the privilege which the banks would otherwise enjoy may be thus curtailed, they can have no mbt to complain, since the use of the Government balances tliat will still remain in thetr hands, must be more than an ample remuneration for the services they perform. AH tint is proposed, then, is nothing more than an ordinary arrangement, to which, under various circumstances, creditors are often obliged to accede from considerations of prudence and liberality. In this case, while there may be tcason lo suppose that, by refusing such temporary accommodation, the Government might fail of securing its debts, it is clear that, by granting it, it will afford direct and effectual relief to its debtors, and, in relieving so many of them, do much to restore confidence and hope lo a distressed community. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.