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The New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
On July 24, 1790, a letter from New York reports progress on the Funding Bill in the House of Representatives, including amendments favorable to creditors and a vote agreeing to the Senate's amendment for assuming state debts (29 ayes, 32 noes), with further debates ongoing.
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Col. Joshua Orne, of Marblehead, passed through this town yesterday afternoon, from New-York—which city he left on Saturday last, at three o'clock, P. M. By him we received the following
EARLY, AUTHENTIC AND AGREEABLE NEWS.
Extract of a letter from an Hon. Member of the House of Representatives, to the Editor hereof, dated
"New-York, Saturday, July 24, 1790
3 o'clock, P. M.
"Yesterday the Funding Bill was taken up in the House, and some progress made in considering the amendments proposed to it by the Senate— One of them, proposing to fund 26 dollars at the end of ten years, was agreed to, with a further amendment, to fund 33 dollars, at the end of seven years.
"Another amendment fixing the Interest on the loan of Indents and Arrears of Interest on the Debt of the Union at the rate of three per cent. was amended to four per cent. As both these alterations are favourable to the creditors and to justice, I trust the Senate will concur with them.
"The Amendment of the Senate, providing for the ASSUMPTION of the State Debts was then debated: but the House adjourned without coming to a vote.
"This morning the debate on the ASSUMPTION was resumed. On the opening of the debate, Mr. Jackson moved, That the House DisAGREE to the Amendment of the Senate, and so not assume the State Debts. The vote on this motion (this instant decided) is AYES 29—Noes 32—The Speaker, though he did not vote, is in opinion with the latter.—So that the vote is that the House AGREE to the Amendment of the Senate for AssuMing The statE DeBTS: But this amendment is still open to amendments, which may delay the success, and embarrass the measure. However, it seems that it will prevail.
It was then moved to strike out the preamble, which expresses, that a provision for the debts of the States would contribute to an orderly, economical, and effectual arrangement of the public finances. This was negatived. It was then moved, to assume for Massachusetts no more than for Pennsylvania—Negatived. Mr. Seneca then moved to raise Maryland from 800,000, to 1,000,000 dollars—Negatived. I do not suppose that we shall finish the business until Monday.—It is three o'clock—Colonel Orne is called for by the Master of the Packet. I am sure this intelligence will give pleasure to the citizens of Massachusetts."
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Domestic News Details
Primary Location
New York
Event Date
July 24, 1790
Key Persons
Outcome
vote on motion to disagree with senate amendment: ayes 29, noes 32; house agrees to assume state debts; other motions negatived; business expected to finish monday.
Event Details
Debate in House of Representatives on Funding Bill amendments from Senate, including funding terms adjusted to 33 dollars at end of seven years and interest rate to four per cent; debate on assumption of state debts resumed, vote favors agreement; additional motions on preamble, Massachusetts and Pennsylvania assumptions, and Maryland amount all negatived.