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Domestic News
January 23, 1826
Phenix Gazette
Alexandria, Virginia
What is this article about?
In the House of Representatives, Mr. Hemphill from the Committee on Roads and Canals reported a bill to establish a fund from Treasury surplus for internal improvements, including subscriptions to state-incorporated companies or aid to states, with engineering oversight and repurchase options for states.
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HOUSE OF REPRESENTATIVES.
INTERNAL IMPROVEMENT.
Mr. Hemphill, from the Committee on Roads and Canals, reported the following bill:
“A bill concerning Internal Improvements.
"Whereas it is deemed expedient for the General Government to guaranty the expenditure of a reasonable sum of money to aid in the execution of certain important objects of internal Improvements; and whereas it is prudent to accomplish this great design in a manner that will be the most reconcileable to all—
Be it therefore enacted, &c. That the money remaining in the Treasury, after the payment of such appropriations as may be made at each session of Congress, shall be set apart, and be considered, as a Fund for the purposes of Internal Improvements; which money shall be expended in making subscriptions on the part of the General Government, in such Companies as are, or may hereafter be, incorporated by the respective States, and as Congress may approve of, from time to time; or to be expended in aiding any of the States in such objects of improvements as may receive their approbation.
"Sec. 2. And be it further enacted, That, as long as the United States shall own stock in any one State, the Secretary of the Treasury shall receive the dividends on the same, for the use of the United States, and shall vote at any election for the officers of any such incorporated company, according to the number of shares owned by the United States; or if money shall be expended in aiding any of the States, the United States shall receive its proportion of the profits of the work, according to the whole capital expended.
"Sec. 3. And be it further enacted, That each State shall at any time have a right to purchase the stock so subscribed on the part of the United States, in such State, at a price which, together with the dividends or profits that may have been received, shall reimburse the United States for the principal, and 6 per cent. interest thereon, from the time the subscription shall have been made; and on payment thereof, the Secretary of the Treasury shall transfer the same to such State; or if money be expended in aiding the States, the right of purchase, or extinguishment of the debt, shall remain in each State, on the terms aforesaid.
"Sec. 4. And be it further enacted, That in each case, the United States' Board of Engineers shall examine and make a report in writing to the Secretary of War, that they are fully satisfied with the route and proposed plan of construction: Provided, however, that the report may be made before or after the passage of the act authorizing the subscription or aid to the State, at the pleasure of Congress; but, in case it shall be made after, it is to be made a condition, that the act is not to go into effect until such report shall have been made."
The bill was twice read and committed.
INTERNAL IMPROVEMENT.
Mr. Hemphill, from the Committee on Roads and Canals, reported the following bill:
“A bill concerning Internal Improvements.
"Whereas it is deemed expedient for the General Government to guaranty the expenditure of a reasonable sum of money to aid in the execution of certain important objects of internal Improvements; and whereas it is prudent to accomplish this great design in a manner that will be the most reconcileable to all—
Be it therefore enacted, &c. That the money remaining in the Treasury, after the payment of such appropriations as may be made at each session of Congress, shall be set apart, and be considered, as a Fund for the purposes of Internal Improvements; which money shall be expended in making subscriptions on the part of the General Government, in such Companies as are, or may hereafter be, incorporated by the respective States, and as Congress may approve of, from time to time; or to be expended in aiding any of the States in such objects of improvements as may receive their approbation.
"Sec. 2. And be it further enacted, That, as long as the United States shall own stock in any one State, the Secretary of the Treasury shall receive the dividends on the same, for the use of the United States, and shall vote at any election for the officers of any such incorporated company, according to the number of shares owned by the United States; or if money shall be expended in aiding any of the States, the United States shall receive its proportion of the profits of the work, according to the whole capital expended.
"Sec. 3. And be it further enacted, That each State shall at any time have a right to purchase the stock so subscribed on the part of the United States, in such State, at a price which, together with the dividends or profits that may have been received, shall reimburse the United States for the principal, and 6 per cent. interest thereon, from the time the subscription shall have been made; and on payment thereof, the Secretary of the Treasury shall transfer the same to such State; or if money be expended in aiding the States, the right of purchase, or extinguishment of the debt, shall remain in each State, on the terms aforesaid.
"Sec. 4. And be it further enacted, That in each case, the United States' Board of Engineers shall examine and make a report in writing to the Secretary of War, that they are fully satisfied with the route and proposed plan of construction: Provided, however, that the report may be made before or after the passage of the act authorizing the subscription or aid to the State, at the pleasure of Congress; but, in case it shall be made after, it is to be made a condition, that the act is not to go into effect until such report shall have been made."
The bill was twice read and committed.
What sub-type of article is it?
Politics
Infrastructure
What keywords are associated?
Internal Improvements
Roads And Canals
Congressional Bill
Treasury Fund
State Subscriptions
What entities or persons were involved?
Mr. Hemphill
Domestic News Details
Key Persons
Mr. Hemphill
Outcome
the bill was twice read and committed.
Event Details
Mr. Hemphill, from the Committee on Roads and Canals, reported a bill establishing a Treasury fund for internal improvements via subscriptions to state companies or direct state aid, with provisions for dividends, voting rights, state repurchase at principal plus 6% interest, and required engineering reports.