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He may again recover humanity, but only by means of passing through another form than that of the carnivora. When you were told * that certain creatures were redeemable or not redeemable, the meaning was this: They who are redeemable may, on leaving their present form, return directly into humanity. Their penance is accomplished in that form, and in it, therefore, they are redeemed.
He desired they would take proper measures for reducing the public debts with a just regard to parliamentary credit; and that they would go through the public business with all possible despatch and unanimity. Some progress had already been made in deliberations upon the debt of the nation, which was comprehended under the two heads of redeemable and irredeemable incumbrances.
The commons resolved, That a fund, redeemable by parliament, be settled in a national land bank, to be raised by new subscriptions; That no person be concerned in both banks at the same time; That the duties upon coals, culm, and tonnage of ships be taken off, from the seventeenth day of March; That the sum of two millions five hundred and sixty-four thousand pounds be raised on this perpetual fund, redeemable by parliament; That the new bank should be restrained from lending money but upon land securities, or to the government in the exchequer; That for making up the fund of interest for the capital stock, certain duties upon glass wares, stone and earthen bottles, granted before to the king for a term of years, be continued to his majesty, his heirs, and successors; That a further duty be laid upon stone and earthen ware, and another upon tobacco-pipes.
The bonds of the Government bearing only 4 per cent interest have been sold at or above par, sufficient in amount to pay off all of the national debt which was redeemable under present laws. The amount of interest saved annually by the process of refunding the debt since March 1, 1877, is $14,297,177.
On the 1st of January next the entire public debt of the United States, funded and unfunded, will be reduced to within a fraction of $7,000,000, of which $2,227,363 are not of right redeemable until the 1st of January, 1834, and $4,735,296 not until the 2d of January, 1835.
Additional portions of the former will continue to become redeemable annually until the year 1835. it is believed, however, that if the United States remain at peace the whole of that debt may be redeemed by the ordinary revenue of those years during that period under the provision of the act of March 3rd, 1817, creating the sinking fund, and in that case the only part of the debt that will remain after the year 1835 will be the $7 millions of 5% stock subscribed to the Bank of the United States, and the 3% Revolutionary debt, amounting to $13,296,099.06, both of which are redeemable at the pleasure of the Government.
Besides the seven millions of the loans of 1813 which will have been discharged in the course of the present year, there are nine millions which by the terms of the contracts would have been and are now redeemable.
The houses which were built in fields or villages were, in regard to the principle of alienation, placed on the same footing as the lands themselves; being redeemable at all times, and destined to return to their original owners in the year of jubilee.
I advocate that the greatest faith and loyalty should be practised. I believe in my heart that there is perhaps no relationship which cannot be redeemed by the love and devotion and the grace of God in the hearts of those who seek to make it redeemable.
When the earliest loans had been contracted, no stipulation had been made in regard to the medium of payment. Later loans had been made redeemable in "coin," without specifying either gold or silver; while still later bonds had been sold under condition that the interest be paid in coin, although nothing had been said about the principal.
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