[No. LXXXVI.]
THE TABLET
No. LXXXVI
« Popularity is a different thing from influence."
IT may seem a contradi&ion, but it is very
true, that a man may be a favorite of the
people at large, while he has little or no per
sonal influence over individuals. The causes
which make a man popular are not those which
make him refpecfted. A man by cherifhingthe pre
judices, and playing upon the weaknefles of the
populace, may rend*r himfelf the objed; of their
favors, though at the fame time, he may not be
supposed a person either of talents or integrity.
Popularity allures the imagination so forcibly
that it betrays us into errors, and tempts us to
depart from those principles, which alone can
procure real weight of character. There is no
point in which men deceive themselves so much,
as in the pleasure and advantage, they expedl to
derive from popular applause. This is a bubble
that will often burst ; a phantom that will dis
appear upon the slightest touches. It is easy to
perceive that the popularity of mod men is liable
to so much uncertainty and vexation, that a dis
cerning person can behold it without envy or
desire. How can it be otherwise ? Can it reason
ably be expected that applause or preferment,
procured without merit, and bestowed without
discretion, can be of any long duration ?
There may however be instances of men,
who may be the idol of the people, and yet pof
fefs such real excellence of character as to be
held in estimation by the wife and virtuous.
Such examples are rare and do not refute the
general remark, that popularity is no proof of
abilities or honesty. The only sure way to ac
quire and preserve influence is to observe a just
and honorable line of condudl. There may be
a more expeditious method to gain popular no
tice, but it will prove fallacious in the end.
Nothing can be more easy than to flatter and de
ceive mankind, and perhaps an artful man may
carry on the deception for years, but he will lead,
a life of risque and disquietude.
In a country like this, many person* wifli fame
and promotion. To obtain them,by fomemeans
or other, is one of the strongest inclinations an am
bitious man can feel. His iinpetuofity drives him
into measures that may for a while succeed ; but
it is only the prudent and virtuous character who
tan depend on maintainingan influence in society.
A man who a&s on consistent principles may
in moments of popular delusion be disregarded
and overlooked ; but take chances as they rife,
he will probably gain more honor and advantage,
than the n*an of duplicity who flatters the hu
mors, rather than promotes the interest of the
community.
FOR THE GAZETTE OF THE UNITED STATES.
MR. FEN NO,
IHAVE fccn the Report of the Secretary of the Treasury, and
considered it with the attention which the importance of the
fubjeft deserves. It is not to derogate from his merit, or with a
view to embarrass public measures, that I take up my pen. He
is a man of acknowledged abilities, must be poflefled of the bed
information, and I have no reason to doubt the goodness of his
heart; yet I cannot fay that lam fatisfied either with his scheme
or the reasoning upon which it is founded.
Politicks arenot my province, I have no right to guide the helm
of state, nor have I abilities to dire# those who have, yet thanks
to the united exertions of my countrymen I am a freeman, and as
such have a right to give my sentiments on public measures : if
they have no weight in themselves they will fall of course, their
being mine will not support them.
The grand proposition is 44 that an adequate provision for the
support of the public credit, is a matter of high importance to the
honor and prosperity of the United States." But how this pub
lic credit is to be honorably fupportcd is the important question, to
this he truly answers 44 by good faith, by a punctual performance
of contrasts," and he further observes that 14 It is agreed on all
hands, that that part of the debt which has been contracted abroad
and is denominated the foreign debt, ought to be pro
vided for according to the precise terms of the contra#,
and how clfe I would a(k, will any contra# be 44 punc
tually performed ?" But the domestic debt of the United States
is immensely large, and here the interesting problem occurs, " Is
it in the power of the United States." On this point we differ
widely, his reasoning tends to shew that it is not, in prudence. I
fliall endeavor hereafter to (hew that it is, but must beg leave firft
to make a few observations on his plans for the reduction of the
interest. Notwithstanding his observations on the sacred nature
of contrasts, and his declaration 44 that no change in the rights of
its creditors ought to be attempted without their voluntary con
sent, and that this consent ought to be voluntary in fa# as well as
in name," let us fee how the sequel of the plan agrees with these
observations and declarations. A fubfeription to a loan is offered,
with various inducements. If I voluntarily fubferibe to this loan,
on any of these inducements, all is well enough ; tho the old con
tra# is not complied with, yet a new one is entered into with my
voluntary approbation ; but if I do notchoofe to fubferibe to the
new loan, how then? Why then after the interest on all the reft
of the public debts is paid, I may come in for a fbareof what mo
ney is left, if there is any ; but am I to receive that (hare on the
terms of my contra# ? No, truly, I shall even then receive my
interest only at four per cent. Is this then supporting the pub
lic credit with honor ? Is this a sacred compliance with contracts
and a voluntary fubfeription ? Just as voluntary as the donations
made by the clergy on the demand of the Roman Pontiff or the
moll Christian King.
SATURDAY February 6, 1790,
But what have Americans done that they are not equally enti
tled with foreigners to a ftrift compliance with " the precise terms
ot their contrasts ?" Or what security ihall we have that we {hall
not, ten years hence be called upon voluntarily to enter into a nrw
contrail ? Can any obligation which iViall atprefentbe entered
into be more binding than the words of the present constitution,
which fays, art. 6, " All deKs contracted and engagements en
tered into, before the adoption of this constitution ihall be as va
lid * against the United States under this constitution, as under
the confederation."
But granting, what by the way I utterly deny, that the interest
of the public debt, computed at 6 per cent, is not in " the pow
er of the United States" to command,yet the scheme for the reduc
tion of it and the inducements held out are not so clear to common
underftandingsas I could with, it therefore opens a field for the
knowing ones to take advantage of the less knowing, and I think
we have travelled too long already in the road of speculation.
A considerable part of it is calculated upon the spirit of adven
ture, whereas private economy an i individual industry ought to
be promoted by every measure of government.
But it will be said that no man ought to object to a measure,
unless he will propose what he thinks better.
Let us therefore consider whether the interest on the public debt
is so immense, that an adequate provision for it is not " in the
power of the L'nited States." According to the statements made
by the Secretary, the principal of the foreign debt, is 10,070,307
dollars, the annual interest 54 2 »599 66
The prin. of the the domestic debt 27,383,917 47
the annual interest of which at 6pi . cent, is 1 >643i°35 5
The whole annual interest then is,
Add to this for current services,
The amount of the annual demand is then 2,785*634 71
An immense sum it is true, but who will fay it
exceeds the power of the United States, when by
the estimate of the Secretary's report it is stated
that one branch of the revenue only, viz. the im
port may be made immediately to neat the annu
al sum of
Which leaves a surplus of
annually, without the Poft-Office, estimated at
more, and both of these are considered as increasing branches of
the revenue.
It will be observed that in this calculation, I have not taken in the
state debts, true I have not, and for two very obvious reasons,
viz. That the United States have no more right to intermeddle
with the state debts than with the private debts of individuals,
and that the States are much more competent to this objett them
felvcs than the United States can be.
But it v. ill be (aid that I have made no calculation upon the
arrears of interest in the above statement, true I have not, my ob
ject was to examine whether our annual resources were not equal
to our annual expenditures, and I think I have fairly (hewn that
by the best estimates that can at present be procured they are ful
ly equal after making a very handsome allowance for failures and
contingences.
The interest on the domcflic debt to the 31ft December 1790 is
estimated at Dollars.
»3» 0 3°> 168 9 -°
From this sum deduct two years interest, viz
from December 31, 1788,
The remainder is
For the payment and redemption of which,meafurcs ought imme
diately to be taken.
I dedutt two years interest, as above, because measures ought
tobetakenfor the payment of the interest due for the year 1789,
within the course of the year 1790, and in future the paym. Nt of
the interest for every year ought to commence the firft day of the
next succeeding year, this, though but half a years interest (hould
be paid at a time, which by the way I think will be easiest for the
public and most advantageous for the individual, and will be a de
gree of punctuality of which no creditor will ever complain.
Byanumberof afls of ihe late Congress of the United States,
requisitions have been made upon the several States both in a£tual
money and indents; some of these have perhaps been fully com
plied with, and others in part, by particular States; there are how
ever large sums in arrear upon those requisitions from every State,
these ought never to be loft light of, because the several States not
having paid in proportion to each other, great injufticc would be
done by it to those States which have paid with the most alacrity.
I would propose therefore that indents (hould issue for the arrears
of interest on the whole of the domestic debt to the 31ft Decem
ber, i 788, that the several Stateslhould be immediately required
to pay in the arrearages of the rrquifitions made by the former go
vernment, and that the indents be received in payment as far as
they will extend ; the remainder in efficient money. I have not
at hand fufficient documents to make the necessary estimates, but
do not doubt these ariearagcs will be found fufficient to redeem
the whole of the indents and pay the arrearages of interest on the
foreign debt.
But it will be said you have proposed that the interest for the
year 1789 (hall be paid in the courleof this year, how is this to
be done feeing we have not the ca(h in hand ? I answer let im
port bills be struck, to the amount of one years interest, which
(hall be receivable, by the several collectors, for all duties both
on imposts and tonnage, except the duties on wine and spirits im
ported, which should be payable in specie only, and let those
bills be ifftied immediately for the payment of the laltycars in
terest. As this according to the estimates made by the Secretary
would all be collcCled within the course of a year, it would an
swer the United State every purpose of money in the
payment ot interest; it would answer the individual c
very purpose of money in the payment of duties, and, if
the necessary punfluality is kept up in the collection, it would be
ready in the public offices by the times at which it would be want
ed to pay the present years interest ; by this continual rotation
and demand it would be saved from depreciation and made to an
swer every valuable purpose. _ t
The amount of the duties on wine and spirits imported, ana
the neat proceeds of the Pott-Office (hould be reserved for the
payment ofthe interest on the foreign debt and the current expences
of government.
I cannot but be surprized to hear people cry out, and lometimes
men of information too, that the public debt is so great, that at
the present rate of interest, it would fink the whole United States ;
furcly these persons donot reflect on what they fay, for clear it is
from the statement which I have made, that the United States are
competent to making " an adequate provision for the support of
public credit," even on the present terms of the contrast, and
that without attempting at dirett taxation.—But fuppoftng the
whole of the revenue ariling from the impost and tonnage duties
and the poft-officc (hould be appropriated to the payment of the
* The numbers of the prejer.i Congress have all fevom to support this
article of the conjlitutim.
interest, and redu6lion of the principal, of the foreign debt, and
the current expences, yet internal taxation would prove a source
fufficient for th e interest of the domestic debt, and the land-office
under proper regulations might form a fund for us extinguifn*
ment: so that we need not even then despair.
The annual interest on the domestic debt, is but 1-643,035 $
dollars, and Mr. Jefferfon, in his notes on Virginia, if I mi Hake
not, fays,that State alone can raise one million ot dollars annually*
by internal taxation, and this observation will be supported by
what the State of New-Jersey has done and is actually doing; this
small State without impost or excise, or other resource, not with*
standing Ihe was at the fame time paying duties on imports to the
neighboring States of New-Yorkand Pennsylvania, to near the
amount of the present continental duties, by mere dint of inter
nal taxation, has, for four years past, annually paid interest on the
domestic debt of the United States, Dollars.
And for the fame time, to the receiver of
continental taxes, at the rate of
And for two years past has annually raised for
the payment of invalid pensioners,
Amounting to . 100,524 60
Besides which she has supported her own government, paya
£. 12.500 annually for the interest on the State debt, and has be
tween June 1787, and November 1789, reduced the principal of
that debt 477 18\f. * yet so far are they from considering
themselves overburdened when the public good is the object, that
the legislature at their lad fitting have ordered an additional tax of
to be raised within the course of the present year, for
finking fomuch of the paper money of the State now in circula
tion.
2.185,634 71
600,000
The amount of the State debt on the lft November, 1789, was
/~.266,277 6 u, —trom the above statement therefore it appears,
that New-Jersey is able to pay her proportion + of the interest on
the domestic debt of the United States, on the present terms of the
contratt, besides supporting the government, paying the interest
on the State debt, and extinguishing the principal in less than
22 years, and that if (he should be relieved from paying the in
terest on the continental debt, (he can extinguish her State debt in
about seven years—and this she has been enabled to do by a judi
cious i Hue of revenue paper, for the payment of one years inter
est in advance, which has been colie&ed every year for the pay
ment of the next year's interest agreeably to the mode which I
have proposed to be put in p»a£hce by the United States—l know
it will be objected that the Jersey paper has depreciated—true it
has, but the revenue paper did not until it was injudiciously bur
dened with an emiflion of £100,000 in loan-office paper, to con
tinue in circulation unredeemed for twelve years, and with it
made a legal tender—but suppose it had depreciated before that
time, it had one grand difficulty to encounter which continental
paper would not, viz. that there was no object to create a demand
for it in any State but our own, whereas all our trade was carried
on with our neighboring States, and the balance entirely against
us, of course it was to make payments in other States that money
was principally in demand. A JERSEY MAN.
2,843,400
57»765 19
100,000
* The flatement publjked with the Secretary* 5 report is unauthen
ticatedand very croneovs.
+ About one seventeenth part.
3,286,070 10
' I 'HO an Arclibifhop holds the great leal ofFrance
A the royal aflent was given, and the great
seal affixed lo the decrce of the national aflembly
almost the instant it was presented, by which the
church is (tripped of her immense pofleflions.
This decree will be feltby thbfe who probably
did not think theinfelves likely to be affected by
it, for the principle on which it is founded,
{hakes the tenure by which every corporate body
in France holds property.
The decree for suspending for a time, or provi
sionally, the power of eccleliaftical superiors to
admit any person of either sex to make religious
or monaflic vows, also received the royal aflent.
9,744,098 10
LONDON, November, 4.
Extract a letter from Madrid, ORobcr 6.
" In order to prevent the consequences of the
spirit of infurredtion, which is spreading from
kingdom, to kingdom, and has already made
some progress in this, our Monarch has resolved.
to aflemble the ancient Courts of Spain. His Ma
jesty has accordingly announced to all the towns
who have aright to fend Deputies to prepare for
fucii Purpose.
" This solemn Aflembly is to be held in this
capital, at the Place del Buon Retiro, in the great
Hall of the kingdom—thus named, because it
contains the armories of the seventeen king
doms which compofethis Monarchy."
GEORGE-TOWN, January 27.
Extratt of a letter from an American gentleman in
New Orleans,to his friend in this town, dated \2th
Dec. 1789.
" The sparks of liberty which were discovered
bme time past in South-America have now actu
illy broke out into a flame. Yes, my friend, the
American Fever, which has fliaken to its founda
:ions the thrones of enlightened Europe,has found
its way to this land of ignorance and superstiti
on :—by accounts received over land from Mexi
co, all bids fair for a revolution. The inhabi
tants of this rich and fertile country, who have
been the dupes and sport of prieft-craft for cen
turies past, begin to open their eyes—they have
relufed to pay the fourth part of the produce of
their mines to the king, inconsequence of which
the viceroy ordered the European troops to take
pofleflion of some of the moll valuable mines in.
fPublijhct in IVeduef day and Saturday.]
FRANCE
UNITED STATES.
®3:35®
6,500
10,666 6o