Mr. Boudinot*'followed Mr. Hartley in repro bating the objedt of theprefent amendment—He said that if he could conceive with the hon. gen tleman from Pennsylvania, that the public securi ties had been received by the creditors of the U nited States as being worth no more than 2/6 in the pound, he should molt corclially acquiesce in the inference he deduced from such a polition— he ihould be for coniidering thein in the fame light as he did the bills of credit, or old continen tal money; as tliecircunillanceof its being'under- stood that they were worth no more at the time, would render it just and equitable to determine their value accordingly—but a recurrence to the resolutions of Congress under which the eviden ces of the debt now under consideration were if sued, will fulficitntly explode such a fuppofnion. No idea of payment's being made, by those securi ties, was ever entertained—they were in fac't, and were so considered, evidences of the liquidated and fpeeific sums due to the creditors of the Uni ted States, hence it is inconteftibly evident, that the securities were not considered as payment,any more than the settlement of any private account can be considered as a discharge of such account. The firft evidences of the debt were not transfer able, and had not Congress afterwards made those certificates or evidences of the debt transferable, they in lilt have remained in the hands of original holders ; but for the particular accommodation and advantage of the original holders, Congress afterwards made them transferable—and thisftep so far from benefiting the i reditois, would have proved a real injury to them, if the assignee could have been fuppofeu to itand in a less eligible si tuation than the afllgnor. Upon every principle of afiignation of debts and contracts, such an idea ought to be reprobated. He adduced several in ltances of the disadvantageous circuinftances un der which the creditors ot the United States had been paid—from which it appeared that manifeft injustice would be done to many persons in the payments they had received, fliould the full a mount of their securities be paid them infpecie— from all which, and many other considerations which he added, he inferred, that no idea exill ed in the mind of any person, either soldier or citizen, that the securities were considered or re ceived as a full discharge of the demands against the public. Mr. Boiidinot founded many of his observations on resolves of the late Congress which he read, on his own knowledge of the particular circumstances under which the public paper of the United States had been ilfued, as he was in Con gress at the periods referred to. Mr. Scot observed, in answer to Mr. Boudinot, that other resolutions ofthe late Congress might be adduced which held a different language—and the conduct of government in regard to the pa per money at different periods, plainly proved that it was considered as jnit and proper for them to interfere and determine the value of those evi dences of debt. Mr. Scot then referred to the observation ofMr. Sedgwick, in which he had laid that the molt alarming consequences w»re to be apprehended from not coming to a decision upon this important business the present felTion. He wished that gentleman would point out the evils •which were to be apprehended—for his own part he did not suppose that the holders of public secu rities would cut the throats of Congress, for a neceflary delay in funding the debt. ?-Ir. Sedgwick replied to the enquiry,and point ed out a great variety of confidera'tions which mnft appear weighty and important if juflly con sidered by the committte. A great and refpefta ble body of our citizens are creditors of the Uni on—their expectations are on ihe decisions ofthe present session of Congress. "1 here are various opinions prevailing refpeCi ing the debt in regard to discrimination, inter est, and funding—On these points there appears to be a great diversity of opinion—Heats and ani mosities will grow out of this opposition of sen timent, and a spirit of party will probably termi nate in forming factions among the people, that may be pittedagainft each other,and may destroy the public tranquility and blast the hopes and prospeCts of the people under the government now so happily established.—These are among the many consequences to be apprehended—but the reputation, the credit of the States, are at stake.—The circuinftances that affeifl these are often in themselves of small importance—at the present moment the public expectation is alive to the measures of government —it lays with the legislature to realize this expectation,fo far as jus tice, equity and the abilities of our country de mand. If Congress pursue the present enquiry and come to a determination, the general senti ment w ill be brought to a point and a probable acquiescence in \vhat is done—and all the evils of faClion, disunion and disappointed expectations prevented. Mr. Stone was opposed to a postponement of the business, as it involves a relinquiftiment of a]] confederation of the fubjeft the present fefiion. Mr. Stone reprobated al\ funding systems, as productive ot mifchief and poverty —factitious credit was but a li'ode of acquiring the means of fliedcling the blood and cutting the throats of our neighbors.—The credit of this country, he said, does not depend on any paper schemes of credit. It cannot be established suddenly, in a day, or a year.—lt depends on the evidence we giveo'f an honesty of principle. He observed that the situ ation of the United States is fodiiFerent from those of the countries who are proposed as models of imitation in our financial arrangements, that such fy Items are no ways applicable". Mr. Smith (S. C.) made a few remarks on Mr. Scot's amendment—And in a ihort reply to some of Mr. Jackson's observations, quoted Blackftone against Hlackftone. Mr. Gerry afcer touching upon Mr, Scot's a mendment turned his attention to an observation which was made by Mr. Jackson, viz. that America owed her independence principally to her joreign loans. Mr. Gerry in contraftingthe foreign and domes tic debts, exhibited in a striking point of light, the injustice of this observation—and from accu rate details from the public accounts, shewed that the domestic debt is in fadl as sixteen to one compared to the foreign debt: He reprobated the suggestion that the citizens of the United States were principally indebted to foreigners lor their liberties—the reverse appeared to be evidently the cafe, from their immense exertions and annual expences during the war, which he stated at five millions sterling.—So that the debt of the United States bears no proportion to the acftual expences and Sacrifices of the citizens for theacquifition of their independence— A question here arises, what has become of the reiidue of the debt ? To this it may be answered, that the great mass of the difference has been funk by de preciation on the paper money, which can be confulered in no other light than a tax upon the people—and which has operated perhaps as e qually as any that might have been affefled. Mr. Gerrv contrasted the foreign and domestic debts in various points of view—by which it appeared that if any discrimination should be made be tween them, it ought to be in favor of the latter. He then adverted to the circumstances under which the domestic debts were contrasted, and from tliefe, deduced the injustice and ill policy of a re-liquidation—he reprobated giving the preference to our foreign creditors in the provi sion to be made for payment of the interest. He replied to the several objedtions against funding the debt and procrastinating the buiineSs, and by several familiar instances in common life, enforced the absolute neceflity of the measure, as the only possible expedient of doingjuftice which presented. He added many other observations upon the fubjeOt—and concluded with this striking obser vation, that if the United States while they make provision for their foreign creditors Ihould at the fame time abandon their domestic—it will give occasion to fay, that the ultima rex regurn, and not a principle of honor and justice, was the influencing cause. Mr. Tucker observed, that he was in favor of a (lifcrimination among the creditors of the Uni ted States—he did not however entirely agree in the motion now before the committee—He then divided the public creditors into three clafles —the holders of old continental billsof credit or paper money—the original holders of liquidated (ecurities—and those who held the latter by pur chase—the old paper money he said (liould be con solidated at forty for one, principal—with inter est at fix percent.—for these, and thefecond class of creditors provision ought to be made without delay to pay them their interest at fix per cent. —with refpetfl to the third class, they are en titled by the engagements of the country to an interest of fix per cent.—this he said they ought to receive when the country fliall be in circunj ftances to pay— he therefore proposed that this class should be referred to a future period for payment —he thought that the second resolution in the report would in some measure preclude a discussion of the subsequent ones—he therefore proposed an amendment by adding these words, " as ftiall appear confifterit with equity and the improving resources of the country." The question being taken on Mr. Scots' motion, it palled in the negative by a great majority. Mr. Burke then moved the following amend ment " provided a discrimination be made be tween the original holders and their allignees, and that a scale 6f depreciation be prepared ac cordingly,"—This being seconded, was laid on the table. Adjourned. THURSDAY, FEBRUARY u A memorial from the annual meeting ofFriends at Philadelphia, refpefting the Slave Trade, and praying the interposition of Congress for the mi tigation of the evils, and final abolition of that pernicious traffic, was presented by Mr. Fitzfi mons. Another memorial on the fame fubjedt, from the meeting of Friends in New-York, was presented by Mr. Lawrance. These were both read, and on motion that they fliould be read a fecondtime, in order to their being committed— a warm debate ensued, which ended this day in withdrawing the motion for a second reading.— The order of the day was then taken up, and the Honfe went into a committee of the whole on the report of the Secretary of the Treasury. -351- Mr. Burke's amendment to the second reSolu tion, which was laid on the table yesterday was read, viz. Provided nevertheless that a discrimi nation ought to be made between the original holders of publicfecurities and aftignees, and that a icale of depreciation be prepared accordingly" After a few observations on this propofitioif.by ' • Smith, S. C. it was withdrawn by Mr. Burke. A message was received from tlie Senate by their Secretary, informing the House, that they have palled arefolve .'empowering the Prelident of the Uni ted States to appoint three commilfioners to enquire into the receipts and expenditures of public monies by, and to examine and admit the accounts of, the late Superintendant of Finance and requesting the concurrence of the House in laid reiolve. Mr. Burke s amendment being withdrawn, Mr. Madison entered into a lengthy difculfion of the iubjett of the public debt—towards the close of his speech he proposed that a discrimination should be made between the original holders of public Securities, and those who hold them by purchase. His plan is that the firft Ihould be paid the full Sum promised, with interest at 6 pr. cent. The aftignees or purchasers, to be paid the a verage sum they have been fold at, and to thoSes who have alienated them, the residue, and both to receive interest at 6 pr. cent. Government not to avail itfelf of the leall advantage in the tran saction. Mr. Livermore moved that the resolution should be amended by infertiug after the word inter eft, at a certain rate ' —this motion was negatived. Mr. Madison propoSed an amendment to the resolution, agreeable to the principles of his speech. Thispropofition remains to be discussed. Adjourned. FRIDAY, FEBRUARY 12. A memorial from the PennSylvaniaSociety, for the abolition of slavery, signed by Benja. Frank lin, President, was read. Mr. Hartley moved that the memorials present ed yesterday should be read the second time,which was agreed to by a large majority. He then mo ved that they should be referred to a feled: com mittee—which motion brought on a debate which lasted till near three o'clock. The question being called for, Mr. Smith, S. C. moved that it be determined by Ayes and Noes, a fufficient number of members appearing in fa vor of this motion, it was thus determined. AYES—Meflrs Ames, Benfon, Boudinot,Brown, Cadwallader, Clymer, Fitzfimons, Floyd, Foster, Gale, Gerry, Gilman, Goodhue, Griffin, Grout, Hartley, Hathorne, Heifter, Huntington, Law rance, Lee, Leonard, Livermore, Madifon,Moore, P. Muhlenberg, Page, Parker, Partridge, Ranfel laer, Schureman, Scot, Sedgwick, Seney, Sher man, Sinnickfon, Smith M. Sturgis, Thatcher, Trumbull, Wadfworth, White, Wynkoop. 43. NOES—MelTrs Baldwin, Bland, Burke, Coles, Huger, Jackson, Matthews, Sylvefter,Smith, S.C. Stone, Tucker. 11. The memorials were referred to a committee offeven members. On motion of Mr. Lawrance, the petition of George Bowne, of the society for the abolition of slavery in this city, on the fame fubjed:, was read, and referred to the fame commitee. The House then adjourned till Monday. We have prepared a (ketch of the Deba'es of Thursday and yesterday, which want of room obliges us to defer til] Wed nesday. NEW-YORK, FEBRUARY 13. Extrad of a letter, dated Paris, Nov. the 3d. 1789. [The Editor, fearing it would not be in his power to introduce into the translation the peculiar eleganceof the extract, flatters him felf the perusal of it in the original language will not be unaccept able to a considerable number of his read ers.] ■' Votre hiros devenu le notre, eft comme vous le spaves a la '' 1• rr •'* cctte ca P'talle, ainsy queries troupes que la neceilite a oblige le gouvernement d'y faire venir j vous fcaves fans doute tout ce qui c'eft pafle icy depuis la premiere epoque, lorsque deux centsmille hommesayant resolu d'acquerir leurliberie, pro nonperent sonnom par acclamation & le nommerent leur chef; quelle dcftinee quelle gloire ! Efperons que le genereux deffen ieur de la liberie, n'aura pas inutilement foutenu sa noble cause, que fes talents etfes vertus si dignement rcconniies en Amerique) vont repevoirune nouvelle recompense dans son propre pays; il fe montre de plus en plusdignedespoftes eminents, ou fondefiin M pe i' e ' le Geniral Washington, devenu supreme Magiftrat des etats rouvellement reunis n'apprendra pas fans plaisir que son fils adoptif, son elcve, son imule, marche dans la carriere de la vraye gloire, en imitant les vertus ainfy que les fucces de son illuftre & refpeftable maiftre. " Lefilsdu Marquis que je vois fouvent George Washing ton la Fayette continiic demeritertoute la tendreffe de son Pere ; il eft sous Lieutenant dans notre milice ; ah jeune hoirnnc quels noms vous portes ! quelle gloire ! mais quelle tasche davoir de tels parents & de tels examples a fuivre ! &c. &c. Extract as alette from Bojlon, Feb. 3. You have obliged me by the copy of Mr. Hamilton's system of finance—he has so well digested and explained his plan, that I am of opinion the opposition to it mud be feeble, and cannot pre vail fofaras to effect any material alterations—the creditors in MafTachufetts will cheerfully accede to his propositions ; but will universally revolt at a reduction of the interest below four pr. cent. Tney are confident Mr. Hamilton's abilities are adequate to carrying his ideas into effect, with advantage to the community ; and in particular that they will serve to create a beneficial me dium, very much wanted, to put in motion the industry of the country —the constitution of this State was preserved in the late rebellion, through the exertions of the public creditors—and thev contributed molt eflentially to the eftablilhment of the general government—in this view, it appears of the lafl importance to the liberties of the people, which are inseparably connected with the constitution, to consolidate and I'ecure 'he attachment of so influ ential a part of the communis.
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