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[NO. LXXXIX. j
THE TABLET
No. LXXXIX
44 All human virtue to its latest breath,
44 Finds envy never conquer'd but by death ;
44 The great Alcides, every labor past,
44 Had still this monster to subdue at bft."
I NEVER was acquainted with a perfonwho
would confefs that any of his actions were
prompted by envy. From this I infer, thatevery
man deems it one of the ruoft hateful qualities
of human nature. The mind of man isloconfti
tuted that several emotions may be kindled at
the fame moment; and it may be difficult, in any
given instance, to diitinguilh the component parts
of a motive with so much precision, as to deter
mine which preponderates. A person may be
stimulated by envy, when he supposes himfelf free
from it ; and he may be fufpe&ed of it, when he
is, in fa<fl, free from it. We ffiouldnot therefore
too hailily acquit ourfelvjs, or charge others, of
being und?r the control of this detestable pallion.
There is perhaps no occasion where the fym
toms of envy are more striking, than in the op
position that is frequently made to conlpicuous
characters. This restless agent of the foul darts
its envenomed arrows onlyagainft objeds of dis
tinguished merit. When a bad man is attacked,
theaflailant may jnftly be impelled by indigna
tion ; when a weak man is hunted down, the per
secutor may have 110 feelings but those of con
tempt. But when a good and great charader
meets with opposition and reproach, envy is ge
nerally at the bottom. It may be concluded,
without much risque of error, that an envious
disposition gives rife to a considerable part of the
censure and calumny that areaimed against men
in eminent stations. The propriety of such a
conclufionis obvious from the difficulty, in many
instances, of assigning any other adequate cause
or motive to induce iiander and oppolition. Be
sides, it will generally hold true, that men in ele
vated employments have inducements to promote
the public good, in proportion to their elevation.
A man promoted to a dignified office should con
sider himfelf as a mark, exposed to the sneers of
ignorance, the aspersions of envy, and the re
proaches of ill-nature. Some illultrious men
however escape the effeds of all the evil propen
sities of their fellow men.
Mankind seem, as it were by common consent,
to hulk all the turbulent paftions of the foul, in
their treatment of those few characters, to whom
all men are too much endeared, to render it fafe
for any man to oppose or calumniate. Such fa
vored individuals are extremely few. Moll men
who engage in public life must not expert to
eoinbine the affections of the whole community
in their favor. And however eminent may be
the knowledge or rectitude of a man, tkefe ex
cellent attributes afford no infallible security a
gainlt the intrigues of mysterious competitors, or
the invecftives of avowed opponents. How great
a portion of envy is intermingled in the motives
which prevail on those occallons, let those who
observe the actions of men determine.
If I have been intimately acquainted with a
man for years ; if during this time, I have been
often heard to applaud his abilities and honesty,
and ever lived on the most affectionate terms of
friendftiip and good humor with him ; and if on
his being suddenly elevated to a station far above
me, I endeavor to raise a party againll him by io
finuations and reproaches, do I not authorise a
luppofition that 1 feel an envious temper towards
him ? Why else do I fuffer my friendlhip to be
co'me cold and distant ; and my confidence to as
sume the appearance of distrust and mystery ?—
"Why else do I check the tribute of applause, I
have been accuftonied to pay my friend and com
panion ; and even depreciate those qualifications
which once I could not fail to admire ?
If the government of the United States fliould
not be established on such a firm and honora
ble basis, as to promote the prosperity of its citi
zens, and procure the rei'ped: of mankind, it will
be owing to the prevalence of this fame paflion of
envy, more than to any other cause. Rival cha
racters cannot bear the idea of superiority. No
government can be refpedtable and prosperous in
which eminent men do not take the lead, in their
different departments. When the people of this
country are convinced of the truth ofxhisremark,
they will nor, I hope, lose their circiimfpe<flion,
but they will be less perplexed by the suggestions
f>f envy and fufpicioii.
PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FENNO, No. g, MAIDEN-LANE, NEW-YORK
WEDNESDAY, FEBRUARY 17, 1790,
THE OBSERVER
HPHE report of the Secretary of the Treasury, being now before the
-1 public, contains information which must remove the reluctance of
some % who doubted the propriety of funding the debt, and re-eflablifhing
public credit. Injidious means have been used to lead the people into an
opinion, that a great part of the domejlic national debt, has been pur
chased by foreigners at its lowefl price.
In Bujlon, it has been published, andfaid to be under the fanflion of a
member of Congref y that 44 the national debt is jive eighths owned by fo
reigners, and is thus regiflered in the treasury of the United States."
I much queflion whether any member of Congress ever gave such infor
mation, and Juppofe it rather a fabrication of design ; but if it be true
he is corrected by the treasury report.
Many i nfinuations of the fame nature circulate, and cause a fear in some
minds, that their country will be facrificed to the emolument of a few
rich foreigners. The Secretary's report furnifhes means to detect these
mifreprejentations—any person holding national securities or bonds, may
have their amount regiflered in the treasury books, the original bonds are
given up, and an account opened between the United States and the credi
tor, to whom is given a new certificate of the amount due to him. The
debt thus modelled is called the rtgiflered debt. Many of our citizens
have regiflered their national paper, and it is welt known that all purcha
fedfor foreigners or to fend abroad on adventure, hath been entered on
the treasury books in this manner.
By the Secretary's report we find that the whole dome/lie debt of the
United States, is Dollars. Cents.
42,414,085 94
The whole reg'flercddelt is, 4,598,462 78
The regijleied debt is not one ninth part of the whole, and only apart
oj this is owned by foreigners.
Several gentlemen oj veracity, who are profeffionally acquainted with
the circulation of paper,and the manner of its negotiation, inform me that
by enquiry at the rcgifler office, three months paji, confieUrable I els than
3,000,000 dollars had been registered on account of foreigners \ butfup
pofe three millions of dollars is the sum, this is but one fourteenth part
of the national debt.—The d:bt of the particular States hath not to my
knowledge, unless it be within a few weeks pajl, ever been purchased for
foreign adventure, and ij this be confdered as part of the national debt,
which it ought to be both injuflice and policy, not more than one twenty
seventh part of the whole is vefled in foreign owners, and a considerable
proportion of this was taken by them, either in payment of debts due, or
at a price of purchase much higher than it has been in the country.
Some persons have laborioujly circulated an idea, of a prodigious jo
reign sale of paper, to prejudice the minds of the people againjl ajund
ingfjlem ; but I think fueh attempts base and difhonejl; even allow the
fafls, such as they wish to reprejent, it would be unfortunate for the
country, but is nofubjlantial argument againjl funding the debt. Jvjlice
jlands on fixed principles, not on a man's combledion, the tone of his
voice, or the country in which he zoas born. Other things being alike,
that which is justice to a native citizen is also jujlice to a foreigner.
The quantity of regiHered debt, is alfofome guide to determine the
sum, which hath been alienated by the original holders at a low price.
The brskers and great speculators in paper, in the middle States ; where
mofl of this traffic hath been managed, have regiflered in the treasury
much the larger part of thefums purefwfed by them, and the whole of
this we fee to le a sum, comparatively fnall.
The alienations which have taken place between citizens removed fom
the course of speculation, have generally been at a price much nearer the
original value. Continuedexamination of this fubjeff gives me new con
viction, that the alienations which have happened are far less than many
suppose. Ido not mention this as supposing it a matter which ought to
influence in the provision of funds, but ij eafecan be given, in confiflen
cy with truth, to those persons whose opinion is different from mine, they
ought to receive it.
In the Secretary's report there is an argumentfor the re-eJlablifJiment
oj national credit, which Ido not remember to have beforeJeen publicly
noticed—he fays, " The effefl, which the Junding of the public debt, on
1 right principles, wouldhav: upon landed property, is one of thecir
" cumflances a'tending such an arrangement, which has been leafl at
" tended to, tho it deserves the mojl particular attention. The present
" depreciated/late of that f)ecies cf property is a serious calamity. The
" value of cultivated lands in mofl of the States has fallen since the revo
" lution from 35 to 50 p:r cent, in those Jarthejl south the decrease is
lt flilimore conjidcrable. Indeed if the representations continually re
" ceived from that quarter, maybe credited, lands there will command
" no price % which may not be deemed an almojl total facrifice. Thisde
" crease in s he value of lands, ought, in a great meafure,to be attributed
" to tie fear cits of money. Confequentiy whatever produces an augrnen
lt tation of Vie moniedcapital of the country, mufl have a proportional
u effcEl in raising that value. The beneficial tendency of a funded debt.
"in this refpeft has been manifefied by the mojl decisive experience in
<( Great The evil here mentioned Is mofl sensibly felt, and
has come near ruining many thoujands of our fnall planters, and if a
remedy be possible it ought to be immediatly applied. The opening of *n
immense new territory is the cause, which hath been commonly ajjignrd \
this may have its influence, but is not proportioned to so great an effect.
The fear city of money is a cause greater and more immediately op'rating.
To give a value to fixed or landed property, there mufl be a certain pro
portion of property, in its nature negotiable,fuch is money, and theprin
ciple in public funds, which by its credit, is received as money. The dif
truflion of negotiable property injlantly towers the value of landed pro
perty. tVhen bufivef flagnated by the commencement of zoar, the whole
negotiable property oj'the people was throne into the hands of thepubhc,
and has in cffeEl been annihilated by the failure of credit. At the return
ofpetce, habit, and other causes. for a short season, prefcrved a decent
price, but the depreciation oj lands joon took place> and is now become ex
treme. Unless a remedy can be in part effected, by the mec-fares recom
mended, th'fii!cable valve of the farmers property is half deposed. The
argument addrcjfcsitfcjflrongly tc the policy and inter efl of all our plan
ters who feel the evil. If a small number of people were to be benefited, it
would be less material; but the cl fs of citizens zvhofe cafe we are now
Confidently, contains nine parts, in ten, of the whole people.
CONGRESS.
HOUSE OF REPRESENTATIVES
THURSDAY, FEB- 11, 179°-,
MR. BURKE having withdrawn his motion
for discrimination.
Mr. Madison rofc and observed, that no person
had exprejfed more itrongly than he felt the im
portance and difficulty of the fubjeA. That
although he had endeavoured to view it under
all its and analyze it in all its princi
ples, yet he had kept his mind open for the light
to be expected from the gentlemen who had en-
No. XVIII.
PRICE THREE DOLLARS PR. ANN
tered Into tiie difcuilions. That he would gladly
have remained (till longer a hearer; not a Speak
er, upon the lubjetl: ; but that the turn which the
arguments had taken made it requifire for him
then, if at all, to trouble the committee with his
refleiftions, and the opinion in which they had
terminated.
In order to understand fully the debt due to
doineftic creditors, he thought it proper to look
back to the circumstances under which it was con
tracted. He Remarked that it was the debt, not
of the government, but of the nation ; that the
United States contra&ed the debt 5 the govern
ment was the agent, or organ, only. That for the
purpose of this contrad:, the United States had
then a national capacity. That although, by the
revolution just eft'e<fted, other national capacities
had been added, and a material change had taken
place in the government ; yet that the national
identity of the United States, relative to the
debt, was not affed;ed ; nor was the present; go
vernment any thing more than the agent or organ
of its constituents. That the political 34 well as
moral obligation, therefore,to discharge the debt,
had undergone no variation whatever. That this
was the language of the constitution, which ex
prefcly declares, that all debts fhallhave the fame!
validity against the United States, under their
new, asunder their old form of government.
A question had been llarted, as to the jaft
mount of the debt due from the United States.
This, he thought, admitted of a ready answer :
the United States owed the value which they had re
ceived, which they had acknowledged, and which
they had promised. No logic, no magic, could
diflolve this obligation.
The true question to be decided was, to -whom
I the payment was really due. He divided tliof®
connected with the liquidated debt into four clas
ses :
1. Original creditors who have never alienated
heir securities.
2. Original creditors who have alienated.
3. Present holders of alienated securities.
4. Intermediate holders, tfhrongh whose hand 9
securities have circulated.
The only principles that could govern the de
cision on their refpediive pretensions, he stated to
be, 1. Public judtice ; 2. Public faith ; 3. Public
credit ; 4. Public opinion*
VVith relped: to the firft class, there could be
110 difficulty. Justice was in their favor, for
they had advanced the value which they claim
ed : public faith was in their favour, for the
written promise was in their hands ; rcfpecl for
public credit was in their favour, for if claims so
sacred were violated, all confidence muftbe at an
end ; public opinion was in their favor, for eve
ry lioneft citizen could not but be their advocate.
With refpecft to the last class, the intermediate
holders,their pretensions, if they had any, would
lead into a labyrinth for which it was impofli
ble to find a clue. This would be the less com
plained of, because this class were perfedily free,
both in becoming and ceasing to be creditors ;
and because, in general, they must have gained
by th'eir speculations.
The only rival pretensions then, are those of
the original creditors who have alfigned, and of
the present holders of the alignments,
The former may appeal tojuftice, because the
value of the money, the service, or the property,
advanced by them, has never been really paid to
them
They may appeal to good faith, because the
value stipulated and expecfled was not fatisfied by
the Heps taken by the government. The certi
ficates putinto the hands of the creditors, on clo
sing their settlements with the public, were of
less real value than was acknowledged to be due ;
they may be considered as having been forced, in
fatft, on the receivers. They cannot, therefore,
be fairly adjudged an extinguishment of the debt.
They may appeal to the motives for establishing
public credit, for which justice and public faith
form the natural foundation. They may appeal
to the precedent furriifhedby the compensation al
lowed to the army during the war, for the depre
ciation of bills which nominally discharged the
debts. They may appeal to humanity, so? the
fufferings of the military part of the creditors can
never be forgotten, while sympathy is an Ame
rican virtue. To fay nothing of the lingular hard -
ship, in so many mouths, of requiring those wha
have loft four fifths or seven-eighths of their due,
to contribute the remainder in favor of those
who have gained in the contrary proportion.
On the other hand, the holders by alignment
have claims which he by no means wifiied to de
preciate. They will fay, that whatever preten
J
W