[No. XCI.-j THE TABLET (Continued from the last number.) <t are apt to form general couclufiotis from too f mall a number of particular cases." AS fonie striking instances can be produced of the hardfliips fullained by original claimants, it leads us to imagine that original creditors, who have alienated their certificates, are aclafs of people, entitled to general relief. But those who are intimately acquainted with the history of public securities must have farmed a very different opinion. The heaviest lolles that have accrued by the fall of stocks, have happen ed to intermediate holders. 1 know a person who purchased thirty thousand dollars in final settlements, at the army, for ten ihillings on the pound : He fold them, two years afterwards, for one fourth part of the sum he paid for them. This diftinguilhed fulfercr makes little complaint and excites 110 pity. The soldiers who fold their claims 011 unfavorable terms, excited attention because they complained loudly. Many of the certificates, it fliould be remembered, were ori ginally ifiued in finall sums ; and an hundred thousand dollars fold at a disadvantage brings forward numerous individuals to complain ; and yet the aggregate lodes complainantsbear no proportion to the aggregate amount of certi ficates, fold on beneficial terms by original credi tors, Those who'negociated their paper early got a good price. They are contented and no thing is said about them. The most considerable branch of the domestic debt consists of loan certificates. These must have fold without any discount, during the whole period that the loans were opened. It is evident that while the United States were daily making new loans,certificates must have been negotiated at par; for if a person could purchase at market,at any given discount, why should he lodge his money at an office and take out securities at par. The fail proves itfelf, that while tlie public could fell cer tificates at par, no person was compelled to fell at much discount. The principal transfers that ori ginal holders offuch certificates have made, must have been while they commanded a good price. The army debt L that, in which, the principal injury is supposed to have happened to the origi nal claimants. There are perhaps more hard cases among the soldiers than among any other portion of the creditors ; but Hill the aggregate amount of their loss is not so considerable as has been imagined. The soldiers of the main army have not generally any reason to complain. They anticipated their pay long before it was re ceived, and obtained from eight to ten {hillings on the pound. There were many traders and {peculators about the main army, who raised a competition in the purchases, that operated in favor of the soldier. Tliofe troops that were detached from the main army, had not the bene fit of felling to {peculators, in such feafon,asto obtain the bed price. It happened unfortunate for the southern army under the command of General Greene, that they were not in a country, where adventurous monied men speculated in public paper. By this means, that part of the army made great Sacrifices, in the disposal of their securities. This was unavoidable ; but it does not authorize a conclusion that other creditors who were not so situated, fuffered fhnilar incon •veniencies. As these fads are generally known to men of observation, 1 have no occasion to en large. In my next number, I will examine the quefti on,whether original creditors have generally been compelled byneceflity to fell their certificates. FOR THE GAZETTE OF THE UNITED STATES. MR. FENJCO, THIS is an awful crifi?. The decision of Congress on the pub lic debt renders it eminently so. To retain the confidence of the zvife, the well-informed and the honeji of the -whole world, Ame ricans and Foreigners, is the task afligncd them. To their native flock of wisdom and virtue let them carefully, afliduoufly and anxiously strive to add all the information they can obtain A ■well-informed confcicnce is the best human guide. The Legifla lor who errs, with that conduttor, is lightly censured by his con llituents, and will be forgiven by Heaven. However solicitous Congress may be for public credit as the in dispensable means of maintaining the future prosperity of the na tion, they mud not lay themfekes open to opinions that they have done more than the preservation of public credit requires. An enquiry fliould be inilituted to determine the fubjlantialjujlicc of the original contract, for public credit requires 110 more to be ren dered to any man, whether a purchaser, a lender, or a Tenderer of iervices. Gratitude may fugged more, but public crcdit will be completely maintained by the performance of substantial justice fairly ond accurately afcertaified. Far be it from rulers of a ge nerous people to fi'!l the hallowed voice of gratitude ; but let us PUBUSHF.D WEDNESDAYS AND SATURDAYS BY JOHN FEN NO, No. 9, MAIDEN-LANE, NEW-YORK No. XCI. WEDNESDAY, FEBRUARY 24, 1790 suspend our obedience to its di&ates till the more sacred rc-quiG- | tions ot juifice be fulfilled. It may be neceiTjry to exemplify the' idea here contemplated. Many contratts were formed in August: 1777, for example, between the United States and individuals, which, by the present regulations, are considered as specie, tho it is a fatteafily to be ascertained, that the money by which the ob ligation was created in some instances, and in which it could have been justly discharged in all the reft, was really and truly worth but 35 to 40 pr. cent. Does then substantial justice require more to be paid ? Does public credit require more to be funded ? Will a well-informed conscience permit the holder of the certificate to ask more? Will a wife legislator, with a pcr/ctt idea of public faith, if at the fame time he has a due regard for theeafe and pro perty of the people, confentto give more. If Congress ihould fi nally allow one hundred dollars in specie for that which in no way whatever would have brought, on theday of the contratt, more than thirty five or forty dollars, will they manifeft to their constituents and to foreign nations, the necessary ability to cftimate the tfue value of their obligations, and a fufnciency of that prudent regard to economy, which, while it is perfettly reconcilable with itrift and substantial justice, is indispensably necessary to preserve the public confidence ? Will they not appear willingly to facrifice their constituents to a fwoln demand of mistaken or miftated Jus tice ? Let us consider what will be the consequence of such opin ions arising among foreigners. It is to be feared that they will think us an inconsiderate or neceflitous nation, with whom any terms may be made for ready money ; or that our councils are corrupted, and that from venal iMufes hath proceeded a law, which, while it grants them unnecelTarily 60 or 65 pr. cent, pro vides the fame for secret owners of certificates among the members of our government. Let us also well consider what vtould be the Gonfequence of such opinions Ihould they arise among the people of Ahierica. If an examination were carefully made into the operation of this unexceptionable totich stone of substantial justice, upon the va rious debts of the union and of the States, a great and rightful re duction of their immense amount will be the consequence. Let it not be said that it will produce too much delay, for justice is the obje&. Let not an ill judged economy of time occasion a pro fusion of public money. Let not the husbandman be twice con demned to pav, by thefweat of his brow, the debts occasioned by the late diftrefsful war. NECKER. CONGRESS HOUSE OF REPRESENTATIVES TUESDAY, FEB. 16, 1790, IN committee of the ■whole, on the Report of the Secretary of the Treasury.—Mr. Madison's motion for a discrimination under consideration. Mr. J \ckson, observed that although as young a politician as any on the floor, and that he was convinced the weight of experience was against hi in—on so important a national subject he could not be silent 7 ysrticularly as he had the honor of seconding the gentleman's niorijn (Mr. Madison) now before the house ; that it would be therefore expelled he should bring forward his reasons, and the principles which actuated hiin to it. He confefl'ed that had he not before leaned to the fide of a discrimination, the argu ments of that able gentleman would have induc ed him to support the plan he had brought for ward. He was induced ou another motive to rife, ttjfhow that the numerous arguments of the gentlemen in opposition yesterday, had not con vinced him of the impracticability orinjuftice of the composition. The house said he, were told much yesterday of the moral obligation we are under of paying our debts, and the impolicy and injustice of interfer ing with private contracts. The obligation, I | believe is no where denied ; the debt is of the | highest nature ; it is the price of our indepen dence ; the only difficulty is, how that debt shall be discharged. I would here observe, that the jufticeof the plan before the house has not been so fully objected to as the impracticability, al though it has been aflerted unjust by some of the gentlemen who have spoken. 1 will consider the justice of the proposition. The house has been told the nature of those con tracts, and the valuable considerations of them. The contract, falls under the legal terms of do, ut des ; 1 give that thou mayeft give—or, I give that 1 may receive. In all contracts there are three requisites : 1 ft. The agreement; ad. The consideration ; 3d. The thing to be done or omitted. The consideration is, to be an equiva lent or full recompence for the thing to be per formed Let us examine what this ihing to be done is, and what these considerations are* The creditor, who has to perform the third article of the contract, held 20s. which was to be given for a valuable consideration ; what was this considera tion ! 2s. 6d. I argue, that if this 20s. was worth no more than 2s. 6d. the contract was fair and substantial ; but if gentlemen carry the idea farther, and declare this 20s. was money of equal value with the 2s. 6d. given, 1 contend that the contract was destroyed : equity would believe, would declare it an unrighteous bargain, that there was not an adequate compensation, and would set aside the contract. But a gentleman (Mr. Lawrance) has rold us that equity has fixed rules, and that none of those rules would apply* I ngree with him, that it is incite PRICK THREE IJULLARS PR. ANN as necessary for a court of equity to be confined by rules as a court of law ; but exclusive of the foimer cafe 1 have mentioned, there are two others under which the prefeut cafe conies—mis fortune and oversight. I would quote, Biack- Itone, diftl not expecft, as in former instances, to be complained of by that gentleman for it. Here, lias been one of the greateit of misfortunes ; a calamity attendinga whole community, a govern ment unable to pay its debts. Here is likewise an oversight equal to it. Is it possible for the poor soldier, uninformed, to forefee, when he fold his certificates, that they would rife to the jirefent value ? or that he could anticipate the present day, and a second revolution ? Equity, then, requires some irtode of justice, and tlxe tri bunal exists somewhere. 1 believe with my friend from Pennsylvania (Mr. Scott) that we arc the tribunal ; for equity multl exiit somewhere, lor the government is at an end. The courts of* law, and common courts of equity, have no power to interfere ; tliey cannot compel, us to mode of funding our debts. The injury cries aloud for redress; iniquity is in tlicland, and we are bound by every prinoiple of justice, to step forward, and do what justice we can. But perfect justice cannot be done, fay gentle men, and therefore we Ihould not attempt the bu siness at all. The consequences of this doctrine are fatal—they tend to a deprivation ofall courts of juftice—for there is no instance which can be adduced, where what is termed perfect justice ii reconciled to the opinions ofall, and where some objection cannot be raised. But there is no government on earth, fay gentle men, which ever interfered with aifignable con tracts. This doctrine has been both countenan ced and denied by gentlemen in the opposition. In their relation of the South Sea scheme, one gentleman told us that it did not apply, because the government was not concerned, and that it was in consequence of their agents villainous prac tices only ; another acknowledged the govern ment was concerned, and bid us take warning from it. I contend that the cafe is in point; but if there is any difference, it is in its exceeding the bounds of the present. Ihe government of England were accefliiry—the parliament of ling land received 7,000,0001. for the privilege of per mitting the company to take in the public debts —and allowed them to fund many millions on a footing not subject to their private debts ; yet after all this countenance, the omnipotence of parliament aflumed the fuprcme powers of equity —compelled coinpenfations, dilcharged debtors, and punished those who had done no more than comply with the letter of the law. This do&rine was not then novel: ill 1712 par liament interfered between the Royal African Company, and its creditors—not when the com pany was in a state of bankruptcy, but for years before. The different nations of the world, be tides, notwithstanding what gentlemen have ad vanced with refpetft to the constitution, and the impairing contrails—and the states here, have fol lowed it, have palled statutes of limitation to ac tions, although it was not implied in contratfjs. The house has a right likewise to guard againlt frauds. Public justice, he observed, has not been done ; the soldiers, the original creditors, have not been paid; they have received but 2s. 6d. and there was 20s. due them. Many ofthofe creditors, and the war-worn foldier,are pining in retirement, in the most cruel situations, and condemning the in justice of that country which, in consequence ef their exertions, are legislating here this day. If then public justice (which he contended the plan promoted) Ihould be done, public credit would follow—for justice is reason, and credit is a natural consequence of reason ; if the interest, as gentleman have told the house, is paid in pa per or not, I do not conceive that the plan would in the least affedl it. It has not injured Britain in the example before the house. Public faith, the is informed, ir>akes no diftin<£Hon ; the public faith, is pledged to the soldiery and citizens, who furnifhecl supplies. It never has been fulfilled, 2s. 6d. was not the 20s. they were entitled to. This principle was even fettled at home by that very Congress, some gentleman pay so much honor toi The soldiers were paid with depreciated money during the war ; that Congress reliquidated their accounts. A gentleman (Mr. Smith) has observed, that this plan places those who have alienated in a better situation than the present original holder, by adding the 10s. to what he formerly received. I contend that the present original creditor would not be injured, nor would thej grumble at feeing
Significant historical Pennsylvania newspapers