[No. XCII.j THE TABLET No. XCII «< In an unsettled flat, of government, property fre quently changes both its J>oJ[e{[or and its value. FROM the [Iketches contained in the two preceding eflkys, I hope the reader has been led into a train of reflexions on th» com parative situation of original andpurchajing haldeis of public securities. I hope likewise: thatth? re sult of a [fair examination of the facts will con vince an unbiassed mind;. that the different fes of creditors have sustained a proportion ot the losses, more equal than has been usually repre sented. It mult be observed, that a very con liderable part of the r<*al expence ol the late war has fallen upon individuals in such a manner, as to exclude the possibility of an equitable mode ot recompense. If an attempt were made to in demnify the facrifices, and reward the services that have not yet been taken into view, 111 the fettlemcnt of claims, it would create such knavery and discord in society as to defeat every advan tage we hope to derive from independence. In a revolution that originated in patriotic enthu fiaSin, and was conducted without fyftcm, it mult be expected innumerable diSorders will prevail, that admit of no remedy. The advocates for discrimination, between the different clafles of creditors, seem to fuppole that the public Securities are engrolled by a very tew people. It has been mentioned that the greatelt part of the public debt is in the jjolfeffion ot a bout one hundred perlbns. 1 llis iurinife is with out any foundation. There are, it may be pre sumed, not let's than twenty thousand proprie tors of our domestic debt. The outcry agamit Speculators is raised without a knowledge ot their character, or their numbers. Indeed there are some people under'fuch a mistake, as to ( uppote that brokers are the only Speculators, who hold large futns of the securities. This is l'o far from being the caSp, that a broker, lb icily Speaking, is no Speculator at all. The profits of a broker accrue from the difference of prices, at which he daily buys and fells. Cuilom has eftabliihed a djffereace at market, between what is called the buying and Selling price. This affords the negotiator of paper, a commidion that compen sates for his time and attention. If lie is a dis cerning industrious man, he may acquire by the extent of liis butineis a large accumulation of gain. But he is Hill a different chara&er from a Speculator. The broker buys for other people ; the Speculator buys for himfelf. Both charatfter- Utics are Sometimes blended in the Same per Son. The real Speculator however purchases an article to wait the event of the future market; and many persons who purchased Securities at the cloSe ot the war, have held them through all vicillitudes, and determine to gain or loSe by the tinal ar rangements of government. Some of the moll reSpedable charadtcrs in the United States are included in this description. I now proceed tothe obje<flot thisEflay, which is to enquire the cauSes that have generally in duced original creditors to Sell their certificates. The remark in my motto furnilhes the belt reply 1 can make tothe quell ion. All kinds ot proper ty fluctuated during the war, and Soon alter the close of it. Nothing preserved a liable value.— Various motives excite people tq Speculate. A Spirit of adventure is awakened. It can hardly be supposed that people had any special reasons for felling Securities, more than for felling other property. Different men entertain different i deas relpedling the future value of articles, and this indriccs one person to buy and another to fell. There is nothing mote extraordinary in the lie gociations of certificates cither with reSpeCt to 3oSs or gain, than has occurred relative to many descriptions of merchandize. —I will not pretend but some perSons may have been compelled by necelfity to alienate their Securities ; but where one dollar has been fold from that caul'e, thou sands have been Sold from other cauScs. certificates copldnpt, in many inltan ces, have been difbofed of, from neceliity. Men who have money to loan, are not commonly poor men. llie loans were, for the moll part, volun tary ; and therefore the lenders cannot make the plea of compulsion. When men could conven ientlvSpare money, they lodged it in the loan office ; and when it was more convenient tor them to acquire money they fold their certificates. It is Said that the Soldiers have been in indigent »iicumtlances, and could not retain their Securi lies till the preSent time. That Some of them were necessitous 1 will not deny. But it (liquid not be (pa~cftc iUb PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FEMNO, No. g, MAIDEN-LANE, NEW-YORK. SATURDAY, FEBRUARY 27, 179° conjediured that the bulk of the army left the fer vice,in a worse condition, than they entered in- | to it. In the late period of the war the troops were well fed and clothed. The army was com posed inoftly of young and middle-aged men, who were full of health and vigor, when they were discharged. They mingled aipong the citizens, and could ealily find employment. In such a si tuation, it cannot be conceived that they were reduced to extreme indigence. The fa<st is, it does not comport with the character of a soldier to keep loose property iu his hands. He has a li beral spirit, and distributes freely what he pof fefles. Circumfpeftion in money matters is a rare •qualification among men who feel a high degree ot military ardor. I 1 has not heen my intention to consider the queft*)|] 0 f discrimination on its general merit. I only hi 4 it in view, to convince the reader, that the relatyg situation of the different dalles of creditors xasnot foitrikingly different, as to fur nifh either vjjh a claim on government, to inter rupt the course of discharging the public engagements CONGRESS HOUSE OF-REPRESENTATIVES TUESDAY,feb. ,6, 1790. IN committee of the whole, t (, e Report of the Secretary of the Treafurv. Mr. MadiCoi, motion for a difcriminatiou {till under confideraiion. (Mr. White's $P L 'h concluded.) Mr. White then endeavored to obv» e s ome Q f obje&ions t. the measure, on a?c unt of its impra£t. a bihty ; an d, in genera terms, obi' rved, that much greater pai. been taken to fticv the impra&ieability than the injustice of j-j.. f a id > if it wa; jnft we ought to adopt it; and lie did not u t bt but the wisdom o; the legislature would be able to carry it into,^ f Purchafeis, he said had been reprelented as the fupporte. 0 f p U blic credit ; but he could not consider them in that light, heofferinga tenth or an eight part of the value ot a bond of an 'dividual, would tend rather to blast his credit, than to support it a nd would have the fame effr£l with refpeft to the public. He said he had lived long enough to be convinced w jf c an£ j great men, having the fame object in view, often diti, C( j o pj_ nion with refpeft to the means of accomplishing it: therefore every proposition ought to be treated with candor ani refpe6t. He made the observation in consequence of what palled j a gentleman from MafTachufetts had introduced his fpeec j n a manner somewhat new—with an apology for an which he intended to commit; he pursued the arguments of tIZ. who went before him, in opposition to the amendment ; but \ speech consisted principally in an effufion of approbious epithets j Some of which Mr. White repeated, and said to detail the whole 1 would perhaps fill half a column of a newspaper. He said he felt on the occasion, not for himfelf, for he had not exprefTed his sentiments on the iubje£l under debate ; but for the honor of the house, in which he thought no such language ought to be used. It had been said we came forward as volunteers ; that the ori ginal holders did not put in their claim. This might be easily ac counted for : they were generally obfeure and indigent; had too much modesty, or perhaps not the capacity, to come forward. That he believed the crowd in the gallery did not consist of origi nal holders. . A gentleman from New-York (Mr. Benfon) had objeded to multifarious proportions. He was not certain that he under stood the word ; but had never considered it as applicable to two. That the proposed amendment had brought the business to such a state, that we had the choice of two systems. In order to detei mine which to adopt, it is necessary to examine the merits of both. That proposed by the Secretary of the Treasury he considered as exceptionable; that the piopoftd redu&ion of interest was a breach of public faith ; for although it was to be effe&ed by the consent of the creditors, it would operate ascoerfion with reipe& to the original holders. He doubted not but the purchaser* would eagerly cmbrace the proposal of 4 per cent, on the nominal sum : The original holders would not—they would wait for a more fa vorable determination ; if they ever should consent it would be with reluaance, and because they find they should get nothing in any other way. The proposed disposition of the surplus levenue among the nonfubfenbers, can have no effe& : If government do lot chufe to pay more than 4 per cent, interest, they will levy :axes only to that amount. The inducements to the acceptance )f his fevcral proportions, in confidcration of the reduction of ntcieft, are all futile. Western lands to the amount of one third ! It is well known that western lands are not a property in much :ftimation among the holders ot certificate^. With regard to his other propositions, of annuities and remote payments, it mav be observed, that the proposed reduction is not ounded on the inability of the States to pay, but on the princi >le of expediency only, left taxation lhould be extended to a de ice and to objeas which it might not at this time be proper to ttcmpt. Now, what fccurity have we that the fame principles >f expediency will nor operate ten years hence ? He observed, lhat the purchase of annuities had not been prac lfed in Amcrica, and did not think it would become an object as t was in Europe. That in Europe there were many single men, vho carried their views 110 farther than their own lives, and who, is they advanced in years, became fearful ot difficulty and diftreis 11 old age : Hut thisfeldom happened in America ; there were ew without families, and the eaie of procuring subsistence rcmov d all apprehension of fuffering in old age. Befidcs, a man in 110 ft parts of the country could realize his money in iuch a mail ler as to double its value in 15 years. With regard to public opinion, he would fay nothing, as he iad no documents to fuppoit what he might advance. He might, lowcver conjecture from the operanon ot the feveial systems. If the amendment should be adopted, the taxes would be en reafed, but at the fame time rendered more eafv ; as the means ot payment would be in so many more hands. The people would ee their indigent neighbors relieved, and those who had rcndei •d services to their country in some degree rewarded. But if the plan piopoftd by the Secretary should be adoptee., he present holders ot certificates, men without public merit lowevcr refpe&ablc they may be in their private charadcrs; wu 1 iplafe. PRICE THREE DOLLARS PR. ANN be raifcd to an enviable Hate of wealth ; the people, he presumed, will very ill brook, the payment ot taxes, when they lee them ap plied to such purposes. Besides, we are told, that 5,000,000 dollars have been purehafcd in Holland ; the interest of which will perhaps equal the whole experices of our civil government Will the people approve of such £1 tribute, unless we can convince them of the justice of it ? If it isjuft, if We have received va lue for it, no doubt but we mull submit to the burden, however great it may be. Mr. Hartley laid that from the observations which have fallen from gentlemen on this occasion. he thought it his duty to give his opinion ; tho he acknowledged that the gentlemen who lpoke , yesterday had done better justice to the fubjefl than he could. He then entered into a consideration ot the nature of coiura&s ; and observed, the securities of the United States, are a fair and absolute contract; and placing the fubjeft in a political and com -1 mercial view, he shewed that an interference on the part of go [ vernment would be subversive ol all those principles, on which : every species of negociable paper is founded. He reprobated the attempting a discrimination : He fa:d the nearest and dearest connexions he had in life would be benefited by the mcafure, but on general principles he mult be opposed lo the idea. If any compenlation is to be made to the original hold ers who have alienated their securities, tome other mode mult be devised. Mr. Hartley concluded by some particular remarks on Mr. Jackson's observations. Mr. Moore supported Mr. Madison's proposition. He entered into a particular difcuflion of the fubje£fc,among other observations he said, that if public opinion was to be tairly taken, nine out of ten would be found in favor of discrimination. The ioldiers, who after the war had parted with their certifi cates, were uninformed even of the resolves of Congrels ; and it was the interest of the fpcculator to keep them inthe dark. They had followed the poor soldier, and attended at the ipot where they could the greatest advantage. Mr. Moore concluded by expressing his approbation of the a mendment, which he thought was founded on principles of justice and equity. Mr. Wadlworth said that it appeared to him the question was totally milutiderftood ; the object appeared to be to benefit the ar my ; and if this could be effeded to any fubftancial purpose, I should be in favor of the attempt; but w hen I refled that it would produce diredly the contrary eiieds, I mull entirely reprobate the plan. There is nothing further from the truth than the afTertion that the soldiers in general of the late army fold their securities through necelfity. It is true that a great proportion of the army lold their securities, but they were of that description of men who rtzver fail to divert themselves of all the property they get* immediately. He entered into consideration of the circumstances that led to the alienation of the securities : The exigencies of the country were such as made the necefiity of (peculation apparent to every body ; and, that there was great credit due to thole who in the darkest times of public affairs confided in the public faith, greatly to their own loss in innumerable iuftances : For it is a fad that the interme diate holders of public paper have iuffered much more than the original holders. He exprefTi-d his disapprobation of the term lb frequently repeated, 44 the poor soldier," as a fair and impar tial statement of fads would (hew, that the American soldiery had been better paid than any other army whatever ; and much letter than the officers : He made a statement of the actual amount eceived by the folders in bounties from the Continent, States and owns, which amounted* in the eastern States where the chief of he army had beenraifed, to 250 dollar* pr. man upon an average rom the state only. Mr. Wadfworth instanced a greatvariety of Acuities which would arise to render ineradicable the plan P'pofed. These were of a similar nature to those which Mr. and other gentlemen had Hated. M Goodhue observed, that the gentleman from Virginia, who has au oca t e d this discrimination, having acceded to the propo rtion, ' vt a contrad fairly understood between the contrading parties, w herea proper consideration was given, ought upon no terms \Vgtever to be violated,it becamethe committee to try the question by standard ; and it sometimes happens, that we are so blinded by^ifti ng c ircumftances,that by reversing the scene in our minds, we morc likely to deted an erroneous sentiment than by any othet V g Umcnt Ld us suppose for a moment, that the late war had prolonged to a degree, that the debt con traded in its profecui nnj became so enormously large, that the abilities of the United v» ateSj would enable them to pay but five {hillings in the pound, am a number of persons, who had purcha sed securities at ten (frilling* should come forward, and pray they might be authorized to call iVm the original proprietors, to re fund five (hillings of the purei X f e money—hcan any body doubt what the answer would be ? WotW they not be told, from all quarters, that they purchased upouhe contingency of the public ability ? That it might have happened that they would have got twenty (hillings for what coftthem but'nn,it has turned out other wise, they took the risque upon themfelvev an d therefore mull a bide the loss ? This has been the underftandw, which has uni /erfally prevailed, and every tranfadion ot theMnited States, rela tive to afligned securities, as well as the security nfclf, in its very lace, establishes such an understanding. Mr. Goodhue further observed, that agreeably to Us idea, pub ic credit, became a desirable objed chiefly for this that in imes when great exertions became neceltary, the public might ivail themselves ot lervices and supplies, beyond what thej may lave money on hand fufficiently to command —this was to be done Dnly by promiforv obligations, and in order to have any effed aud mfwer the purpose, they mud be made aflignable—-he then alked, f the principle of a discrimination, contended for, had existed during the late war, 01 if it had been understood, any advantage was afterwards to be taken of an afligned security, which aifign nent was legalized in the very security itfelf, what would have Deen the confeque&ces ? Would it not have put a period to our :redit and exertions ? Would not such a principle now eftabnlh :d, be an effedual bar to our future ciedit. Mr. Goodhue acknowledged, that the cafe of many foidiers md others, who from lieceffity were obliged to part with the jled:es of their public service for a small consideration, was pe :uliafly hard, and they were intitled to our compaflion and gene ■ofity. but not at the cxpcncc of our national honor and folcmn engagements The observation of Mr.Gerry, alluded to by iVI». facl Jon, was not i ultima rex regum" or " ultima lex re gum" or '• ultima lex regnum ' is has been b\ mi [lake infer ted, but '• latio regum. WEDNESDAY, FEB. 17. Mr. Madison's motion under consideration. Mr. Page said that he thought it proper to express some ideas 0 the committee upon the question, left it should be laid that cither 1 blind attachment to the mover on the one hand , or pusillanimity m the other influenced his vote—lt has been said by some pri ons that the motion is infamous, byotheis it. is supposed to be ounded on ftridjuftice, I hope a fair and temperate difcuflion vi 11 take place.—The enquiry is. wheiher v»c did not owe the
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