every great town, to Jo. If the debt fliould fell for more than par, it would be a loss to reccivc a less ium than the market price. This indeed is not to be fpcedily expe&ed. In every view of the fubk et, t!ic advantage to the creditor of making the debt redeem able ;s merely delulivc. Still it will be asked, if no good will flow from (hiking out this word, will any reiukjrom retaining it ? What is our objc& ? To establish public credit—and that is found when the stock will fell at par The price ofrUock will de pend upon the quantity offered to iale, fend the demand. In order to raise the price we mud provide means .therefore to increafc the demand ; our own market for (lock is a limited one— our citizens poifefs litile adtive property, and that little is fully employed in adlive purluits, and bears an higher interell than go vernment proposes to give ; we Anuot ex peek that a poor market will give credit to a great debt—we mull regard the great market -the trading and monied world—to qualify the (lock tor the great European market, ic mud be made irredeemable ; interell is low in Europe and high in America, but even an higher interell than fix per cent, would not compcufatc the European if the pro perty purchased wants permanency. For if he has lix per cent, ior one or two years only, the charge of inlurance agency, See. ■would reduce the net profit of his money below what he could get for it in Europe, where it would be under his eye, and fubje6l to his controul—you must give him a kind of estate, a freehold in the funds—foi so long as he fears that you will borrow money and pay off his debt, after he has received interell a year or two, he •will not buy stock at par. He will not deal in property which will yield a good intcreft, but of uncertain duration. It the debt ihould pass at par, it will be easy to borrow money in Europe— becaufethe price will be a proot of the good ilate of our credit, and nothing but credit is wanting to enable us to borrow abroad. In propoition as it may be eaf/ for us to borrow on better terms than fix per cent, the buyers will have more cause to consider the debt as an improper fubjett of their permanent arrangements. The reasons already urged will evince that if there should beadif inclination abroad to poiTcfs our (lock, it will be liable to a reduc tion of value. It is urged that the debt if it shall be fold to foreigners, will be a drain of our wealth to foreign countries. This merits examina tion ; I have already endeavored to Ihew that the debt if not fuit cd to the foreign market by being made irredeemable will pass below par.—A great discount will hold out the itrongeft induce ments to foreigners to purchase—they will buy more and for less discount will fully compensate the redemption, and thisdif count will be so much lofsto the country. If then the drain of our wealth to pay interest to foreigners, is an evil, this will aggra vate the evil. More will go out of the countiy, and less will be brought in to pay for it ;we cannot help foreigners dealing in our funds. While our debt has any value, thofc who can bed afford to run rifles *nll deal in it. But if they will buy it, let us prevent their getting it for a trifle ; let us make them pay for it. If they buy at par or near it, it may bequeftioned whether their purchases will be in jurious—baniih all doubts of your funds, and the sales will regu late themfelvcs, when our citizens can better fparethe property to buy flock then foreigners, they will buy it.—lt is bringing mat ters to the test of experience whether the money can be employed more ufcfully in that or some other way. If a man can get more for his money than flock yields, it fecins to be th interest of the nation to import money at 4 percent, and employ its own at a higher rate. This is rather making a drain of foreign property in to our own country than the contrary. It is not to be forgotten that in the competition between American and loreign purchasers, the former will constantly have the advantage—for the latter as has be n before mentioned, will have agency and other charges to pay. We may expett \herefore that the property paid by foreigners for our stock will *ielda greater profit and be more ufefully employed in the country theilock itfelf. It is true that interest will be paid to 11 rangers-—but it is deducinlc from the principles which I have endeavored to establish that the property paid by them for stock will yield a profit more than fuflicient to pay it—in that cafe as a nation we shall gain—lt is probable too that a great portion of the interest m«ncy due to foreigners will be flopped in the country to buy articles, as these will bear an advantage in Europe, but money will be fubje£t to the deduction of inlurance and other charges. If ihc purchases of (lock by foreigners should however, Rill be considered as injurious, let it be repeated that the motion in de bate furnifhes no remedy tor the evil—for the greater the discount the more they will purchafe.—Wc cannot prevent their buying— all that remains foi us to do, is to oblige them to pay for what they purchase by giving a fixed and high value to the debt. This we aretold will swell the wealth of (lock-jobbers. Thole who make a science of {peculation are gainers by the fluduating Hate of funds. To banish speculation give as certain a value as possible to your stock. My own belief is thatthefe things will be found ne ccifarv to effect this objed, a national bank,an ample linking fund, and considerable falcs ot ilock to foreigners. It is allowed that the irredeemable quality of llock fits it for the last purpose, and as the itation is well paid for it by the 19 per cent, on the capital,andwill gain more as the Hock lhall fell for more—as it lays no restraint upon the application of all its surplus revenue to extinguish the <lebr, and will not incrcafe the supposed evil of falcs of stock to foreigners, and as it will prove mutually beneficial to the nation ancf its creditors, it is iny delire that the word irredeemable may not be ftrickeu out. WEDNESDAY, MARCH 17 Mr. Smith's (S. C.) Speech on the report of the Committee on themcmotial of the People called Quakers. Mr. Smith (S. C.) laid he lamented much that this fubjed had been brought before theHoufe—that he had deprecated it from the beginning because he forefaw that it would produce a very unplea £mt difcuflion—that it was a fubjed of such nature as to excite the alarms of the fouthe? 11 members who could not view, without anxiety, any interference in it on the part of Congress. He re marked, that as they were resolved into a committee of the whole on the powers of Congress refpeding flavcry, and the Have-trade, in confcqucuce of certain memorials from the people called Qua kers and the Pennsylvania society for the abolition of flavcry, the whole fubjed, as well as the contents of those memorials, was un der conlideration : he should therefore enter into the business at large and offer forae comments on the contents of the memorials. The memorials from the Quakers contained, in his opinion, a very indecent attack on the chara&erof those States which porfef fed slaves ; it repiobated slavery as bringing down rcproach on the 4'outhern States, and expatiated on the detcftation due to the li centious wickedness of the African trade, and the inhuman tyran ny, and blood-guiltincfs inseparable from it. He could not but consider it as calculated to fix a stigma of the blackest nature on the chara&er of the State he had the honor toreprefent, and to hold its citizens up to public view as men divifted of every principle of honor and humanity. Confidcring it in that light, he felt it in cumbent on him not only to refute those atrocious calumnies, but to relent the improper language made use of by the memoriaiifts. Before he entered into the difcuflion he begged to observe, that when anvclafs of men deviated from their own religious princi ples, and officiouAy came forward in a bufmefs with which they had no concern, and attempted to di&ate to Congress, he could not ascribe their conduct to any other cause, but to an intolerant spirit of pcrfecution : this application came with the worst grac# poflible from the Quakers, whoprofefled never to intermeddle in politics, but to submit quietly to the laws of the country. He had met with a publication which came out in the year 1 775 ( at a period when the affairs of America were in a very des ponding fiiuation) entitled, " The ancient Testimony and Princi ples of the Quakers." It let forth that their religious principles retrained them from having any hand or connivance in up and pulling down Kings and governments ; that this was peculiar prerogative forcaufcs best known to himfelf ; that it was not their buiinefs to be busy bodies above their Rations, but only to pray tor the King and fufety ot their nation, that they might live a quiet and peaceable life, under the government which God was pleased tofetover them. If these were really their feiltimenis, why did they not abide by them ? Why did they not leave that, 1 which they call God's work,to be managed by himfelf? Thofc prin ciples (hould inftrtiS them to wait with patience and humility for the event of all public measures, and to receive that event as thj Divine Will : Their conduit on this occasion proved, that they did not beiieve what they profeffed, or that they had not virtue enough to pra&ife what they believed. Did they mean to rob the Almighty of what they call his prerogative ? And were they not partial ministers of their own acknowledged principles? It was difficult to credit their pretended scruples; because, while they were exclaiming against the Mammon of this world, they were hunting after it with a itcp steady as time, and an appetite keen as the grave. The memorial from the Pennsylvania society, applied in express terms for an emancipation of slaves, and the report ot the com mittee appeared to hold out the idea that Congress might exercise the power of emancipation after the year 1808; for it f«id that Congress could not emancipate slaves prior to that period. He remarked that either the power of manumiflion still remained with the several States, or it was exclulively veiled in Congress ; for no one would contend that such a power could be concurrent in the several States and the United States. He then lhewed that the State governments clearly retained all the rights of sovereignty which they had before the establishment of the constitution, unlets they were exclusively delegated to the United States ; and this could onlyexift, where the conditution, granted in express terms an cxcluhve authority to the union, or where it granted in one in ltance an authoiity to the union, and in another prohibited the States from exercising the like authority, or where it granted an authority to the union, to which a similar authorit) 111 the States would be repugnant. He applied these principles to the cafe in ques tion ; andalked, whether the conltitution had, in express terms, veiled the Congress with the power of nianumillion ; or whether it retrained the States from exerciling that power ; or whe ther there was any authority given to the union, with which the exercise of this right by any State would beinconfirtent ? If these questions were answered in the negative, it followed that Con gress had not an exclulive right to the power of manumission. Had it a concurrent right with the States ? No gentleman would allert it, because the absurdity was obvious ; for a State regulation 011 the fubjedt might differ from a federal regu lation, in which cafe one or the other mult give way : as the laws of the United States were pa ramount to those of the individual States, the fe deral regulations would abrogate that of the States, consequently the States would thus be di verted of a power which it was evident they now had and might exercise whenever they thought proper. But admitting that Congress had au thority to manumit the slaves in America, and were disposed to exercise it, would the Southern States acquiesce in such a measure without a strug gle > Would the citizens of that country tamely iuffer their property to be torn from them ? Would even the citizens of the other States, which did not poflefs thisproperty, desire to have all the slaves let loose upon them ? Would not such a ftepbe injurious even to the slaves them selves ? It was well known that they were an in dolent people, improvident, averse to labor ; when emancipated, they would either starve or plunder. Nothing was a ltronger proof of the absurdity of emancipation than the fanciful schemes which the friends to the measure had suggested : one was to ship them off the country, and colonize them in some foreign region ; this plan admitted that it would be dangerous to re tain them within the United States after they were manumitted ; butfurely it would be incon sistent with humanity to banish these people to a remote country, and to expel them from their native foil, and from places to which they had a local attachment ; it would be no less repugnant to the principles of freedom, not to allow "hem to remain here, if they desired it : how could they be called freemen, if they were against their consent to be expelled the country ? Thus did the advocates for emancipation acknowledge that the blacks when liberated, ought not to remain here to stain the blood of the whites by a, mixture of the races. (To be continued.) SATURDAY, APRIL 3. A memorial of Hannibal Wm. Dobbyn was read, praying a final determination 011 his former memorial, refpefting a pur chase of lands in the Western Territory. The Speaker informed the House that the Printers were contin ually preferring their accounts for payment for newspapers sup plied the House : He wished the House to take some order on the Subject. Whereupon a committtee of three was appointed to examine those accounts, and repoit what mode ihall be adopted rei'peaine newspapers in future. s The amendments of the Senate to the bill for promoting the progrtfsof ufeful arts, were taken into consideration, and agreed to by the House, excepting one, which related to the inverting the Judges of the Supreme Court with a power to determine the com pensation which persons shall receive fortheir invention;, &c. A metfage was received from the President of the United States by his Secretary, informing the House that he has aflented to the ast for preventing the exportation of goods not duly infpefted according to the laws of the i efpeftive States. A meflage was received from the Senate informing the House that the ast for accepting the ceflion of the claims of jj. Carolina' to a certain diftrift of Western Territory—had received the assent of the Prciidcnt of the United Scales. Mr. Vining moved for leavr to bring in a bill for amending the ast for establishing the Executive Department of the Secretary of State, lo far as to enable the Secretary lo keep the foreign and do meftic branches of bufinef's dillinft. and to appoint achi?f Clerk 10 each, See. This mot ion introduced a dcfultory conversation. Some amend ments were offered, and debated ; hut it was finally negatived Mr. Sherman offered a rcfolution to the following purport':— -410- Tlut tlit Sccrct«y of Sui.e beautTiorif d to appoint an addit'n Clerk, in bis olficc, atafalary of Bso dollars, wlncli was agreed t »nd a committee appointed, to bring fin a bill purfuam thereto I Several petitions were read,and laidcn the table. Adjjurned MONDAY, APRIL y. Sundry petitions were read, and referred to the Heads of Departments. In Committee of the whole. Mr. Liverniore in the chair. The bill for farther fufpendingcertaiu cla«ic* in the Collection Law, was read—and taken into confederation—Some amendments were proposed but not adopted—and the bill paiied to be en' grofled. The bill allowing coinpenfation to John Ely for his services as a Surgeon to the late army *a s ' read the second time, and debated. ' Mr. Seney observed, that Col. Ely had made application to the late Congress, and he umler ftood a report was brought in. He wilhed that the report might be read. Mr. Wadfworth said, that it was true the report of a committee of the late Congress was brought in ; but not adted upon—that report was miilaid or loft—it never could be found—and there not being a fufficient number of the States to form a Congress at the subsequent, orlalt meeting, noth ing was ever done. Col. Bland, rose for enquiry : He wiflied to know if the state of Connecticut had not fettled with Col. Ely, as Commander of a Regiment in the pay of that state ? If it has, he conceived it would be a dangerous precedent to pay the gen. tleman in both capacities—it would be paying surgeons at a very exorbitant rate indeed. Mr. Matthews and Mr. Burke were in favor of a generous coinpenfation. They gave an account of the extra services of this gentleman. The former observed, that the enquiry was, whether the services were neceflary to be performed—and whether they were performed—that they were neceflary is abundantly apparent—and such evi denceexilts of their having been rendered, thatl presume 110 gentleman has any doubt 011 his mind. It therefore is of no consequence by whom they are performed—their being performed, entitled to cooipenfation. A gentleman has enquired, Wlietherthere was no other surgeon among the prisoners ? At the time now referred to, there was 110 other—andat a moment when the officers were very generally sick with a fever, which at that time prevailed, and his credit was so low that he could not pro care ahorse to vifittliem, lie has walked 25 miles a day. The United States must have supported a sur geon—and in paying this gentleman there will be a laving, as it is notpropofed to allow rations. Mr. White moved that the fpecified sum ftiould be Itruck out, and leave the l'um to be allowed, blank. He afterwards moved to strike out the whole clause. Mr. Matthews was opposed to the motion—also Mr. Burke, Mr. Jackson, and Mr. Sherman, who entered into a particular consideration of the cafe. Mr. Hartley was opposed to the motion. The merits and pretensions of the petitioner justly en titled him to compensation. Mr. Boudinot faidhe had 110 doubt of the ser vices having been performed by Col. Ely ; but he was oppoied to the bill—he did not think the mode the propet one. If he has an account for services for which he has received no compensa tion, the regular way would be to apply to officers already appointed to determine on luch accounts. He was therefore for (h iking out the furn, and filling up the blank with alefs sum than the full pay of a surgeon—or else to refer his application to the Auditor of the Treasury. Mr. Wadfworth: The gentleman is for refer ing to the Auditor, and yet has stated the reafoas why he cannot get juitice from that quarter. The Auditor can make no allowances on ac counts but agreeable to existing laws oftlie United States authorizing him. This was evidenced in the cafe of Baron Glaubeck. He then adverted to the particular services of Col. Ely, andfaid,he hoped theclaufe wouldnot be stricken out. If he is to be compensated, it mult be in this way, by virtue of a special law for the purpole. Mr. Seneyfaidhe was opposed to any law wliich was to suit the cafc of ail individual only. If a general law, to reach the cafe of others, fimilar -1 y circumstanced, fhouldbe brought forward, he would not ebjecft to it. Mr. Clymer was in favor of the motion for striking out, and greatly doubted, he said, the propriety of the bill altogether. Mr. White said he doubted generally the au thority ot the House to make provision for pay ment of demands which existed during thfc late C ongrefs—efpecially as there was fufficient time for an application to them, and an application was in fa (ft made in the present cafe. i he motion tor striking out the clause was car ried in rhe affirmative. It was then voted that the blank be filled with " 1 hirty Dollars pr. Month." Mr. Stone proposed a clause entitling all other officers, finiilarly circumstanced, to the like al lowance. This was withdrawn, to admit a more
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