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