certainty 6 per tent. for a munber ©f years, on the termi of the loans for a partial reduction for 10 years,and alefs interest on the arrears of interest then due. This was certainly a full and generous equivalent, and the only advantage gained by the public, was a modification of the debt, by which the burthen would be divided, and the increafcd number of citizens during 14 or 15 year*-, would bear their proportion of the cxpence of a war, in the benefit of which they so effpntially participated. At the time of fund ing the public debt the irredeemable quality was confidcred as a full equivalent, and a compliance with the public faith. Mr. B alledgcd that he was then a public creditor, and confidcred it in that point of liglvt. He was a creditor that had a fight to feel a loss as mud? as any man.—He creditor of 177 ft, when the army could notoe lent to Canada without hard money.— He was a creditor in 1777> when the prisoners were perishing for want of food and cloathing, and the government could not furnifh a iingle suit, or a tolerable supply for their extreme dif lref«.—He was a creditor of I 77&» w hen at the Valley Forge, the tracks of the ioldiers were marked with blood for want of shoos, which he coile&ed in different parts of the Hate by his own exertions, and at his own expence without ft cor reward; and was not repaid till 17 79.— He was a large creditor of 1779, w^ien Cungrefs lent to all parts of the Union, earnestly calling on the friends of their country to come forward with loans for the public exigencies ; and he was a creditor as an officer of the army, in which lie had Curved. Under this view of the fubjed Mr. B. acknowledged that he had entertained great jealoufies,left foipic other end was aimed at by the pre fen t resolution, than the ostensible one ; this was raised when he heard gentlemen found the success of the resolution pn the tarings made • by the funding system, when those gentlemen had for years pall been continually reprcfenting that system as founded on an extravagant « afte of public trcafurq.,: TKat th* j/redeemability of the 4ebt was a tax on tne government, which ought never to have been admitted, as monies might have been loaned at 4 per cent, and by that mwans one third of the debt saved to the union : What ideas then must we form ot a re solution calculated to raise the hopes of the me moria lifts, which in the end would certainly turn out a mere Pnadow and worse than a Ihadow; this really was trifling with the complaints of our fellow citizens. There had been 110 favmgs, the creditors who had poffefllon of the public contra<fts,had received a full equivalent for their demand by their own free content, at 20s. in the pound; where then was room for a demand on the government for any saving ? If there was a foundation for a claim, it mntl be against the poflcflorsof the certificates, but however just it might be, it was merely illusory to form the re solution on principles that had no existence. The loffesfuftained by the line of the army, were not peculiar to them as creditors of the United States. All classes of citizens who had generously advanced their money for the support of this very army in food, cloathing, arms and ammunition, as well as (hat of the government itfelf at home and abroad, had been equal fuffer ers, without the emolument that the army had received, in the most distressing times of the war. The army had been a refuge for many gentlemen driven from their homes, while other citizens were obliged to wander for a consider able time without employ or relief. Ke conti nued his observation* to other citizens who had fuffered during the war, and particularly men tioned the fufferers at Falmouth, Charles-Town, New-York, Norfolk, York-Town, and South- Carolina, as those who were of the firft class in the United States; as also the aged, the widows and the orphan creditors, who had fuffered with out receiving any advantage whatever from the public bounty. Mr. 13. :hen proceeded to consider the practi cability of the measure, fuppofmg its equality and just ice to be fairly established. As the appli cation was now founded on the savings on each mans individual certificate, the principle equal ly reached every public creditor.—Suppose then A.8.C.8. and E<rece ; oed their certificates toge ther ; A. fold his at 6/"8 in the pound to raise a tapiral to purctauc public'lati3s, which at one time in this city fold at 6d. per acre. B. fold his certificate at 2/6 in the pound, tofave a wife and children from starving. C. fold his to raise a capital to go into the speculating line. D.fold on one day from necessity, but replaced it the next day and kept it, till the funding system took place, and then fold at 20/. in the pound, while E. having confidence in the governmeut, and not under a necefiity of felling, funded it un der the present system. How could a discrimi nation take placc here, or would it be fair equal ly to remunerate all these original holders ; but suppose some had fold at 20f and also had recei ved all the emoluments of the Pennsylvania line, where would be the deftributive justice of the measure now proposed. If you extend this doc trine to the public at large, it will ap pear in a strong point of light. It is well known that the common practice of the government during the war, was to ifiue certificates in fictiti ous names, the names of clerks in office, of heads of departments, or otherperfons, merely to make them anfvver the purpose of a paper currency : As they were payable to bearer, the name was th'#ng;ht to be material. The person do ing the service or lending his money, received thele certificates, and was really the original holder, yet the face of the certificate spoke a different language. In this cafe a difcriminati -011 would be impossible, and much the largest part of the public debt, was contracted in this way after the war was over. Many debts had been paid by merchants and others to their fo reign creditors, and others in certificates at their nom. i.'l vaiue, and .11 other cases individuals hf.d failed, and the loss wholly fallen on their creditor 3. Mr. Boui'.inot carneftly contended that the cx pence of a difenmirmtien would exceed the reve nues of the United States. The nature of tranf ferable flock, which i» designed to operate ascur rent monct, furoids the idea ofa difcriniination, and oil (iU jlic credit must necessarily fail if such a doolrnie was to prevail ill the finances of the union. This was a very serious and important idea, worthy the attention of the applicants, who certainly were interested in the pnblic weal, The right, of freemen to dispose of their own property as they please, was involved in the question ; for if the government was to make up every loss ou a transfer, then it ouglit not to be made withour their consent. Mr. Boudinot hoped he would not be.under flood to deny either the services or the fu(Jer ings of the army; but he alledged the proiuif ed reVompence was given, which had ferrtd With all the legal and equitable rig*, t$ the holder who had received from government the full value, and therefore no further demand eitb.tr in law or equity remained againll ihe go vernment. The negotiable quality was apriuci pie in the securities infilled on by the army, and which they had exercised as they chose, for dif ferent purposes, and from different views. He acknowledged, that the generosity, benevolence, and humanity of Congress had been addressed : To this he answered that they were but ftewirds cf the people's property, tor which they vera aufwerable. That they were not sent here to fliow their generosity; it wa9 to do jtiflice, and that not to one clafa, but to every description of citizens. He knew of but one rule for every citizen of the U. States. They were all equally represented in that houfc—but at all events it bccamethem tobejuft beforethey weregenerous. Mr. B. allured the house that he had taken up so much of their time, fcecaufe he found that 119 one had come forward fairly to meet the quefti on,and he had too great a regardfor the njemori aliltj to wish themtogoaway under,the ideathat any thing had'oeen refufed to them tvhich ought in propriety to have been done. At any rate he had Oindidly aad above board given of his vote on this important occaflon, which would be a;;ainfl the question prop'ofed by the gentleman from Virginia. The following are the Refoluhons mvved, -and the fubjiance of the remarks and calculations nade y h Mr. Giles in the Houje oj Reprefcntdtives on iVedneJdax lujl. I now iubmit to the confederation of the house certain resolutions, which I hold in my hand; and after leading which, I will p*oceed 10 mention the' rcafons, which have influenced me in moving them ; the resolutions are as follow : Resolved, that'the President of the United States be requested to cause to be laid before this House, copies of the authorities under which loans have been negociated, pursuant to the a&s of the 4th and 12th of August 1790, together with copies of the authorities dire<Sting the ap plication of the monies borrowed. Resolved, That the President of the United States be requested to cause this House to be fur niflied with the names of the persons by whom, and to whom, the refpe&ive payments of the Frcnch debt have been made in France, pursu ant to the a6b for that purpose, fpecifpng tne dates of the refpeftive draughts upon the com miftioners in Holland, and the dates of thfc re fpe&ive payments of the debts : A similar state ment is requested, refpedling the debts to Spain and Holland. Resolved, that the Secretary of the treasury be dire&ed to lay before the this house, an ac count, exhibiting half-monthly, the balances be tween the United States and the bank of the United States, including the several branch banks, from the commencement of those insti tutions to the end of the year 179 a. Resolved, that the Secretary of the treasury be dire&cd to lay before this House an account of all monies, which may have come into the finking fund, from the commencement ©f that inilitution, to the present time, fpecifying the particular fund from which they have accrued, and exhibiting, half yearly, the sums uninvest ed, and where deposited. Resolved, that the Secretary of the treasury be dire&ed to report to this House the balance of the unapplied revenues, at the end of the year 1 79*» fpecifying whether in money or bonds, and noting where the money is he also make report of all unapplied revenues, which may have been obtained by the several loans authorifedby law, and where such monies a re now deposited. r-b Thcfe resolutions have grown out of thfc em barraflVnents I have met with, in attempting to comprehend the report 0$ tnefecretaiy of the irealuiy, made ;n pursuance; "of an order of this ho'lie, of the 27th of December 1792, exjjibit r ing fuudry ilatements refpc&ing foieign loans. Thtle embarri»ffine»»ls have increased in pro portion to the attention which I have bestowed on the fubj< ft ; and a number of official papers to which I have had refeience tot information; instead of elucidating ft em rathefuo oblcurethe ei.qu.iy. To obtain neceflary information there l6>e is the objet* ol tl>cfc resolutions, and no one con doubt the immediate applicability this in tor (nation to a bill now lying upon your ta ble, tor the purpose of reirnbuifjng the loan of 2,000,000 of Uollais made ol the Bank of the Lniied States, by opening a new loan for that sum abroad, and by changing the application of the like ium already borrowed and appropri atcd to the difcliarge of the debt to France from its original defoliation, to the iiif» charge of the<ieht to the B<\nk. The hti\ resolution has anfen from that pait of the printed report of thcfccrctary of liic trea sury, which exhibits the terms upon which va rious loans have been made abroad, but neither pre'ents the pt cafe authorities under which thofc negocia'.'.ons have been made, nor the precise amount ol the sums borrowed lor the fparate and diUm£t objects ol the two a£ls mentioned in l.he resolution. Aupihcr reason has more strongly suggested the propriety of calling !or the information re quelled by this resolution. The b>ll now upcu your table which has been before alluded to, contemplates the whole of the monies borrow ed abroad and now on hund, as being originally 278 appropriated to thedifshargeof the Trench deht, and proposes to change the orig.nal dell,nation of these identical monies and the reason ani<*n ed for this mea-fure has been the unfctilcd Hate of affairs in trance. In the printed report, the Secretary or the T.eafury,remarks that the fame monies arc ap. plicalilc to tire finking fund. It appears Hrange after express and dift'n£l appropriations by taw, that anv mifunderftunding relative to this ohirft, rfionl'd cxift, and the information called lor may poflTMy explain this teeming contradic- 'I'he fccond resolution has anfen from that pa*t of thr printed report marked B. and which exhibits the payments made to France, but does not furnifh the names of the persons engaged in those negociations; nor docs it present to view the length of timt those peifous have bicn p»f fciTed ot the public monies bv stating the dates of the refpeflive draiijjhis in Holland and the dates of the afiual application of the monies to the discharge of the debt, and it is evident that from the timrsthc loans are refpeflively created, to the times of the actual application of the mo nies borrowed, the United States are paying the usual interest upon the debt intended to be le deemcd, and the stipulated interest. upon .he mo. nies borrowed for the redemption.—This re- mark is equally applicable to the payments of other foreran debts with the payments of the debt to Fiance. The third resolution has arisen from calcula tions drawn partly from the iali page of l he printed report, and from the original Bank book of the United States, from which it appears that the balances in Bank in favor of the United States, were as follows n Bank Philadelphia, 30th May?) 1792, and 16th June fame year V 676,959 55 in Branch Banks, ) 79?, June 30th, in all Banks in the United States, 555« 2 7 l 22 July 28th and 31 ft in do. 511*423 91 August 25th, 30th and 31ft, 1 ' in do, — . . • I 'Z7~O. ~ ' On the Hrfl of June, a loan was negocwited yith the Bank of the United Slates on the pait of the United States tor 100,000 dolls, at 5 per cent, per ann. On the firft of July another lo«m was made upon the fame terms for the like sum. On the lft of August another loan was made upon the fame terms for the like sum. On the lft of September another loan was made upon the fame terms for i!ie like sum. It appears from the last page of the printed report, that there had been drawn intoAmcrica from theisth of December, 1790, to the 27th of January, 1792, of the monies borrowed abroad, the sum of 2,663,621 florins, 2 stivers, and 6 deniers. If this sum were unexpended and lodged in the bank at the times of making tbefe loans (and Congress have never yet been informed oT any deficiency of revenue) the United States will of confluence have paid upon the monies bor rowed from the Bank of the United States, from 15 to 17 per cent, per nun. to wit, they will have paid 5 per cent upon the original debt to France, 5 per cent, upon the monies borrowed for its redemption, exclusive of douceurs and other charges, and 5 per cent, upon the sum borrowed of the bank, which may be deemed pact of this dcpofit made in the bank by the United States. But even dticarding these inferences, it mult be admitted that the United States have been pay ing 5 per cent, upon a loan made of the bank, when a greater sum than the loan made, has been at all times depofiled in bank on the pait of the United States. It is here to be remaikcd, that a balance of caih is admitted, by the Treasurer's return, to have been in his hands 3111 December, 1790, amount ing to 973 342 dolls. 43 cents, and in July 30th, 1791, the fuin of 582,189 dollars, 54 cents. I am informed that bills are often drawn in favour of the bank lor monies in the hands of the revenue officers in distant parts of the United Statfs, and that credit is entered in the bank book upon the receipt of such bills, although the monies may not a&ually be in bank for some time after the credit i* entered, and hence jt is inferred, that the bank book does not conclu sively (how the real sum in bank—not to men tion that such bills answer all the purposes of cafb, and ought theiefore to be credited upon the receipt of them. It is to be remarked that theie is a regular and continual influx of monies into the bank by the operation of chefe bills.— »It ismotvery material Whether a biH lodged in bank to-day, should be paid to-day, provided fornethiug like the fame sum (hould be paid in consequence of a bill lodged in bank one or two months ago, and the bill of to-dav, should be paid one or two months hence. The following flatement will, in some incafure explain this idea, by exhibiting half-monthly the balances of public monies in all the banks, about the mid dle and end of each month; beginning with May 1792, and ending with December of the lame year. D >lls. Cfs. 1792. May 340,322 11 duto 33**1'6 35 June 776,107 65 ditto 52 3,272 22 J ll, y 54**6,57 13 onto 421,426 91 741-47° *0 ditto 740,903 8 September 695,302 23 ditto 367.961 25 October 458.805 52 ditto 473«388 99 November 681,250 9 ditto 811,212 51 15th Decora. i,0a0,6i4 • 73 Do. 22d and sth January Uft re- C 790,642 11 turns, \ The fourth resolution has afifen from that pan of the printed report whieh remarks that the rejidue a/ the sum drawn from Holland, amounting 10 1.668.188 d011.!,s 27 phcabtc ta the pur chafe of the public debt. It is known that the sum ol 1,374.656 dollars 40 cents, being the furpius of the revenue up to the endlo; December 1790, was originally appropri ated to the finking fund ; t | l-t t |, c fur pi us of other appiopriations have been applied to this fund, and that the intereil of the debt purchased has alio been wholly appropriated to its in crcafc : Xt is also known, that between 11 and 12 hundred thousand dollars, and no mi the original appropriation, have bem verted in the purchase of the debt, it i, lh ' \ somewhat unaccountable that f.» U,. r ' , ~668,.88 dolU,, fho.ild b e drawn in, loans abroad when Ihe linking fund ha, ,7 overflowed from domcilte rcfo Ul{<l Jnd . the probability of pu.chaGn,; i, r*,' reintl *' fened by llie rife in the price of vtpr , \ limitations of the last ast of Cnn E ,M, ' fuhjefl. It would not be deemediTc ' mical arrangement to m„ke a 1,.,,, of so , 01 fumof money upon terms by no means ho ' e bte or advantageous, and' appropria,, u purchase of (he debc it«der |, m , Ul , onl * would forbid us invelliiure. The inlorm called for in tins resolution may poflibly tnelc difficulties. 7 The &hh and last h« ,„r n , th«t part of the printed report 'pa gl . , l() , !' Hates the whole fuins drawn from amount to 2,304,769 dollars, 3 c<n:s . b " ther immediately presents to view -he bal on hand, nor informs whi re that balance ii" posited. It appears by the bank book lhat ' whole deposit of the United States ,„b, nk this time, from aH rtfourjes, amountsio 700 f dollars 11 cents, I ence it will appear t>o™ ffatemcut partly conjeanral, and partly | oailt upon the ftaiements 111 the primtd rrpor- , some official documents, that >.554,853 d'oll and 43 cents, remain unaccounted tor, as v appear from the following account : Sums which ought to be in the treasury- Whole monies drawn from HolO landas dated in print- repo. p. j. 2 >3°4,7 Deduct paid for St. Domingo, as > stated in ditto, 455,2 Dolls. Cts. Leaves a balance j g®, Deduct to Foreign officers,if paid '191^ Leaves a balance of 1,668 : Add surplus of finking fund, J ' con j eel lira I, A4d iorplus ot revpnne cS uuj, ;> reported at 8' Whole amount Dollirs 2,345,4 Sums not taken into this estimate i—Fu any monies not paid of the 191,316; due foreign officer* : Second, so mu«h mroiei bank as arole froni the revenue*: Third, I receipts ef the current year. D«. From this aggregate sum of 2,345,49] D:duft in bank 793,643 Balance not accounted for 1,554,85^ In this last eftiniate cents have not be taken into calculation, which makes an considerable variation in some of the sums. Another circnmthiuce appears foinewl fmgular ; In the printed report 2,986,013! rins are stated to have been drawn from H land in the year 1792. In the bank book appears from the lift of bills- drawn, tl 8,695,137 fiorins were drawn for in the si time. This difference I presume may adi of explanation, probably from the manner this business, or from Tome caf mistake. It deserves however to beexplain It appears from aiwrter~ltaiement m; up to the Ift of April, 1793, that there oui to be at that time a fufficient sum of mot in the treafary toreimburfe the loan of t millions to the bank, and to answer all tb ther purposes of government. Treasury Dr. April ift, 1793- Balance of foreign loans Surplus of finking fund,conjeft. Bonds payable in Dec* 179 2 Do. Jan. 1793 Do. February Do. March Surplus of revenue of 1792 All the revenue of the current year, estimated at 1,000,000 These sums make the sum of Treasury Ci\ Debt to bank, if paid, 2,000,000 One quarter's interest toApr. '93 700,000 Bonds payable in Dec. if applied to the lad quarter's interest One quarter's expences of army "•ao4foverflmcnt, cftimateti at 400,000- Deduct this sum from Balance in favor of the treasury, if the debt to the bank be paid 664,265 The papers from which I have collefl these ftatiments may lie deceptive in thei selves, or may be subject to explanations fr ( others.—Candor, however, induces me to. knowledge, that impressions rel'ulting f« my enquiries into this fubjeft. have been ma upon my mind, by no means favorable to! arrangements made by the gentleman at t head of the treasury department. But I il> keep myfelf open to conviction in cafe oil fufficient explanation which may be hereal given, and 1 now avow that my acknowlei ment of millake (hall beat lealt coinmenfur' to any conviction produced. I cannot help remarking, before I fit o°" that we have been lcgiflating for some ? e ' without competent official knowledge <>' (late of the treasury or revenues; in the con of which time we have bec» engaged in moll important fifcal arrangements, tha have authorised a loan of the bank of t e nited States for more than 530,020 do a when probably a greater sum of public mo wjis deposited in the bank ; that we - pa(Ted a vote this session authorizing a 11 r loan for 800,000 dollars, and that we * upon the point of authorizing a lo»n a for 2,000,000 dollars, without knowing extent of the authorities at present exi for borrowing, the amount of monies on ' in confequencc of loans already made, 0 application of tiie monies which may • been used ; and I conceive it is no« that this information be officially laid this house. , ■ "The above refactions wore a?reea Dof. C t,668,182 4-)0,030 460,126 129.332 87,057 232,447 277,3° i 4,224,389 460,123 3,562,126 4,224,389
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