we ££ ob, A 2A DOD res w Err ELLIS PSS FEET SSE ESR rL _ PUBLIUED WEEKLY BY A iN 1LEXANDER HAMILTON, & rrr sre FFI EETISOEGTL ETT IT FPP L LLL EILLI LIE LL LLL EL ITS CTT SLL FE DE ETT SLE TRESTLE Vor. I a pint Col ie 2 - ee ra ” CONDITIONS, The American Parriot avery Saturday, and (orwarded to subscri- hers by tae earliest: opportunities. The price is two doilars pcr annum, exclusive of postage 5 one haif to be paid at the time of subscribing, and the residue at the ex- piration of six months. No subscription shall be than a half year ; nov shall be at fiberty to discoutinue Lis paper unti all arrearages are paid off. The failure of any subscriber to wotily a discontinuance of his paper, will be considered as a new en ragement "Those who St must pay the whole they wiil be contued for the year. Advertisements, not exceeding a square shall be inserted t times tor‘one dol= lar, and for, every subsequent twenty five cents ; those 0 ia proportion " shail be published » taken for less anv subscriber [as ihseribe but for six months, in advance ; otherwise 4 arec f greater length Cott ae NATIONAL DANK & PUBLIC REDIUT xa fn the House of R 0 : Uniteds States, tac Natiopal Bank bill, af- ter having been amended, re-amended, and discussed until the subject was nearly ex- re a insertions mises at this time, “an instrument to raise money, A 4 1¢heclaim for Treasury «notes, mresentatives of the em was ‘ound, that the treasury notes (only requiring, indeed, aj cash payment at the distuiice of a year) to whomsoever they were issued at the Treasury, and almost as soon as they were issued, reached the hands of the collectors in payment of debts, dutics, Jand taxes : thus disappointing and defeat- ino the only expectation of producive re- venne. ; Under these circumstances {which I had the honor to communicate to the committee of ways ‘and means) it became the duty of this department, to endeavor to remove the immediate pressure from the treasury to endeavor to restore public credit, and to endeavor to provide for the expenses of the ensuing year, The only measures that oc- curred to my mind, for the accomplishment of such important objects, have been pre=- sented to the view of cond tess The act authorising the receipt pavment of subscriptions fo a public loany was passed, I fear, too late to answer the purpose for which'it was designed It pros little! relief, either as or to absorb which are daily becoming due. Trom this cause, and from other obvious causes, “dend ‘on the other funded debt, has not been SATURDAY, DECEMBER 17; 1814, ¥ IE = of treasury notes in. Merit the divi- } > LAN Ab : od LLEFONTE; (Pa.) NEXT DOOR SOUTH. OF THE BANK. PILATE E IIL TEETI So SSE No. 4 x present class of creditors, than by the man- lieved deprive the government of every ner of conciliating the favor of a new class* chance of raising money in any other ane With these explanatory remarks, Sir, I DOS: : Hu proceed to answer, specifically the ques- rr yi . é pe Be a i FIT ITLL E FP PILE LIL IIS ELLL TSS SASSI INES SSL ELSE ET ES FPF IT 2 TTI IIIT SILLS EE For \emi A F his. 3 ¢ i 2d Iam of opinion that it will be ex+ tions which you have proposed. tremely difficult, if not impracticable, to 1st. Iam of opinion that a considerable .get 44 millions of treasury notes, | form. issue of treasury notes, with the quality of ing, with six millions of «peciay the cupital being receivable in subscriptions to a na. tional bank, will fave an injurious effect without depreciation. bs upon the credit of the government; and al~ Because, if the subscription to - the bank so upon the prospects of a loan for 1815. ; becomes an object of speculation, the treas Because it will confer gratuitousiy, an +8ury notes will probably be purchased at advantage upon 2 class of new creditors, o- ver the present creditors of the govern- ver pass into circulation atall. = | Because whatever portion of the tres ry notes might pass inte circulation would ment standing on a footing of, at least, equal Because it will excite general dissatis- faction among the present holders of the public debt : and general distrust among the capitalists, who are accustomed to ad- the subscriptions to the bank, after arts had been employed to depreciate their value. Because it is not believed, that in the pre vance their money to the government, sent state of the public credit, 44 “millions Because a quality of ‘subscribing to the | National Bank, attached to ‘Treasury notes, exclusively will tend to depreciate the val: at SA, 1 Ys Laity Aig har dl 31 ae 3 spe lation. The only difference between the | 5 Ed ; 3a i yu Tiga Te aa 1 i {reasury notes now issued & dishofiored, & of a national Bank] into circulation, with of gr sug’ the treasury, and at the loan office, and ne-"' be speedily withdrawn by the speculators in ‘ » 4 of treasury notes can “be sent into circu $7 those proposed to be issued, consists in the © hausted, was on the 23d ule yecommitted subscribable quality : but reasons have Atel ¢ On the 25th: the ve of all the public debt, not possessing that | to. a sclect committee. | ¢ 28th t punctually paid ; a Jarge amount of treasu- : and whatever depieciates the val. y chairman of the cominittee reported the, bill w ihout amendments 4nd laid before the” house the annexed letter from the sccrotas= vy of the tycasury. The hotse! alter spen- ding the whole day that it should not be read a third time! or in other words, that the” bill should be'res jected. hd ak aad 0 ank. Refios. Treas Sir—1 have the houor lottery requesting, for House of Representa- (ives, an opinion on the following enquires. 1. The effects which a considerable 1s- sue of treasury notes, with the quality of be- ing receivable in subscriptions to a national Bank, will have upon the credit of the go- vernment ; and particularly upon the pros- of a loan for 18135 ? The practicability of getting 44 mili ons of the treasury notes (forming, with 6 miiilions of specie, the capital fora national Bank) into circulation without deprecia- tion ? y D hartménts Aov. 28, 1814. ¢he feceipt of your 2 crmmittee ol the pe cts lo The enquiries of the comrhittee ~canhots be satisfactorily answered in the abstract but consi red in connection with the st: of our finances atid the stale of the public credit. When I arrived at Washington, the trea | sury was suffering under every kind of em- barrassment. The demands upon it were oréat in amount ; while the means to Sa-= tisfy them, were comparatively, small ; pre- carionsin the collection and difficult in the application. The demands consisted of dividends ‘upon the and new ‘funded debt ; of treasury notes, and of legislative appropriations for the army: the navy, and the current service ; ail urgent and impot'- tant. The means consisted, 1sty of the'frag- Slat of hn authority ‘to’ borrow MONEY when no body was dispose ‘3 (9718 1 to lend, and to issue treasuty notes, which none but ncces- ors in distress, sitous creditors, or contract or commissioners, qaurter masters and navy as it were officially, ssemed 9d, of the amount of through the United southern and een rendered i accents, acting willing to acgept bank credits scattered States, and particularly In the banks, which had b pee, uselessy by the stoppage specie, and the consequent of transferring the public Jace, to meet the public en- place. And 5d, of Le current supply of money froon the im- tem: 1 (ties, 971d from the gales of public lands, ¥ hich eased to be a foundation of any rational e7stimate ori res serve to provide even for the, dividends tie. funded. fhebs when it western in a great dc of payments In impr cticability funds from one | gagements in another S t posts ; irom on on.the billy decided. the public credit. té acknowledge” ry notes has already been dishonored 3 and Ale hopes of preventing any’ further injury ‘and reproach, in transacting the business 0 the treasury, is 100 visionary to afford a mos men’s consolation. + “The actual condition of the treasury, Public credit depends The usual the value of essentially on public opinion. test of public credit, 1s, indeed, the public debts “I'he facility of borrow money is nota test of public.credit 3 for a faithless government. like a desperate indi- vidual, has only to increase the premium, ing according to the exigency, 1n order to s€- cure a loan. fested in every formyand in every direction hardly permits us at the. present jnncture Thusy-pubiic opinion, mani- ‘to speak of the existence of public credit ! and yet, it is not impossible, that, the govs, ernment, in the resources of its patronage and its pledges, might find the means of; tempting the rich! and the avaricious to supply itsiimmediate wanis : “Bat when the wants of to-day are sup- plied ; what is the new expedient, that shall supply the wants o a charter ol incorporation, it may {to morrow 2, Ifit 18 NOW then be'a grant inland ; urable tracts of western wild, would but after all, the immeas he exhausted, in successive efforts to. ob- tain pecuniary aids, and still leave the go- vernment necessitous, unless the founda- tions of public credit were re-established 4nd’ maintained ! In the measures, there- fore which it has been my duty to sug- gest, I have endeavoured to. introduce a Permanent planfor reviving the public cre- dit, of which the facility of borrowing mo- ney, in anticipation of set’led and produ tive revenues is only an infident, although it Is an incident as dursole as the plan itself. The outline seémed to embrace whatever was requisite, to leave no doubt about the power avid disposition of the government, in relziion to its pecuniary engagements ; to Jiminish and not to augment, the amount of public debt in the hands of individuals : and create general confidence, rathér, by he manner of treating the claims ef the f thus plicable to investments in the public stocks deséribed will serve to indicate the state of has already in a great measure, been so quality ue of the public debt in this way, must ne- ready been assigned for an opinion that this cessarily impair the public credit, i "Because the specie capital of the ¢’tizens: U. States, so far as it may be deemed ap- in the cxperimeit, as seems requisite to sore of the most interesting objects of the government. : aay ; the holders ot the present debt 3 vested différence does not afford such confidence » justity a reliance upon it, for accomplishing I must beg you sir, to pardon the ‘hasté will be enabled to become subscribers tothe in which 1 have written these g neral an- swers to your inquiries. . But knowing the importance of time, and feeling a desire to. “ayoid every. appearance of contpibutiig fo to the loss of a moment; 1 have chosen rathe er to rest upon. the intelligence and candor Bank, if that object should, eventually, | ‘prove desirable, without selling their stock at a reduced rate, in order to procure the whole amount of their subscriptions in trea- , sury notes: and a general depreciation in : : . , es 2. vas, Of the ittee to enter the value of the public debt will inevitabiy Tomimniiiee, than fo enter upon a move laboredrigvestigation of the subject referred to’ me, ™ ensue. Because ‘the vety proposition of mak- notes, “Shave the honor, &¢. HUA DALLAS, Wu. Lowspis, Esq. ing a considerable issue of treasury even with the quality of being subscribable to 4 national ‘Bank, can only be regarded as an experiment on which it scems danger-, ous to rely, The treasury notes. must be 58 — sind a purchased at par; Ww [When the motion was made in the of creditors must bs created ; it may, or it ith money; a new. set. house to printithe above letter, 1t was op» may not, be deemed an object of specula- posed by Mr. Fisk of New Fork, and fost. tion by. the money holders, to subsciibe to He said the committee fo Which tie “letter the bank : the result ot the experiment - cannot be ascertamed, late to provide'a remedy, in the case of fail- ought. not io “be puinted.. It conveyed ure ; while the credit of the government : ; ; ; truths relative to our treasury too humile will be affected by every circumstance : which keeps the efficacy of its fiscal o” iting and: portentous tobe made known peraions in suspense or doubt. to the public, by which course they would | Because the prospect of a loan for the necessarily reach the enemy. He had no vear 1815, without the aid of a Bank is : x Far 3aDKy 15. qoubt the letter would get to the public, faint and unpromising ; except perhaps, so ior y fav as the pledge ofa specific tax may suc- having been publickly read in the house ceed ; and then it must be recollected, that and being i a considerable supply of money will be re- ter contained the truth and nothing but the quired for the prosecution of the w on the public journal. The lets 3% ar; be uth. Yet he ardently hoped its publica- yond the whole amount of taxes to be levis . x3 : tion would never receive the sanction of ed. : the housc ] Because, if a loan for the year 1315 be made to depend upon the issue of the trea } vilrval 3 lo s subscribable to a national bank, currently reported that Mr. Mason, late a- it will, probably, fail for the reasons which +3 . . : gent for prisoners, 1s to be nominated to have already heensuggested If the loan ———— Letie:s from Washington state that it is sury note be independent of that operation a consider- the senate in a day or two, to the office of able issue of treasury notes, for the purpose Secretary ofthe navy. It is also rumored of creating a Bank Capital, ‘must, it is be- that Mr, Dallas will resign: a ny : 5 Tag IE 10 98 Gis i until it will’ bg téo had been addressed, had concluded that it
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