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SATURDAY, Afril 17, 1790.]
THE AUGUSTA CHRONICLE
AND
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GAZETTE of the STATE.
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FREEDOM of tbe PRESS, and TRIAL by JURY, lhall remain inviolate. Constitution of Georgia .
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AUGUSTA: Printed by JO H N E. SMITH, Printer to the State; Essays , Articles of
’ Intelligence , Advertisements , &c. will be gratefully received, and every kind of Printing performed.
PROCEEDINGS of CONGRESS.
th Kite HOUSfe of REPRESENTATIVES of
the UNITED STATES.
Tkurfday t Jan. ZJ, 1790.
• {Continued from our laft.]
Tfjfe bill for making compensation to'
persons employed in the intercourse
Vet ween the United State* and foreign nations,
was brought in, cngrofled, and read the thiid .
time.
Mr. Sherman moved, that the bill should
lie On she table. He thought the fQm of forty
thoufaud dollars too much for the purpofe*
fpecified ill the bill, and that the House had
no measure at present whereby they could
ascertain the sums uccedary ta be appropri
tted.
This motion was earned in the affirmative.
7 hi* being the day afligued by the House
tar taking up the Report of the . Secretary of
the Treasury, relative to a provision for the
tupport of the public credit, Mr. A me* in
troduced the business, by laying, that he ap
prehended fufficient time had not yet been al
lowed for the Members to prepare themfelve*
for the difeudion of a fubjetf of such intrica*
cy and magnitude—he therefore moved that
the order of the day be postponed to next
Monday week.
Mr. Jackfon—Thi* report, Sir, refer* to
Matter* of the highest importance, which
ought not to be hastily taken tip. —There
peafr to be two great objefts in view—One
of thfcm is to destroy all idea of difcrutiina
tion between the original creditor* and the
{peculators in fecurities —The other is to
Make a general provision for the state debts.
I was formerly in the fame opiniou with the
Secretary refpefting the firft, but I am now
almott a convert to the contrary opinion; and
this in consequence of the (peculations I have
ffeen carried on fine* the report made it* ap
pearance, which are now foextended a* would
Make even a Hading* bluflt. Since the pub
lication of this report, three vessels have fail
ed from this place to the southward, with
large sums in specie, to putchafe up the pub
lic fecuriticfi’of the dates of North-Carolina,
South-Carolina and Georgia. —With refpeft
to the confofidation of the date debts, some
of the dates mat qe against ip—at lead I think
it necessary we diould know the senti
ments of the 1 date Legiftature*, as well as
thofc #f the individual citizens, on the fub
jeft. Without this information we diall be
going on in the dark, ahd a* this information
Cannot be gained by Monday wg*k, we dial!
then be as much in the dark as at present. I
therefore wirti that the consideration of the
business may be put off to the firft of May,
by which time there is a probability of our
obtaining some degree of information.
Mr. Boudinot acknowledged that a great
number of fpeculator* were injurious to the
community. But the objeft of the report is
to leflen the number, by appreciating end
fixing tbe value of the public debt i therefore,
the looner that i* aecomplifhed tbe better.
He wai not for deferring it to a distant day*
Mr. Stone said tha business wa* entirely
new, and that the fuccefi of it would much
depend upon unanimity, He eonfefled be
wanted to know (be opinion of the Continent
[
GEORG IA.
• %
upon it. If it would bring money, he said,
into the Treasury. he should be for adapt tig
it immediately; but as he did not exptft .hat,
he should be for poftponiug it for some time.
Mr. Sherman made some obfervatioos oii
the debts of the states, and of the United
States. As for colle&ing the opinions of the
people at large, there would probably be, he
said, as many opiuions as persons. He with,
cd to take up she matter as fpcedily as pofli
ble.
Mr. Hartley was against postponing.
Mr. Sedgwitlk said, that some delay Was
Dtjceftary for underfianding the fubjeft proper
ly; but to prevent (peculation, rnd a cor
ruption of morala, be withed to enter upon it
speedily.
Mr. Gerry said he was in favor of a pv>ft*
ponment, though not for so long a time as
tbe gentleman from Georgia proposed i but,
as the fubjeti was of furh magnitude, and all
the states now in the Union were so deeply
inteiefled, he supposed it best to wait for the
North-Carolina delegation.
With refpeft to preventing fpeculatmns in
the funds, it cannot be supposed, said he, that
taking up the business X* the present moment
will conduce to that objeft, and if it would,
I cannot fee what advantage would accuit to
the public. Ido not conceive that (peculat
ing in thfc fund* ought so tfe considered ia au
unfavorable point of light. While the coun
try ha* a debt, it will be speculated in—l be
lieve there never was a country which had a
debt, in which fpeettfations did not obtain,
and indeed they are so far from being inju
rious, that they prove a great convenience,
by giving a currency to property which would
otherwise lay dormant. No debts, in short,
can be contracted, but upon term* that must
prove ruinous so the debtors, except on a
principle of negotiation. In this view it may
be (aid, that thi; evils which would have been
derived from the great debt of this country,
have been in a great measure alleviated. He
then adverted to the {peculation* of foreign
ers ; and, referring to the debt’ «f Great-
Britain, said, that in the last war the Dutch
were supposed to pe proprietor* in the Eng
liih funds, to the amouut of forty million*
sterling ; this wa* not considered a* a difad -
vantage, on the other hand, it wa* supposed
to be a great source of emolument to the na
tiou, and at the moment of peace, the enor
mous debt of th<s nation, which had increased
in hundred millions was one caufeof the great
, sft influx’of specie that had ever been known.
f s{e concluded his observations by wilhing the
consideration of tbe report might be poftpon- ,
ed till the reprcfenUtion from North-Carolina
should arrive. .
| Mr. Jacklon, in support of the motion for
postponement, enlarged fully on the pernicious
consequences of the (peculation in the public
securities, and traced those consequences
through a variety of channels: He pathetic
ally described the situation of the officers and
soldiers of tbe late army, who had beeu
obliged, through ueceflity, to part with the
certificate* for a trifling consideration. He
lamented the (peculation* that had taken place
in coirfequence of the promulgation of the
Secretary*! plan, and regretted that ( ougrei*
wamut no* lit uated ou the dufquehann* or
Fotowmick, where the deliberation* on the
lubjtfl might have been kept feeret, a» he
thought that the If iU of fptcuUt'on owed
[Vol. IV. No. CtXXXIV.]
its rife in a great meafurc from Ceagrcfs bold
ing thiir fc/Tiohs in a populous city. He
thought Cong refs should suspend sfl conside
ration of an aflumption of the (late debts, till
the sense of the several Legiflatutes, ou the
fuujeil, was known ; and at any rate, he
hoped that Congrefa would at prefetit confine
their deliberations to that part of the debt
called final settlements, or the domestic debt
of the United States.—He concluded by
moving that the confidefation of the Report
of the Secietarjr of the Trcafufy, be pod
poped to April.
Mr. Bondi not reprobated the idea of apoft
poncmem to so dittant a day. He touched on
the fubjett of speculation, and said, that it
might be carried too far, and it might he con
fine i to too narrow limits' but with refpeft
to the idea at large, it was impoflib.'c to pre
-1 veui it— .hat the only Way to feftrain, or bring
within bounds this spirit, is, for Congress to
come to fume detertninat ion refpelting the debt,
by which meaus it will acquire a permanency.
Tne Houle, by their refutation thelaft feflion,
have folemuly pledged themselves to pay ear
ly attpiiuou to the bulinefs, and to do fame
tb.ng tor the public creditors.
Mu Ba s e was for taking up the bnfinefa
immediately, and reminded the Houle of that
part of the i'relideni’s Speech which related
to public ertdit. AS for secrecy with regard
to the repot t, he had no idea of it. He was
f>t openness and decilion. He said, that if
so diltaut a day (pouid he fixed on, he should
move that the House lhould adjourn, and the
Membeis go home. It is an illusive idea to
think of deferring it—we are bound to begin
the ouf.ncts umfitdiately. Would the gentle
mau trot.i Georgia consult his confiituems on
1 every bill tha’t is about to be psfied i
Mr. Seuey moved that the coufideration of
the report lhould be pollponed to the firft Mon
day in March. The fubjeft, said he, is of
great magnitude—it requires time to make
tip a judgment upon it. The Legislature may
derive information from the di feu Hi on it may
receive ifi couveifation, and in the public
prims. The gentleman’s idea of an adjourn
ment appears quite unnecefiary ; there is *
great variety of bulinefs before the House to
employ their attention ; mean t me the public
expectation will fufFer disappointment, as
the bulinels will be in train agreeable to tho
resolution of the House the la ft fefliotj, on
which the Report of the Secretary of the
Treasury is founded ; nor do I conceive that
any time will be loft, as the Members will be
more fully prepared to meet the I tifinefr.
The qucft.on was now put ou the fit ft Mon*
day in March, and loft'.
Monday week was then proposed, which
was carried.
A meffagejkhm the Prefidcnr of the United
States, by hislecretary, communicating the
ad of Rli' de-lilatd for calling a Convention,
alio a letter from the Governor of that fiats
to the Piefident, refuelling a further fufpen*
fion of the colleftion sd, tec,
Thele papers Were referred to a committer,
confiding of Mr. Bcnfon, Mr, Brown, and
Mr. Cole. i ,
Mr. Burke, froih tlie committee appointed,
hrongfit in a bill for fecurinfr to sittb«>rs and
piuptietors, theexclufive fight to tlicir writ*
fugs.
Mr* Burke alto prtfeuied to the House •
