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SATURDAY, Afril 17, 1790.] THE AUGUSTA CHRONICLE AND * * GAZETTE of the STATE. ~.‘ « • N ’ ■ ■ ■■■■•■■ - , 4*— i -- ~ »n 1 ■ 1 " 1 11 mm"* - - 1 • " .... ..... ■'■ ■■ ■ » »—■ ■■ , • FREEDOM of tbe PRESS, and TRIAL by JURY, lhall remain inviolate. Constitution of Georgia . \ . - _ . ------ - 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 •