Newspaper Page Text
[VOL. ll.]
PRINTED BY DANIEL STAItNES & Co. WEST END Os BROAD-STREET.
WASHINGTON CITY. !
March 23.
On Wednesday last, Mr.
Eppes from the committee of t
Ways ana Means, laid before j
ihe House the following docu-I
jDents, which were ordered to ,
be printed.
January 8, 1810.
Sir, . I
Having Hated in vonr several!
reports that loans would con.
iiitute the principle resource '
cf the IT S. for defraying ex
traordinary expenccs, the com
mittee of Ways Sc M«anstiave j
intruded roe to requelt, that !
you will report your opinion
j S to the more eligible mode 1
of obtaining money by loan— j
keeping in view both the facili
ty of borrowing sums commen
fufate with exigencies of the
U: States and the ultimate ex
tinguifhment of the debt con. I
traded-
You have already given your
opinion in favor of an increase
of duties on importation.
To what extent can this be
carried with fafety ? Can any
other relourcts except taxes
and loans be relied on for im •
mediate revenue ?
I have the honor to be With
refpeO,
Your in oft obd’t
JOHN W. EPPES.
Albert Gallatin, Esq.
Secretaty of the Treasury.
Trtafury DcptrtrnenL
. Feb. 2.6 th, i3io.
Sir,
1 have the honor to submit
the following obfer cations irran
fwer to the fevera! objects, en
quiry embraced by your letter
of the Bt’n ultimo* The a
mount ofcxtraordinary expen
ses which may be authorifed
by Congress being yet unascer
tained it isjnot even at this time
practicable to {late with precis
ion the sum which may be wan.,
ted on loan for the service
ofthisycar. And in relation
li ensuing years it would be
ptcmature to lay down any
general rules refpeciing the
moil eligible mode of borrow
ing lums of money, commeri
foiaie with the, exigencies of
the United States in case of
' var - It is therefore thought
Sufficient tor the present to point
°ut iorr.e of the inoft obvious
means of efle&ing loans gen
tly; leaving it a fubjett of
-obfequeru conlideratiou to dc
cide according to exiting cir.
cumltanccs on the mod eligible
and on the anangement
°i details.
The enquirers of the com
mittee of ways and means apply
to three following points : id.
bat is the molt eligible mode of
obtaining money by loans keep,
in view both the facility of
borrowing futns coinmcnluratc
with the exigences of the U. S.
? nd the ultimate extinguifhment
(iC bt contracted ? 2 dly. To
v:,i *t extent can an increase of
u ' c * on importation be car
rcd with lalety ? cjdly* Can
other rt tources brhdes iax
ts SCG loans be relied on for
revenue ?
Loans .
. l "* Ibe commiflioners of the
••oktng fund will out of the an.
approprition of eigh mil
■ms ol cioilars for the payment
MIRROR OF THE TIMES.
( the debt, reimbuff in 18 to
! the residue of the exchanged
•ix per cent, (lock amount.
1 ing to 3.750,000 dollars, and
,in 1811, the whole of the con
. verted 6 per cent (lock, amoon.
! ting to 1,860,000 dollars. It is j
j probable that the owners of
; tho(e two Ipicies of would 1
! consent to re.loan the a'
, mount, provided it was irre'
' deemable for a few years.
adiy. It has already baen
. stated in the annual report of
November sth, 1807 referred to 1
in that of this year “ the faverai
j banks of the U. States might
find it convenient, as th* dimin.
| ifhed commerce ol the country j
! might requre less, capital to loan
jto government a cansiderable I
portion of their capital fiock
then computed at about forty ;
millions of dollars.” Suchtem-;
porary loans can be obtained
o nly to a limited amount; but
they are convcnicn in two reL
pects : lft. They do not di~
minifh the facility of obtaining
other loans from individuals
inasmuch as they do not itr
crease the amount of (lock at
market : ad Being redeemable
at will, and in any sums which
may suit the convenience
of government, interest is paid
only as long as the money is
wanted ; and the extinguifh
ment of the debt contracted is
rendered tnora easy and cer
tain.
3d. Loans may be obtained
from individuals to an extent
commenfuraie with the nation
al capital, and limited by the
existing demand for that capi.
tal for private purposes. The
terms ruuft vary according to
circumftanccs, always giving
the preference to the mod fim..
pie form that can effect the ob*
jebf. A portion of the public
lands may perhaps, if necessary
either as a premium or by gi
ving an opinion to fubferibers,
be advantageously applied in
facilitating loans or improving
their terms.
4th. Treasury notes, bearing
inierelt & payable to order one
year after date, may be annual
ly iffusd to a moderate amount
and be put in circulation both
through the medium of banks
and In payment of fuppliej.—
A portion would be abfotb
cd during the year by the !
payment of publick lands and 1
revenue bonds and the recept
ion of thetfidue be provided
for by the lon* of the ensuing
year. .
This annual anticipation of ■
the revenue, though liable to
abule, may if kept within ftri£i
bounds, facilitate both the col
legion of the revenue and the
loans thcmfelves.
In relation to extinguifhtnent
of the debt contracted, those
who borrow can do nothing
more than to provide Sc pledge
I funds fufficient for that ohjed
; and to give such a form to the
debt as may not impede its re.
dempticn. To render it itre
; deemablefor no longertimethan ;
is neceffiry, in order to obtatn
the money ; to make it reim_
burfableby inflalments at fixed j
peiiods; never to create, for j
the fake of diminithing the an
nual intereil, a greater nominal !
amount of Uock than the linn
actually borrowed, and never
* 7 *f|
to incur expences which are not
U ISOLD THE MIRROR UP TO NATURE.” — Sfl4Usfi(.(irc.
actually neceiTary for j !'iS de.
4 . •
fenc«ov vaelfate of the count* Vj
are ptwicipiSs tfteedal for a Ra
tion which docs not contain
plate a fyttem of perpaaial and
incrmfing dtbt. But for its
actud r«i%bufeEnprtiiv,c mud
principally dcpimd on the
retura of piolperous circurtt
lianc«j, on thegroatmg tciour
cciol the country, and on the
wildom ofotir lucctffors. The
artificial provisions of a finking
fund may always be rendered
inefficient the necefuties or
extravagance of government —
"The >«ai amoaiu of a national
debt cannot be dim ini (lied un.
leis the aggregate of revenue
including the funds affigneJ to
the linking fund, and cxciu
lively of new loans exceeds the
expenditures, other than thole
for the payment of the principle
of the debt. Favorable circum_
iiancts and a rigid economy in
the current expences have ena
bled the U. S. to reimbule du
ring the last eight years, one
half of the debt created by the
revolutionary war, during
some of the ensuing years.—
Similar circumllances, and an )
adherence to the lame piinciple i
will be requifitc to fecutc the i
aclual reimbufement of the debt;
which it may now be necessary
to contradl.
But that government wil
pofless rxfources amply I'uffi. 1
cicnt for that object, cannot be
doubted. The proceeds of the ;
public lands would alone {lowly ,
perhaps, but certainly, extin- j
gufii • much gretcr debt than .
the United States have it now
in their power to create.
And it is fulFiciently ascer„
tained that the national wealth
of the United States and there
fore means of railing revenue
increafein a ratio Itiii more ra
pid than their population, a po
pulation which aim oft doubles
every so years.
Thole conliderations con
nected with others Hated at
large in the annual reporrs of
November i 307 and December
1808, have produced a convic
tion that loans might without
danger be relortcd to as the
; principal resource for fuppor
j ting a war. Permit me at the
fame time to oblei ve, that the
suggestion has been confined
i to that object alone, and that
excepting the case of war, either
immediate or contemplated, it
appears confident with found
policy to raifc duiingthc year
the moans of deb ay ing ail the
1 national expences, *boriowing
no larger sum than the amount
of principal of old debt paid
during the year. The proprie
ty for providing even in lime
of war, a rtvenue equal to the
annual cxpenles on a peace el
tablilhment,the intercll of (he
exilling debt, and that on the
loans which may be railed, has
also been fuggelted in former
reports.
Increase of Duties.
On that fubjefl, but little
can be added to the opinions
exprelfed on former occasions.
I iiiil think that this lource 01
, revenue is in the U. States and
[ at th:s time the mod productive,
the easielt 10 colled, the leal!
1 burthenlome to the mass of the
people ; and that the duties on
", importation generally tnay in
case of war, be doubled with
out inconvenience or danger. .
In tune of peace, & partied.
; larly under existing citcumllan
ea, habits of fmbggiing might
he promoted by so grear an in
jereafe. But the precise late
which may will* fafety be ad
opted caii only be a matter of
I opinion to be ceded by exper.
t ietice. I would not hesitate
however to mention an addi
tional duty of five per cent on
merchandize paying ad valor
em dudes, Sc an increase 231.3
per cent on the exiding duties
on ai! other articles, as attend-
I ed with very little danger, and
1 preferable to any other new
j source of taxation, a renewal
of the duty on lalt, which pro
duced six hundred thoniand
dollars a year, may be excep
tionable in other refpecis, but
on account of the bulk of the
article, is liable to no objection
m the preient view ot the lub
ject.
It was (lafod in the annua!
report of Dec. lad, that an in
-1 creale of duties would not on
{ account of the terms ol credit
j allowed for the payment of du-*
j tics, lupei fede the netefliiy ol a
1 loan for the let v icc ol this year
-4
| The amount ol that loan
1
might of courle be dimiuiflied,
1 if no credit, or a ctedit of only
sixty days was allowed for the
payment of the proposed addi
1 tionai duties.
Public lands,
j
Thefc constitute the only
j gieat national resource e*clu«
; lively of loans Sc taxes. They
, have already been mentioned
| as forming a fund for the ulli
mate exungufhmem of the pub.
he det> 1 ; and the pollibiluy of
their being uled as a means of
facilitating loans, has been fug.
ge'ied-—A portion might alio
! be ufefully applied as a boun
ty to officers and foldicrs
whenever it may become ne
ccflary to raile a conliderable
1 force. But as an object of
immediate revenue, 1 much
doubt whether this can be mm.
tetiaiiy iocneafed without a radi
cal change in the prelent system
Not less th in ten land offices
are now in full operation, oiler.
I ing a great choice of good lands
[ situated in various climates, &
j suited to the habits ofthcciti-
I zensol every portion of the U~
I nion. They are foid at the
rate of two dollars an acre, or
I 7
rather at one dollar and sixty
four cents, il paid lor at the time
of purchale, Sc in tiafcls of one
hundred and sixty ceres. As
much is fold as there is aftual
demand for land in limilar fi.
luations at that price. The Tales
j are however almost exclulively
| confined to thole who are or
1 intend to become aUual settlers,
and all the money which can
be railed by that deferipfion of
puichafers <s annually paid to
the United States in order to
increase immediately the a
mount of laics, a different cap
rtal from that which has hereto,
fore been applied to that ob.
jcH, the capital of persons who
will purchale for the purpole
of felling again with a profii
mull be brought into action.
But it is evident that no per.
son wifi purchale lands at the
prelent price as an objeft of
peculation, whitlt the Uuited
[No. 79.]
MONDAY, April 16, 1010
State* continue to fell at th •
famepnce in linall trafts. To
efleft. the propoled object, i:
would be neceifary not oniy tt
reduce the price, but, to
a difl'erence between that
lands fold in large (rafts, ear
that alked for small irafti, fufh
cicm to encourage purchales
on an extensive leak*. That
alteration might produce an ad
duional revenue but appears to
me extremely injurious in oth
er relpefts. The present sy s .
icm of Tales has been tried, and
anfweis the expectations of
the Legifiature. A gradual cn
creafe tr.uh, notv'iihftandtng
fume tempory fiuftuations, ne
cellarily take place. On that I
would rely ; nor would I ven
tu.c to fugged any other change
than that already propofedon a
former occaGon, a moderate Sc
general reduftion of prices, difi.
continuing at the lame time ail
laics on credit, but continuing
to fell at the fame rate large or
small tratts of land,
i have the honor to be,
Very refpectfuliy,
Sir your obedient fervain;
ALBERT GALLATtH
t Hon. John W, Eppc* it
Chairman of the Com *
mutce oj IVjys and
Means.
[l'ho following character i« from
the pen of William Thompson,
Esq i of the Orleans Territory
ltrother to the late John Thomp
son, author of the letters of
“ Cursiiis.” —Georgia Journal!.
WILLIAM B. GILES. 1
The political life Os William
B. Giles has been marked with a «
extraordinary *,al in defence of
general principles of liberty. Hit
first effort in Congress gate cele *
hrity to his character, by p | w f nff
him in direct opposition to Alex
ander Hamilton, then Sectary of
the Treasury —Alrho’ the result of
the investigation i„to the official
conduct or fur. Hamilton terinina
ud without diNgrace to him, it did
also with honor to Mr. Giles
from that time he may be Consider
ed as the leader of the Republican
party in Congress during his
continuance as a member. The
talents of Giles are of the first or
der but they acquired an early
cast, which age and experience
have not entirely worn off,
A love of pleasure rendered h in
inattentive to the cultivation of
his mind ; perhaps there is no
man, now living, who ob aincd
die same reputation, on so small a
stock of information. To make
up the difuiency he war often
compelled to resort to declama
tion, whose adoption was confir”
med by indolence and pleasure.
A good voice, considerable flueru
cy , a fertile fancy, entitle Mr.
Giles to (he character of orator, 5c
Im frequently degrades the dig
nity ol iiis understanding, by in
dulging m declamation, at the ex*
pence ol his reputation as a close
rtaioner. The manners of Mr.
Giles are too much tinctured with
egotism, to be agreeable or cur—
r«.ci ; but there is no inan whose
•' I J le of convention is nmre a„
musing and instructive—His suc
cess in colloquial debate is unri
1 VJ I ft principally to bo ascri
bed to ills intimate knowledge of
the ch*racieis of ihe day, lit
short Air. Giles without being
entitled to the rank of a great man
metis the reputation, he has ob
tained, by the fiimnu-,* of fits prin
ciples and the iuuejteadencc of his
conduct.
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