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American Democrat. (Macon, Ga.) 1843-1844, September 06, 1843, Image 1

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fiPisinviiiiATi Jlic most perfect (io\c,Diiie:.t would be that which, emanating directly from the People, Governs least —I'osts least— Dispenses Juslic2 to all, and confers Privileges on None. BENTDAM. VOL. I.| DR. WM. GREEN-EDITOR. i-i-Li.icA:: ritaccEAT, PUBLISHED WEEKLY, IN THE REAR OF J. BARNES’ BOOKSTORE. MULBERRY STREET, MACON, GEO. at TWO DOLLARS FES A NXTJM, try- IN ADVANCE. -Cri Ratos of Advertising, &c. One square, of 100 words, or less, in small type, 75 cents for tile first irisertiot., and 50 cents for each subsequent inser (ion. All Advertisements containing more than 100 and less than 200 words, will be charged as two squares. To Yearly Advertisers, a liberal deduction will be made, flj— N. U Sales of LAND, by Administrators. Executors, a Guardians, are required, by law, to be held on the first Tuesday in the month, between the hours of 10 in the fore noon, and 3 in the afternoon, at the Court-House in the Coun ty in which the property is situa-ed. Notice of these must be given in a public Gazette, SIXTY DAYS, previous to the •day of sale. Sales of PERSONAL PROPERTY, must be advertised in the same manner. FORTY DAYS previous to the day of sale Notice to Debtors and Ciedilor9 of an Estate, must be pub lished FORTY Days. Notice that application will be made to the Court of Ordi nary, for leave to sell LAND, must be published FOUR MONTHS. Sales of NEGROES, must he made at public auction, on the first Tuesday of the month, between the legal hours of e a!c, at the place of public sales in the county where the let ters testamentary, of Administration or Guardianship, shall have been granted, SIXTY I).\VS notice being previously given in one of the public gazetts of this State, and at the door of the Court-Hot se, where = h saless are to be held. Notice for leave to sell NEGROES, must be published for FOUR MONTHS, before any order absolute shall be made llu-reon by the Court. All business of this nature, will receive prompt attention, at the Office of the AMERICAN DEMOCRAT. REMITTANCES UY MAIL.—“A Postmaster may en close money in a letter to the puWisher of a newspaper, to ' pay the Subscription of a third person, and frank the letter, if wiitten by himself.” Amos Kendall, P MG. COMMUNICATIONS addressed to the Editor Post Paid. A DDRESS Delivered before (he Etowah Arigcul tural Society , BY DR. THOMAS HAMILTON. Gentlemen. —All the discussion em ployed for several years past in blazing out short roads to a plenty of money, only concurs with hitter experience in spread ing the conviction that the surest and cheapest way of honestly getting out of pecuniary embarrassments, is to rely on our own means, and noton the aid of banks or government lor the payment of onr just debits. Under this conviction, the lorce of which is now felt liy many farmers, we owe it to ourselves to settle the question, in ohr own minds, whether it is or is not in the nature of money for the one half of it, that there is in the world, to answer all the proper purposes of mankind quite as well as the whole: and if possible to find out a way of living comfortably and of thriving too as well in the use of little money as in the use of much. It appears to be a truth universally ad mitted that money is like every other ma terial of wealth, is subject to the laws of supply and demand; consequently, what, money like every thing else, gains in' quantity it loses in relative value and what money, like every thing else, loses in quantity, it makes up in value: hence it unavoidably follows that if there tvere only half the money in the world, that there is, it would be doubly as valuable and would, therefore, be just as effective in the trade of the world as the whole is. We can extract gold and silver from the mines, but no exertion of human power, can create one atom of either ; the quan tity ol both, has been fixed by him who made the world, and it is obvious, that it that quantity had been made just twice as great as it is, two ounces of either of; these metals, would go no funher in trade than one ounce now goes, and if mat quantity had been fbu-u at only half what it is, h '.if an ounce of either would go Quito as far in trade as a whole ounce now does. Then it is clear that if there were only half as much specie in the world as there is, it would be sufficient to repre sent all the property in the world ; and if the population of the world, were twice as great as it is, the existing quantity of specie, would, of itself, be equal to all the demands of commerce. Mr. f>ny, an eminent French writer, says “that the relative value of money de clines when its quantity is increased, and advances when that quantity is diminish ed.” He further says that “should the aggregate of circulating specie be doub led, the prices of all goods would hefiou bled also, in other words twice the quan tity of specie would go to the purchase of the same articles.” Then if specie it self depreciates according to its increase of quantity, what does the farmer or me chanic want with two dollars when he could purchase no more with two than lie can with one ? What does he want with a silver dollar and a paper dollar too when the silver alone would be worth just as "much as the silver and paper together? Confessedly, to be fair and equal in its operation, any increase in the .aggregate ’of currency, must have the same effect on the produets of one man’s capital and la bor as on the products of another; con sequently, as every thing that I buy, is the product of somehody’s capital and la bor, so I must, under an abundance of currency, pay for every thing that I buy, at the sane high rites that I sell the pro ducts of my own labor at: then what do I gain by ft general abundance of money ? If the same plenty of money, which doubles the price of the wheat, or pork, DEMOCRATIC BANNER TREE TRADE; LOW DOTIES; NO DEBT; SEPARATION FROXK BANKS; ECONOMY • AND A STRICT ADHERENCE TO THE CONSTITUTION. C. t.1.M10L.%. hr cotton that I sell to you, has the effect at the same time to double the price of the sugar or salt or land that you sell to me, wherein is either of us benefitted by a general plenty of money ? Would we not ns well buy the same articles with half the money as the whole ? Certainly, if all the dollars were out of the world the half dollars would, in all future trans actions, completely till their place, and for the same reason, if all the paper mo ney were out of the world, the gold and silver would circulate all the products of labor, and we should be quite as well off in the increased value of comparatively, but little money as in the reduced value ! of a great deal. It is, then, value or effective power and not quantity, that renders currency use : ful, and the more that value is condensed the greater the convenience ; or in other [ words the more that value is expanded ; the less the convenience: hence if gold and silver were to become only hdf as j plentiful as iron,and hundred dollar bank bills only half as plentiful as sheets of I foolscap, many of those who have us yet put themselves to no trouble to form cor rect opinions on this subject, would be | enabled to perceive some of the evils of too much money. By these views, apart from other con siderations, we feel sustained in the con clusion that it is not the interest of the cultivators of the soil that there should I he any more currency in the world than ! what consists of gold and silver; that it is not tlie absolute quantity of money, which in an individual lias that makes him well off, but the quantity which he has, considered in comparison with the quantity that others have; and that the same is true of any whole class of the community. Consequently, the prosper ity of the great agricultural class depends not on a genera! abundance of currency bet on that equilibrium of reco npense among the different occupations of man kind, which, it is the constant tendency of the natural laws of trade, to preserve. The efficacy of the natural laws of trade in preserving the equilibrium or just bal ance among the various branches of in dustry, lies in the practice of the princi ples of economy by the several individ uals of the different occupations, under a ware! i ful ness in each, of one’s own sub stantial interests. Hence the paramount rule of conduct which farmers in the management of their own affairs, should be, to be sure at all times to live within their income. The division oflahftr in civilized coun tries, which distinguishes the population into agric dturalists, manufacturers, me diants, professional men and public offi cers, and which has the effect of wonder fully increasing the quantity and good n ’ss of the various products of labor, also creates that harmony which is incident to mutual dependence and mutual benefits. Yet, as the paramount rule which re quires ns to live within our income, coin cides with the principle of self-preserva tion and the desire of gain, it results from this division of labor, that eacli of there classes of population in its constant en deavors to take care of itself, becomes, in some important respects, the adversary of (lie others. What most of them seve rally gain, they get out of others, and ns they naturally incline to gain all they can, each distinct interest naturally in- i clitics to get the advantage of the others. ' They therefore maintain a co:Wbct among themselves, in which each is willing to throw off the burdens that others are in ire than willing to impose. In this struggle for advantages, the farmer gets the most that he can, out of those who purchase the products of his labor, while every other trade exacts what it can from the firmer. Public officers get all they can, of the peoples money, and in this war of interests, every advantage that any class gains over the others, is earnestly held oil to, till the force of circumstances obliges j that class to relax. Hence, in the action and reaction of these principles of our common nature, the great agricultural class owe it to their own welfare and to social harmony to in terchange benefits with other vocations in their character of friends, while they counteract them as well as they can, in their character of adversaries. And this duty, it is, that obliges us to practice the paramount rule within our in come. In attending to practical details under this general rule, farmers should careful ly note the vibration in prices, and when ever the scale begin to turn against agri cultural products in favor of other inter ests, we should begin to curtail expenses. We should dispense with finery and put on our homespun: especially if the change be in favor of the manufacture of articles of clothing. We should withdraw a part of our capital and labor from the culture of Indian corn, wheat, cotton and tobacco, and apply it to every practicable trade and species of manufacture strictly do mestic. We should make yards of home spun take the place of yards of fine c'otli, flannel, silk and calico. We should patch and repair and m ike old things t. ke th • place of the new ones, and rather than encroach upon our capital, shou and feed our cows well and substitute rich mi k for the more costly beverage of tea and coffee. In a word, we should go to the store less than half as often as we do and MACON, W EDNESDAY, SEPTEMBER 6, 1843. buy le.ss than half as much when we go- By this course, farmers would render every thing they make for sale, a little scarce and of higher price, and everything they have to buy, more plentiful and cheaper, and thus partially restoring the equilibrium, makes times tolerable, whe ther there be much money in the world or but little. But no purpose of retrenchment can be easily carried into effect till the a'lure meiqs of private credit are resisted: be cause in buying on time, we not only buy too much but pay too much for what we buy. There is scarcely an article which we buy on credit, that we con’d not get at a price more than eight per cent, lower by paying as we go : and yet there is, perhaps, not one among us, whose capital is invested in agriculture, who receives an annual profit equal to one-third of eight percent, on his invest ment. Then is not the use of his credit a losing business to the farmer? It is ev ident that in I uying on credit instead of paying as we go, we not only pay mer chants pfofits and all other charges, but allow to others, the advantage of reeei- ■ ving from us, in addition, a premium on j our credit, which is equal to more than three times the rate of annual profit which we receive on our capital and la bor. And is not this error by which we promote the progress of others to wealth, while we relatively retard our own, suf ficient of itself, sooner or later, to make times hard with farmers? But this is not the only objection to the use of private credit. Experience ac quaints us with a few uncertainties which show that private credit is at all times an unsafe sea to risk a bank upon. From the beginning of the year till the crop is gathered, it is uncertain what quantity of any agricultural article will be produced. From the beginning of the year till the crop is sold, it is uncertain what price any article will bring; and it is quite enough for his eventual ruin, that the farmer be betrayed bv these uncertainties into an annual balance against himself. It is immaterial how small that annual bal snee may be ; if it be hut a dollar or the interest oil a dollar, it is so much more than the sum of his annua’ income, must come out of his capital and settles his dec'ine. If, then, in the use of credit, it is uncertain, which will he the greater at the end of the year, the sun of annua! in come or the sum of annual expenses and if it takes but a trifling balance to turn the scale against its, it is not difficult to 1 see that the difference between the credit and cash prices in annual purchases,must often place individuals on the highway to embarrassment and want. But laying aside all argument on the subject, the facts which appear in passing scenes of distress, sufficiently testify that the use of credit often brings property to the sher iff’s hammer while the practice of paying as we go, never does. Would it not,then, be well for farmers who prefer the safer side, to abstain from the use of credit to the greatest extent consistent with their wants? Interest payable is not the least active among ihe moths that eat up our gains; it works while we are asleep and is the more fatal for being unseen, and, certainly, there is no remedy against it, so effectual as an abstinence lrouuthe use of credit, Three is, however, one form of interest payable, from which our rulers have left us no manner of escape, ann that is bank interest. No burden we bear, nor profit we pay on the capital of others, is so in direct & stealthy in its operation as bank interest: it is so glossed over with an air of profit to ourselves, that it tickles its victim while it picks his pocket. It is a tariff on money, fixed upon us by the ac tion of government for the benefit of cap italists, from which it is as hard to escape as it is from the tariff on salt or iron : and no act of government so artfully and wickedly destroys the just balance of profits on capital and labor, or implies so invidious a distinction, as the granting of the banking privi’ege. If banks would circulate good paper wi.bout interest, their effects would be tolerable, but as long as Bank interest has to he paid, somebody must pay it, and those from whom it is finally drawn by the operations of trade, are a doomed class of the community. They are a oomed class, not that they are turned over to the executioner, but because, at all times, no small proportion of them, whether they perceive the cause of it or not, are either sinking into poverty, or are kept from thriving in consequence of paying, in Bank interest, a higher rate of profit on the capital and credit of others than they receive on their own capital and labor.— And who are those who constitute that class, out of the fruits of whose labor, the profits of bank capital are finally drawn ? Most clearly, the cultivators of the soil. When the legislature grants a Bank charter, it confers on the stockholders the privilege of .eceiving interest on their money, at a rate three times as high as the lawful interest. In this state the lawful inte est or profit on money, which a private individual is allowed to receive, is eight per cent. But whethcr the bank gets its three-times-eight per cent., 01 more or less, the merchant or speculator who has a note discounted in bank, ac counts to the bank (or the interest. Bin who accounts to the merchant or spccu- lator? Does lie lose the bank interest, or does he recover it in the profits of trade ? If he recovers it in the profits of trade, then the Bank interest comes out of his customers. And who are his cus tomers? Principally, the cultivators of the soil. Then, the cultivators of the soil, principally pay the profits of Bank capita’, and that too at rates varying from six to twelve times as high as "(he" rates of profit, winch they themselves receive on their own Capitol and their labor.— ! And is not this ruinous operation of the credit system, sufficient to explain why it is that month after month, we see far mer after farmer bereft of properly at the court house doors? An estimate of ttye gross amount of burden, >vhu!i -falls on ihe agricultural c ass, from this source may be formed from the published statements of the Banks in the United S ates. According to these statements as far as they relate ! lo loans and discounts, the banks drew interest in 1837, on a sum rising above five hundred and twenty-five millions of dollars, which exceeds the whole sum of specie in the United States, accor .ing to the highest estimate, by four hundred and forty-one millions ; and counting interest at the rale only of six per cent, per an num, on Bank cash and Bank credit, it will be seen that the Bank interest amount ed in that year, to more than thirty-one and a half millions of dollars, which sum is equal to all usury of thirty-seven and a ha.f per cent, on eighty-lour millions of dollars, which is the highest estimated amount of specie in the United States. Suppose the Bank stock holders had ac tually possessed half the sj ecie in the United States ; in that case, the usury which they received would be equal to seventy-five per cent, on their real mon ey. And out of what class, is this usury on real money drawn, through the con trivance of Bank paper l Principally, out of the great agricultural class. But according to the most reasonable estimate of the specie in the United States, thirty one and a half millions are equal to the half of it; therefore it required half the specie in the United States to pay the Bank interest for the year 1837. On the authority of the same published state ments, we estimate the ii.mk interest of the four years of 1837, ’3B, ’33, and MU, taken together, at but little less than one hundred and eighteen millions of dollars. But making allowance for possible mis takes and reducing this tax which tar roers pay lor the convenience of paper currency to one half or one tithe of what it is, it wou.d still be ruinous in its ten dency ; liecause it would slid exceed the rates of our own profits; and it would still be unequal in principle, because it is secured to a class of capitalists who are protected by law, in the privilege of re ceiving a greater profit on money than private individuals are allowed to receive. The laws against usury, which restrict private individuals to a profit of eight per cent, on their money, however good they be, where rights are equal, are here as odious a protection to bank capital as the tariff laws are to manufacturing cap ital ; the principal and effects are the same in Loth cases; in both cases the community are defrauded and pillaged through indirection and plausible preten ces, and are oppressed m Loth cases for the benefit of capitalists. In their taxing cfficts on the commu nity, Government banks are no better thiiu others ; for they too must have their interest. The people of this State have been tax< and through the instrumentality of the Central Bank; but rather with an air of concealment; for, while it appear ed from the face of the statute, that we were not taxed at all, we were actually taxed through that bank, at the rate of six cents in the dollar on a sum of our own money or credit, varying from half a million to a million and a half of dol lars. It is immaterial who paid the dis count to the bank, it finally came out of the great class of producers; and those who never borrowed a dollar, bore ns much of the burden as those who did. It is by the effect which interest paya ble, has in augmenting individual debts, and consequently, the general sum of in debtedness, that it creates or aggravates the evils of a pecuniary pressure. The aggregate of notes discounted m the banks, may be paid off, as principal, with the aggregate of the bills of the banks; but Bank bills can do no more—they can't pay the Bank interest too ; for this being so much over and above the aggregate of the bills of the banks, is necessarily a gold and silver item. Consequently it nppears that the banks send out paper to the community, while, in their profits, they absorb go and mid silver from us; and it is this absorption of gold and silver by the banks, with periodical intensity, that principally brings about periods of pecun iary distress or scarcity of specie. It is not, however, in this way only, that banks occasion a scarcity of specie. Pa per curren -y inflates prices, and as the price ol every thing we buy on credit, is high in proportion to the quantity of pa ; per, so our debts are ma le greater by pa lter money, in the proportion in which die quantity of paper exceeds the quan tity of specie ; and in that proportion, is specie rendered relatively scarce by the banks. In addition to this, the nxjre Bank paper we use and the longer we make use of it, the more specie will it oc casion to leave this country for other parts of the commercial world where specie is in demand. On this subject, Daniel Webster truly says, “ But the circulation ! of paper tends to displace coin ; it may | banish it altogether: at this very moment it has banished it.” Then is not this Government a tyranny? Confessedly, according to the principles of eternal jus tice, a government that requires its sub jects to do a certain thing, can have no agency in depriving them of the means of doing it. And if the government un der which we live, has any agency in causing the circulation of paper, which from the nature of things, places gold and silver more or less out of my reach, and yet under the U. S. Constitution; obliges me to discharge my debts in gold or sil ver ; wherein does this govern men t differ from a tyranny ? Vattel says “For the law of nature gives us a right to every thing without which we could not fulfil our obligation; otherwise it would oblige us to impossi bilities.” The U. S. constitution on one hand, obliges me to make payments in gold or silver, while the action of govern ment on the other hand, in creating bank paper, banishes gold and silver from the land ; and thus, in violation of this law of nature, obliges me to impossibilities. And for practical effects, let us look a round us, amidst existing scenes of pe cuniary distress, at t lie sacrifice of prop erty lor specie funds. Does not this sac rifice of property under the necessity of raising specie, with its attendant rum and wretchedness, sufficiently determine the character of this'government as it actu ally operates under the U. S. constitution on one hand, and Bank paper on the oth er ? Cm intelligent farmers venture to go in debt under such a government as this ? Can they better counteract the odi ous advantages given by law to Banking capital and manufacturing capital over agricultural capital, than by abstaining from the use of their own credit ? The cultivators of the soil with the concurrence of natural agents, create the wealth of the country: they form the chief mass of the community and are the prop and support ot all other vocations ; yet, they are degraded into the source of every body’s profits and the pack horse j of every holly’s losses. The same mer chant or speculator who, at the same I time makes fair profits, and in self pres ervation, recovers bank interest out of the farmer, also saddles him with the loss on depreciated bank paper. And the merchant who buys goods, into the cost of which is incorporated, the tax under the tariff' for the benefit of the manufac turer, shifts off that tax in the sale of his goods upon the farmer. As to “Ameri can labor,” it receives no protection any where: if the thousands of laborers who go into manufactories, poor, were to come out rich, the contrary would appear; but as they enler them poor, work in them poor, and die in them poor, their history is sufficient evidence that the protective system is designed only to promoie the wealth of th.e capitalist. It therefore, ap pears that the machinery of government ks it now acts upon us, is but little else than a system of contrivances tor trans ferring the wealth of the country from the men who make it, to the few who have the art to get it, Except in regard to the article of su gar, agricultural capital receives no real protection from government; we ask for none, and desire no other boon than ex emption from pillage. All we ask is that the equi ibriuni or just balance be re stored, in accordance with the natural laws of trade, among the profits of man ufacture, the profits of money, the profits of agriculture and the profits of office. And this can be done, not by robbing others to raise our profits to the level of theirs, hut simply by lowering the rates at which others are allowed to rob us. We ask only tor that fair chance which we should have of taking care of our selves, were the government only to quit ho.ding us for public officers, manufac turers and bankers to skin us. As neither banks nor public officers create a single material of wealth, but get their gains out of us, it follows that all they gain we lose; and this conclu sion is true in reference to all the profits of manufacturing capital, over and above the Free Trade price of its products.— Hence these three distinct interests of banking, public office and manufacture being naturally inclined to gain all they can, are naturally inclined to make our loss as great as they can : they act in concert, because their common object is to get all they can out of the people, and by their united influence they control the government and geneially bins the course, of political aspirants. For these reasons, these interests are to be regarded ns at ce;iseless war with agriculture; they are our antagonist®, an their rep resentatives in public station, are not the representatives of the farmer. The mil lions of public debt inc. tiding office fees of every description and the millions ot profit on banking and manufacturing capital, all which are finally drawn prin cipally out of the cultivators of the soil, show that at almost all times our interest has been more or less unrepresented, mis understood or wickedly lietrayed. There uevej was a nation which at the age of our Union, had half the burden imposed upon it, that our governments, State and Federal have in one way or another, im po-ed upon us, and worse than all, the evil is frightfully progressive. It is vain for the advocates of the bank ing interest, the manufacturing interest, and of tlie present high pay of public of ficers, to attempt to reooneiie us to a hard fate by efforts lo persuade us that we are a free and prosperous people; it is tru* we are not all dead, but if tlie govern ments that have left life in us, had adopt ed no indirect and deceptive contrivances for transferring the wealth of tlie country from the many to the few, what would we not have been under all our natural advantages and the blessings, of Provh donee ? . . • Under this view of the hardships and prospects of the great agricultural class, 1 respectfully submit the question wheth er it is or is not expedient for this society to propose to tlie agriculturalists of Geor gia, to unite in forming a State Agricul tural Society to meet annually at tiie seat of government. On the advantages which would flow from such a society, it is needless to di late; it may, however be remarked that such a society would be worth forming if it should do nothing else than investi gate and explain the consequences of such public measures as materially affect the interests of agriculture. But it might do more—ft might pro duce such harmony and such a general concurrence in correct views amon<r far mers as would enable them, by an appli cation of their united strength at the bal lot box, to arrest the progress of ruinous legislation, and, perhaps banish trie evils of party strife. This last end, they coukl certainly accomplish if they could weak en the attractions of office by effecting such a reduction in the pay of public of ficers from head to foot, as would hear a just proportion to tlie profits of agricul ture and to a specie currency. iMnight act as a committee of vigilance in favor of agricultural interests, and might aid us much, not only in our endeavors to understand and estimate the good and the evil effects of public measures, but also in any attempts which might be deemed necessary, through memorial, to remedy injurious legislation. It might help us to understand and to compare the sum of evil with the sum of good if there beany ol Bank credit as currency. . Enlighten ed, unaspiring farmers thus associated, would be ol all men, best prepared to' draw just conclusions from the important truth, tiiat while banks create not. an .at om of specie for us to pay their profits with, draw the sum of their profits ex clusively in specie from us. We can’t make use ot Bank credit at all, as curren cy, without an indirect and secretly ru inous tax on land and labor; and this burden can never be thrown oft' till far mers investigate for themselves and act in concert. Rich Ore. —We see it stated in a North Carolina paper, that a man recently pick ed up a rock in Jamcsville, Mecklenburg county, from which he extracted upwards of sixty dollars' worth of fine gold. A rich vein of the precious ore has since been discovered near the spot where the lump was found. THE “VINDICATION OF THE PRESIDENT. We design in a few days to collect the numerous extracts from the speeches of distinguished Democratic members of Congress, made in 1841, vindicating the President against the chargesof rhe Clay Whigs, together with the" many articles on the same subject which appeared in the Globe and the leading Democratic presses generally, soon alter the Presi dent’s Bank Vetoes were promulgated—-. which will be issued frou this otlice in pamphlet or extra form for extensive eir dilation. We will distribute as many of them gratuitously as our purse will (tear, and trust the friends of the Administration, will do the rest. We shall print 100,000. copies. We will fill orders for them at. o:.e dollar per hundred. Our friends who may be disposed to aid us in this enterprise, will please for ward their orders as soon as possible. Such of our exchange papers a$ may be disposed to give the above a few in sertions, will much oblige us by so do ing, and. the favor will be reciprocated when an opportunity offers.—Madiso nian. French France. The debt of France in 1572. under Charles IX., was only 17,00f>,000f.: in 1832, 5,41(5,495,- 017f. At the present time it is almost 7,000,000,000f. France has already been bankrupt six times, viz : —Under s>ul!v, who deducted the interest formerly paid on the capital; at the end of Louis XVl’s reign, under Desmaret, who paid neither capital nor interest; at the fall of the « systeme law,” under Lepelistier ; un der the Abbe Terrai, who did not pay the assignats ; during the revolution after the creation of 45,000,000 of mort gagea; lastly, in 1799 by the reduction of two-thirds ot the debt. The annual interest of the city debt of t New York is .*51,000,000. INO. 17-