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Numb. 27 of Vol. ll.] WEDNESDAY, January 30, 1793.
DEBATES IN CONGRESS. On Wednesday the 23d of January feverai resolutions -tyre moved in the HouJ'e of Repre/inta'iv?r of the United States, by Mr. Gilk ; which were agreed to, and infertel til the minutes of that day''s procee lings [fee our laft.~\ The follow ing coitai is the fib-'ian-e of the remarks made by Mr. Giles, with his calculations arijing fromtho/g re)olutions. THESE Refolulions have grown out of the embarraffinents I have met with, in attempting to comprehend the report of the secretary of the treasury made in pursuance of an order of this house of the 27th of December 1-92, exhibiting sun dry statements refpefting foreign loans. These embarraiTnents nave increased in proportion to the attention which I have bellowed an the fubjecl ; and a number of offici i! papers to which I have had re ference for information, instead of elu cidating fee n rather to obfcnre the inqui ry. To obtain necefi'iry information therefore is the objcft of these resolutions, and no one can doubt the immediate ap plicability of this information to a bill now lying upon your table, for the purpose ot reimbur ing the loan of : 000.000 of Dol lars made of the bank of the United States, by opening a new loan for that Ann abroad and by changing the application of the like film already borrowed and appropria ted to the discharge of the debt to France from its original destination, to the imme diate difchar-je of the debt to the bank. The fir t resolution has arisen from that part of the pri ntcd report of the secretary of the treasury which exhibits the termsup which various loans have been made a broad, but neither presents the precise au thorities under which those negotiations have been made, nor the precise amount of the sums borrowed for the separate and diftinft obje&s of the two a£ts mentioned in the resolution. /.TOthJTi""his Tr»g gefted the p ' >pri ty of calling for the in formation requeued by this resolution.— The bill now upon your table which has been before alluded to, contemplates the whole of the monies borrowed abroad and now on hand, as being originally appro priated to the discharge of the French deb:, and proposes to change the original destination of these identical monies ; and the reason assigned for this measure has been the unsettled state of affairs in France. In the printed report, the secretary of the treasury remarks that the fame monies are applicable to the finking fund.—lt ap pears Itrange that after express and dif tinft appropriations by law, that any mif underrtanding relative to this object, should cxiit, and the information called for may poflibly explain this seeming contradiction- The second resolution has arisen from that part of the printed report marked B. and which exhibits the payments made to France, but does not furnifh the names of theperfons engaged in those negociations, nor does it present to view the length of time these persons have been poffelled of the public monies by dating the dates of the refpeftive draughts in Holland and ihe dates of the attual application of the mo nies to the discharge of the debt, and it is evident that from the times the loans are refpettively created, to the times of the attual application of the monies bor rowed, the United States are paying the usual interest upon the debt intended to be redeemed, and the stipulated interest upon the iponies borrowed for the re demption.—This remark is equally appli cable to the payments of other foreign debts with the payments of the debt to France. The third resolution has arisen from calculations drawn partly from the last page of the printed report, and from the original Bank book of the U. States,from which it appears that the balances,in bank, in favour of the United States were as . follow : Dolls. Cts. In Bank ofPhiladelphia 30th) of May, 1792, and the ( , . 16th of June fame f "7°i959 55 year in Branch Banks \ 1792, June 30th in all Banks in the United States, 555,271 22 Juiy zbth and 31ft in do. 511,423 91 August 25th 30U1 and 31ft in do. 740,903 87 By P. FRENEAU: Publijhtd Wednesdays an,l Saturdays, at Three Dollars per annum On the lftofjune, a loan was negoci ated with the bank of the United States oil the part of the United States for 100,000 dollars at five per cent, per ann On the rirfl of July another loan was made upon the fame terms for the like sum.— Oil the firft of August another loan was made upon the fame terms for the like film. It appears- from the lad page of the printed report that there had been drawn into America from the r sth of De cember 1-90 to the 27 th of January 1 ;>O2 ol the monies oorrowed abroad, the sum ol 2.663,63 1 florins, s 3 stiver?, and 6 deniers. If this sum were unexpended and lodged in the bank at the times of making these loan?, (and Congrefi ha.- e never yet beec i lformed of any deficiency of revenue) the United States will of consequence have paid upon the monies borrow ed from the bank of the United States from ij to 1; per cent, per ann, to wit, they will have paid 5 per rent upon the original debt tc France, j per cent upon tiie monies bor rowed for its redemption, excluiive oi douceurs and other charges, and 5 pc; cent, upon the fain borrowed of the bank, which inay be deemed part of thisdepo lit made in the bar:k by the United State but even discarding these inferences, i mull be admitted, that the U. States ar< paving 5 per cent upon a loan made o: the bank, when a depolit of a greater fun than the amount of the loan, has always been in bank on the part of the U. States. It is here tobe remarked, that a b ilancc as cafli is admitted, by the tre.ifurer's re turn, to have been in his hands jilt De cember 1-00, amounting to 973.343 dolls. $3 cents, and in July 30th 1791, the sum oi 582,189 dollars, 54 cents. I am informed that bills are often dr iwi: in favour of the bank for monies in the iands of the revenue officers in difianl sarts of the United States and that credi: s entered in the bank book upon the re :eipt of fnch bills, although the nionie: may not aflwally be in bank for some tin* iffer tTre credit is entered, arfd hencfi it i: nferred, that the bankbook does not con ilulivcly Ihew the real sum in bank,—not :o mention thai such bills answer all the jurpoles of calh and ought therefore to be :redited upon the receipt of them. It is :o be remarked that there is a regular md continual influx of monies into the sank by. tbe operation of these bills.—lt i: not very material whether a bill lodged nbank to day, (hould be paid t» day, pro vided fomethi "3 like the fame sum should i>e paid in consequence of a bill lodged in sank one or t.v ) months ago, and the bill aftoday tliould be paid one or two months ience. The following statement will, in "ome measure, explain this idea by exhi biting half monthly the balances of public monies 111 all the banks, about the middle ind end of each month: beginning witi May. 1792, and ending with December ol :he fame year. Dollars. Cents. 1792 May 340,323 11 ditto 333,116 35 June 776,107 65 ditto 532,272 22 July ■ 441,637 1.3 ditto 521,426 91 August 743,4/0 19 ditto -'40,903 8 Septein. 695,302 23 ditto 367,961 25 October 456,895 52 d'-to 47 3,388 99 Nov. 681,250 9 ditto 811,212 51 15 th Decern. 1,020,824 73 Do. 22 & sth Ja- 7 nuarylalt returns S 790,642 11 The fourth resolution has arisen from hat part of the printed report which re narks that the residue of the sum drawh rom Holland amounting to 1,668,188 dol ars 27 cents is applicable to the pur chest ■f the public debt. It is know n that the um of 1,3-4, 656 dollars 40 cents, beina :he surplus of the revenue up to the end ni December 1-90, was originally appro priated to the finking fund, that tile sur plus of other appropriations have been ap plied to this fund, and that the interell ol the debt purchased has also been wholl) appropriated to its incrcafe : It is alfc known, that between 11 and 12 hundred thousand dollars, and no more, of the o rijjinal appropriation, have been really in verted in the purchase of the debt; it is therefore somewhat unaccountable that so largeafuin as i,66B,ißßdollars should be drawn from the loans abroad When the linking fund has always overflowed from domestic resources, and when the pre liability of purchasing is extremely lef fcricd by the rile in the price of papei* am! Chd limitations of the lalt ast of Congref: lipid that subject. It would not be decm d mi o?conomical arrangement to make a lor,hi of so large a sum of money Upon fins by no means honourable or advan and appropriate it to the pur .fe ot the debt under limitations which S'.'-ukl forbki Its invefiituie The inior lu tion called for in this resolution mav rtfibly exp in tliefe difficulties. The fifth'ar.<i last resolution has arisen roin that par: of the printed report (page sth.) which ftaiesthe whole sums drawn roin Holland to amount to 2.304,760 doi u'. 13 cents; but neither immediately > Merits to view the balance 011 ha.id ; tor informs where tiiat balance is depofi- It appears by the bank book, that :ac whole depolit.of the United States in iat:k at this time, from ail resources a itßuntsto 790,642!d011ars 11 cents, hence t vvill appear from aftatetuent partly con oflural, and partly founded upon the dements in the printed report, and We official documents, that 1,554,851 lollars and 43 Cents remain unaccounted ir, as will appear from the following ac ount : >,litis which ought to be in the treasury— : Vhole monies drawn from °J> J- olland as stated in the 2 >3°4> 169 printed report, p. 5. 3 Deduct paid for St. Doming 4 6 go, as ltated in do. j Leaves a balance 1,859,506 Deduct ro foreign officers if paid 191,316 Leaves a balance of 1,668,190 Idd fur plus of finking fund, ? conjectural, 5 4'dd surplus of revenue of ? „ i■ 92 reported at 5 2 '"3 3 Whole amount Dollars 3,345,495 bums not taken Into this eflimate :— irft, any monies net paid of the 191,316, lue ro foreign officers : Second, so much noilies in bankasarofe from the revenues; Third, the receipts of the current year. Dolls. "Vomthis aggregate sum of 2,345,495 Dedutt in Bank 790,642 Balance not accounted for 1,554,853 In this lalt ellimate cents have not been :aken into calculut on, which makes an in- Lonliderable variation infome of the sums. Another circumlTance appears fome ivhat lingular; 111 the printed report !,956,000 florins are stated to have been •Irawn from Holland in the year 1792. — In the bank book it appears from the lift as bill' drawn, that 8,695,137 florins were :lrawn for in tile fame time. This differ ence I presume may admit of explanati on, probably from the manner of negotia ting this buiinefs, or from fpme casual mis take. It deserves however to be ex plained. It appears from another fotement made up to the Ift of ,4pril 1793, that there ought to beat that time a fufficient sum of money in the treasury to reimburse the loanof 2,000,000 to the bank, and to an swer all the other purposes of govern ment. Treasury Dr. April ift, 1793. Dol. Cts. Balance of foreign loans 1,668,182 27 Surplus of finking fund conjec tural 400,000 Bonds payable in Dec. 1792 460,126 Do. Jan. 1 ;93 129,332 Do. February 87,057 Do. March 202,447 Surplus of revenue of 1792 277,305 27 All the revenue of the current year estimated at 1,000,000 These sums make the sum of 4,224,389 54 Treajury Cr. Debt to bank, ifpaid 2,000,000 One quarter's interest to April 1793 700,000 Bonds payable in Dec. if applied to the lalt quarters interest 460,126 One quarter's expences of army and government estimated at 400,000 3,560,126 Deduct this sum from 4,224.389 54 Balance in favor of the treasury, ifthe debt to the bank be paid 664,263 54 The papers from which I have collec ted these statements may be deceptive in [Total No. 131.3 themselves, or may be fubjeft to explana tions trom others.—Candor, however, in duces me to acknowledge, that impressions resulting from my enquiries into this fub jeit, have been made upon my mind, by no means favourable to the arrangements made by the gentleman at the head of the treasury department. But I fliall keep myfelf open to conviction in caCp of any fuffitient explanation which may be iiere af'ter given, and I now avow that my ac knowledgement of mistake thall be at least comment urate to any conviction produ ced. I cannot help remarking, before I fit down that we have been legislating for loffie yc-rs without competent official knowledge of the state of the treasury or revenues, in the courts, of which time we hive been engaged in the most important iitc i arrangements , that wc have author ized a loan of the bank of the United Stares for more than 500,000 Dollars, when pro bably a greater sum of public money was lepolired in the bank ; that we have paf !ed a vote thisfeflion authorizing a further loan for Soo.oco dollars, and that we were upon the point of authorizinga loan abroad or 2,occ,cco dollars, without knowing "he extent or' the authorities at present lifting for borrowing, the amount of nonies on hand in consequence of loans ilready made, or the application of the nonies which may have been used ; and I oiiceive it is now time, that this informa :ioii be officially laid before this house. The following is copied from the Nor wich Weekly Rtgifter, of January 22; being animadverlions on Chief Justice Burkes' letter (inserted in the National Gazette of December 15) v herein he proposes the erection of a monument in honour of Whaley, Goffe, and Dixwell, three f king Charles the firft's Judges ■, and who lie buried in New-Haven, r\EATH battens with an equal step to knock at the doors of the cot, and he palace. Men, less impartial, endea ror to make destinations, which the ghafr y hero does not refpeft. Upon this idea, he liberal Mr. Justice Burke proposes to redeem from the grave, and consecrate to 111 mortality, the names of Dixwell, Coife ind Whaley, three great men who have I'utfered in the cause of public freedom, ind hazarded personal ruin, in defending lie rights of man. Whether these men ire more meritorious than their fifty-fix itfociates who gave their names to potieri :y indelibly sealed by fame, in the warrant :'or the death of their sovereign, I know not. Whether the victim of their heroic idjudication, were to be pitied as the mif juided child of hypocrisy, or delpifed as :he deluded defender of the precedents of dominion, unaided by the treachery or fol ly of his servants, need not be questioned. By men of affluent eafeand tender fentibi iity, the luxurious dignity of the throne, and the grim solemnity of the fcaffold are contrasted, and the arretted passions, go hand in hand with the i> derftanding to imprecate his fortune. By the phiiofo pher and the political casuist, the united happiness of polterity, and the right use of the sacred depofitum of power, are put in parallel with the momentary pangs of a devoted malefactor, and they view him a martyr to tyranny, and a meet facrifice to public justice. The medium through which an object is seen, will not fail to qualify it, though the world and its affairs may change, and though generations a-.i '■ ages /hould pajs av ay. The proposal of a monument for the three judges, does honor to the heat of theprojeCtor, though it may be perhap; fu tile and impolitic to effectuate it. Far be it from me to retard the progres sive fame of the meritorious, or refufe my fuhfcribing hand to the certificate of their greatness. But when justice is done them, when their faithful portrait is dcpified in history, whose characters resist devouring tinie,& theruft of interment, the duty re turns upon ourselves, and, haying paid the lalt fad ti ibute, we resume the usual em ployments of life, and feeknew objects for our benevolence. Not to depreciate the merits of those men, whose memory it ispropofed to per petuate, let me atk, is there an American citizen who does not every moment fee around liim those who with equal diiinter eltednefs, have undergone equal hazards, \nnc2.\\(e equally great, and no less despe rate. And does our gratitude call upon us to erect a monumental tomb to the me*