. f.
XMge
50;
Mr;
iume
' ; JV3T rrr: :$!rr.D " .
-THE LAWS -AND JOURNALS
' rf i but Genera!;
' Xf JL t . t-rv iviir- mt tkjf Mir. A. frw Vjtnmrm ll k
soU : t!,e tvr o, ,ee,i hy t'c Owners frit m
-.a - Apnll, 1314.
CAUTION V ' t
T OSTcr i'!M. warn time in ih nonitr ef Jflurr
i-l r FtUromrr, ISVJJ NOTE of Send, firm W Kio-
" xd riichv-'virj toCdm enuU, for Uiem ( fcur fcua-
drd and Oiirtt-nin DoUirs. dxtem Um 171k SVpttoiber
F-om tte date. Tb wr ftot m put t IBT bands
- Lr c' ectiem AA reraona tr hereby forwarded k es-
tioneJ, twrt i trmds for Mid aot, and, the ShI Kicjikr
an hot to p Ui ijn to fny baton tat snsdr, of Bd
. tun SmiiU a&jresa!. .' ' i "
Johnson Countyj March S3, liliT J Stp i
Sata,dir$y March $tSS
After dbpVsIo jbf some prWat bui'vt the
Smme resumed the consideration of the Loan
Bin.-' .-.:'
The .cuestfo'n was taken on tbe'amendmentsl
f e porttd by Mr. King; fromthe committee to
whom the bill had keen referred. Vtid negativ-
1 car.imouj foment, and on the queltion Shall
thiabiUpasr'itwasdeciJediolheamatrve
r rtriConJit.ftrohtiii.CiUaKKGerinj'OiloiGilmi,
. I'.owHL Icock.' MarroW' . Robert 8mith,Ston,Tit,,
'" Ty!nr, Tomr, VmumvWrU gfm.r8.-r Tr 1
' .A'oy. Meirt. Coldijougii, Uore, . Hunter, King,
lmbert, Mum 6.' :' ; : 'r-; ,S
IDS amCIH-lUltlua ins uu V ,n.pmui-
x tivea to the bill for the bt tier onran.wntrAav.
ing "ahd aupplicg the" army ; aome f vhich
were 82reel to, and q'Uiera disagrt'ed to
"rV- The bill malting appropriation for the aop
port of government forthe yearMSH was read
' the thud tim by unanimou$ ponscnt, , a a
, mended by the Senate, and passed. ;:;Cv ;i:. .
' ?: X7 The House of Representatives have no bilJt
;- ' if much itnportaoco before them. ' Tii bill for
" HOUSE OE REPRESENTATIVES: 'I
v On-tlie toan Bill, uon tnotUn mwle ty M 'Eppei, to
t fitl the blank in tlie tcaV sscuon ot ine biU wiu twen-
; ''. MR, ?E AKSdNiIrjrchanTh
rxtent and variety of thi discutaion inay, per
Jiaps, tend to impair the real importance,; and
hiiriasic aolenmity oi the tuhject immediately
under consideration. It is,, however, so int..
mateiy contreaeu vmn in characteristic policy
and avowed objects 6f the administrauon, aj
' to render their aeparaiion - almost ; impractira
tie, and may. wtll juatjfy, if not positivily de
- ,inahd, some enquiry into that policy and those
. obi ec ts.S Dy the bill on Your table, 'together
T. xvith the issue of paper, called ireasury Notes,
- for five milUBS of doilar,: it'is proposed 'to
obtain thirty millions of dollars on jtHiT credit
of the gwernment, to . bj 'applied Exclusively
' ta the military and naval service; pf the Cur-
Ten vrm I hit iiw ikLbiuu , wmk lul3 miu
. v j , , -
- other sources of revenue," not amou&tiog to
- n tVif nivhnpnt c( the Interest rin,r-.
i -mer loans--the "stipulated; reimbursement of
. part of the'old. debt and expences of the civil
' ur . ' Tlie (fuestion tvhich pre'sents.-itstlK
terms wnitti vncy uujuv u fl.itn,m numciisc i x 1 uu.iuui
U sum now proposea i j i -proicss, not 8ir,any
, peculiar es.u iu,, nuui-c, iuu vvth u jiuuikcu
" . Icnrfwledce of tlie fiscal coacerns of this'coun-
' f twill thprt Fore i not hazard ' a fusittvi-A
pinion as to the practicabilr.y of obUiuingU.e
- proppseQ UJaUj mouRn i nave no ncsuanoa in
' believing', that itwiU Dot be obtained mh the
' ficilitv imT&nedLy some "centlemcn, and that
the Practical re'sources of the country, n its
4 tfteseht isituatibn,haye been greatly of cr-ratcd.
The', hon.' chairman of xhe committee "of
V, ways snd means, (Mr. Ep'pes) in a manner
.Brhap required to insure success1 to h;s jhta
aures, exhibited a .very flattering prospecf iol
the aggregate value ? cx our. eountry -the n
. sail profitsff .iftditstry i and -the prcbable a-
ii mount ci ncteBs.iry ,uuu ,u,kwu vuiai-
lag meamm oow-s uw u tiurt inai
t rniini r v hilu liid lukbiv.i v. MI..4UVUVT. uwi
kders to lend, when his object is to borrow.
In private lifV when proposition is inade, or
f"- V favor asked, the appeal is made to bur. abili'.
ty or cur interest It car. charity., is appfied
. tcs the excellence i of; that cardinal virtue jshot
nnltf nourtravtd bv the successful triehidicaht.
bat ftis ci a 1 m .oe co me s 1 rrcs 1 s laoi e 1 ne moment
he
own.
pcrsuadius that virtue is eminently our
! All MUmatetot tue tnaracter .or tnostv
theitiatuTebe uncertain, because. their great
bls rests prinoipaUy on ccffijeeture. AVere
I asked to. seta n'cf oa the soil of tay coun
; trffc'whicb would compfosatt its present pos
sessors tor. toe abandonment 01 It;, and oblige
Siteni to acc i.mcni.c iu viucr cumcs, 4 WQU1U
, hidVntly 'saylottheaccam
01 tte woria couiq ior moment, tempt US to
pwfewuh the ; land of our fathersi6ur inesti
' , ihabte itfhPritancer .ln Is'pointvlewtHi.
t , ;v- 1 , . .
IisatHe cTJr3, tv e iJea if i" rded ta b
tocreyed that this turn cooitur c a d po
ble caUal, or a facl from, which it derived
profit ia any coosiderible'degree equ 1. to the
ordinary interest of money, such a suj-posWioa
U too ulusory 9 require refutatio. ' ivwut
examining the several Items whiih art assum
ed as consiituxing this general aregite of cur
wealth, I will content myself with examining
ooe only x and should It appear to have beo
bvcrrated nearly ont h undred Jotd the claho
rate superstructure of the hon; chairman most
necessarily be shatrn, and .the whole fabric
Uft for its support on Iitde more than vague
conjecture ad visionarr.-tncculatiosu - The
item X allude ;o is ft 80aO0O,QXX tht estimat
ed value of oar wild uoappropriated lands
wcat tboie. lands miy b worth same centu
ries to come, I pretend not to ajy but U is
well known fact, that the avcrare proceeds
fromtlVe sale bf them for the last 6 or 8 years,
has not exceeded f 600,000, and as this seems
to Ve the era for 'xonyvet nod , further exten
sion, of our tenitoriat rimits. I douht whether
we can, for many years ta'come. calculate on
. - mm . MmTm
mcreaicu sies ot unappropriated lands las
tngtnen BoOUOWas the annual value ..of this
fuody it'i evident a disposable xspiul bf ten
millions would yield an equal : income. The
conclusion it trresistable, that this estimated
capital of ' 0 800,00000 employed in ., the
iuanner Sn whicli it is, and probably as it ought
to-be, iatmly equal to ten'miHions: of" specie
or, other acuve capital. v Thus for all ' wracti-
cal financial purposes, the estimated value of
is rtgmy joia oeyono meir real
disposable value. " Sir, we mjght as well boast
of the Value of the air we breathe, or of bur
political institutions, as to talk of a fund which
cannot belrousht Into action. 6t in 'auv 'way
conyertad to meet the pecuniary exigencies of
tne, government. iVl he eoroparisonr I think,
for the purposes ef the argument; a fair one;
This little took (the consttiutionVis wrorth to
my country more than would be .the wealth of
,urope-at the same time it can be purchased
in any book shop, for the cost of printing' and
k.;i"" Tt. ...w'-t'.t . . 1 J l . -
ij'auti. lucium wnjca couia oeraiseu irom
iu. c&iiu3irc uc ui it wouta Dear ao tmagin
abltf proporuon to its intrinsic value o elsb
must be the result ef all calculations; for finan-'
urpuacs, ob more wiiu lanus, , ana avast
proportion of - undisposaMe capital In this and
every other cou'ntry.of 'c it
. The gentleman (Mr.Eppes) has also favor
ed us with an esqraate ;of the, annual -income
arisini from his assumed canitaU-To this, die
am-itf general objections wiir cually apply .
wac premises oeing assumea,;the conclusions
are necessarily tncontlusive. ? The renh f
this estimate' gives to us' an j annuai.lWme of
23j,8.9,60a .1 he first remark which oe-
curs to me is the extraordinary tu-cum'stance
Of the geutleman having omitted to discrimii
nate between the veti and grotk ioc6met ris
iog fronr any given object j we are therefore
toully at a loss to know, ivhetherlto consider
this result, as comprehending: the Kettpr. cros
uwuic uMaiijjj jiuni me capuai oi tne country.
I presume, however, it is a mixture ef loth,
aod therefore affords a tatitnde for conjecture,
loa oroau to arrive at the truUt. It cannot be
nett income, because the amount exceetfs Ifl
per cent, on thelriven cacital a rrsult whith
the most ; sanguineXijannot ; admitvi 4t canoot
Oe gross income, because it is well; known the
annual produce from agriculture exceeds S5l9,
640,600 as is sufficiently proved by Che ef5
cial reporu of our annual domestic einort..
which in better times amounted to. nearly 50
uHiiona,oi uouars?laBj would nov exceed that
amount, were it hot fop the war and that dead-
iy incwi't tiie -embargo whi'c presrs i to
tteath the; resources and activitv. of the eoiim.
try. ;The aunt allowed for commercial income
.uy remain as a ruie ior otner tiroes, at pre
sent we have nb t;omracrce; and cpuseqiiently
BO income from that source.; f
Without examining all the "items of this k
acount of the hon. Chatrmanj I cannot avoid
noticing the last, thoiigh not leasrr article on
the list, It is the product of thej occupati.
ncIudiD manufactures, as stated s in the
last censui, amounting to S 1 r2,000,(?o6.
This I prcsume,must be intended as therei
product, and indeed it is- sorrow, as not to, be
susceptible of . application by the. government,
to any purposes of finaae.r, I admif-with
great satiafaction, the intrinsic value' of; pur
domesticvmajiuTactures our people, of al-
ft lJ ucBtnpuon, particularly the labori
ous class, are clothed With the fiabiclmade;
for the most part, in their bwn families. This
is as itbught to b , and . U far ! prefrable to
those hotbed manufacturing establishments,
which sprang up in times of national depres
sion, and tan only flourish on the ruins of ae
riculturc. and commerce particularly in the
Southern and oiiddle atatcs,v where- our dis-
perseo population, our fertile fields and exteti
sive sta-coast,aU poratto'the plouglt and the
ship, as the instruments cf their wealth and
prosperity as the meant most conducive to
national good and iiividua! virtue. - "v-
ri Isrould seriously ask genemenf wtat' rc
yenue they could exprct to derive from a - tax
on the domestic maijufacturea of th southern
mtoe; or even the western, slates t.r Were
this attempted,5-!! might not literally 'iake 'the
bread out of the mouth of , the laborer ut
would strip; him of the armentf he Wore-iik
would bear mbst heavy on the noorer Ja er
citizinand in proportion to the number cf
wwunu ttuu cmiuren ;w a lamuym tiiar pro
' - r . ,i . i.
oikTsf maculjctJTs u iron ai iuc s.
the exports from matiu "aft un a, I Mueve. t -a-
rot be calculated at more than wtu a mi n
of dollirs. . The exporufroo st sources
diJ not, the last Jtar, exceed about three hua
tKAiiaaswl dollars. 'Frostt this Course f
rcasonlnjr, I aa warranted ia concluding that,!
for govcrnme ntose. or hnancial purposes, mis
lmmcne sumof 1 17i,O00,OX),dwbdles down
Xo about ball rul-r.n of dollars,. and. mat
more cannot be made out of it, unless we are
L The hon. Chairman ruvior xed the capital
and trrbducuve wcrt oi the. country, pro
ceeds to ascertain, by a process I profess not
to understand, the amount oi necessary ana
anaccessary .circulating tnediusBW Thene-
cessarr circulatmc;- mtd'qra be. estimates at
about 8 4r,000,OCO, anif: the S urplus at S
000,000, making to. the w Bole J 00 aiillioos of
dollars, of wliicn he conceives 53 millions may
be loaned; to the government,' Permif .me
here to remark, that this calculation' appears
to me to be at war with all thoseconect
principles Vhich' govera the transactions of
it WOU14 pe pcriect iouy
monied capitalists
for them to put into circulation more medium
Uian is necessary for. tlie demands of .com
tnercej and the ordinary gradual improvement
of the country-4f they attempted it, the sur
plus would return upon them, or the rate of ia.
terest would be "reduced, .in proportioato the
excess bt paper set afloat. The present high
rate of iuterr st, contradicts the idea of the ex
istence of such a superabundance of circulat
ing medium. ,,, The actual specie in the United
Sutes does not, exceed twenty-five million of
dollarsUhis is generally held by the banks,
.1 ir--i 1...... .t-;'
ana tneir paper iiteruiy commutes, inc circu
Uting medium, and not a dollar can be obtain
ed from the: banks, at less , interest than about
seVeu.ahd'a quarter per. cent consequently,
whatever may be the nominal amount'of bank
capital, they; cannot keep in circulation more
than the amount necessary for the 'objects
which I nave stated, which . the. gtmlemaa ad
mits to be forty-seven millions dollars. , Lam
inclined, therefore, to think the' actual tircii-
lating'medium, in times of ordinary prosper!
tydoes not exceed fifty millions of dollars
this paper mdium resting, on a specie capital
of not more than twenty, million," win n6t,
with safety, admit issues to a greater amount.
Already Hhas the , government 1 borrowed
whhin the last two years, near, forty, millUms
of dOuars,. most of which hss been obtained
from the banks, and from individuals 'who
make the banks the instruments of enabling
them to comply with their engagements. T he
fair and hoaest ability of the banks to lend,
does not exist ta a much greater extents un
less the stock of the government is considered
a safe fu4d von which thry maf issue their
owb paper to any, amount.
I If Uiis be the case, it is evident, the whole
system is a totteripgfabrick of credit $.tW go
vernment relying on tlict credit of the banks,
aad the banks resting on the credit of the goi
yernmsraIfthb confidence does exist, and
is liktty to contibue, I would ask, why not is-
governmant paper at once, and save the
enormous interest now paid to the banks, ahd
rua the chances of depreciation, instead, of de
preciating it ourselves by giving a premium
for other paper, which may .depreciate equally
soon. I mean not tx advocate a project of
this sort, my object is only 1$ shew, that the
present System is bottomed on credit alone,
and therefore may fail. Z A. ; ' -
The present' unfortunate; situatioit of. the
country adds much, in ; niy judgment, to the
force of those remarks. If we had afiourish--ing
commerce -if there existed a free red rrr
calinterawie&
there were, a perfect commanitv bf interests.
and a ri vited cccfidence between the various
sections of the country; and especiallytetween
the monied men,' and the monied institutions,
in all the sutes, the prospect would be rrcatlv
changed. Tu those events, credit might be
relied on to almost any imaginable extent
ltt: V"a i uuiuriuoatcy .is not our lot.
Blocked up as we areby the enemyr1
ron on our coast t corked ud bv bur still more
unmerciful embargo aod non-imporutioh laws,
calculated, as it were, to fill up thb little
chasm pf ills, which the enemy "alone could not
iaflict f this entire 'coastinc"-trade fiestroverl.
and even the pittance of intict course from one
POrl tO another in the nme trtt ti.nt:k'U?'
The planters of the southern; and' middle
states, noaiog no market tor tht-ir products ht
home, are driven to. the alternative of waggon
ing it hundreds of miles in search of a preca
rious market in l the Nurthein-:and Eastern
states, or permitting "'it to rot on thehr iiandc.
...
inaayjot wose article which; ore,-or have be-,
come by habit "necessary , fr:ihjt comfort
are, prucureu vat tne most extravjact prictfi
from other sections of the unioL 'rh,. I.,.
lancb of trade; if trade it mav ba
the and-)tlier ; causes being ;ko' crtity -gninst
the southern and Aiit'ltf! stjueVi "ihc
KThSl0 ?Ptci? ftvti avdling tV Atf
North and - East our; bant er Vulirb
back, upon the nsMtutions fronr-which it was
issued,;and as tlje war e'spe'ndures -are frd
.1 'TconsldCr able in he sowherb Vnd
middle states, wher the'loan, hat e been prin
cijially obtained the bills of tliose banks" are
uaiiy returning; ana . (he vaults drained bf
susar specif to oe locked up thb Western
and Eastern states never to return,-but with
a rctarn 01 peace and-C9mmerce-. The ex
m.m J!k - a -
uroinary wa aiarming demands which hi
I.'cw.Ycrk, aad which X unJrrstaad k
rr Jitcg to the South, prove li eie rtrai;!,'-
be the mrre effect of fane)-.
Uat, sir admitting fur the argument, l ;
bank capital ia as gTeat as has beta
and their nous, which constitute tb; f.r-?
ing medium, are in amount equal to t,;
maads of government ; does it follow iLa:
medium is so regulated, as ta be t Jt'r r
taincd from the banks, and Vffcctn aTy a - ' '
to the wants of the government. '. If rtn 1 7
soppostthe real circulating medium
crtascainpropoiyoaio ina number cfs -
estaoiisnea , in eveiy aection xi the c
the are greatly deceived. Bai.k pacer t ',
irie.. f Vi
the representative cf specie.- the "rein.
spheres of bank notea will be clrcuoscribei a
proportion to the greater number of bLtj'b
wRich ihry have Jbeea issued 1 because it '
the, policy aod interest of baaks, in Cr Jtr
give circulation to notes of distant banks. ' it 1
such rrotes are received, it is for the pnV
ofredeening'thtir own, or demandlnt!,
specie, 'and therefore caonot be' considered t3
eligitile, or 1 indeed, a circnlatirg medium at
all, except to a Innitcd extent, ften'eor.JH
to a particular, county or. tate.'aorda'
times this incopvduence may not be sevtr t
fell 1 aa active -commerce and fref escha i !
of commbtlities" between the' diTtrent st-3 I
would lessen xthe 'eviV But,' sir, in times'cf
commotion and - irausual. extendi tore," i j
the government cannot adapt iis local es"t
ditures to its JaScsl reCcipu,'when the rrdirV. !
rodtihe Of business Isbroken up,' barr
will net be. receivable beyond the neighb'-.
hood . ejfiu 1 own ihsti'utipccr,w'ill be irxE
diately thVown back upon it. TaoseJJnstita.
uom must -necessarily become more linjitfl
and mere guarded In ' ihtir-operations, 0ra
failure must be the corfsrq-accce'. ' The rcli
ancepf the'govemmcnt ca ibis' kind of-circf.
laticg medium must be precarious. Supno
some of the principal banks, were to xotitra t
for the greater part of the proposed loan, ad
issue t.ieir m paper . on , thc.redit;of th:
stock to be created, these bills not findinff re
mal circulation, or a shock given ttf the inst).
tutions, either by accident. or mismauagement,
what would be th situation of government!
rheir finances" Would bederard, their cic
dit impaired enriched With a flK,but the r
coffers empty. :Vv,':V f"'' :
Without : repturing, -expresV'opVi-;:
wneh5 Opposed. oanf,can 'be; obtaict
from the citizens bf bur Country! 'will be !,
lowed to express a truism Oiat the power 'f
goTennt fairly to borrow, must depend
the ajiility pf the people fairly to lend. Ti
abUity may be judged of by each gsotlcmaa es
timating the proportion which Ins consume;,
would have to contribute, in the constitute; 1
mode of taxation and reprew-ntatiori. By t' i
mode of calculation, one of the couuics wh'
I have, the honor to xeprcseutf (Itowan) wcu i
have to Cohtribute tbout ninety tliousand tl.
Iarf-!-herpropcttiott.of the present three jt;i..
Hon direct tax being about nine thousand pi
lars, consequently Wr proportion of thirty tn;!
lions would be ten tim that amount. V.i-j'
though this is a ' fei'tile an populous couctf,;
its inhabitants are unable to contribute such V
sum in this or any other year, without a sacn-
ficef their farms; and the ordinary. com
forts of subslstenceTbe same remait i
apply with; equal force to the other coum'us
constitiuing the district I represent; and 'err
haps widi qual force tb tvety district ia uht
s Wl ; , .,f . S'; i'i ( . .1 vtJ .
" DOCUMENT. V
INTERESTING LE T TER ;i H 'X
From tAe Seg . jf.. tAj( JVavy renfiecrhgjAf exetuthn .
Pftiebivafor'iAeincreuse tftfa.jiavyt to thetk-iT
tnaitfi the cvmm'ttet pnnaxhffteir4.r( -
-' , - - . . -.".iuiii uiku igii ;
SlR-T-IH 'COrri&lianr-C UitK w-,iir rMin.uf tn in. .
formed of the n repress mrf ln ih hmiHipi- r f the -
vessels outhprisid tvvlaw.of the stebs takeninKJ'
pect to the procuring of timber under the act cf the
30th of3 March, 1812, and loirelaUon to the (loci:
yard authorised by law,,' '! hsyij the honor t '"':
mtt tne tonowinp unfbrmatioi'-V ;t5 tAT:.-v
J Three shiusof ?4 crtins iwS.niI nT the larceit '
class, are .pow buildinir cf Drlme male lials and i;
the most substar.tial arid durable manner, iz. one Jt
Portsmouth, Ncw-lmpsidi bw at CUarlcstowa
Mass.:and .one,-utA PWUdelplia-a'bo nvo foimerv ,
IS cxncctcdwillbe launched in the month 1 ,
tj anttuie.iatter in .Dec; tteiue.rf" -.m
i nieeijiiips ot 44 guns eth,orthe largest
aro; s,so Tiulldin;pl duraU materials, hi tlie tc ,j
manner, viz.-wie at Philatfelphl 61'ie at liaUimore, : j
and one at the navy yard in' this city. The tws . ,
mer it is txpectc(J,wiIl bclatiHchedin the midJIs
April, ondthc latter lu.nU th mrm,h -rJi!ticsa
- Thd six sloops ofwarawliorisellswhavehca.l
built in the. most scbs.tiir.tijl manner and 6f trooi
mwtciials; "XJnd of ,-which bos sailed on fc cruise , :
tlrac sobffder saili1.g 9rdc.rs ready fat sea, one 1
neurly manned, indis expected to be, reinly for sea
r tjc course' pf ten days, aii.J one IS now fitting at
ilic navy yrd in this chy. ' v . .,;..;A j
. Jilx Uargfyiavc been purcl.csad at ' Phila'delphia i ,
elso lour utJJtimore.and one a NorfolV. . -J
, Libt have been built at Baltimore, ten ateTir. v
y completed on the easternshore ofMaryland, four .'
i'.aye been titiltnd otic is now buildmir at x,lC M1 "
yardrn this city, five bro building at Chatle&toW 'j. " !
Carflrina,lx'at St, Maiy'sGeorpa; Snd preprata
ry;measures;'ai bbw iu operation to inerense.tl
forces in f.t C. , and nt New Orleans in vessels tf
this descripuon, as fustas incu can be . protured V
to manthem, 1. : i'l-''v'- Kj y :;n , .
Previous to the year J 9VftVppMmhat oVum
w naq pcen procured nndsr the net oi the sots 01
March 1812 l but early in th year of l8W,-bmbef
1
, 0,cu,ww 1 sar bciow.i wwinaic-yaitte. in me etatei which I have mentioned
, ' 1 :&.XJMi&y 1 .w,.-f.vwr,w 1 l .. S?J:-jt--r:7rZ V-777 rsrry maui.trom Uoston.'on theKw r
;.';.,C,,,,