National gazette. — Philadelphia [Pa.], 1793-01-30 00:00:00, page 1

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
Numb. 27 of Vol. ll.] WEDNESDAY, January 30, 1793.
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
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*
[Total No. 131.3