Jenks's Portland gazette. [volume] (Portland [Me.]) 1799-1802, 1802-09-06

atteled in fine late newspapers. Mr. r.
appears 10 be right The Republicans bo4a
thar rhey have reduced the public sxpenl. =
three hundred thoufAnd dollars more than i,
produce of Ill he taxes which had beeo =
peaied. Hence, hey infer that in fpite Of j.
repeal, the government is richer and Nropo..
than it formerly was to the amount Of thu.
hundred thoufAnd dollars per annum.
You fhali have il 70. But then twenty &.
hundred and Gxry FIX thoufand dollars b,,s
been fol Joined 70 the national debt. For n,
fun, no previous proviiion had been made u
came NOT within any one Of the eltimates eitbes
OF Hamilton. of Wolcott, or Of Gallatin. Il
ltands quite aloof and difinet from your i.yen,y
eli BIT millions of dollars Of former debt Tk.
fun at once anticipates and AFFORDS. for ten
years TO come, and upwards. all your bosA,d
everplus Of three hundred thoufand dollars d,
annum. Money mutt be RATED 10 pay theie Gr
hundred thouiand pounds and iniereR mca
be paid for that loan, while ieven or eight r.
nine years of your annual republican oyetpos.
remains in the purfes Of the people.
1t is laid, indeed, that Gallatin is to vanquih
this difficulty He is to raiie a monument Of
his talents as irascier, and of his fagacity l,
4 pol teal prophet. He is to difcharge the.
Fix hundred thouland pounds terlitg, without
| frefh loan, without putting frefh tax upon
the iboulders of the people. The newfpaps
report that he is TO perform thefe wonders by
telling the government flares in the bank ofthe
| United States.
| We cannon believe This report, for fey.ral
reaions. The fcheme would be at once delpe.
are and ride ulous 1t would demonltrate
| mferable extinction Of reiourees. Il would reysr
approach 10 an Accomplishment IF the propoled
eSd. Brides ali his, it would produce various
unhaPPy copfequences. We beg your lpccial
| a'tenuon. We are not gong to load Nh.
GAlalin with bulhel Of nicknames. we are
not 70 diff barge volley Of unatr eGed afirma-
| lions, of which mott people Cannot tell whether
to believe them,. or not. We are only
goig 10 Rate few plain conleTed faets, that
will afeertsin the wildneis OF fuch fcheme, and
which make us believe that it cannot be in agi-
tat,on at this time.
The capital Of the bank Of the Unitei States
amounts 10 ten millions Of dollars. O this,
government holds two millions. But before
they could buy thefe III ,res, they were obliged
TO borrow TWO mil ion from that very bank in
der to pay for them. During thde lvelv.
years, therefore. they have been paying an in
terea OF fix per cent for two millions of dollars
Thy have been receiving at the FAME time.
eight per cent, as partners In The hrm.- Tie
ihtereit came 70 an hundred and twenty thou.
f4nd dollars, and the dividend to An hundred
and fxty thouEand. Thus government gsiotd
forty th0uland dollars per annum 1t thea
flares are 70 be fold, the bank viii take care 70
be fa'isied in the hra place, for the loan oftwo
millions. The dlcharge Of 70 great fun puts
almoa an end to the aory. But even il 6v:
hundred thouiand dollars can be gained by tho
f4Ie; they are obtained much upon the priaci-
pie Of an eight per centlo You fell aock,
which produces eight per cent. You lsll tin
order 70 dilcharge debt, becaule you cannot
borrow, at fix er cent, FUN iufficient to dd.
charge it. AT the fame tmr, you dipIay to the
world the p-nult extin6tion of your 6naucalrs.
lources You expoie government TO the difrel.
Ftd Of the powers OF Europe. You forfeit all
influence over The bank. = matter of ferrous im
portauce. On this account, we FAY that tn:
proPofAl for telling ,hefe flares would b. at
once defperate and ridiculous. 1t would cat
away cha saer without obtaining the obled Of
the facrifcc. II would be Ike the prudence Of
a fpendthrift, who provides tor bis tavern Dill
by the Gale Of his plane alton.
We have only newlpaper authority for Eating
that the f4ie Of theie bark fhares i at preentin
contemplation. Perhaps the tenRitution would
not vindicate 70 trong fep. This Indeed
would be an obGacie Of fmsll importance. Both
parties have separately, or collectively, broke
hat paper an hundred and fifty times over.
Many icruples upon fnch head cannot be er-
pefted from The Piehdent. Mr.. Iefferion has
Iold US, fthst the bank and the tHb!1c funds are
" establishments invented with vieqD stroyrrfpSS;
8 and - a6imllate US to the Btitih model in 10
:" eorrnH parts -
We return to ta7 tbe fourth. The writer en-
qulres i the repa a OF theie taxes maf not 6f'
fgis general Joy ocer tie esgzfys Tine alons
can prove what fort Of foundation there IS id
inch joy. Congrefs have paf " an al 70
orovide for the redemption Of The whole Pubh
debt" Mr.. Srauop+ af1 ms, and with cve'f
appearance OF jaltce, that this a6a provides nop
ire ys,jsy hr,r e.