Jenks's Portland gazette. [volume] (Portland [Me.]) 1799-1802, 1802-05-24

fudge 81 Ks provifoas It provided for contn
raiion Of the debt Inf=ad Of compelling the
tresfn'y to tiicharee he de5t due in Holland.
which s~~cun's 70 1913 $50 dollars, Authorizes
tie reIoanrfg Of Re proportion OF the fame,
upon a ciediI cf tx years. and At higher rate
Of tatercil, jntlndir charges .h4n IS now paid.
This law has 1ikeuiie authorized the adminiG-
faion 70 enter into conrad for the payment Of
any part otthis fore gn debt an authority which
IS apparent may DC aOuCed. 70 the great lois Of
the gove9fmtnr. becaufe contra ds may be
made under this law with fpeculators, who
s8il receive this large lum at the traaiury upon
20 a grecratnt r. piece The fame Ia Holland TO
oul cTedn, and may altogether fail OF executing
The con raet on their Part, and our debt may
nIl remain unpaid Although l hope and
trua that no fuch akule Of power will take
place, yet | did not feel willing to give fuch
extenlive powers when deem the fame 80 un-
necsGary. This law like~iie enables the ad
miniltraIion TO employ at coBtiderabe exPence,
variety OF agencie, in relation 10 The foreign
debr, fcme OF whith were IN my jodgmenJ IN
necefay, and all of them OF very doubtful
ch7rat1sr Under inch circumstances and i'm.
pleaions, voted againG the paha2e OF this
law, notwithstanding the fairneis OF its title.
"A a although ! fhouid think it imProperto inn
peach the motives Of thofe who paAed The law;
or fay that the intention was to imPole on
the public by title which agreed 70 badly
with the law ilielf, vet it could not efcaPe ny
notice, that fuch mua be the effect upon thoie
who had not the advantage Of reading the law.
"A further reafon Hkevyie If conclufive nature
operated on my mind agana the pahsge ofthe
Jaw in oueaion, it was that by comparing this
law with the former proviGons for the redemP-
ton Of the debt II appeared that the former
proyifions were really better than thoie OF THIS
law. The former laws had provided funds to
meet every part Of the debt, both principal and
IntereR, as the fame fell due, only authorizing
re loaning Of parts Of the fame IN cafes where
from unfoTften cAulcs the revenue thouid be
Insufficient to meet the objed, and they Ikewie
provided that every lurPIus OF revenue thould
be faithfully applied to boy IN the debt, as it
could be obtained on fair terms in the market;
whiR the new law without varying eiientaly
the former proyifons, has only embarraiF.d
them, by authorizing re loaning Of the Dutch
debt at the difcreton Of the naturalization,
aud creating a variety Of new and e1lenGye
agencies.
Since ny rtideuce in this place, have avail
ed myleiT Of every opportunity TO gain intor
nation retpeaing the tituatOn and amount OF
lie public debt, and the means which have
been provided for lis extinguhhment, and the
reiult Of my enquiries has been placed com
pletely under the conrrcul of tie Government
and the means provided by The former Congret
fes for its final exringuitAmenr, where in every
refpeet ample, and # lett to their operation,
would have accomplished that Object without
embarrafment.
The National Debt on the frR Of January
lat amounted to 77,S9I,s9o dollars, % cents,
and conGaed of the following delcfiPtiOn of
focks
Six per cent and deferred lock 68sI.78a Sc