The recorder, or, Lady's and gentleman's miscellany. [volume] (Richmond, Va.) 1801-1802, 1802-07-28
l*|a,aet efa letter from MI. Stratum Of

Coagyey5 to bis confitaeuts.

!
hHiy0a efo letter from MI. Stranoa Of
Cengrst5 to his confitaemts.
A law is hkewife pal(ed under the
Fplendid title Of " An act to provide
tor the redemption of the WHOLE
PUBLIC DEBT. This law did not
provide for the objects which its tile
contemplated; but on the contrary 10 far
las could nudge Gifts provifiohs, it pro-
Iyided, for q continuation efibe debt. In
plead OF compelling the treafury to dif-
Echarge the debt due in Holland, which
Ianountsto o,qI 3,ooodollars, it authorizes
the re-l00ning Of a large pyoportioa Of he
faDe, upon credit ofiix years, and at a
I6tg6er rae. Of 0rferse, including charges
taan IS now paid. This law has likewiGe
authorized The ADMINISTRATION to enter in
TO contracts for the payment of any part
or the whole Of this foreign debt; an
authority. which it is apparent may be
aouted, to the great lols of the govern
ment, becauie contracts may be made
uader this law with fpecularors, who will
receive this large fun at the treafury
upon an agreement 70 place the fame
m Holland 20 our credit, and NAV alto
gether fail of executing the contract on
their part, and our debt may fill remain
unpaid. Although hope and trult thar
no iuch abuie of power will take place,
yet did nor feel willing to give iuch
exteni1ye powers, when deemed the
lame 10 unneceHary. This law likewiIe
enables the administration 70 employ at
comfortable expence, variety of agen-
cies IN relation 60 the foreign debt,
lone of which were in my judgement
ighneceharg, and all of rherl of q very
doubtful Character. Under iuch circum-
Iitances and imprclions, voted aeainft
The Pading Of this law, Notwithstanding
the falrnefs Of It's titlc. And although
l ihouid think it improper to impeach
the motives Of thoie who pai1ei the law.
or lay that the intention was to inpofe
on the public by title which agreed
10 badly with the law itielf, yetir could
not e!cape my notlce, that iuch ,nuf be
rhe effect upon thofc who had net the
advantage OF reading the law. A further
reaion hkcwife, Of conclul1ve mature,
operated On my mind againh the paf-
ling OF the law in queition it was, thar
by comparing thlslaw with the former
IProylllons for the redemption of the debt,
Iit appeared thar the former provi(ions
were really better than thofe Of this law.
he former laws had provided funds 10
meet every pant Of the debt, both prin-
jciPal and intereit, as the fame fell due,
only authorizing a re- leaning Of paris Of
me Eame, IN cafes where, frora unforeieen
caules, the revenue lhould be Inefficient
TO meet the Object, aud they likewilc
tProYided that every furplus of revenue
tlfould be faithfully applied 70 buy in the
debt, as { could be obtained Oh far
terms III tie market, whilf The new law,
without varying eGcaeially the former
lProvIilons,has only em0arrafed them,b J
authorizing re-loaning Of the Datch
Edebt at the diicretion OF the admiDiftia-
! ton, and creating variety Of new and
IextenGve agencies.
! Since my rcGdence in ibis place, I
have ayailed nylelfof every opportuni-
~ to gain information Rejecting tho
i1tuation and amount Of the public debt
and the means which have been provided
for It's ezri9guiG1ment, and the refulf o
my enquiries has been, that the deb
has been placed completely under thc
controul Of the governments and the
+ means provided by former CongfeRe
for its final extinguilhment were Ii
every refpe6t ample, ard iflefr to rhei
| operation, would have accompiifhe,
/ thar Object without embarrahmeat,