Rhode-Island Republican. [volume] (Newport, R.I.) 1801-1806, 1803-04-02
[COaeiadcd G0m ony kef.]
.FACTs ARE STUBBORN THINGS" !"

"FAC1S ARE STUBBORN THINGS"
WYE nov proceed 10 detail one Of the moff
Wv metitoricus atts OF the pfeient Adminh-
trstion.-- And one which has been woefally
mifreprcicnied 20 the people. Allu6on is bad
to th= faIe Of the Bank Sock by ALsKsr GAL-
LATIN. Secretary OF the rreaiury. The fate
n,ent may be relied on as correct.
The Secretary OF the Treaiury did lately
fell all the renainins flares of bank hack be-
ioneias to the United States at Jsry 6Oe per
ssSL advaree. ard aas applied the money ariiina
from the lalc thereof, towstds the diichsrge oi
che Dutch debt. BY the manner in which the
h!e was made, and In which the payments arc TO
be efeetei in Holland, the price obtained be-
come, 90 the United States faIly eqoal, ifnot
more than equal to their current cath price IN
Philadelphia, OF any where ellie ; snd that by
the niccit poiIible calculation Of in,ercf, which
can be cpadc, not cent has been LOFT on that
fcore by telling out an per cent. fund, to pay
OH 70 mach OF a per cent debt, as the snem,es
of the Administration have been ,eaic6 TO ase,
even it it had been optional wi;h the Secretary
oi the rreliory TO pay ca {, much Of that s
per cent debs or ne, Bot the Severie is the tact
There was no option in tho cafe for II hap
pens TO be one OF the years. lss will be teen by
the report Of the Secretary of the Treafary In
December 10 Congrets, and the proceedings
thcreon) in which the isrgea inhalmenu OF the
Dutch tebt beee ne due and obligatory IN pay
nlents in Holland, aed shieh payments require
much larger funis (abont Two millions OF dollars
for the lsA ycar) than thc amount Of the bsak
aock in queaion at Any telling price.
According 20 the lipuia,ions Of the con.
ex,a ,,ado 80 hv she nYe(ras admin, fta at ion.
bat b, ,r pscdecenon many years ago: That
n--,his money nt become due, is to be con.
veycd by us in tome way or other at ourex.
pence and a, eur r'Ik, 10 Holland, and there
paid 10 our Dutch creditors. The ufual couric
has been 10 pn,chafe Bills on Holland OF indi-
vidusl'. and when enough OF ,hefe were not to
be had. to purchaie bills on Eoglaud, and there
through the Intervention of Banker 60 buy
Eugliih bills on Holland. aud reui, TO this laR
place in tha, crcoitous way, fobjedto an ex-
tra-comm;fion TO the Eighth Banker and TO
the chsrce Of the lois In exchanges.
ln ordinary yesn when only the inte,ca on
the D,tch deb, on ftnali ioHalments OF the priu-
cipsl we're to he .emittsd. bills enoogh were to
be found dirid on Holland at resfonable rate
~ exchange, and moA particularly during the
latter years Of the war, when our merchants cx-
ported by the way OF our ports, a,noA all the
produce OF the Wea.Iidies thea, FOE their
cargoes fold in the ports of Holland. large a
mouat Of bills wa, 20 be had, aud at a rate
VIII q vas at or under par. Now the cafe is
mat; ialy changed. The European posers.
peace and hfety to tseir navigation being re-
fored, no loager permit US 20 be the carriers
AMI venders Of their Colonial produce the
confeqreocc Is that not one cargo Is fold in the
poris of Holland Tor Americas account. where
tveu,y we're during the gears preceding the
lsl. and thar bills are no logger to be bad the
ncceiIary qantity on that eountry.
Some ether courae was to be taken. To
remit tY England and thence TO Holland by
buying bills Of individuals 20 the tequiite a.
moont. might have been done, but az a Ger.
tain lo!, aad no uncomfortable rik trom the va
ric,y Of bile which mua have bean taken. The
exchange on England at that time was above
par 10y 4 or /, per. cent. sod that from Eogland
to, Holland. aboye par by or per cent. The
Bankers comnillioa in England he6des other
expences Of reni,,ios 70 large iun, was to be
paid. thus the exchange ~as th.n-in Hsse, by
fhi. W ,de ~ ter,tsnes, 20 require facri6ce
Of from to 9pet csnt. and thsfs was 40 abfo-