Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-05

farmers manufacturers and merchants, who fur
nshed the necessary supplies Of food and clothing for
them. Alter The eIpedlen of paper money had ex
hausted ITSELF certificates of debt given 10 The in
divdua creditors, with assurance of payment, soon
as The 5 should be able But the dslresses Of these
people often obliged them part with these for the
half the fifth, and tenth Of their value; and specua
tors had made trade Of cozenng them from the hold.
ers, by The m"s fraudulent practices, and persuaons
that they would be paid In the bill for funding
and paying thtse, llamlon made no difference be.
tween The original holders, and the fraudulent purcha.
sers Of this paper Great and just repugnance arose
al putting III. classes OF creditors the same
flo ,ng and great exeons used to pay The former
the full value. and me latter the price only which
they had pad, with interest But this would have pre-
vented The game which was to be played and FOR which
The minds Of greedy members were already tuoIed and
prepared. When the trial Of strength these several
efforts, had indicated the form in which the bill would
finally pass, this being known within doors sooner than
without, and especially than to those who were in dis
ant paris OF The Union the base scramble began Cou'
rers and relay horses by land, and swift sailing pilot
boats by flying in oil directions active part.
ners and agents were associated and employed IN every
State, town and country negh6orhood, and this paper
was bought up FIVE shillings and low two
shDgs in the pound before the holder knew that Con-
gess had already provided for lis redemption al par
Immense sums were thus hlched from The poor and g
noran and fortunes accumulated by those who had Inc
selves been poor enough before Men thus enriched by
the dextey of leader would follow Of course The chief
who was leading them TO fortune, and become the zeal
Gus instruments Of oil his enler prizes.
This game over aud another the carpet al
The moment Of my arrival and 10 this most igno
ranty and innocenly made 10 hold the candle. This
fiscal manGuyre is well known BY the Of the As
sumption Independently of the debts Of Congress, the
Staes had during the war; contracted separate and hea
Wy debts-and Massachusetts particularly, in absurd
attempt absurdly conducted The British port OF re.
nobscol: and the debt Hamilton could rake up, the
more plumber for his mercenaries. This money, whe-
Their wisely foolishly SPENT was PRETENDED TO have
been spent for general purposes and ought therefore, 10
be paid from the general purse objected that
nobody knew what these debts what their amounts,
or what their proofs No natter will guess them 10
be 900 But Of these 10000 900, do not know
how much should be reimbursed TO one State or how
much to another. no matter; we will guess. And SO
another scramble was set on foot among The several
States and some got much, some litlle some nothing
Blu, the main object obtained the phuanx Of ihe
Treasury reinforced by additional recruits This
measure produced the bitter and angry contests
ever known in Congress, before since the union
of the States arrived in the midst OF IT. But
stranger 10 the ground stranger TO The actors on IL
so long absent TO have lost all familiarity win
the subject, and yet unaware of its OBJECT look
in it. The great and trying question, how
ever, los, in the House Of Representatives, 50
high the uds excited by this subject that on lis
rejection business suspended. Congress met ana
adjourned from day day without doing any hing the
parties being much out OF temper 10 do business To-
gelher. The Eastern members partic uarly, who, WIN
Smith from South Carolina were the Pnnc!Pai gamoeis
in these scenes threatened secession and dissolution
Hamilton was in despair. AS was going TO The ftesi
dents one day met him in the street. He walked me
backwards and forwards before the Presidents door for
half hour He painted palhe,caly The temper 10
which the Legislature had been wrought thu disgust Of
those who called The creditor States; the danger OF
the secession OF their members and separation OF the
States He observed tina. the members OF The Admins
raton ought 10 act in concert that though this question
not of my department., yet common duty should
make il concern; that The President was The
centre which all Administration questions ultimately
rested, and that all OF should rally around hini
a{yny
him; and That the question having been lost by email
majority only, it probable that appeal from me 10
the judgment and discretion Of some OF my trends,
might effect change in The vote, and the machine oil
Government, suspended might be again setin mo-
ton tod him was really stranger TO The whole
subject; that not having YET informed myself OF the sys
tenn Of finance adopted knew not how far this was
necessary sequence that undoubtedly, If lis rejection
endangered dissolution Of our Unonsal this ncipen
Stage, should deem that The most unfortunate OF all
consequences, avert which all partial and Temporary
evils should be yielded proposed 10 him, however 10
dine with the next day, and would invite ano
her friend or two bring them into conference together
and thought it impossible that reasonable men, con-
su,ng together coolly could ia BY some mutual sac
ri6ces Of opinion TO form compromise which was 10
ssre tue Ua.oa- The discussion took place could
form part in il but exploratory one because was
stranger to the circumstances which should govern H.
But was finally agreed, that whatever impori,ne ns
been attached the rejection oil this Proposuon' VIC
preservation Of The Union and OF concord among we
States important; and that therefore II ~oelS
be better that the Of rejection should be reechoeo'
efec, which members should change tner
But il was observed that This bill wsuld be peculiarly OIL
ter The Southern States, and that some
sure should be adopted TO sweeten II little 10 'heH'
There had been before propositions 10 h1 le sea" u
Government either al Philadelphia, or al Georgetown
on the Potomac; and thought that by giving II 10
Philadelphia for years, and TO Georgetown Perma
nen,ly afterwards this might as an bnooyne, calm 10
degree the teEnent which mgh' ee e1eeo oy .ne
ner measure alone So OF The Potomac member
white and Lee but White with revuison OF stomach
almost conrusve) agreed 10 change 'heil anu
Hamilton undertook 10 carry the other point 10 DONG
this the Influence he had established over Inc eastern
members with The agency Of Robert Morris with those
of the middle States effected his side OF The cement
and the assumption was passed ano twenty nohs o.
stock divided among favored States, ano hrown IN
pobulum 10 the stock jobbng herd Ihs aooeo % inc
number of voares 10 the Treasury and made Us chei
the master Of every in the Legislature which
nigh, give 10 the Government the diFec4on sui'eo 10
81 know we'll and 80 must be understood, that nothing
Ikea majority in Congress had yielded 10 this corIup
ton Far from it. But division, not very unequal,
had already taken place in the hones. palt o. nH'
bodv between the parties styled Republican and fedea
The latter being Monarchsls in principle adhfeo 10
Hamilton Of course as their leader in thst principle;
and this mercenary phaanx added TO them, insured nun
always majority in both Houses SO hsL s"d
ton Of the Legislature now under The oitecton Of
, the Treasury Still The machine was not compete.
The effect Of the funding system and oil Inc
would be temporary II would be losl WIN VIC iosS u
the individual members "hom j. nae 49, ;, ,-,-:.I
engine OF influence permanent must De con.flVeo,
while these myImiduns yet In place. 10 carry u
through all opposition This engine was the Bank Of
the United States "-4M Jc6ers0ns Memoirs, p JAZZ.
Ii was the fatal tendency of such political schemes
and knowledge Of the ardent ambition ana nilita'y
character of Hamilton that diminished The national re-
pret that man 20 gifted grace and 10 serve the cause
Of humanity should have persisted in The uness Of MS
fame and before the contamination OF ms PeIous
Had he lived 10 consummate the sanguine hopes IN men
his ambition delighted indulge, that towering spirit
on The death of Gen Washington, would IN virtue OF
his rank have headed the nrmy-'o be s'e arc
Con6den, in his gallanty, popularity and talents
with a servile majority in C.ngress-aI ile opglent
classes whose he had augmented and The lear
full resources of the National Bank 10 encourage a,u