New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-05-22

t,;s nj the Constitution INTO effect, originated
:, .,a Senate and was drawn up bv COMMITTEE,
of winch Mr.. Ellsworth of Conn was Chairman
4 bill was also passed FIXING the salaries OF tiie
President Wee President, the Judges anc 9.iiei
officers OF government. The salaries OF the Z us
dent and Vice President stu remain the sdiie 's
then fixed The pay Of Representatives ~ III So
gress was settled al SIX dollars pc. oa, ana .,sI-
! ators seven dollars, with the same ioi !" eii''
/ miles travel
IN his appointments to Office, men OF the tfst /
,.lants and rcspectability in all parts OF the IN
! o,r were called upon by President Washington
~ take a share IN the administration Of the new
government. and in his selections he did not for
get those who had participated with HIM III the
tolls and dangers Of the War Of Independence
4 resolution was adopted in both Houses OF
Conpress. requesting the President TO recon-
mend TO the people OF the United States day OF
! public thanks giving and PRAYER, TO be observed
By acknowledging with grateful hearts, the many
and signal favors of Almighty God especially
| By atfording them opportunity l'eaccao!y to
establish Constitution for Their safety and hap
| piness.'
II is WORTHY Of remark that the first memorial
presented to Congress was petition from the
| mechanics and tradesmen Of Baltimore, praylng
| for tariff Of duties foreign goods tor inc en-
! coura cement Of domestic manufactures Among
the subjects strenuously debated al thus SESSION Of
i Congress was the Presidents power OF appoint
rncnt and removal Of the officers OF lis CABINET
! The appointment was conStltutonally sunjcct 70
the assent Of the Senate The removal was men
settled to be In the power OF the rresdeiil ioiie
Mr.. Madison and Mr. BALDWIN Democrats sup
ported the construction finally adopted by Con-
press. while Mr.. Sherman (Federa1stl and VT.
! Gerry Democrat opposed II. The OPINION OF
Hamilton. as given in the Federallst, was the
same as that of the two latter gentlemen, and
against the unlimited power Of the Executive IN
! removals. Much credit was due to Mr.. Gerry Tor
having at this and the subsequent SESSIONS taken
correct views Of the true construction OF the Con-
stituton, and for having given liberal support
to the measures recommended by Washington
and Hamilton. The history Of the country shows
in what manner the power OF removal ron ONCE
by the President alone may BE used; and some
who in the first Congress were opposed 10 mus
leaving it, would have seen their predictions VEN
fed if they had lived to the present Gay.
Another point much discussed was "hetheflile
Secretaries of the Executive should make repoi'S
to Congress- The duties and difficulties oi tle
Treasury Department may be dlscerned IN tlshef
Amess remarks in support OF the PfoPosil'ol:-
:" among other things he says, F." the situation
OF our 1illtTCtS, ON ing W IL '''i'N'y ~
scnts to the imagination deep. dark and drcary
chaos, impossible to be reduced TO order, unless
the mind of the architect be clear and capaclous.
and his power commensurate TO the SUBJECT II
is with the intention of letting little sunshine
into the business that the present arrangement Is
proposed"
At the next session OF Congress, which was
held at New York. from January TO August II,
1870, some of the admirable reports o! the Sec
rotary of tho Treasury Hamilton were present
ed, which established the true course OF national
policy from that time to the present. Hamilton
was then about thlrtr-thrcc years OF age. Inc
first object contemplated by him was to provide
for the debts contracted during the war OF the re-
volution and to establish the national credit
This highly important subject, at that time, was,
and ever will be- one Of deep interest to tins coun-
try, as the true basis of national credit and OF the
national honor, then established. The discus
sions crionsly agitatcd the country and gave new
viror to party disscnslons. There were two PORTS
OF prominent interest, namely, whether the State
! debts sho;:ld be assumed BY the nation, and whe
Their the evidences of debt called then pubic
securi1ics) shouldb be " funded for the benefit OF
| the holders. al the nominal value, or al some de
preciatcd value. They had long been in circula-
| ton. and sometimes as low onc-clghth OF the
sum for which they issued These securities had
gathered in the hands of those who expected pay
ment, if the constitution took effect and thls was
among tic causes Of the deep interest which ;hc
meetings. of State Conventions 10 consider and
uass upon the constitution, excited W hen the
funding system on Hamilon's report engaged the
attention of Congress, speculation might DC called
n public diStcinpcl. At one time the securities
rose above their nominal value. Fortunes were
won and lost in a single hour. No one who can
! remember those days need 10 be reminded OF the
intense excitement which prevailed among spccu
laors nor of the dissatisfaction manifested by
individuals of the opposition. Doubtless The pub
lie debt was TO be provided for; and SO far as can
now be discrned, this was honorably and cqnta
| biz done But the effect 10 strengthen OPP
position and TO furnish one more lever TO pry up
the administration. The greater part of the sccu
rites were held in the middle and eastern States
! The wealth which was acquired IN these parts OF
the Union may have been among the early causes
of the feelings winch have been elsewhere mani
tested since these times SHiiirGH.}
The report OF the Secretary OF The Treasuryro-
Specting public credit. submitted 10 the House
on the 18th of January. The public debt Q. tie
United States was estimated by the Secretary at
more than fitv-ionr millions OF dollars. OF this
sum, the foreign debt, due principally 10 France
and Holland. constituted. including interest
/ eleven millions and threc-quartcrs and tic do
nestle hquidaleG debt. including about thirteen
millions of arrears ri interest more than forty
millions; and the miquidated debt, two mi!lions.
I He recommended. the assumption OF !hc debts OF
the several States To be paid equally with those
OF the Union, as measure of ;. sound policy and
substantial justice These were estimated at
twenty five millions of dollars.
This important subject was under the conSii-
Grafton of Congress until the i,h OF Angus, l19a,
when q law making provision Cor The Deb Of the
/ II,itc1 Sta,pS was yt,ScnS