New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-08-13

t;t cc-E.y, wa O.: Of tie question: s1d tie ia's,'
etts, ttsrs!c,s C. TIE memos:s must be lac COG -.
e ktt2 tie Legelstu-s I UNISON rrn s.s .sg.d
Arr VITA PREF AZ shane Il must be ackrorie9koe
ira; b. maor1e va a2t without effect tea. eYeL
It's tie blth e cursGovernrcent, come 'aeL1e
vsre fc.rc corded enough 20 berd the.- duty 70 neI
interests, ard 70 loek s..er persons! Ts'ne' '4a'
"It "a well known that daring TIE war the g,esses.
difficulty We encountered was the wa,t o. money Va
mean. e Day CIR so.cs:s who fought q or iNne.s,
manufacturers, snt merchants, who furnsne a.,
pecssssry supplies Of food and clothing LOT .nsi'
ATE. tie eIpscis1. Of pspe, money had eInau,.oS
sslf certificates OF debt we're given TO the ndisaua
cls3tors With aseu-sTce Q. payment 30 ssoon %
C1iE6 Ststee sho-!c be able. But the oIt.eess =,
tasss peop,s otter obliged them to pat WIN tneee ~.
tie hsf TIE ff.h and even q tenth OF toen Auo,
ard spe cu ls.oIa TAD made trade OF cozening men
forn tie hoI6srr by tie moe. Taudul III piesuc1Is
ard persrasions tia. they vou-d nevs, 90 pa.u .ds
the bi for funding aod paying these, Hamilton msae
no ciEersLcs between TIE original holders ana Ine
fraudulent purchasers c. tnis paper Great ana lus
repuensrcs srose at putting these TWO easeee VI
itors 4 the footing, and great e1eTtons were
used 10 pay the former the full value, and TO the az
ter TIE price ory which they had paid With INTEREST,"
But this would have prevented the game which was
be played ard for which tie minds OF greedy neI.
bers were aEeady tEtored aud prepared; mhse .ns
trial Q. strength on these several efforts, had indics
ice form IN which the bill would finally pass, TINS Dc;
ing krogn within doors sooner than without, anu
especal.y than 10 thoss who were n distant pail VI
tie Caor, the base scramble began Sou 80, -,
relay horses BY Land and swiftsahng plot Dosu ~
sea- we're flying il al directions. Active partner: and
sgeris were associated ard employed IN every S1ale
toyp and country ne.gnborhood, ara thls paper voc
bought Up at five shiings, AID even ae 70" e' ~ w..
ehIiipgs n the pound before the holder knew that
Cor 1e,s had already provided for is redemption al
par Immense sums were thus flcned from the PNof
ED igrolaLt, srd fortunes accumulated by those VINO
enriched By tie deIte-ity of leader would follow OF
coure the CT ef WHO was leading them 10 fortune, aud
become tie Jealous Instruments of a. his enterprises
in reviewing this famous and Characteristic
passage, we ps,s over the bare assertions to come
directly ct tie essential facts in the case If what
Hamilton proposed 70 DO was essentially dishonest
ard corrupt then bis guilt is established. But if
the contrary !, TIE f,c.-if he simply proposed to
fulfil tie National Obligations according to their
letter and spirit, Just as any upright Court In
Chlistendom, had the Government been suable,
must have decided that they should be fulfilled then
we .ubmi. that gross imputstions OF corrupt mo-
tive, ard dishone,. purposes can damase no one
but their author.
Our fathers who framed and Get in motion the
Federal Government had recently passed through
a long, exhaustips, desolatipg war, in whish not
ony their resource, but their credit had been taxed
10 lie utmost. They had for seven years main
TAXED armies out Of all proportion to their numbers
and wealth, ard prosecuted deadly struggle against
one Of the richest and most powerful Governments
or earth. Throughout this struggle, they had eager
y purchased clothing provisions munitions, on cred
Il, whenever ard wherever tie credit either OF the
Confederation or Of aIy Of the States would COM
I;oo had O1v H.
legations TO pay, which the original takers were un'
willing and often unable to hold; so they had been
sold frcn hard to hand, generally at descending
prices, down to the formation Of the Federal Gov
ernment-that is, to the end Of the Revolution and
for elk or eight years afterward. Neither the
principal nor interest being provided for, it was
natural that they should 60 on depreciatng. until
(Mr. Jeffs r,on says seine Ct them were sold for
NOT more than tenth of their face. Who,e fault
was that
Now, "Hamiltcns financial System" which Mr..
Jefe rson pronounces so incomprehensble, 90 cor
rupt 30 sgtious provided simpy forthe recognition
and ent of these various Obligations and
since no means existed for their immediate payment
that they be funded into one single, ascertaned
Public Debt, en- which low rate Of inter- st should
be stately and punctuay payable until the Govern
nent should be able to pay of the principal. That
is the length and breadth of Hamilton's system of
frspce, which Mr. Jefferson found 30 incompre
hen.ible and 90 yllainous. To our mind, the only
"puzzle " IN the premises is to see how anybody
can even pretend to be puzzled by it.
But, says Mr. Jefferson Hamilton made no
" difference between the original holders and the
" fraudulent purchasers of this paper Why Sir,
Col Hamilton was lawyer, and very good one,
AID he knew tina. no provision against fraudulent
purchasers was necessary. Fraud vitates any
contract ANY title; and he who has been defrauded
of his scrip or bond or other property, has bis
remedy in the courts of law. The allegation Of
fraud is here set up without even shadow of proof
to sustain il. Not one in hundred of the original
holders of this debt ever alleged fraud against its
purchasers. They had freely sold because they
needed money or because they doubted if not de.
.paiIed of ever being paid. A provision by Con-
gre.s that fraudulent transfers should be accounted
void would have been IS sbsurdly superauous 8,
one prescribing that stolen scrip should be payable
ory to the nghtful owner.
Tie rea! question decIaeu U! Copsiess III la'ol VI
Hsmton's recommendation was this" Shall the
present holders of this Scrip by lawful purchase
.. be paid its full amount, }" Hamilton said Yes;
and Congress, BY the decisive vote OF So to 10,
agreed with him. How the Legislature Of any
cisiIzsd country could have decided otherwise,
puzzles U. quite as much D. Hamitons financial
"scheme" ever did Mr.. Jefferson.
For do but consider rhat it is that the buyer Of .
States unfulflled promise to pay gives bis money