every particular internal temporary operation. | turn their backs upon the public cause, but People will not seek your service but fly from it. Hence it is well known that sometimes stores and ammunition, or other necessaries for the army, have stood still upon the road till they were half lost, for want of ready money, or people who would trust you, to carry them forward. We must now go a little further, and say that if this proposition is enforced, it will be a great hinderance to the payment of taxes and raising the supplies which must be called for from the States. I do not insist upon what has already been mentioned, that the payment proposed would enable many to pay their taxes, because, though that is certainly true with respect to those who shall receive it, and though | it is admitted they are pretty numerous, yet in my opinion it is but a trifle to the other effects of it, both in the positive and negative way. It would give dignity to the public spirit, and animation to the people in general. It would give the people better thoughts of their rulers, and prevent murmuring at public persons and public measures. I need not tell this House how much depends, in a free State, upon having the esteem and attachment of the people. It is but a very general view that people at a distance can take of the management of men in public trust, but in general it is well known, they are abundantly jealous, and as ready to believe evil as good. I do not speak by guess but from facts, when I tell you that they say, we are now paying prodigious taxes, but what becomes of all the money? The army, say they, get none of it, being almost two years in arrear. The public creditors say they get none of it, not even interest for their money. This was told me by the county collector of Somerset county, New Jersey, who was not a contentious man, but wished to know what he ought to say to the people. Now this small payment, as it would be very general, would be much talked of, and I am persuaded, for its general good influence, would be worth all and more than all the sum we shall bestow. I have heard it said, in some similar cases, you must sometimes throw a little water into a pump in order to bring a great deal out of it. Now, on the other hand, what will be the consequence of a total refusal? You have told the public creditors that you have no money in Europe to draw for. They will very speedily hear of this loan in Holland. They are sufficiently exasperated already, this will add to their indignation. They really are already sore, their minds will be rankled more than ever. They are looking with an evil eye upon some new men coming into play, and thinking themselves unjustly and ungratefully used. I believe they are not so much without principle, as to a spirit of faction and general discontent upon such plausible ground, may do it essential injury. They may combine to refuse their taxes, and if any such unhappy association should be formed, it would spread, and many, from a blind attachment to their own interests, would pretend to be upon the same footing, though they have no concern in the matter, and if this disposition should become general, it would put an entire stop to all our proceedings. This discouraging prospect is not merely founded on conjecture. I have been told that there have already been meetings for entering into concert for refusing to pay taxes. Is it possible we can, in our circumstances, more profitably employ the sum mentioned in the motion, than in giving satisfaction to a deserving body of men, and in preventing evils of so alarming a nature? It is possible, sir, that some are comforting themselves with their own sincerity and good intentions; that they ultimately resolve to pay all honorably; that they have taken, and are taking measures to prepare for it. A sum of money is called for on purpose to pay the interest of the public debts, and the five per cent. impost is appropriated to the same purpose. But, sir, it will take a considerable time before the most speedy of these measures can bring money into the treasury, and in the mean time the late step of refusing to draw bills, has given such a stroke to loan office certificates that their value is fallen to a very trifle-the spirits of the people are broken-a gentleman told me the other day, "I see the loan office certificates are gone as well as all the rest of the money." The inevitable consequence will be, that hard and irresistible necessity, or incredulity or ill humor will make them part with them for a mere nothing, and then the greatest part of them, by far, will really be in the hands of speculators. When this is notoriously the case, I shall not be at all surprised to find that somebody will propose a new scale of depreciation, and say to the holders, you shall have them for what they were worth and generally sold at, at such a time. Past experience justifies this expectation, and no declaration we can make to the contrary will be stronger than that of Congress in the year 1779, that they would redeem the money, and that it was a vile and slanderous assertion that they would suffer it to sink in people's hands. I know particular persons also, who, by believing this declaration, lost their all. Now, if this shall be the case again, public faith will be once more trodden under foot, and the few remaining original holders of certificates will lose them entirely, being taken in connection with those who purchased them at an under value. SPEECH ON THE FINANCES. The following is a portion of a speech deliv- | telling you would pay no more of your debt ered in Congress, on the resolutions reported by the superintendent of finance.* MR. PRESIDENT: I have little to say against the resolutions, as they stand reported by the superintendent of finance. Perhaps they are unavoidable in the circumstances to which we are reduced. Yet the step seems to be so very important, and the consequences of it so much to be dreaded, that I must entreat the patience of the House, till I state the danger in a few words, and examine whether any thing can possibly be added to it which may in some degree prevent the evils which we apprehend, or at least exculpate Congress and convince the public that it is the effect of absolute necessity. Sir, if we enter into these resolves as they stand, it will be a deliberate deviation from an express and absolute stipulation, and therefore it will, as it was expressed by an honorable gentleman the other day, give the last stab to public credit. It will be in vain, in future, to ask the public to believe any promise we shall make, even when the most clear and explicit grounds of confidence are produced. Perhaps it will be said that public credit is already gone; and it has been said that there is no more in this, than in neglecting to pay the interest of the loan-office certificates of later date; but though there were no other differences between them, this being another and fresher instance of the same, will have an additional evil influence upon public credit. But in fact, there is something more in it than in the other. The solemn stipulation of Congress, specifying the manner in which the interest was to be paid, was considered as an additional security, and gave a value to these certificates, which the other never had. I beg that no gentleman may think that I hold it a light matter to withhold the interest from the other lenders; they will be convinced, I hope, of the contrary, before I have done; but I have made the comparison merely to show what will be the influence of this measure upon the public mind; and therefore upon the credit and estimation of Congress. Now it is plain that the particular promise of giving bills upon Europe, as it had an effect, and was intended to have it in procuring credit, it must, when broken or withdrawn, operate in the most powerful manner to our prejudice. I will give an example of this; in our melancholy, past experience. The old continental money was disgraced, and sunk first by the act of March 18th, 1780,† (which the Duke de Vergennes justly called an act of bankruptcy,) See Journals of Congress, 1780-1783. than sixpence in the pound. This was afterwards further improved by new estimates of depreciation, of seventy-five and one hundred and fifty, for new State paper, which itself was sunk to two or three for one, and yet bad as these men's cases were, the disgrace arising from them was more than doubled, by people's referring to and repeating a public declaration of Congress, in which we complained of the injurious slanders of those that said we would suffer the money to sink in the hands of the holders, and making the most solemn protestations, that ultimately the money should be redeemed dollar for dollar; and to my knowledge, some trusting to that very declaration, sold their estates at what they thought a high price, and brought themselves to utter ruin, I cannot help requesting Congress to attend to the state of those persons who held the loan-office certificates which drew interest on France; they are all, without exception, the firmest and fastest friends to the cause of America; they were in general the most firm and active and generous friends. Many of them advanced large sums in hard money, to assist you in carrying on the war in Canada. None of them at all put away even the loan-office certificates on speculation, but either from a generous intention of serving the public, or from an entire confidence in the public credit. There is one circumstance which ought to be attended to, viz: the promise of interest-bills on Europe were not made till the 10th of September, 1777. It was said a day or two ago, that those who sent in cash a little before March 1st, 1778, had, by the depreciated state of the money, received almost their principal; but this makes but a small part of the money, for there were but six months for the people to put in the money, after the promise was made; only the most apparent justice obliged Congress to extend the privilege to those who had put in their money before. Besides nothing can be more unequal and injurious than reckoning the money by the depreciation, either before or after the 1st of March, 1778, for a great part of the money in all the loan-offices was such as had been paid up in its nominal value, in consequence of the Tender laws. This points you, sir, to another class of people, from whom money was taken, viz: widows and orphans, corporations and public bodies. How many guardians were actually led, or indeed were obliged to put their depreciated and depreciating money in the funds-I speak from good knowledge. The trustees of the College of New Jersey, in June, 1777, directed a committee of theirs to put all the money that should be paid up to them, in the loan-office, so that they + See Journals of Congress, 1780, vol. 8, page 442-edition have now nearly invested all. Some put in be of 1823. fore March, 1778, and a greater part subsequent VOL. I.-20 I am almost certain it will produce a particular hatred and contempt of Congress, the representative body of the Union, and still a greater hatred of the individuals who compose the body at this time. One thing will undoubtedly happen, that it will greatly abate the respect which is due from the public to this body, and. therefore, weaken their authority in all other parts of their proceedings. to that date. Now it must be known to every | though our friends should not be induced to body, that since the payment of the interest take violent and seditious measures all at once, bills gave a value to these early loans, many have continued their interest in them, and rested in a manner wholly on them for support. Had they entertained the slightest suspicion that they would be cut off, they could have sold them for something, and applied themselves to other means of subsistence; but as the case now stands, you are reducing not an inconsiderable number of your very best friends to absolute beggary. During the whole period, and through the whole system of continental money, your friends have suffered alone-the disaffected and lukewarm have always evaded the burdenhave in many instances turned the sufferings of the country to their own account-have triumphed over the whigs-and if the whole shall be crowned with this last stroke, it seems but reasonable that they should treat us with insult and derision. And what faith do you expect the public creditors should place in your promise of ever paying them at all? What reason, after what is past, have they to dread that you will divert the fund which is now mentioned as a distant source of payment? If a future Congress should do this, it would not be one whit worse than what has been already done. I beg leave to say, sir, that in all probability it will lay the foundation for other greater and more scandalous steps of the same kind. You will say what greater can there be? Look back a little to your history. The first great and deliberate breach of public faith was the act of March eighteenth, 1780, reducing the money to forty for one, which was declaring you would pay your debt at sixpence in the pound. But did it not turn? No! by and by it was set in this State, and others, at seventy-five, and finally set one hundred and fifty for one, in new paper in State paper, which in six months rose to four for one. Now, sir, what will be the case with these certificates? Before this proposal was known their fixed price was about half a crown for a dollar, of the estimated depreciated value; when this resolution is fairly fixed, they will immediately fall in value, perhaps to a shilling the dollar, probably less. Multitudes of people in despair and absolute when the holders come at last to apply for their money, I think it highly probable you will give them a scale of depreciation, and tell them, they cost so little that it would be an injury to the public to pay the full value. And in truth, sir, supposing you finally to pay the full value of the certificates to the holders, the original and most meritorious proprietors will, in many, perhaps in most cases, lose the whole. I wish, sir, this House would weigh a little the public consequences that will immediately follow this resolution. The grief, disappointment, and sufferings of your best friends have been already mentioned-then prepare your-necessity, will sell them for next to nothing, and selves to hear from your enemies the most insulting abuse. You will be accused of the most oppressive tyranny, and the grossest fraud. If it be possible to poison the minds of the public by making this body ridiculous or contemptible, they will have the fairest opportunity of doing so that ever was put in their hands; but I must return to our plundered, long ruined friends; we cannot say to what their rage and disappointment may bring them, we know that nothing on earth is so deeply resentful as despised or rejected love-whether they may proceed to any violent or disorderly measures it is impossible to know. We have an old proverb, That the eyes will break through stone walls, and for my own part I should very much dread the furious and violent efforts of despair. Would to God that the independence of America was once established by a treaty of peace in Europe, for we know that in all great and fierce political contentions, the effect of power and circumstances is very great, and that if the tide has run long with great violence one way, if it does not fully reach its purpose and is by any means brought to a stand, it is apt to take a direction and return with the same, or greater violence than it advanced. Must this be risked at a crisis when the people begin to be fatigued with the war; to feel the heavy expense of it by paying taxes, and when the enemy, convinced of their folly in their former severities, are doing every thing they can to ingratiate themselves with the public at large. But It will be very proper to consider what effect this will have upon foreign nations; certainly it will set us in a most contemptible light. We are just beginning to appear among the powers of the earth, and it may be said of national, as of private, characters, they soon begin to form, and when disadvantageous ideas are formed, they are not easily altered or destroyed. In the very instance before us, many of these certificates are possessed by the subjects of foreign princes, and indeed are in foreign parts. We must not think that other sovereigns will suffer their subjects to be plundered in so wanton and extravagant a manner. You have on your files letters from the Count de Vergennes, on the subject of your former depreciation, in which he tells you, that whatever liberty you take with your own subjects, you must not think of treating the subjects of France in the same way, and it is not impossible that you may hear upon this subject, what you little expect, when the terms of peace are to be settled. I do not, in the least, doubt that it may be demanded that you should pay to the full of its nominal value, all the money, as well as loan office certificates, | If it may be a means of turning the attention which shall be found in the hands of the subjects of France, Spain, or Holland, and it would be perfectly just. I have mentioned France, &c., but it is not only not impossible, but highly probable, that by accident or danger, or both, many of these loan office certificates may be in the hands of English subjects. Do you think they will not demand payment? Do you think they will make any difference between their being before or after March first, 1778? And will you present them with a scale of depreciation? Remember the affair of the Canada bills, in the last peace between England and France. I wish we could take example from our enemies. How many fine dissertations have we upon the merit of national truth and honor in Great Britain. Can we think, without blushing, upon our contrary conduct in the matter of finance? By their punctuality in fulfilling their engage-deed it ought to be otherwise. To purchase an ments as to interest, they have been able to support a load of debt, altogether enormous. Be pleased to observe, sir, that they are not wholly without experience of depreciation: navy debentures and sailors' tickets have been frequently sold at an half, and sometimes even at a third of their value; by that means they seem to be held by that class of men called, by us, speculators. Did that government ever think of presenting the holders of them, when they came to be paid, with a scale of depreciation? The very idea of it would knock the whole system of public credit to pieces. But the importance of this matter will be felt before the end of the war. We are at this time earnestly soliciting foreign loans. With what face can we expect to have credit in foreign parts, and in future loans, after we have so notoriously broken every engagement which we have hitherto made? A disposition to pay, and visible, probable means of payment, are absolutely necessary to credit; and where that is once established, it is not difficult to borrow. | of Congress to this subject, I beg of them to All these things, Mr. President, proceed upon certain and indubitable principles, which never fail of their effect. Therefore you have only to make your payments as soon, as regular, and as profitable as other borrowers, and you will get all the money you want; and by a small advantage over others, it will be poured in upon you, so that you shall not need to go to the lenders, for they will come to you. DAVID RAMSAY. This distinguished patriot, physician, and historical writer, was born in Lancaster county, Pennsylvania, on the second day of April, 1749. His father, James Ramsay, a native of Ireland, who emigrated to America when quite a youth, was a farmer of enterprise and respectability. Fully aware of the advantages of a liberal education, he placed his sons under the tuition of English and classical preceptors, and in due course entered them at the College of New Jersey, from which institution they graduated with honor and literary distinction. William, the eldest, became a respectable divine; Nathaniel studied law, and David, the youngest and the subject of this sketch, directed his attention to the study of medicine. At a very early period in life, he manifested an ardent attachment to books, and his rapid progress in the acquirement of knowledge excited the remark and admiration of his family and friends. At six years of age he read the Scriptures with facility, and was peculiarly delighted with the historical portions of them. Before he had attained his twelfth year, he was very proficient in the primary classics, and fully qualified for admission to college. But, owing to his extreme youth, his entrance was delayed about a year, during which time he occupied the position of assistant tutor in an Academy at Carlisle, where he acquitted himself with great credit. Entering the sophomore class of the College at Princeton, and perfecting his course with diligence and honor, he graduated in 1765, being then a youth of but sixteen years. From college he went to Maryland, and engaged as a private tutor; during the hours unappropriated to the instruction of his pupils, devoting himself to general reading and enriching his mind with the stores of useful knowledge. Resolving on the study of medicine, he pursued his object with great perseverance. He commenced his professional studies under the care of the eminent Doctor Bond, in Philadelphia, and there attended the lectures of the College of Pennsylvania. Here he attracted the attention of Doctor Rush, who was at that time the professor of chemistry in the institution, and soon became his cherished friend and companion. Early in 1772, Mr. Ramsay graduated Bachelor of Physic, and immediately entered upon the practice of his profession at the Head of the Bohemia, in Maryland, where he remained about one year; after which he removed to Charleston, South Carolina. In a letter written about this time, Doctor Rush thus speaks of his young friend:-"Dr. Ramsay studied physic regularly with Dr. Bond, attended the hospital, and public lectures of medicine, and afterwards graduated Bachelor of Physic, with great eclat; it is say ing but little of him to tell you, that he is far superior to any person we ever graduated at our college; his abilities are not only good, but great; his talents and knowledge universal; I never saw so much strength of memory and imagination united to so fine a judgment. His manners are polished and agreeable—his conversation lively, and his behavior, to all men, always without offence. Joined to all these, he is sound in his principles, strict, nay more, severe in his morals, and attached, not by education only, but by principle, to the dissenting interest. He will be an acquisition to your society. He writes-talks-and what is more, lives well. I can promise more for him, in every thing, than I could for myself."-Thus was Doctor Ramsay introduced to the people of Charleston. |