IN purſuing the conſideration of American manufactures as beneficial and neceſſary to the ſouthern ſtates, it will be uſeful to take a curſory view of the indications of attachment and diſpoſition to them, which are diſcoverable in that quarter.

Virginia appears to be making a greater progreſs in merchant mills than any ſtate in the union, though ſome are yet far before her in thoſe beneficial works. Maryland and Delaware which are in the ſouthern moiety, are ſecond only to Pennſylvania in this branch. There is little doubt that more pig and bar iron is made to the ſouthward of Pennſylania, than to the northward of it. A lead mine has been opened in Virginia which is extending its ſupplies through the union, and promiſes fair to be commenſurate with the preſent demand: and there is one, which is now worked, in the territory ſouth of the Ohio. But no lead mines are in conſiderable operation in the ſtates north or eaſt of Virginia, though a ſmall beginning upon one in the weſtern parts of Pennſylvania is made. An aſſociation in Virginia, another in the territory ſouth of the Ohio, and a company in the weſtern diſtrict of South Carolina, have provided themſelves with carding and ſpinning machinery on the Britiſh plan, to manufacture their native cotton. The planters in the ſouthern ſtates raiſe quantities of this raw material, unthought of before the war, and until the diſcuſſions of the ſubject of manufactures, which took place after the treaty of peace. The family manufactures in cotton are much greater in the four ſouthernmoſt ſtates, than in the four eaſtern ſtates. There are not wanting conſiderable numbers of ſheep in the five ſouthern ſtates, yet by the two returns of exports, it appears that no wool has been ſent from thence to foreign markets. It has been common to receive wool in Pennſylvania from the eaſtern ſtates, though they manufacture ſo much, but it is not known that any is ever received there for ſale from the ſouthern ſtates. Wool has been tranſported to Salem in North Carolina, and to Wincheſter in Virginia, from the city of Philadelphia, for the hat manufactory.

There has been full as great a current of emigration of flour millers, blackſmiths, tanners, hatters, cabinet-makers, diſtillers, coopers, &c. to the ſouthern ſtates from thoſe north of them, in proportion to numbers as of farmers; ſo that the workſhops of the middle and northern ſtates yield a double benefit to their fellow citizens in the ſouth, in ſupplying them with manufactures, and artizans.

There is greater variety in diſtillation in the four ſouthern ſtates than in the four eaſtern—that is, the manufactory is eſtabliſhed on a broader baſis. It is alſo more certain in the ſouth than in the north. In the latter, melaſſes is the principal ingredient and being from an external ſource, may be loſt to the eaſtern diſtillers. Their manufactory is even now at hazard, unleſs they reſort to the grain of the country to the ſouthward of them. But in the ſouthern ſtates they manufacture ſpirits from melaiſes, peaches, apples, ſeveral kinds of grain, and probably will, as their country is cleared, extend it to the grape. This has been tried with ſucceſs in the experimental way, at Galliopolis, near the Scioto.

The legiſlature of North Carolina made a loan of money ſince the late war to aſſiſt introduction of the paper manufactory.

An aſſociation, containing forty of the moſt reſpectable planters and farmers, in the weſtern diſtrict of South Carolina, has been eſtabliſhed within a few years for the promotion of manufactures, and agriculture. A ſubſcription to the amount of about 25,000 dollars has been made in the territory ſouth of the Ohio for the purpoſe of carrying on the cotton manufactory. An indication of zeal not equalled in any middle or northern ſtate, conſidering that the whole population of the government is 30,000 whites, and 5,000 blacks.

The preparation of tar, pitch, turpentine, ſpirits of turpentine, and roſin, in North Carolina and its vicinity, may be deemed a manufacture as juſtly as the making of linſeed oil, potaſh, or ordinary tanning. A very ſmall quantity indeed, of theſe articles, will be made in the ſtates north of Virginia, ••••• ſe nature forbals; but they will, from obvious reaſons, increaſe in the ſouth.

During the exiſtance of the ſtate impoſt laws, two of the ſouthern ſtates (Maryland and Virginia) impoſed extra tonnage, not only upon foreign ſhips, put upon thoſe of the other ſtates, by which they evinced a ſtrong diſpoſition to encourage the manufacture of ſhips. The ſame two ſtates laid duties on the importation of ſpirits manufactured in the other parts of the union.

The ſtate of Maryland impoſed conſiderable protecting duties to encourage their own manufactures. The legiſlature of Maryland have encouraged the glaſs manufactory in that ſtate by a conſiderable loan. That of Virginia paſſed a ſpecial act ſince the peace, to encourage the manufactory of ſnuff and tobacco.

There are more factories of cordage and cables in two of the ſouthern ſtates, Maryland and Virginia, than in any two of the ſtates of New Jerſey, New York, Connecticut, and New Hampſhire. Virginia laid a duty of two-thirds of a dollar on cordage by her ſtate impoſt law.

The important manufactory of ſhips has become greater in each of the three ſtates of Maryland, Virginia, and North Carolina, than it now is in New Hampſhire. The ſouthern ſtate of Maryland manufactured in 1790 as many veſſels as any two of the northern ſtates of New York, Connecticut, and Rhode Iſland.

The paper-mill in the united ſtates, which is moſt remote from the ſea, is to be found in the town of Salem, in North Carolina, three hundred miles from the ſea. No ſuch manufactu • es as thoſe of that vill • ge (a Moravian ſettlement) in the ſouthern ſtate of North Carolina, exiſt in any part of the union north of Maryland, equally remote from the ſea.

There is one ſcene only, in the Atlantic counties, in which coal, iron, and waterfalls are found together in abundance. That ſcene, is therefore, peculiarly qualified for the iron branch of manufactures. The city of Richmond on the banks of James river, in Virginia, which is the place contemplated, may be conſidered in a permanent view as having an inconteſtable natural advantage over any more northern ſeaport in this intereſting branch. How profitable would it be to Virginia, were all her pig and bar iron paſſed under the tilt hammers or through the rolling and ſlitting mills which might be erected at that place.

Some of the produce of the fiſheries, as before obſerved, are to be deemed manufactures. The he •• ing and ſhad (or river and bay) fiſheries, ſouth of Pennſylvania are very conſiderable. A barrel of herrings is worth, on a medium at the fiſhing places, 250 cents. The manufactu • e of the caſk, the p • cking, curing, making pickle, and trimming, amount to more than one fourth of the ſum or twenty five per centum. The caſk and manu • acturing of diſtilled ſpirits from •• l •• ſſes, does not amount to more than one ſixth of the va • ue of the commodity, 〈◊〉 6 2/8 per cent. A barrel of pickled fiſh of the ſouthern ſtates may be therefore as juſt •• deemed a manufacture, as a caſt of country rum. A ſimilar compariſon might be made between this article and ſeveral other ſimple manufactures of the middle and eaſtern parts of the union. It is not intended to diſcuſs the propriety of granting bounties, but if they were deemed proper grants, there are points of view in which the ſouthern ſtates would appear to have a greater intereſt in them, th • n the eaſtern ſtates.

1ſt. As the ſouthern ſtates cultivate a greater variety of raw articles—and are capable of producing a much larger quantity of them, all that extenſive claſs of bounties, which are reſolvable into an encouragement to the growth of the raw material, will be much more beneficial to them, than to the eaſtern ſtates, which are more limited both in the kinds and quantities they can bring forward for the bounty.

2dly. The ſouthern ſtates having extenſive and very rich interior and weſtern counti • s, far from navigable rivers, (which the eaſtern have not) and the productions of thoſe ſcenes being liable to a long and expenſive land carriage, the bounty would ſoon be found to enable them to bring the ſimple manufactures and raw materials to the markets on the ſea coaſts, which they would not, without the bounty, attempt to tranſport. This will not be deemed a mere ſuggeſtion of ingenuity, when it is remembered that the Britiſh and Iriſh give bounties on their fabrics, and even on the bulky articles of flour, grain, and biſcuit, to enable the exporter to deliver them with advantage in foreign markets.

It is an obvious truth, that every thing is more valuable in proportion to the number and extent of its uſes, or the purpoſes to which it can be advantageouſly applied. Flax, hemp, wool, ſilk, cotton, indigo, tobacco, hides, iron, wood, grain, and cattle, are valuable, where they are wanted merely as exports; but they manifeſtly acquire a new value, when wanted to employ, accommodate or nouriſh man • facturers. In places from whence thoſe articles cannot be exported, without a great expenſe of tranſportation, it is very deſirable to give them this ſecond uſe but in ſituations too interior to be affected by the demand for exportation, and where of courſe they are not required for the purpoſes of external commerce, this new uſe muſt be created for them, or they will not be produced, and agriculture will conſequently languiſh. This view of the ſubject ſuggeſts the indiſpenſable neceſſity of manufactures to the proſperity of the interior and weſtern country as before intimated. Nor will theſe ideas appear, on examination, to be merely plauſible conjectures. They are no leſs ſupported by the ſtate of things, than by probability and reaſon. The towns of Waſhington, Pittsburg, Bedford, and Huntingdon, in Pennſylvania, (the neareſt of which is 150 miles from a ſea port, exhibit the ſtrongeſt proofs, that manufactures are the beſt ſupport of the interior landed intereſt, and are neceſſary at once to the accommodation and proſperity of the cultivators of the middle and weſtern country. The following table contains an account of the population of thoſe villages, which is not exagerated.

Waſhington. Purſburg. Bedford. Huntingdon. Clock and watchmakers, 1 1     Silver ſmiths, 1     〈◊〉 Coopers, 1 2 1   Skin-dreſſers and breeches makers, 1 1     Tanners and curriers, 1 2 1   Tailors, 2   2 3 • abinet makers, 2 4   〈◊〉 Waſhington. Pittſburg. Bedford. Huntingdon. Blackſmiths, 2 5 3 4 Shoemakers, 2 5 2 4 Hatters, 2 2 1 2 Dyers, 1       Weavers, 2 2   2 Reed makers, 1       Sadlers, 1 3 2 2 Saddletree makers, 1       Sprinningwheel makers, 1       Nailers, 1   1   Malſters and brewers, 1 1     Potters, 1       Tinners, 1 2     Diſtillers, 3   1   Wheelrights,   3 1 2 Stocking weavers,   1   1 Gunſmiths, 3       Ropemakers,   1     Whiteſmiths,   2     Total of manufacturers, 32 40 15 32 Total families, The population of Waſhington is unknown but it is leſs than that of Pittſburg. 130 40 85

It appears from this table, that in thoſe county towns (or ſeats of juſtice) in the interior and weſtern parts of Pennſylvania, the neceſſity for manufactures has occaſioned a little congregation of artizans, in the proportion of twenty-ſeven parts in one hundred, of the whole village in the ſmalleſt inſtance, and in the proportion of thirty-ſeven parts in one hundred, in the largeſt. The town of Waſhington, which is the moſt remote, and is beyond the Ohio, has been created ſince the late war. Its diſtance is about 300 miles weſt of Philadelphia. The variety of its manufactures is ſtriking, and it may he ſafely affirmed, that at the ſeats of juſtice, in the counties of Delaware, Bucks, Cheſter, and Montgomery, which are neareſt to Philadelphia, as great a number of manufacturers, in proportion to their reſpective population, does not exiſt, though the family manufactures are more conſiderable in theſe, and though they have numerous tanneries, iron works, powder mills, paper mills, blackſmiths, hatters, ſhoemakers, weavers, and other valuable workmen, in their villages and ſcattered throughout their populous townſhips. This, however, is the caſe, in ſome degree, likewiſe in the townſhips of the weſtern ſcene above deſcribed.

In the midland counties of Pennſylvania, manufactures have reſulted from a flouriſhing agriculture, and, immediately on their birth, have contributed to the proſperity of the cultivators. The borough of Lancaſter, which is the largeſt inland town in the united ſtates, is ſixty-ſix miles from a ſeaport, and ten from any practiſed boat navigation. The number of families was in 1786, about 700, of whom 234 were manufacturers. The following is the liſt of them. Fourteen hatters, thirty-ſix ſhoemakers, four tanners, ſeventeen ſaddlers, twenty-five tailors, twenty-five weavers of woolen, linen, and cotton cloth, three ſtocking weavers, twenty-five white and black ſmiths, ſix wheelwrights, eleven •• pers, ſix clock and watchmakers, ſix tobacco and ſnuff manufacturers, four dyers, ſeven gun ſmiths, five rope makers, four tinners, two braſs founders, three ſkin dreſſers, one bruſh maker, ſeven turners, ſeven nail makers, five ſilver ſmiths, three potters, three brewers, three copperſmiths, and two printers in Engliſh and German. There were in 1786, alſo within thirty-nine miles of the town, ſeventeen furnaces, forges, rolling mills and ſlitting mills, and within ten miles of it eighteen corn mills, ſixteen ſaw mills, one fulling mill, four oil mills, five hemp mills, two boreing and grinding mills for gun barrels, and eight tanneries. The increaſe ſince 1786, muſt have been very conſiderable; for the attention of the united ſtates has been very much turned to manufactures ſince the year 1787. It may be ſafely affirmed, that the counties of Lancaſter (in which the borough is) York and Berks are the moſt vigorous in Pennſylvania, perhaps in the union, and that there are none in the ſtate in which there are more manufactures, is beyond all queſtion. They are all fifty miles or more, from the neareſt ſeaport. Information through ſeveral channels, affords the greateſt reaſon to believe, that the interior of Frederick and Elizabeth towns in Maryland, Stanton in Virginia, Lexington in Kentucky and other towns in the ſouthern ſtates, would prove on examination, ſimilar to thoſe of Pennſylvania, and that the improvements in neceſſary manufactures are as viſible and as rapid, as thoſe in agricultureThe following account of the ſize and of the manufactures of Wincheſter, in Virginia, is furniſhed by a perſon lately a reſident in that place. It appears to exceed the towns of Pennſylvania in the proportion of manufacturers.

There are about two hundred houſes in Wincheſter. Proviſions and wood are low.

There are four or five tan yards. The demand for leather is ſo great, that it is generally ſold unfit for uſe.

One rope yard carried on extenſively.

One or two coachmakers. Few carri • ges are uſed, the country being ſtony and hilly.

The bakers and diſtillers brew now and then.

There are three or four diſtilleries in town. In the neighbourbood there are many.

There are alſo ſeveral oil mills in the neighbourhood. The price of flaxſeed is 2 ſ. and 2 ſ 6 per buſhel, Virginia money.

Griſt mills are numerous in the neighbourhood; and teams are conſtantly employed in the tranſportation of flour to Alexandria: diſtance eighty miles 〈◊〉 carriage 1 ¼ dollars per barrel.

One copperſmith, who carries on his buſineſs very extenſively.

Three tin plate workers.

Eight or ten hatters. Wool hats, of Wincheſter make, are in much repute, and are vended in large quantities. Price eleven dollars per dozen. Single hat, one dollar.

☞ Note. Wool is one third of a dollar per lb. and is often ordered up from Philadelphia by the Wincheſter basters.

Twelve or fifteen ſaddlers.

☞ Note. This manufacture, as well as the hatting, is in a flouriſhing condition, and carried on very extenſively.

Five or ſix blackſmiths—one employed in plating ſaddle trees.

Three or four wheelrights.

Eight or ten tailors.

Eight or nine ſhoemakers.

Four or five weavers. Two ſpinning wheel • makers.

Three or four ſaddle tree makers.

The reflexions ariſing from theſe facts are highly ſatisfactory, and as they open new and extended views of the reſources and capacities o • the united ſtates they muſt increaſe the prevalent diſpoſition of the people to improve the interior economy of our country. It is devoutly hoped that they may al •• contribute to remove the apprehenſions of our ſouthern and weſtern fello • citizens, in regard to unjuſt ſacrifices of their intereſts to thoſe of their brethren in other quarters, and that they may lead to ſuch further examinations as will finally evince thoſe immenſe direct and indirect benefits from American manufactures, which are ſincerely believed to pervade the whole u •• on.

Concerning the manufactures of the united ſtates, as they affect the mercantile intereſt.

Many of the ſhip holders and merchants trading with foreign countries, ſuppoſe, but it is believed erroneouſly, that they have no intereſt in the promotion of manufactures. It is known that Great Britain with ſeventy millions of acrea of cultivated land, ſhips fourteen millions (her whole exports being near twenty millions, in h • r own manufactures. The foreign trade of that kingdom, without manufactures, would manifeſtly be neither ſo great nor ſo various—for the value of the produce manufactured is increaſed from one hundred to ten hundred per cent, as is alſo that of the imported raw materials, which conſtitute a great portion of their trade. The foreign commerce of the united ſtates, is already enlivened by manufactures. Ships, boats, oars, and handſpikes, bar • i • on, ſteel, nailrods, carriages of all kinds, hats, ſhoes, cordage, candles, ſoap, oils of ſeveral kinds, ſtarch, hair powder, diſtilled ſpir • ts, malt liquors, cabinet w •• e, plate, puncheon packs, gunpowder, potaſhes, brick • , chocolate, muſtard, tow • inens, ſail cloth, potter's ware, ſadlery and harn • ſs, wool and cotton cards, paper and paper hangings, tanned leather, books, ſnuff, manufactured tobacco, and iron manofactures are now frequently exported to foreign countries. Coaſtwiſe there is alſo a great trade in theſe and many other manufactured articles, and in raw materials and proviſions for the manufacturers within the united ſtates.

An argument of great importance to the ſhipholders, exporters, and underwriters, and, indeed to the cultivators of the earth, in ſupport of manufactures is to be drawn from their tendency to promote in an eaſy, certain, ſafe, and cheap way, the naval capacities and ſtrength of the united ſtates. The tranſportation of proviſions, coal, raw materials, and other articles from the ſouthern and middle ſtates to the northern, and the diffuſion of the manufactures, of the towns on the coaſt, throughout the union, already employs many veſſels. The rice, indigo, cotton, hemp, flax, iron, hides, furs, tar, pitch, turpentine, rozin, wax, tobacco, wood and timber, flour and grain, ſhipped from the ſtates, on, and to the ſouthward of the Cheſapeak, for the manufacturers in the middle and northern ſtates, give employment at this time to a very reſpectable portion of our tonnage. This cannot be doubted, when it is remembered that our coaſters are 1 • 0,000 tons, though our veſſels in all the foreign trades probably do not much exceed 150,000 tons; and the former are entirely out of the reach of foreign reſtriction, conſequently (with the fiſhing veſſels) are our moſt c •• tain dependence. The weight of this circumſtance, will be not a little increaſed by the recollection that the coaſting trade is uncommonly intereſting to a nation without tranſmarine colonies or dominions.

When we conſider the fiſheries as one of the modes of creating the powers of offence and defence at ſea, and that our agriculture and commerce, muſt therefore be ſupported and defended by our fiſhermen, and fiſhing veſſ • ls, among other means, it will be ſatisfactory to the cultivators, and merchants, that they will be promoted by the ſucceſs of our manufactures. Skins and tues of ſea animals, whalebone, and the head matter of the whale, are uſed by various ma •

Waſhington. Pittſburg. Bedford. Huntingdon. Blackſmiths, 2 5 3 4 Shoemakers, 2 5 2 4 Hatters, 2 2 1 2 Dyers, 1       Weavers, 2 2   2 Reed makers, 1       Sadlers, 1 3 2 2 Saddletree makers, 1       Spinningwheel makers, 1       Nailers, 1   1   Malſters and brewers, 1 1     Potters, 1       Tinners, 1 2     Diſtillers, 3   1   Wheelrights,   3 1 2 Stocking weavers,   1   1 Gunſmiths, 3       Ropemakers,   1     Whiteſmiths,   2     Total of manufacturers, 32 40 15 32 Total families, The populaion of Waſhington is unknown but it is leſs than that of Pittſburg. 130 40 85

It appears from this table, that in thoſe county towns (or ſeats of juſtice) in the interior and weſtern parts of Pennſylvania, the neceſſity for manufactures has occaſioned a little congregation of artizans, in the proportion of twenty-ſeven parts in one hundred, of the whole village in the ſmalleſt inſtance, and in the proportion of thirty-ſeven parts in one hundred, in the largeſt. The town of Waſhington, which is the moſt remote, and is beyond the Ohio, has been created ſince the late war. Its diſtance is about 300 miles weſt of Philadelphia. The variety of its manufactures is ſtriking, and it may he ſafely affirmed, that at the ſeats of juſtice, in the counties of Delaware, Bucks, Cheſter, and Montgomery, which are neareſt to Philadelphia, as great a number of manufacturers, in proportion to their reſpective population, does not exiſt, though the family manufactures are more conſiderable in theſe, and though they have numerous tanneries, iron works, powder mills, paper mills, blackſmiths, hatters, ſhoemakers, weavers, and other valuable workmen, in their villages and ſcattered throughout their populous townſhips. This, however, is the caſe, in ſome degree, likewiſe in the • ownſhips of the weſtern ſcene above deſcribed.

In the midland counties of Pennſylvania, manufactures have reſulted from a flouriſhing agriculture, and, immediately on their birth, have contributed to the proſperity of the cultivators. The borough of Lancaſter, which is the largeſt inland town in the united ſta • es, is ſixty-ſix miles from a ſeaport, and ten from any practiſed boat navigation. The number of families was in 1786, about 700, of whom 234 were manufacturers. The following is the liſt of them. Fourteen hatters, thirty-ſix ſhoemakers, four tanners, ſeventeen ſaddlers, twenty-five tailors, twenty-five weavers of woolen, linen, and cotton cloth, three ſtocking weavers, twenty-five white and black ſmiths, ſix wheelwrights, eleven • opers, ſix clock and watchmakers, ſix tobacco and ſnuff manufacturer, four enough from the north of Europe, to make and diſtribute gin from Archangel to Canton, which is really the caſe, it cannot be doubted that the united ſtates which have the greateſt ſurphus of grain of any country upon earth, which are rapidly increaſing it, which are further from their conſumers than any nation exporting grain, which have the lumber to make the caſks for it, and the ſhipping to tranſport it, and are themſelves great conſumers of malt liquors and diſtilled ſpirits, it cannot be doubted that a nation thus circumſtanced, muſt be able to manufacture thoſe articles with facility and advantage to any extent of the demand. The benefits to foreign trade from the manufacture of ſhips, cordage, ſail cloth, and anchors, as neceſſary inſtruments, and from thoſe articles and potaſh, ſoap, candles, ſteel, carriages and other articles, for ſale to foreigners here, or as payments or remittances to them abroad are already too obvious to need more than to be enumerated: but too much attention cannot be given to our ſituation, qualifications, and proſpects in regard to the home manufacture of liquors, conſidering the diſturbed ſtate of the ſugar iſlands, the increaſed conſumption and prices of all the productions of the cane, the impediments to the ordinary importation of ſlaves, the objections to the ſlave trade which are appearing in different quarters, the immenſe population of the manufacturing countries of Europe, and their conſequent neceſſity to employ in the culture of grain the lands they recently appropriated to the vine, as well as the impoſſibility of their ſparing for the making of liquor all the barley, rye, and oats, which were formerly conſumed in that manufacture.

There is alſo a conſiderable portion of foreign trade created by the importation of raw materials and other neceſſaries for the employment and conſumption of the manufacturers: cotton hemp, bar iron, ſheet iron, copper and braſs in pigs and ſheets, lapis calaminaris, lead, pewter, wire of every metal, woolen, cotton, and linen yarn, hempen yarns, hides, ſkins, and furs, wool, paper for books and hangings, dyers colours, and ſome others, varniſh, printing types, bullion for gold and ſilver ſmiths, gold and ſilver leaf, glue, mahogany, and other cabinet woods, melaſſes, and crude ſugars for diſtillers and refiners, manufacturers tools and implements, ſuch as vizes, ſcrewplates, anvils, hammers, axes, hatchets, knives, awls, pincers, grindſtones, hatters bowſtrings, &c. glaſs plates for looking glaſs makers and coach makers, callicoes and linens for printing, morocco ſkins, and many other commodities which are expended in the workſhops or families of our manufacturers, including foreign articles of apparel, furniture, food, and drink.

THESE valuable inſtitutions were unknown to us before the revolution, being added to the political economy in the latter part of the war. The paper emiſſions in the times of the provinces, had yielded ſome of the advantages of bank notes, though with leſs ſafety to thoſe who received them. But the degree in which they were unavoidably recurred to, in the courſe of the war, had completely deſtroyed the utility of paper money in 1781. The ſtate of public credit, and indeed of the public affairs in general, as well as the exigencies of the cultivators, merchants, and manufacturers, required an efficient ſubſtitute for an inſtrument of negociation and dealing, of ſo great compaſs. The ſcheme of a bank preſented itſelf in the manner, which is univerſally known, as the moſt probable mean of accommodating the general neceſſities, political, agricultural, and commercial. The promiſes, which the plan made, were abundantly fulfilled; and at the ſame time a ſtandard of public conduct and action in regard to the rights of property, was unobſervedly erected, at a moment when the recent courſe of events had rendered it very deſirable, as well from political as moral conſiderations. It has been found, accordingly, that the laws which concern property, in the places where banks have been eſtabliſhed, have quickly acquired a ſtability, if they were good, and have meliorated, if they were before exceptionable, notwithſtanding any ſuppoſed or real errors in the plans or adminiſtration of the inſtitutions.

In re •• ecting upon theſe eſtabliſhments, one cannot but call to mind a ſuggeſtion, which frequently occurs, that too large a portion of the capital of the united ſtates, has been applied to them. Few pecuniary operations are of as much importance. In eſtimating the extent to which we might have gone with prudence, an examination of the ſtate of that buſineſs in a ſucceſsful and at the ſame time the beſt known ſcene of trade in Europe, may be of ſome uſe. In the city of London, the bank of England (excluſively of that of Scotland) has operated with a capital of more than fifty millions of dollars about forty-ſix years. The population of England, on a medium, during that term, has been leſs than double that of the united ſtates at preſent, yet the capital of its bank has been above five times the capital of our national bank, and near five times the amount of all the ſubſcriptions which are yet paid into all the banks in the united ſtates. There are, moreover, a great number of private banks in the ſame city, probably not leſs than ſixty in number, ſome of which have more capital ſtock, than any bank in this country, except that of the united ſtates. The aggregate amount of their capitals is probably equal to that of the bank of England. Beſides theſe, there are very many conſiderable private banks ſcattered through the kingdom. In addition to theſe, there are the public and the private banks of Scotland. If the banks of England and Scotland, public and private, out of London, be equal to the private banks of London alone, then the capital of thoſe inſtitutions in Great Britain, will be 150,000,000 dollars, or above fourteen times as many dollars as there are perſons in that kingdom, though the whole of the ſtocks of the banks in the united ſtates, which are paid in, are not equal to three times the number of their inhabitants. Again. If the banks of Great Britain be meaſured by the exports of that iſland, it will be found, that the latter, at their higheſt value (ninety millions of dollars) are only three fifths of their aggregate bank capital, and that our exports, at 18,250,000 dollars, are above two thirds more than all our bank capital, which is actually paid in. Taking the Britiſh imports at 80,000,000 of dollars, and thoſe of the united ſtates at 24,000,000, the compariſon will be ſtill more in favour of the diſcretion, which has been obſerved in the united ſtates. But a very important meaſure of theſe inſtitutions yet remains to be applied, by which prudent men will be diſpoſed to teſt the ſubject—the quantity of ſpecie. The bank capital of Great Britain being, as above ſtated, about 150 millions of dollars, and the quantum of ſpecie being never eſtimated at more than 22,000,000 l. ſterling, or 97,700,000 dollars, the aggregate bank capitals of the united ſtates, as now paid in (ten and one half millions of dollars) would be as prudently, and ſolidly founded on a quantity of ſpecie a little leſs than ſeven millions of dollars. Although it would be impoſſible to aſcertain the preciſe amount of the ſpecie of the united ſtates, eſtimates carefully made, appear to warrant a belief, that it is equal to that ſum. But while examinations like theſe ſeem to abate and even entirely to deſtroy, the apprehenſion that we may have purſued the buſineſs of banking to the injury of agriculture, manufactures, and commerce, ſome circumſtances of a prudential nature are not to be overlooked. When forming theſe eſtabliſhments, we may commit errors, perhaps, in carrying into one ſcene too great a proportion of the capital appropriated to their creation. Hence the ſound policy of ſubtracting from the maſs of the bank of the united ſtates, to eſtabliſh branches at New-York, Boſton, Baltimore, Charleſton and (as is ſaid to be intended) in Virginia, miniſtering to the convenience, the neceſſities, and the intereſts of government, the planter, the farmer, the merchant, the navigator, the fiſherman, the ſhipbuilder, the manufacturer and the mechanic, in ſix ſeveral and variant ſcenes, inſtead of accumulating in one great maſs, a ſuperabundant capital—A political magnet attracting through devious courſes and attaching all things to its own vicinity.

It is poſſible to err, too, in the diſpoſition of banking eſtabliſhments, by ſuperadding to thoſe which already accommodate a particular ſcene, rather than introducing the new inſtitutions into places hitherto without them. The united ſtates contain five or ſix great local ſubdiviſions of trade, reſulting principally from the imperious dictates of the nature of things. In moſt of thoſe great ſpheres, there is more than one conſiderable and flouriſhing trading town, though there is in each, one which has an acknowledged pre-eminence. When a reaſonable portion of bank capital has been introduced into one of theſe commercial metropoles, the eſtabliſhment of a new bank would ſeem to be moſt expedient in the trading town of the next degree of conſideration. It is true, that ſo far as the operation is an employment, or application of the property of individuals, it muſt be left, (within the laws) to their own will; but as the act of incorporation places the ſubject within the power of the legiſlatures, and within the ſphere of their cares and duties, ſo it is highly important that theſe inſtitutions be modified in their original formation, upon prin • ciples of diſtributive juſtice, in regard to the reaſonable accommodation of the marts of commerce within their ſphere of legiſlation, and of all the landed citizens, who reſort to them for the ſales of their ſurplus produce, or the purchaſe of their ſupplies.

A precious conſequence has reſulted from the diſtribution of banks through different parts of the united ſtates. Like all great objects, theſe inſtitutions, while operating very beneficially in regard to the buſineſs of a country, are liable to be rendered inſtrumental to local party views. Being committed, as in the united ſtates, to ten ſeveral boards of directors, ſelected for the ſervice on account of their property, integrity, talents, and attention to buſineſs, and whoſe primary duties are the legal, diſcreet, and beneficial execution of their truſt, it is not probable, nor, indeed, is it in their power, to deviate from their proper walk, into the ground of political combination and intrigue.

A circumſtance obſervable in the bank of the united ſtates, will not fail to attract the at • e • tion of cautious men. The portion of public debt, which enters into the compoſition of their ſtock, is the particular contemplated. In this reſpect, the bank of England, and the bank of Ireland (which are among the beſt accredited of thoſe inſtitutions in Europe) exceed that of the united ſtates in the proportion of one third. It is very favourable to our inſtitution, that the national debt, and ordinary and extraordinary expenſes of both Great Britain and Ireland are much greater in proportion to wealth and numbers, than thoſe of the united ſtates, and that our government is not leſs free from error, nor more like to be diſturbed than theirs. It cannot, therefore, be more unſafe to conſide in our inſtitution, which contains three fourths, than in theirs which is wholly compoſed of public debt. It is, moreover, true, and worthy of obſervation, that moſt of the other banks in the united ſtates (and particularly the three largeſt) have voluntarily and by their own operations placed conſiderable portions of their ſtock upon the credit of the united ſtates, by purchaſing largely of the public debt, and by giving at this time extenſive credits founded upon its ſecurity. The market value of the public debt, which is generally greater in ſpecie than its nominal amount, renders that part of the bank ſtock, which is compoſed of it, intrinſically more valuable than that which is in coin.

Concerning the national induſtry.

An enquiry into the knowledge or ſkill, aſſiduity, economy, 〈◊〉 frugality, and good management with which the ſeveral deſcriptions of citizens in the united ſtates purſue their employments, has never been made. The ſubject is copious, and would require much previous enquiry and detail. It is not intended, therefore, in this place to attempt a developement of it: yet it may be ſerviceable to beſtow upon it a few brief reflexions. The learned profeſſions will not be brought into view, as they are not ſtrictly of the nature of the object contemplated. The planters, the farmers, the merchants, the navigators, the fiſhermen, the ſhipbuilders, the manufacturers and the mechanic, with the perſons immediately employed by them, are all which are conceived to be comprehended in the ſubject. The body of the planters, that is, thoſe who cultivate tobacco, rice, indigo, and cotton, are, as a general deſcription of cultivators, the beſt informed in regard to the object of their particular purſuit, though it is manifeſt that they have abundant matter for increaſed attention in perfecting their cultivation, in aſcertaining thoſe ſpecies of their valuable plants, which are moſt excellent, moſt certain, and moſt productive, in the improvement of their implements of huſbandry, in the acquiſition of auxiliary implements and machinery, in perfecting the modes of curing their produce, and preparing it for market and particularly in the attainment of an adequate ſubſtitute for the ordinary ſpecies of labourers, a ſupply of which has become precarious. It appears to be worth their conſidering, too, as well with an eye to profit, as humanity, whether an advantageous variation in the employment of ſome of the blacks might not be made, by introducing upon every eſtate ſome of the ſimpler manufactures to employ children, old and invalid perſons of both ſexes, and particularly the females during that term when two lives depend upon their health.

The merchants, navigators, fiſhermen, and ſhipbuilders of the united ſtates may be ſafely affirmed to be four deſcriptions of our citizens, whoſe induſtry is as uniformly energetic and well directed, as thoſe of any country in the world, though it is certain that a much ſtricter economy prevails among perſons of ſome foreign nations engaged in thoſe purſuits—an example demanding ſerious attention.

The manufacturers in ſome branches purſue their occupations under the diſadvantages of very few errors; yet thoſe citizens would be ſenſibly benefited, were they able to relieve themſelves of certain parts of their labour by the attainment of the auxiliary machinery, which are the purchaſe of larger capitals than are yet engaged in their line. Circumſtances, however, of various kinds are daily contributing to remove this inconvenience. The bulk of the manufacturers do not want induſtry, nor ſkill enough to ſucceed in thoſe ſimple manufactures, to which it is moſt their intereſt to apply themſelves. It may be rather ſaid, that they manufacture ordinary kinds of fabries, from the nature of the demand, than that they manufacture badly. Their buſineſs is, moreover, progreſſively advancing, and has felt, on ſeveral occaſions, ſome of them recent, the foſtering hand of goverument.

The mechanic branches have been, till this time, on nearly as good a footing; but thoſe employed in the erection of buildings ought now to ſeek the and of ſuch parts of ſcience as have relation to their calling. Architecture has been little ſtudied. It ought not to be forgotten, that a competent knowledge of it is no leſs conducive to economy and convenience, than to elegance and ſplendor.

The moſt important of all the employments of our citizens, that of the farmer, remains to be noticed. It is very much to be feared, that in point of execution, a candid examination would prove that this beſt of purſuits is moſt imperfectly conducted. The proofs are, innumerable inſtances of impoveriſhed lands, bodies of meadow lands, in the old ſettlements, which remain in a ſtate of nature, an almoſt univerſal inattention to the making or preſerving of manure, the frequent inattention to the condition of the feed grain, evidenced by the growth of inferior grain in fields of wheat, and by the complexion of the flour in ſome quarters, the bad condition of barns, ſtables and fences, and in ſome places the total want of the former, the deficiency of ſpring-houſes or other cool dairies in extenſive tracts of country, the want, or a trifling ſtock of bees, the frequent want of orchards, and the neglect of thoſe which have been planted by preceding occupants, the neglect of the ſugar tree, the neglect of fallen timber and fuel, accompanied with the wanton felling of timber trees for fuel, the neglect of houſehold manufactures in many families, the neglect of making pot-aſh, the non-uſe of oxen, and above all, the growth in ſubſtance, of large bodies of farmers on lands of ordinary quality, while the inhabitants of extenſive ſcenes, hardly extract from much ſuperior lands, a miſerable ſuſtenance and more miſerable clothing.

It is a fact very painful to obſerve, and unpleaſant to repreſent, but it is indubitably true, that farming in the grain ſtates, their great beſt buſineſs, the employment moſt precious in free governments, is, too generally ſpeaking, the leaſt underſtood, or the leaſt economically and attentively purſued, of any of the occupations which engage the citizens of the united ſtates. It is acknowledged, however, with ſatisfaction, that great changes have been lately made, and that the energy, ſpirit of improvement, and economy, which have been recently diſplayed, promiſe the regular and rapid melioration of the agricultural ſyſtem. All other things have taken a courſe of great improvement—and it cannot be apprehended that the yeomanry of the united ſtates will permit themſelves to be excelled by any of their brethren, in the moſt precious characteriſtic of a good citizen—uſefulneſs in their proper ſphere.

Concerning the laws which intrench upon the rights of property.

It is not remembered that the acts of the national legiſlature have been deemed by any of the poſſeſſors of any deſcription of property, unfavourable to their rights, except the proceedings in regard to the public debt. It is no leſs curious than true, that a part of the community affirm that the government have injured the country by too much liberality, while another part charge the legiſlature with impairing the contract.

In taking a view of this ſubject, it ſhould be remembered, that the ſtate of things when it was taken up, was in every reſpect critical and uncertain. It was difficult to ſay what the country could perform, and more ſo to tell what they would comply with. It was perceived, on the one hand, that as ſuch a ſtate of public • re •• t as preceded the year 1789, would ruin a government more energetic than that of the united ſtates, ſo its immediate melioration was a matter of the moſt imperious neceſſity. On the other hand, the non-exiſtence of one ſingle efficient funding ſyſtem, yielding a full ſpecie intereſt, in any one ſtate, and a number of painful facts in the financial operations of ſome of the legiſlatures, created a conviction, that there was either an inability or diſinclination in all to render a ſpecie payment in the full extent of the explicit contracts. Some of the contracts were found not to be explicit containing promiſes of large ſums under the name ſpecie, which it could not have been the expectation of the government at their date to diſcharge, or of the creditor to receive in coin; becauſe they promiſed to pay as ſpecie, what was notoriouſly much leſs valuable than contracts previouſly liquidated at forty nominal dollars for one in coin. The claims of the original creditors alſo were ſtrongly repreſented, while the conduct of every ſtate in the union, in its particular finances, had diſcountenanced a diſcrimination in their favour; and the eſtabliſhed laws of property were urged againſt a reduction of the owners principal: queſtions were alſo raiſed about the original intrinſic value of the money and property received by the • nired ſtates, leading to the deviſing of a new ſcale of depreciation. By infuſing into the propoſitions for a ſettlement of the debt, two qualities—a reduction of the intereſt and a temporary irredeemability of the principal, which have coſt the debtor nothing, and the creditor very little; by vigerous and well deviſed efforts to recover credit at home and abroad, an arrangement was formed, and executed, which has given better payment to the creditor than could reaſonably have been hoped. It is plain to every obſerver, that, but for the indiſcretions of ſome of the public creditors, who ſuperadded to the trials and fluctuations of a convaleſcent ſtate of credit the late unparalleled difficulties of the holders of the ſtock, the three ſpecies of the public poper, taken at a medium, would have been worth the nominal value in the market. Hitherto it never has been.

There yet remain, however, in the united ſtates ſome laws which affect the rights of property. The operation of inſtalment and valuation laws is not terminated in two or three of the ſtates. In two or three others, paper money is a tender in all or in particular caſes. In ſome quarters, real eſtate is protected from execution for debt; and in others, the judgments of the courts are ſuſpended, if the income of the eſtate bears a certain proportion to the creditors' demand. In ſome of the ſtates, preferences are given to the claims of citizens, before thoſe of citizens of the other ſtates, or of foreigners; and a variety of ill exiſts in many quarters, in the form of inſolvent laws. The ſederal conſtitution, and thoſe of ſeveral of the ſtates, have barred the introduction of theſe evils in regard to new tranſactions; and the ſtates which are not chargeable with them, in regard to paſt affairs, have reaped, in the laſt three years an ample reward for their wiſdom and virtue. Property may almoſt be called the palladium of communities. Their moral ſafety at leaſt is always at hazard, when that is unwarrantably invaded. In every caſe wherein difficulties to obtain his own are interpoſed in the way of the honeſt and induſtrious citizen, his loſs is not all the public injury. A fellow-citizen—perhaps a member of a legiſlature (and through him a legiſlature itſelf) is corrupted in his principles.

Concerning the public debts.

When it is remembered, that the terms upon which the debts of the ſtates were aſſumed by cougreſs, are not more favourable than thoſe on which the ſedral debt was funded, and when it is called to mind, that the unaſſumed debts of all the ſtates are leſs valuable in the market than thoſe which were aſſumed, it will appear, that the public creditors of the union have little reaſon to complain. When the advantages of the temporary irredeemability, and of the opportunity of inveſtment in the bank are recollected, the little reaſon, if any exiſted, appears to be diſſipated. On the other hand, when it is remembered, that long after the promulgation of the funding ſyſtem and of the bank, the poſſeſſors of ſpecie might have procured certificates upon very advantageous terms, that the united ſtates draw a fifth of the profits of the bank without furniſhing any of the capital, that the grant of irredeemability is temporary. and ſo perfectly nominal, that we have now a right to pay off more than we have money to diſcharge; when it is alſo borne in mind, that the terms given by congreſs to the public creditors, were exceeded (by law at leaſt) in ſeveral of the ſtates, and that two of them have added to the benefits of their citizens from the funding ſyſtem, without diſcriminating in favour of the original creditor, or againſt the preſent holder, the arrangement of the general government appears to be conſiſtent with the public intereſts and with the wiſdom of the ſtate legiſlatures. If the funding ſyſtem of congreſs has been thus equally juſt and beneficial with thoſe of the ſtates, it has been accompanied with many advantages which cannot be queſtioned. Public credit is reſtored—in conſequence of that, the contracts for all public ſupplies are made for caſh on the deliveries or performance—the money, thus early promiſed, is paid by anticipation on the proffer of indubitable ſecurity by the various coutractors; and intereſt in favour of the united ſtates has been allowed for the promptitude of her treaſury—half a million of dollars of ſpecie claims have been diſcharged; and purchaſes of the public de • t, which bring the extinguiſhed ſum to about 2,400,000 dollars, have been made, or provided for—a ſeries of payments ſince the mouth of September (required by the moſt diſtinguiſhed ally of the united ſtates, in the late war) have been made to ſerve the occaſions of their unhappy coloniſts. Loans upon five per cent. upon four and a half per cent. and upon four per cent. intereſt, have been effected in two opulent ſcenes in Europe, ſolely by means of our reſtored credit, to repay in the hour of need, to that ally, the monies lent to the united ſtates in a like ſeaſon. All that is due has been paid. •• rt of that which is not yet due has been anticipated. Mo •• ies anxiouſly deſired by France, have been diſcharged by means of loans at a lower intereſt. Both nations are benefited and pleaſed; but our country is honoured by the tranſaction. To have neglected our public credit, would have been to loſe theſe advantages.

It will not be queſtioned, that there is in every walk of life or buſineſs a gr ••• er proportion of money, than was obſervable two years ago. Public works and buildings of every kind, and of ſpecies and values •••• nown among us till the preſent time, are undertaking every where. Private buildings, of equal variety, and comparative value, are ſpring ••• up. The price of lands is advanced. The raw materials, though 〈…〉 greater abundance, ſell for larger prices To what on 〈◊〉 ſo powerful, ſo adequate, can theſe things be aſcribed 〈◊〉 to the 〈◊〉 of part and re-animation of the whole, of a public de •• , ten •• i •• ••••• r than the amount of all the ſpecie ordinarily c •• culating in the country?

The relief of ſome of the ſtates from their burdens, has been another beneficial conſequence of the funding of the debt. It is but a few years ſince one of the moſt frugal, vigorous, and productive counties in Pennſylvania roſe againſt the collectors of the taxes. The appreciation and ſale of the immenſe maſs of ſederal ſecurities, owned by that ſtate, has enabled her to diſcharge all her obligations, though ſhe has aboliſhed her general land tax, and diſcontinued her exciſe, both of which ſhe has collected for forty years.

Some anxiety has been created by the ſhare of our debt, which foreigners have obtained. But this was a powerful means of bringing the whole into its preſent beneficial action, by elevating its actual to its nominal value. It is not at all probable, that it will be drawn from the country. It has been obſerved, in the moſt tranquil and proſperous ſtate of Europe, that a great proportion of the families of thoſe foreigners, who have made large inveſtments in the united ſtates, either in the times of the provinces, or ſince the revolution, have become inhabitants of this country, even when in its rudeſt infant ſtate. At this ſerious moment, when almoſt every tranſatlantic country ſeels or apprehends diſorders, our chances are infinitely increaſed. The united ſtates, advanced in the means of ſubſiſtence comfort, and of elegance, now preſent to them an object of greater deſire in a tranquil liberty, which they are ſtruggling to obtain, a teeming agriculture, and a proſperous commerce, both foreign and internal. Conformably with theſe reflexions, we may affirm, that no great object in our affairs has failed to attract the notice of the foreigners, who have engaged in our funds. The internal navigation of South Carolina, North Carolina, Virginia, Maryland, Pennſylvania, New-Jerſey and New-York, are among the witneſſes of this truth. The banks, both national and ſtate, the turnpike roads, and toll bridges, the ſales of city eſtates, of cultivated farms, and particularly of unimproved lands, commerce, ſhip-building, manuta • tures, confirm the fact. Let us continue to exhibit an honeſt ſpirit in our laws and conſtitutions, an efficient execution of them, and due abſtinence from unneceſſary wars, and there cannot exiſt a doubt, that we ſhall draw much more copiouſly from the population, the arts, and the funds of Europe, than they will draw from thoſe of the united ſtates.

There exiſts in the united ſtates one deſcription of private difficulties and incumbrances, which muſt engage the ſolicitude of every feeling mind, which, by an examination into the detail and interior of our affairs, has been led to obſerve them. The caſes alluded to are thoſe of the citizens of two or three of the ſtates, who are burdened with heavy debts or claims, which originated before the revolution. Whatever they may be finally adjudged to pay, the ſum muſt be ſo great, and due from ſo many perſons, as to give it the reſemblance of a public debt: and as in one of thoſe ſtates i •• as already occaſioned ſome ſacrifices of their principal landed eſtates, very far below their value, ſo it will probably operate in the others, unleſs ſome extenſive means, abundantly adequate to the occaſion, can be brought to operate, before or at leaſt at the time of executing the judgments of courts, which may be obtained. No reſource, competent to the purpoſe, appears at all likely to preſent itſelf, unleſs it be the funded debt or ſtock of the united ſtates and of the ſeveral ſtates. The method by which this deſcription of property can be rendered moſt immediately and effectually ſubſervient to the intereſting purpoſe of preventing the deſtruction of many families, would ſeem to be the fixture of it at a ſtable unfluctuating rate, adequate to its proper value, under the exiſting circumſtances of the united ſtates. It is manifeſt, that in ſuch a ſtate of the market, the dealers in the debt and others would ſell out, and would not buy in again, and that they would ſeek objects for their money in the trade, the manufactures, the buildings, and the lands of the country, which might promiſe them more advantage. A tenth part of the value of the public debts, applied to the lands of the united ſtates, would raiſe them every where to their real value, ſo that the debtor who might be under a neceſſity to ſell an eſtate, could diſpoſe of his property not only without a ruinous ſacrifice, but probably to uncommon advantage. The proprietors of lands and buildings which might be under this probability of ſale, would ſuſtain no riſque or injury in ſelling their eſtates for the public ſtock.

It may be alleged, that the holders of the debt will not go into • cenes ſo remote to make inveſtments: but there are facts, which appear to warrant a different opinion. The funds of New-England have been brought into Pennſylvania, for inveſtment in lands of ſeveral kinds—the money of Pennſylvania and Delaware has been inveſted in mills and lands in Virginia—the greater part of the ironworks of Maryland (the moſt coſtly eſtates in our country,) were bought and worked by the capitals of reſidents in Great Britain before the revolution. The ſame fact exiſted in one great inſtance in New Jerſey. The greateſt cedar ſwamp, on the waters of the Delaware, that ſupplies the Philadelphia market, is owned in New England; and people and veſſels from that quarter, are annually ſent to perform the buſineſs of it. The American public creditors, citizens of the united Netherlands, have recently purchaſed eight hundred tracts of land in a part of Pennſylvania, further from Philadelphia than the banks of James's River, York, or Rappahannock. In ſhort, if the hiſtory of this country were examined, as it regards this ſubject, it would demonſtrate, that the landed property of it has been conſtantly animated by the application of the monies of diſtant capitaliſts.

AT the commencement of the preſent government in 1789, the united ſtates were indebted to France, Holland and Spain, and to the foreign officers of the late army, in a ſum amounting to near twelve millions of dollars. Near a million and two thirds of this ſum, was due for arrears of intereſt, inattention to which, would have been too diſgraceful to have admitted of a hope of public credit, until meaſures were taken for its diſcharge. Above a million and one third of the principal ſum had become due, and the time of other inſtallments was coming round. The reſources of the country had been examined and conſidered, but not tried. The claims of theſe foreign creditors, were, originally, the moſt delicate in themſelves; and in the caſe of France, the ſtate of her revolution in the ſummer of 1790, placed her demand in a ſituation peculiarly intereſting. It was perceived that the adoption of the federal conſtitution and the meaſures taken to reſtore public credit, had made ſtrong and favourable impreſſions on the European money lenders: and it was not doubted, that the arrears of intereſt and the principal due, might be diſcharged by loans, upon terms which would produce very little loſs. The requiſite authorities were given by the legiſlature, which reſulted in the borrowing of a ſum equal to the diſcharge of all the exigible debt. But as the occaſions of the French were likely to be emergent, and there was reaſon to conſide, that a firm and ſteady purſuit of the financial ſyſtem, which had by that time been adopted, and an adherence to the upright ſpirit of the conſtitution, would rapidly meliorate the credit of the united ſtates, it was deemed expedient to extend the authorities to borrow, to a ſum equal to the whole of the foreign debt, provided the inſtallments not due could be diſcharged by means of loans advantageous to the united ſtates. The intereſt of above ſeven millions of the foreign debt, being at the rate of five per cent per annum, it was not doubted, that the money might be obtained ſo as to render the diſcharge of the part, not exigible, really advantageous. It has accordingly happened, that a ſum adequate to the principal and intereſt due, has been borrowed within the terms of the law, ſo as to ſupport the credit and good faith of the united ſtates, and critically to accommodate the people of France. The further expectations of congreſs have alſo been fulfilled; a conſiderable loan at four and on half, and two loans at four per cent, having been effected, ſo as to realize an advantage in the diſcharge of a large part of the principal, which was at an intereſt of five per cent. The united ſtates having thus commuted their foreign debt, further than is due, with honour, and, on a medium of the whole, with advantage, are relieved by theſe operations from any poſſibility of preſſure to perform the remainder of their European engagements. The friends of our public credit, of our national ſafety and reſpectability, and of the revolution of France, among the citizens of the united ſtates, will reflect upon this actual courſe of events with cordial ſatisfaction.

The concluſion: being miſcellaneous thoughts on the government.

The people of the united ſtates enjoy a peculiar felicity in the poſſeſſion of principles of government and of civil and religious liberty, more ſound, more accurately defined, and more extenſively reduced to practice, than any preceding republicans. There is not one iota of delegating or delegated power, which is not poſſeſſed, or may not be acquired by every citizen. It is true, that there are in practice, ſeveral deviations in the diſtribution of powers to the various ſubdiviſions of the country, and to the proprietors of certain deſcriptions of property; but theſe are acknowledged departures from principle, and are known to have ariſen out of the antecedent ſtate of things. They could not be immediately corrected without violent ſtruggles and diſorders, and without injury to the property of deſcriptions of citizens, too great for the country at any former period to compenſate. Mild remedies are, however, daily applied to theſe partial diſeaſes; and it is manifeſt, that the courſe of time is diminiſhing, and will finally remove them. The right of legiſlative interpoſition, on the part of the chief magiſtrate, which, in the practice of another country, has been commuted for an unlawful and inju •• ous influence, is here wrought into the eſſence of the conſtitution, and is not only exerciſed in the independent and uncontrouled conſideration of every reſolution and bill, but by the practical application of the negative.

The execution of the office of the chief magiſtrate has been attended through a term of almoſt four years with a circumſtance, which to this nation and to the ſurrounding world requires no commentary—a native citizen of the united ſtates, elevated from private life to that ſtation, has not, during ſo long a term, appointed a ſingle relation to any office of honour or emolument.

The ſenatorial branch of the government has been created and continued in a mode preferable to that which is purſued in any other nation.

The repreſentative branch is equally well conſtituted.

The military code, for the government of ſuch troops as are occaſionally raiſed and employed, is well calculated to produce diſcipline and efficiency, when time is allowed for the purpoſe, and conſequently to render the united ſtates reſpectable in the eyes of foreign nations.

All chriſtian churches are ſo truly upon an equal footing, as well in practice as in theory, that there are and have been in the legiſlative, executive, and judicial branches of the general government, perſons of the following denominations—epiſcopalian, preſbyterian, independent or congregational, quaker, Lutheran, reformed, Roman, and probably others, which do not occur. There have been, and indeed yet are, a few eccleſiaſtical diſtinctions in the ſtate governments, which reaſon and time are rapidly deſtroying. It is eaſy to perceive, that religious liberty, ſupported by the national conſtitution, and a great majority of the ſtate conſtitutions, cannot but attain, in a very ſhort time, the ſame theoretical and practical perfection in the remainder, which it has acquired in them.

The independency of the judiciary, as well in the tenure of their ſtations as in the permanency of their compenſations under the federal conſtitution, and moſt of thoſe of the ſtates, is an advantage over the ancient republics and the generality of modern governments, of ineſtimable value in regard to liberty and property.

The united ſtates, being without tranſmarine or ſeparated dominions, are exempted from two inconveniencies, which have reſulted from them. An immenſe naval force has been found neceſſary to defend ſuch territories, and protect the trade with them in time of war, and the difficulty of deviſing for them a free legiſlation, has hitherto proved inſurmountable. The Britiſh nation declared, that they had a right to legiſlate for their colonies and dominions in America, Aſia, and Africa, in all caſes whatſoever, and the revolution of the united ſtates, turned upon that cardinal point. When we obſerve, that the French nation, devoted as they are to the purſuit of liberty, have not yet been able to deviſe any ſyſtem of government for their colonies without a dernier reſort to the legiſlature of France, it will be a ſource of comfortable reflexion to the friends of free and efficient government in theſe ſtates, that we are not perplexed by the neceſſity of ſo delicate, important, and difficult an operation.

It has been unfortunate for moſt nations, as well ancient as modern, that they have had no ſettled pre-exiſting mode of altering, amending, or renovating their political ſyſtem, to which they could reſort without a deviation from the legal courſe of things, hazarding the public tranquillity, and often freedom itſelf.—It is equally happy for the people of the united ſtates, that in their federal government, and in moſt of thoſe of the ſtates, there exiſts a proviſion, by which thoſe neceſſary and deſirable ends may be obtained, with whatever zeal, without recurring to irregularity or violence. Fundamental principles being already ſettled by common conſent, and being duly recorded in the conſtituions, the people cannot long miſtake the nature of a meaſure, a law, or a political maxim, which is really oppoſed to them; and when their judgment is decided upon any one or more derelictions of thoſe principles, of magnitude ſufficient to induce an effort for reform, their will cannot be ſucceſsfully reſiſted. The conſequence of this ſtate of things will be, that the maſs of error will not eaſily accumulate ſo as to become inſupportable, being kept down by theſe orderly natural exertions of the community to relieve themſelves at an earlier ſtage of inconvenience. Too great a facility to change would, however, be likely to produce fluctuations, injurious to order, peace, property, and induſtry, if not to liberty itſelf: but as the mode of performing the amendatory or alterative operations is ſlow, and conſequently deliberate, light or dangerous changes would be very difficult to accompliſh. In this view there appears to be very little probability, that changes from free or repreſentative government, will take place, or that any modification of hereditary power will be introduced into the governments either of the ſtates or of the union. The people will never deliberately conſent to the abrogation of thoſe clauſes in the ſeveral conſtitutions, which explicitly provide both in general terms, and in particular detail, for free or republican government: nor does it ſeem eaſy, conſidering the degree of perfection we have obtained and the conſtant and moderate operations of the amendatory clauſes, to accumulate ſufficient public evil or grievance to produce one of thoſe convulſions, which the ambitous are wont to ſeize as the moment to introduce by force, a deſpotic government. Even local circumſtances conſpire to favour the permanency of liberty in theſe ſtates. Being too remote from any foreign nation, to render a war, requiring a great army, at all neceſſary, that inſtrument, ſo often uſed by ambitious leaders, is not likely to be placed within the reach of the enemies of freedom, while the union remains entire. It is worthy of the moſt particular obſervation and remembrance, that a diſſolution of our government would immediately open a door to this danger, as the ſeveral ſtates or little confederacies, would each deem it prudent to maintain a larger army than is now requiſite for the whole. The hiſtory of Greece will inſtruct us that by this, more than by any other poſſible meaſure, we ſhould be prepared for the military domination of ſome modern PHILIP, or ſome new ALEXANDER. A ſtrong union and a tranquil liberty would be miſerably exchanged for ſuch a ſtate of things

It is an evident truth that the penal laws of theſe ſtates, have been gradually mitigated ſince the epocha of their independence; and it is no leſs true, that the number of crimes does not bear ſo great a proportion to the population, as was formerly the caſe, though an univerſal relaxation of the police took place in the late war. It is, perhaps, an ill ſymptom of the ſtate of things, in a ſociety, when mild laws, ſtrictly executed, are incompetent to the preſervation of order and public happineſs. Our penal codes are, upon the whole, among the leaſt ſanguinary; and it is believed, they are not cruel, even in thoſe unhappy caſes, which impel the community to extremities. The conſtitution of the united ſtates has extracted all the gall from the puniſhment of offences againſt the national ſafety, by correcting the power of legiſlating concerning them with a mildneſs unknown to the ſyſtems of moſt countries. It is honourable to the humanity and magnanimity of the American people, that this proceeding flowed from them, almoſt unanimouſly, four years after the revolution war. Future ages will do juſtice to a nation capable of ſuch an effort at a moment ſo particular.

Taking the united ſtates at large, there are few or no countries in which, at this time, the juſt demands of private creditors can be obtained by a more certain, a more expeditions, or a 〈◊〉 expenſive courſe of legal proceſs. There are ſome local, and a very few general defects yet exiſting; but they are vaniſhing before the ſpirit of the general and moſt of the ſtate conſtitutions. There is no part of the public conduct of this country more ſtriking than the firmneſs with which they have applied the cauſtic to ſome inveterate cancers, which had been derived to their pecuniary ſyſtem, principally from adventitious cauſes. It proves the exiſtence of that virtue and fortitude, which qualify a nation for republican government. There are ſome exceptionable circumſtances, yet to be done away; but the ſucceſsful efforts, which have been made, juſtify a confident expectation, that they will yield ere long to the powers and influences which have eradicated much greater evils of the ſame kind.