was reported under the deceptive title of, "an act for the Redemption of the WHOLE PUBLIC DEBT." This act, loosely drawn, loosely construed, and loosely executed, did not provide for the objects it professed to accomplish, but was in fact, an act for the continuance of the debt. Instead of pursuing the former system, (only to be deviated from by considerations of the highest necessity,) that of redeeming the debt as it fell due, and increasing the Sinking Fund, it proposed to redeem a considerable part of that debt by borrowing money at a higher rate of interest than the debt then bore. It was objected, that this bill authorized the deferring of the payment of each instalment successively as it became due, for Six years, and a premium of five per cent. for renewing this loan-thus continuing the debt and increasing its amount. Why, it was asked, do you not apply the admitted surplus to the payment of the Dutch debt? These objections were little heeded. The bill passed the House without any of the proposed checks. The reloaning was authorized, and a power, granted contingently by a former act, was insidiously revived. The object of this measure was obvi

The Government would thus avoid the necessity of paying any part of the debt during the present term of this Administration,-the effect of the abolition of the internal revenue would not be immediately seen-new taxes would be avoided.

The former laws established funds to meet every part of the debt, as it fell due; only authorizing reloans of parts, when, from unforeseen causes, the revenue should be insufficient to meet the object; and directed that every surplus should be faithfully applied to buy the debt at the best price. The late Law embarrassed these provisions by authorizing reloans at the discretion of the Administration, and created new and unsafe agencies. Yet the

people were told, that this bill developed another great feature of the Republican system-" that the Redemption of the WHOLE DEBT was provided for.-The Democrats, when out of power, declared their indisposition to every unnecessary or wanton increase of the Debt, accompanied by a solemn desire, by measures the most effectual, to diminish and ultimately to extinguish it.-These were their professions. The public now are possessed of their acts; and the most perfect harmony is found to exist between them."* This the PEOPLE were told, and they believed it.

In addition to the other inducements thus to evade promise and to palter with public expectation, there was one, which, if it can be supposed to have had any influence, was indeed of an extraordinary character. A loan from the United States, it has been seen, had been at a former period much desired by the Government of France. It has also appeared, that Monroe, at the very moment that reparation for the violations of our neutral rights was withheld by it, entering warmly into the views of that Government, urged the grant of a loan. This circumstance, together with the willingness of Jefferson to lend himself at a much earlier period to an unworthy project for the aid of the French finances, encouraged the expectation, now that her devoted partisans were in power, that a Loan would not be refused to France.

To feel the pulse of the people, the "AURORA" stated, that "there would be nothing improper or impolitic in a loan, if there was a capacity to render such service, but for the derangements of Commerce and the necessity of

* On the 11th February, 1807, Jefferson's second term, an act was passed authorizing the six per cents and deferred three per cents to be discharged by a new stock redeemable at the pleasure of the Government.

the Government to relieve the people from the burdens of a profligate policy." "If," it added, "the French Agent should indeed offer terms for the discharge of our debts to the Batavian Republic, and take the instalments in provisions, we believe it would be accepted by all parties, and our Government ought to embrace the overture."

The grossness of this attempt to make the influence that France exerted over the Batavian Republic, which she had so recently plundered, subservient to her own wants, by compelling that Republic to permit the United States to pay to France the debt due to the Dutch proprietors, need only be stated. That it was to be paid by this country in provisions does not vary its character. It was a mere repetition of the former policy of appealing to the interests of individuals, known as "flour merchants ;" and of engaging them to exert their influence on the councils of the Administration.

Many confidential conversations were held by Pichon, the French Chargé d'Affaires, on this subject. Having been informed that the Executive could not enter into such an arrangement "without the interference of Congress," he waited on several members of both Houses to know their sentiments.† Many of them evinced a disposition favorable to the application. In the mean time, Hamilton was apprized of what was passing. Not believing that "our Government ought to embrace the overture," he caused a publication to be made of the contemplated transaction exhibiting it in all its turpitude. The project was abandoned; and to escape public indignation ―a statement was given "from authority," that the inten

Infra, vi. 72.

The Aurora. The statement gives the evidence of the facts it undertakes to controvert.

Evening Post, March 27, 1802.

tion to make the application existed, but that it was not made;--that the disposition to make it was produced by official information, that a large part of the St. Domingo fleet would put into our ports, and the utter inability of the French Minister to provide for it by bills on France— but that the application was subsequently withheld, in consequence of information, that the fleet would not come; and that this step of the French Chargé, “without special authority," (the plea of necessity being superseded,) was not warrantable.

Thus an agent of the despotic Government of Buonaparte is represented as undertaking, "without special authority," to enter into a negotiation for the transfer to France of a debt due to the citizens of another power, and without their being consulted, amounting nearly to ten millions of dollars, in order to provide for a part of a St. Domingo fleet!

CHAPTER CLX.

THUS far the innovations of the Democratic party were such, as a wise statesman would deplore, but might justly hope that the energies of this rapidly advancing country would surmount; perhaps, that it would correct its own delusions, and retract its errors.

This hope was fondly indulged and cherished by Hamilton. Referring to the events which were passing, he remarked, while standing on his house-top, tracing the rich outline of the distant landscape, for his mind was always dwelling on the welfare of the people: "Were it possible to ruin such a country, Jefferson would ruin it. Madison, having attained the object of his ambition, will return to his real sentiments." But a measure was now brought forward and pressed with an earnestness which exceeded all of evil he had foreboded, and filled him with the deepest solicitude.

In his efforts to give stability to the other departments of the Government Hamilton had been disappointed, but to the Judiciary of the United States that independence had been secured which was essential to the administration of justice-" peculiarly essential," he observed, "in a limited Constitution." Though subject to impeachment for official misconduct, the Judiciary, by their permanency in office, "a quality," he said, "which may justly