port the woolen manufacturers, and the labor employ. ed by both.

8. On paper, or manufactures of paper, a duty of from 12 to 20 cents per lb. according to quality.

To protect an interesting brunch of industry, as being almost a clear gain to the nation for its raw material, and the labor in manufacturing the s.me. 9. The duty on iron, of all descriptions, cast or prepared in bars or sheets, to be so raised as to prohibit the importation of the foreign article, except of such sorts or qualities as cannot be obtained

and at reasonable rates at home.

ship. England, for instance, will suffer her laborers to be fed on potatoes alone, rather than receive our surplus bread stuffs.

Circulating Medium.

[COMMUNICATED.]

"By the pricking of my thumbs,

"Something wicked this way comes."

By a late annunciation in one of the Washington papers, it appears that Mr. secretary Crawford, is engaged in arranging a plan, with a view to calling the attention of congress to the subject of a circuTo establish this most important manufacture anlating medium. Any variation must be supposed to a foundation that cannot be shaken, as furnishing the comprehend paper in the scheme. It was generalmaterial on which almost all others depends—an essen-ly expected previous to the last session of congress, tial to the wants of the country in peace, and especially that it was his design then to do so, but the scrutiny so in war, when its importation, if a foreign supply is into the affairs of the U. S. bank rendering that peto be depended on, may be difficult if not impossible riod an inauspicious one, it was supposed to have to obtain. It may be proper to observe, that iron mabeen declined at that time on that account. The nufactories are put into operation at a great expense; and that, if they are once stopped, they are perhaps the most difficult of any to return to their former activity and usefulness.

10. On spirits and wines, 25 per cent. to be added to the present duties.

secretary's views have since been watched, and pretty close observation has been drawn towards him. The embarrassments that existed at the time he determined upon the redemption of the Louisiana debt, and the useless and highly objectionable mode adopted by the bank to effect it, has held out the To benefit the growers of grain and fruit, by es-clearest indications to my mind that a systematised tablishing a home market, and support the labor employ-effort has been made to produce a pressure, causing ed therein and in the manufacture of domestic liquors. distress and destruction of confidence, in order that 11. Our gunpowder, a duty of 12 cents per lb. To the way for a paper system might be completely prohibit the foreign importation, because the domestic paved by the time that congress is again in session. supply is suficient, and of as good quality. Many The effort has been made, the effect partially proof our establishments are in a declining state, and duced, the greatest pressure has been felt by the 12. The duty on hats, leather and leather manufac-state banks and individuals; and the time has nearly arrived for the consummation of the plan. The pa tures, glass and glass wares, teas, hemp, cables and cordage, ready made clothing, and a variety per mania has completely pervaded the country, its of other articles to be considerably raised, so as to consequences have been experienced, and the fe ver has arrived to that crisis, when it can be supprevent foreign competition in some of them, or posed that even arsenic may be a tolerable preassist the revenue,as it might be affected by a gescription. beral reduction of importation.

others have entirely ceased to do business.

If these things were carried into operation, it is presumed that the following would result

1. The cotton planters would be secured in a steady

market at home, and not be so much liable abroad

Innovations into settled and established institu

tions, have long been held to be generally pregnant with evil; nothing has been more frequently injured than the circulating medium of a country, by the to an interference from the East India commodity. tamperings of political empyricism; and, unsettled as our present currency is, I conceive that attempt2. The growe: 3 of grain and wool would be essentially benefitted in the erection of markets at their ed remedies would be fraught with greater evil than own doors for their surplus products, and at advanc-good,--for the purgation now going on is evidently leading us into a state of greater stability. Politied prices. 3. All persons able to labor and so disposed, from cal economists have from time to time, endeavored old age to childhood, might find constant and pro- to substitute something in lieu of specie. Every atfitable employment in some branch of manufac-tempt has been productive of injury,-every change

ture.

4. Money would be plenty among us, for it would circulate freely, and the balance of trade being in our favor would prevent the export of the precious metals, except they should grow superabundant.

5. The general effect must be, cheerfuiness and content-national character,-wealth and strength: so that, in a short time we might bid "defiance to a world in arms."

has been for the worse-and the authority of history may be challenged to produce an exception. Russia, Sweden, France, not to mention England, have each in their turn adopted the paper system; which in every instance has been attended, with nearly similar results; the governments have been transformed into gigantic brigands, and the people into a swindled, plundered, enslaved multitude. England, a country before all others, the best calcu Competition will secure the people from im-lated to carry through such a system,-from her position on the part of the manufacturers, as pre-power, small circumference, dense population and tended to be feared by some; and if the price of ma- great wealth,—and above all, in being the bank and nufactured articles may be enhanced, the means of purchasing them will be also increased, that no general loss can be suffered on that account. It is the ability to purchase that fixes the value of a thing to

emporium of the world, giving her facilities which no other nation ever enjoyed,-has, in effect, abandoned it, declared the prejudicial tendency of a currency without a metallic base, its absolute tendency to subvert the very principle of liberty and of mora honesty,in the common commerce between man and

*See last number of the REGISTEn, page 360, and the notification of the secretary at the close of this article, received since the essay was written.

man. One well substantiated fact, one well tried ex-proportioned to the multiplication of the former periment, is worth all the theoretical speculation This may be accounted for in part, by the enhance“ that has ever been written upon the subject. Under ment in price of the legitimate objects of exportasuch circumstances, it is idle to advance arguments tion, caused by a redundant circulation, whereby on the case. But it is singularly ominous when Eng-specie supplants and takes place of such exports of land, with all her manifest advantages to support it, a country, so producing the two fold evil of emptyhas abandoned the wreck as unmanageable, danger-ing the country of its specie and leaving the fairer ous and desperate, that any in the U. States should objects of commerce, the products of the country, entertain a wish to embark this country upon it. at home.

a

The common jargon about gold and silver having It must be admitted, that paper founded on a me no intrinsic value, is idle and absurd. It is perfect-tallic basis is useful as long as it is the infallible sign ly immaterial whether it has or has not; it is suffici- of the thing signified. But the moment it loses that ent that the world has confidence in it, and that the character, its base deserts it and suffering begins; common sense of mankind has ratified the opinion the pillars of society are shaken, confidence beof the estimation in which it is held. This being the comes extinct and brigandage commences. It is fact, it is easy to conceive that there must have owing to this reason that England, Russia, Sweden, been some victorious reason for it. There must Spain and Portugal cannot retain their spécie, and have been an appropriateness,a correspondence with to the operation of the same principle that France the natural fitness of things, which no substitute has has an ample sufficiency for her wants, even to the ever been found to possess, which no paper sub. extent that the precious metals from the adjoining stitute ever can possess,-for no local credit can states are flowing in upon her. It was lately com comprehend the world. The base or unit of value, plained of in the British parliament, that the six ought to be fixed upon something possessing as uni-millions of new sovereigns which they put in circu form and universal à character as possible; and thus lation, were immediately recoined in France. having one of the great requisites of a common Whatever the secretary's views may be, time measure, the value of all things else would be test-must be allowed to develope, but it is admitted ed by and referred to it, as a standard. This neces-that he has many advantages growing out of the persary characteristic cannot be predicated on paper, plexed state of this branch of political economy. Its. even government paper, most profoundly secured, complicated ramifications, and the thousand bear which being receivable only for specific debts, is ings which its operation has on the comforts and held in estimation accordingly; for then it is obvious conveniences of society, has been so distorted by that it would in such case be worth more to one visionary theorists, that it is with difficulty a clear man than to another, and hence possess two values perception can be had of the subject. Yet, like at the same moment of time;t besides, it will be con- every political institution, it has its fundamental tinually varying, being operated upon by the dif-principles,-its foundation, upon which the edifice ferent situations and exigencies in which a govern- is built,-whereby the fitness or unfitness of its mulment may be placed. Wherefore uniformity of tifarious parts are to be tested. It must appear macharacter it is evident, cannot attach to it. The nifest to all, that one of these fundamental princi writer of this article has known the circulating me-ples is specie, held in connection with the expense dium or currency of Portugal to fluctuate from 11 of production and the universal estimation which is to 26 per cent. specie against paper, in a very few given to it. Ifits quantity is diminished or increased, days. The disastrous tendency of such a state of it retains a relative estimation by its relative and things is easier to be conceived than described; it is proportional circulation, by which means it has be sufficient for our purpose to know that every varia-come a standard, for the valuation of every species tion was attended with calamitous effects, and re- of property, fixing a relative proportion throughout plete with disorder. the world. Although local currencies for private

In relation to the alleged scarcity of specie and di-conveniences, may prevail in certain districts with minution of the precious metals, so much complain- certain advantages, this circumstance cannot milied of, it must be observed, that we heard no such tate against the principle advanced; for so establishcomplaints until we were deluged with paper,-ed and incorporated is the precious metals in the and there never was a country so placed wherein determinate estimation of mankind, that every pa the same complaint was not heard. This certainly, per credit-from the most visionary to those formcan be accounted for on more rational principles ed upon principles of comparative perfectability, than the arguments advanced by doctor Bollman. are seen paying tribute to its acknowledged superiSo far from paper being held in the greatest estima-ority, in referring to it as the common measure of tion on account of its convenience, thereby sup-value. planting the precious metals and forcing them out Whatever plan may be proposed, it greatly of circulation, the fact is evidently the reverse. It is because it is held in less estimation and passed at home, where a limitted confidence gives its currency, and the precious metals are sent abroad to purchase bargains where local credit will not answer. As an evidence of which, where paper is introduced specie flies instinctively before it, and with a celerity

behoves the people to see that specie is the clear and unequivocal base of it. This hold can never be lost, without losing a considerab portion of that liberty which is so dear to us all; for upon any other basis, the inevitable effect has been in all countries to produce such result.

Upon specious pretexts, governments have hoodwinked the people, and deprived them of the only For proof of this, see the last REGISTER, page check upon a wild and licentious use of this master. 357. At the time when the receipts of government link in the chain of social economy, by which comat Boston were considerable, and at Baltimore communities are banded together-short of insurrec paratively small, (Feb. 1815) treasury notes were tion. Public domains may be pledged, revenues at 25 per cent. discount at the former, though above hypothecated, sinking funds established, and circu par at the latter-specie payments necessarily be- lao, founded upon either, all these, with a view ing the test of their value. Yet the treasury notes, to prop a fictious medium. Experience has inva bearing interest, were perhaps, the best sort of go-riably shewn the fallacy of such expedients, and the vernment paper that could be issued. great demoralizing tendencies which they possess.

We know there is no difficulty in circulating paper upon security still more vague and visionary

than that mentioned above. We have felt the con

United States, or to supply a circulating medium, in place of specie, adapted to the exigencies of the country, and within the power of the government.

Defectiveness has in every instance been a promiCongress of the United States: hent characteristic; for being dependent upon a mul- House of Representatives, Monday, March 1. 1819. tiplicity of contingencies, circumstances are contin- Resolved, That the secretary of the treasury be ually developing themselves to render them partial-requested to transmit to congress, at an early perily or totally unavailing. Even if no other reason od in the next session, a general statement of the could be urged, the simple fact, that paper has ne- condition of the bank of the United States and its ver been used without abuse, is conclusive as to the offices, similar to the return made to him by the impropriety of adopting it. In trath, it is impossi- bank; and a statement exhibiting, as nearly as may ble that it should be otherwise,--for as the arterial be practicable, the amount of capital invested in the circulation is distinct from and independent of voli- different chartered banks in the several states and tion, so is the circulating medium of society without the district of Columbia; the amount of notes issued the grasp of political interference; and when any by those banks, and in circulation; the public and foreign force is brought to act upon it, disorder and private deposites in them; the amount of loans and confusion necessarily ensues. discounts made by them, and remaining unpaid; and the total quantity of specie they possess; and that he be requested also to report such measures as in his opinion may be expedient to procure and retain sequences and wish a reformation, not an auginen-a sufficient quantity of gold and silver coin in the tation of the evil. We believe that governments have generally been operated upon by sinister motives in effecting changes, and desire that ours will decline the attempt. Though the national debt may be paid with less effective money, and enterprises conducted without immediately letting the weight fall on the people-though the credit of governments is capable of generating great power, yet "The secretary could do no less than proceed to we had much rather it should remain dormant; for the performance of that which he was enjoined to it is a power which when in full force has ultimately do by a vote of one of the houses of congress; even been turned against the productive population. though he was only requested, instead of instructed, Credit failing, the government has then the means as is the usual form of such requisitions on the se of forcing requisitions. The property of the peo-veral departments of the government. But it happle becomes the sport of financiering speculators, pens sometimes, unfortunately, that propositions of and the consummation of the scheme is pauperism this sort, receiving a single reading, and voted on and inordinate wealth.-Credit having once origi-without debate, are adopted out of courtesy to the nated proportional to the quantity, depreciation mover, as calling for information only, when in fact and vacillation ensues. Pay-day must ultimately important principles are embraced or implied by come, when appreciation takes place-the arm of them. The resolution in question was one of these. industry is then unnerved, the poor become paupers, the middling class gravitate into poverty-the wealthy arrive at nobility-the military rules, and liberty dies.

The following is probably the subject of the notice of the proceedings of the secretary of the treasury, respecting the circulating medium, inserted in our last

Treasury department, July 23d, 1819.

The National Intelligencer gives the subsequent explanation of the matter; and referring to the preceding notice, says

It was passed at a late period of the session, and we are persuaded, from our own observation, as well as from the contemporaneous assurances of some of those who voted for it, that its bearing was not understood, in the last clause of it particularly, in which the secretary is requested to report such "measures as in his opinion may be expedient to "procure and retain a sufficient quantity of gold and silver coin in the United States, or to supply a "circulating medium, in place of specie, adapted to the "exigencies of the country, and within the power "of the government."

gress

As the information required by the subjoined reIf there were no other objection to this sweepsolution of the house of representatives of the coning commission to the secretary of the treasury; if gress of the United States, of the condition of "the it had been the deliberate intention of the house of different chartered banks in the several states," can be correctly obtained only from the officers of representatives to request the secretary to devise those banks, an appeal is necessarily made to their would be sufficient evidence of the resolution's not a paper system in place of a specie currency, it courtesy for that information. To meet fully the being understood, when agreed to; that it seriously requisitions of the revolution, the report should exhibit the state of all the chartered banks of the uni- requests the secretary of the treasury to inform conon on the same day. It is, therefore, suggested, his opinion, "within the power of the government"what measures, on a particular subject, are, in that such statements as may be forwarded to this in other words, that he will be pleased to inform department, in compliance with the foregoing re-them what is the extent of their own authority! quest, may exhibit the state and condition of the respective banks on the 30th day of September next. The same statement of the affairs of those banks, on the 30th of September, 1813 and 1815, which were in operation prior to those periods, would probably furnis' important information in the investigation of the several subjects presented in the resolution.

But, we hazard nothing in saying, that it was never within the intention of the last congress, or either branch of it, to entertain a proposition look ing to a general suspension of specie payments.

What measures, if any, the secretary of the tressury may think adap ed to augment the present reduced amount of national currency, we have no It is important that the statements should be for-idea. The subject is of great importance, and bewarded immediately after the 30th of September coming every day more grave; we feel assured he next, in order that the report required by the reso-will neither treat it lightly, nor yet omit any part of lution may be submitted to congress at the com- his duty in relation to it. But we have thought the

mencement of their next session.

WM. II. CRAWFORD.

explanation which we have given to be necessary, to avert the general impression of a serious design, onl

the part of the last congress, to establish any other than a specie basis for the national currency. It is an explanation we have always intended to give, should the resolution referred to become a topic of remark, as it is now in a fair way to be; and it is one on which the fullest reliance may be placed."

Scraps about Banks, &c.

North Carolina and Virginia banks. A letter from Fayetteville, of the 17th, states that the directors of the state bank of N. C. have had a meeting (at Ra leigh) at which they determined to propose to the Virginia banks "to take their notes and reciprocate with one another." Such are the terms of the letter. It is rumored that an agent has accordingly arrived in Petersburg, who has proposed to place in each of the Virginia branches at Petersburg $50,000 in specie, upon condition that each of these

U. S. bank stock. It is stated that a considerable amount of U. States' bank stock was, on Wednes-banks would take up $100,000 of its (N. C. state day, sold at Philadelphia at 934 per share.

Bank of Canada, at Montreal. The notes of this bank are very freely circulated in Vermont and the northern parts of New York; and some of them are payable in the city of New York.

The bank of Plattsburg has commenced a suit against the editor of the Albany Gazette, for saying that it had stopped payment.

Certain teas, fresh, hyson of a superior quality, were lately sold at New York at from 66 to 70 cents per lb. and Jacob Barker's notes received in payment at par, therefor.

bank) paper; the additional $50,000 for which it would thus fall in debt to each of our banks, it pledged itself to repay in specie or northern funds, soon after the $100,000 had been taken up. It was not ascertained, but supposed by some, that the Virginia banks would come into this arrangement. In consequence of this, it is said, that one or two houses in Petersburg had received their paper at 10 per cent. discount, under the idea that in a short time it would rise to par. The bank of N. C. how ever has a large sum afloat; and the absorption of even $200,000 could have no permanent effect Central bank, at Cherry Valley, N. Y.-A long re- upon the value of its paper. [Enquirer. port or address to the public, is made by the direc Money-makers. A gang of fellows have been taken tors of this bank, (thirteen in number) the most in-up in Baltimore, for passing counterfeit notes of two teresting part of which is, that "the specie now on dollars on the Mechanics bank of Baltimore, and hand, and other property convertible into specie three dollar notes on the bank of the Metropolis, at within sixty days, amounts to a sum sufficient to pay Washington. They are so well done as to deceive more than one dollar and fifty cents on every dollar almost any one, and the only safety to the people of the bills of the Central Bank now in circulation. is to refuse any of the banks abovementioned, of The directors undersigned also "severally pledge such denominations. their honor, and admit themselves to be severally, personally bound in their individual capacities, for the redemption of the notes of the Central bank, in circulation." The temporary loss of credit to this bank is attributed to the violation of a contract with the Franklin bank, at New York, and the directors have ordered a suit to recover damages.

Chenango bank, N. Y. The Oxford (Chenango) Gazette observes in a postcript, that "the Chenango bank no longer redeems its paper with specie or

current bills.

From the Ontario Gazette, of July 20. It is with much regret we have to state that the Ontario branch bank in this village, has found it necessary to yield to the pressure of the times. It stopped 'payment on Saturday last.

Altered notes are also pretty abundant-50's of the bank of Maryland made out of 1's, &c.—and 1's altered to 20's.

Bank notes and Ice! A money-changer at George, town, Col. advertises western money for sale-immediately under which, and without a rule to separate the advertisements, another person calls out "Ice!. Ice! Ice!"

Country banks. A Lansingburg paper says Great complaint is made in the newspapers publish. ed in those parts of the state, where the banks, whose bills are not current in the city of New York, are situated, of the runs (as they are called) made on those banks by the agents of the city banks and the brokers. What, we would ask, do the friends of these banks require? Their bills necessarily flow New-York country bank paper is generally appre-in large quantities to the cities, for the purchase of ciating in value; tho' some few of the banks seem to have absolutely stopped payment.

goods, or in payment of debts. There, in course of trade, they centre, as naturally as the rivers flow to the ocean. But in the hands of the city merchants they are no better than waste paper, unless they are taken by the banks, or can otherwise be con

A Carlisle paper, having reference to the law of Pennsylvania for unchartering banks, noticed in our tast, gives an opinion that "very few, if any, of the forty-two banks last chartered, will survive the dog-verted into current money. If the city banks do not days!"

Farmers and Mechanics' bank of Pittsburg. At a late special meeting of the directors of this bank, it was resolved, that in consequence of the general embarrassment of banking operations, and the unfortunate robbery of this bank in 1818-that its affairs "should be wound up as soon as the nature of the case will admit of." The amount of notes in circulation is given at only $9,000, and the debts due it to amount to $118,000, loaned "to the most solvent men in the city and its vicinity."

From the American Volunteer, Carlisle, July 22. We are authorised to state, that the board of direc tors of the "Pennsylvania Agricultural and Manufacturing bank" have suspended the further operations of the institution, so far as respects specie pay ments. They assure the public that funds will be provided in a reasonable time, to redeem all the paper, and to discharge all the debts due by the bank.

take them, they must be sold to the brokers, who must also send them home for payment. Now, if the friends of the country banks can devise any other mode in which this business can be conducted, let them point it out; if not, let them cease to complain, when those banks are called upon to perform merely what they promise; that is, to pay their notes "on demand.”

National Interests.

Address of the Philadelphia society for the promotion of domestic industry, to the citizens of the United States. No. XII.

Philadelphia, June 24, 1819. FELLOW CITIZENS-We have presented for your consideration, the able and luminous report of Alex, ander Hamilton, then secretary of the treasury, on manufactures. The principles contained in that

admirable state paper, are the principles of politi- lect, they can only be regarded as the visions of cal economy, that have been practised by those benevolent enthusiasts. statesmen, whom the concurrent testimony of ages, The abstract principles of political economy, are have pronounced the most wise; and have consti- of similar character. Resulting from general rea tuted the policy of every nation, that has advanced soning, which seldain descends to minute particuin civilization; in which the principles of free go-lars, they bear all the evidences of correct deduc vernment have been developed; or which has grown tions, until brought into practice. Their ineffiin wealth and power. ciency is then disclosed, and their partial nature Did it comport with the design of these essays, made manifest. The involutions and compound na it would be no difficult task to establish, by histori-ture of human interests, we are convinced, set discal references, the facts, that the amelioration of tinctive limitations at defiance. They often open society; the evolution of those just rights, which suddenly into new channels that have not been are the inheritance of every individual; and the traced, or flow through others, so obscure, that weight and influence of the people in their go- they have escaped our notice. Our generalities vernment, had their origin in the establishment are defeated by unanticipated combinations, which of manufacturing industry. With its progression, give results never calculated; and reactions are have they progressed, and by the diffusion of wealth produced, that work effects never suspected. through every class of the community which is its necessary concomitant, have been diffused civilization and knowledge. The principles by which these important results have been effected, we shall shortly elucidate. But other considerations first

invite attention.

In a science thus uncertain, and in things thus complicated and indistinct, it is the part of pru dence, to tread the paths of sober experience; to trust those guides, whose long practice has impart ed substantial knowledge, and whose knowledge is verified by their success. To reject the long acquired wisdom of ages, and the well-earned expe. rience of mankind, from confidence in superior wis dom, may justly subject us to the imputation of self-sufficiency, and hazard the dearest interests of our country.

The arguments by which Mr. Hamilton has sustained the principles he advocated, are lucid and conclusive. We believe them to be irrefutable. At least, we have not as yet met with any opposing writers, who have shaken one of the positions he advanced. Those diversified combinations, which It is against such visionary projects, that we grow out of, and affect all human transactions, did have raised our hands; it is to warn you from the not escape his penetration. They are too common-closet speculations of theorists, to invite you to ly overlooked by theorists, who, intent on general common sense practice, founded on the nature of principles, disregard the minuter circumstances, things, that we have intruded with the best inten that arise out of their very action, and render them tions on your notice. We have presented to you impracticable in operation, however just they may in succession, the systems of various powers in Eu be in themselves. rope, for the advancement of their welfare; and In no science, are the general maxims of theo- have shown some errors of policy, bearing a strong rists more delusive, and more to be distrusted, than similarity to principles generally entertained in the in political economy. This branch of knowledge United States, which proved fatal to those by whom is yet in its infancy. It is composed of relations they were adopted. We have, finally, presented commingled and commixed together, that, like a you with a system, that has been proposed by one skein of tangled thread, they require to be traced of our most enlightened statesmen, as best adapted out with great patience, perseverance and close at- to promote the wealth and power, by exciting and tention. Its principles are not yet established, fostering the industry of this country, in the circumThose which have been considered as the most fix-stances of a general and continued peace in Europe. ed, have been overthrown; those which have been This system was prepared with an experience of taught as self evident, are questioned; and the the operation of the peace policy of Europe on our whole are the subject of ardent discussion. In this affairs, subsequent to the peace of 1783, and after state of the science, general maxims can serve no mature reflection on the commercial relations beother purpose, than to give flippancy on an abstruse tween this country and foreign powers. Its princisubject, and to overleap difficulties that cannot be ples, founded on well substantiated facts, are drawp removed. from the examples of the most prosperous and most powerful nations, and its materials derived from the abundant sources of European commercial legislation. These are circumstances which entitle it to great weight, and to be received with the most marked and serious attention.

While the elements of political economy are thus undetermined, we are called upon to set at nought the harmonising examples of the most prosperous states; the accumulated experience of centuries; and to confide the character, the resources, the power of this nation; the wealth and happiness of this people; the safety perhaps of the government itself, to the operation of abstract principles, which have not yet been tested by practice, nor even set. tled by authority.

Let it not be presumed, that we are influenced by any feelings of political partiality, in favor of Mr. Hamilton. Most of those, who thus tender the tribute of their applause to his merits as a statesman, and thus highly appreciate this particular fruit of In human affairs, abstract principles, though they his labors, were, and continue to be, the decided may captivate the fancy by their simplicity, are ever opponents of his political principles. It is bigotry defeated by those subordinate accidents, which alone, that denies or would obscure merit in those, they must necessarily exclude. The principles of beyond the pale of its own belief, in church or state. "Political Justice," of the English, and the "per-To this feeling, we wish to have no claim, and fectibility of human nature" of the French philoso- while we confess a contrariety of sentiment on some phers, as well as unlimited freedom of moral action, essential points, we would not withhold our ac in the abstract, may be true. But overlooking the knowledgment of the brilliancy of the genius, the very constitution of human nature, the discordancy extent and solid nature of the acquirements, and of its sentiments, the complexedness of its affini-the strength of intellect, that distinguished Alexties, the variety of its affections, the perverseness ander Hamilton.

of the human heart, and obliquity of human intel- In the present situation of the country, when it