The writings of James Madison, comprising his public papers and his private correspondence, including numerous letters and documents now for the first time printed. |
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 | SPEECHES IN THE FIRST CONGRESS—THIRD SESSION, 1791. |
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 | The writings of James Madison, |  |
SPEECHES IN THE FIRST CONGRESS—THIRD SESSION, 1791.
FEBRUARY 2.—BANK OF THE UNITED STATES.
Mr. Madison began with a general review of the advantages
and disadvantages of banks. The former, he stated, to consist
in, first, the aid they afford to merchants, who can thereby
Second. The aids to merchants in paying punctually the
customs. Third. Aids to the Government in complying punctually
with its engagements, when deficiencies or delays happen
in the revenue. Fourth. In diminishing usury. Fifth.
and represented by notes. Sixth. In facilitating occasional
remittances from different places where notes happen to
circulate.
The effect of the proposed bank, in raising the value of
doubt raise that of the stock subscribed into the bank; but
could have little effect on stock in general, as the interest on
it would remain the same, and the quantity taken out of the
market would be replaced by bank stock.
The principal disadvantages consisted in, first, banishing
the precious metals, by substituting another medium to perform
their office. This effect was inevitable. It was admitted
by the most enlightened patrons of banks, particularly
by Smith on the Wealth of Nations. The common answer to
for something equally valuable that would be imported
in return. He admitted the weight of this observation in
general; but doubted whether, in the present habits of this
use to it.
Second. Exposing the public and individuals to all the
in so great a country as this, and might happen from
various causes, as false rumors, bad management of the institution,
an unfavorable balance of trade from short crops, &c.
It was proper to be considered, also, that the most important
of the advantages would be better obtained by several
banks, properly distributed, than by a single one. The aids
to commerce could only be afforded at or very near the seat
of the bank. The same was true of aids to merchants in the
payment of customs. Anticipations of the Government
would also be most convenient at the different places where
the interest of the debt was to be paid. The case in America
was different from that in England: the interest there was all
due at one place, and the genius of the Monarchy favored the
concentration of wealth and influence at the metropolis.
He thought the plan liable to other objections. It did not
make so good a bargain for the public as was due to its interests.
The charter to the Bank of England had been
granted for eleven years only, and was paid for by a loan to
the Government on terms better than could be elsewhere got.
Every renewal of the charter had, in like manner, been purchased;
in some instances, at a very high price. The same
had been done by the Banks of Genoa, Naples, and other like
banks of circulation. The plan was unequal to the public
creditors; it gave an undue preference to the holders of a
particular denomination of the public debt, and to those at
and within reach of the seat of Government. If the subscriptions
should be rapid, the distant holders of evidences of
debt would be excluded altogether.
In making these remarks on the merits of the bill, he had
reserved to himself the right to deny the authority of Congress
to pass it. He had entertained this opinion from the date of
the Constitution. His impression might, perhaps, be the
stronger, because he well recollected that a power to grant
charters of incorporation had been proposed in the General
Convention and rejected.
Is the power of establishing an incorporated Bank among
the powers vested by the Constitution in the Legislature of the
United States? This is the question to be examined.
After some general remarks on the limitations of all political
power, he took notice of the peculiar manner in which the
Federal Government is limited. It is not a general grant, out
of which particular powers are excepted; it is a grant of particular
powers only, leaving the general mass in other hands.
So it had been understood by its friends and its foes, and so it
was to be interpreted.
As preliminaries to a right interpretation, he laid down the
following rules:
An interpretation that destroys the very characteristic of
the Government cannot be just.
Where a meaning is clear, the consequences, whatever they
may be, are to be admitted—where doubtful, it is fairly triable
by its consequences.
In controverted cases, the meaning of the parties to the instrument,
if to be collected by reasonable evidence, is a proper guide.
Contemporary and concurrent expositions are a reasonable
evidence of the meaning of the parties.
In admitting or rejecting a constructive authority, not only
the degree of its incidentality to an express authority is to be
regarded, but the degree of its importance also; since on this
will depend the probability or improbability of its being left
to construction.
Reviewing the Constitution with an eye to these positions,
it was not possible to discover in it the power to incorporate a
Bank. The only clauses under which such a power could be
pretended are either:
- The power to lay and collect taxes to pay the debts,
and provide for the common defence and general welfare: or, - The power to borrow money on the credit of the United
States: or, - The power to pass all laws necessary and proper to
carry into execution those powers.
1.
2.
3.
The bill did not come within the first power. It laid no tax
to pay the debts, or provide for the general welfare. It laid
no tax whatever. It was altogether foreign to the subject.
No argument could be drawn from the terms "common defence
and general welfare." The power as to these general
purposes was limited to acts laying taxes for them; and the
general purposes themselves were limited and explained by
the particular enumeration subjoined. To understand these
terms in any sense, that would justify the power in question,
would give to Congress an unlimited power; would render
nugatory the enumeration of particular powers; would supersede
all the powers reserved to the State Governments. These
terms are copied from the articles of Confederation; had it
ever been pretended that they were to be understood otherwise
than as here explained?
It had been said, that "general welfare" meant cases in
which a general power might be exercised by Congress, without
interfering with the powers of the States; and that the
establishment of a National Bank was of this sort. There
were, he said; several answers to this novel doctrine.
- The proposed Bank would interfere, so as indirectly to
defeat a State Bank at the same place. - It would directly interfere with the rights of the States
to prohibit as well as to establish Banks, and the circulation
of Bank notes. He mentioned a law in Virginia actually
prohibiting the circulation of notes payable to bearer. - Interference with the power of the States was no constitutional
criterion of the power of Congress. If the power
was not given, Congress could not exercise it; if given, they
might exercise it, although it should interfere with the laws,
or even the Constitution of the States. - If Congress could incorporate a Bank merely because
the act would leave the States free to establish Banks also,
any other incorporations might be made by Congress. They
could incorporate companies of manufacturers, or companies
for cutting canals, or even religious societies, leaving similar
29incorporations by the States, like State Banks, to themselves.
Congress might even establish religious teachers in every
parish, and pay them out of the Treasury of the United States,
leaving other teachers unmolested in their functions. These
inadmissible consequences condemned the controverted principle.
1.
2.
3.
4.
The case of the Bank established by the former Congress
had been cited as a precedent. This was known, he said, to
have been the child of necessity. It never could be justified
by the regular powers of the articles of Confederation. Congress
betrayed a consciousness of this in recommending to the
States to incorporate the Bank also. They did not attempt
to protect the Bank notes by penalties against counterfeiters.
These were reserved wholly to the authority of the States.
The second clause to be examined is that which empowers
Congress to borrow money.
Is this bill to borrow money? It does not borrow a shilling.
Is there any fair construction by which the bill can be deemed
an exercise of the power to borrow money? The obvious
meaning of the power to borrow money, is that of accepting
it from, and stipulating payment to those who are able and
willing to lend.
To say that the power to borrow involves a power of creating
the ability, where there may be the will, to lend, is not only
establishing a dangerous principle, as will be immediately
shown, but is as forced a construction as to say that it involves
the power of compelling the will, where there may be
the ability to lend.
The third clause is that which gives the power to pass all
laws necessary and proper to execute the specified powers.
Whatever meaning this clause may have, none can be admitted,
that would give an unlimited discretion to Congress.
Its meaning must, according to the natural and obvious
force of the terms and the context, be limited to means necessary
to the end, and incident to the nature of the specified
powers.
The clause is in fact merely declaratory of what would have
resulted by unavoidable implication, as the appropriate, and,
as it were, technical means of executing those powers. In
this sense it has been explained by the friends of the Constitution,
and ratified by the State Conventions.
The essential characteristic of the Government, as composed
of limited and enumerated powers, would be destroyed,
if, instead of direct and incidental means, any means could be
used, which, in the language of the preamble to the bill,
"might be conceived to be conducive to the successful conducting
of the finances, or might be conceived to tend to give
facility to the obtaining of loans." He urged an attention to
the diffuse and ductile terms which had been found requisite
to cover the stretch of power contained in the bill. He compared
them with the terms necessary and proper, used in the
Constitution, and asked whether it was possible to view the
two descriptions as synonymous, or the one as a fair and safe
commentary on the other.
If, proceeded he, Congress, by virtue of the power to borrow,
can create the means of lending, and, in pursuance of these
means, can incorporate a Bank, they may do any thing whatever
creative of like means.
The East India Company has been a lender to the British
Government, as well as the Bank, and the South Sea Company
is a greater creditor than either. Congress, then, may incorporate
similar companies in the United States, and that too
under the idea of regulating trade, but under that of borrowing
money.
Private capitals are the chief resources for loans to the
British Government. Whatever then may be conceived to
favor the accumulation of capitals may be done by Congress. They
may incorporate manufacturers. They may give monopolies
in every branch of domestic industry.
If, again, Congress by virtue of the power to borrow money,
can create the ability to lend, they may, by virtue of the power
to levy money, create the ability to pay it. The ability to
this, on the general prosperity of agriculture, manufactures,
and commerce. Congress then may give bounties and make
regulations on all of these objects.
The States have, it is allowed on all hands, a concurrent
right to lay and collect taxes. This power is secured to them,
not by its being expressly reserved, but by its not being ceded
by the Constitution. The reasons for the bill cannot be admitted,
because they would invalidate that right; why may
it not be conceived by Congress, that a uniform and exclusive
imposition of taxes, would not less than the proposed Banks
"be conducive to the successful conducting of the national
finances, and tend to give facility to the obtaining of revenue,
for the use of the Government?"
The doctrine of implication is always a tender one. The
danger of it has been felt in other Governments. The delicacy
was felt in the adoption of our own; the danger may also
be felt, if we do not keep close to our chartered authorities.
Mark the reasoning on which the validity of the bill depends!
To borrow money is made the end, and the accumulation of
capitals implied as the means. The accumulation of capitals
is then the end, and a Bank implied as the means. The Bank
is then the end, and a charter of incorporation, a monopoly,
capital punishments, &c., implied as the means.
If implications, thus remote and thus multiplied, can be
linked together, a chain may be formed that will reach every
object of legislation, every object within the whole compass
of political economy.
The latitude of interpretation required by the bill is condemned
by the rule furnished by the Constitution itself.
Congress have power "to regulate the value of money";
yet it is expressly added, not left to be implied, that counterfeiters
may be punished.
They have the power "to declare war," to which armies are
more incident than incorporated banks to borrowing; yet the
power "to raise and support armies" is expressly added; and
for the government of armies"; a like remark is applicable
to the powers as to the navy.
The regulation and calling out of the militia are more appertinent
to war than the proposed Bank to borrowing; yet the
former is not left to construction.
The very power to borrow money is a less remote implication
from the power of war, than an incorporated monopoly
Bank from the power of borrowing; yet, the power to borrow
is not left to implication.
It is not pretended that every insertion or omission in the
Constitution is the effect of systematic attention. This is not
the character of any human work, particularly the work of a
body of men. The examples cited, with others that might be
added, sufficiently inculcate, nevertheless, a rule of interpretation
very different from that on which the bill rests. They
condemn the exercise of any power, particularly a great and
important power, which is not evidently and necessarily involved
in an express power.
It cannot be denied that the power proposed to be exercised
is an important power.
As a charter of incorporation the bill creates an artificial
person, previously not existing in law. it confers important
civil rights and attributes, which could not otherwise be
claimed. It is, though not precisely similar, at least equivalent,
to the naturalization of an alien, by which certain new
civil characters are acquired by him. Would Congress have
had the power to naturalize, if it had not been expressly
given?
In the power to make by-laws, the bill delegated a sort of
Legislative power, which is unquestionably an act of a high
and important nature. He took notice of the only restraint
on the by-laws, that they were not to be contrary to the law
and the constitution of the Bank, and asked what law was
intended; if the law of the United States, the scantiness of
their code would give a power never before given to a corporation,
superseded, not only by the laws of Congress, but by the bylaws
of a corporation within their own jurisdiction. If the
law intended was the law of the State, then the State might
make laws that would destroy an institution of the United
States.
The bill gives a power to purchase and hold lands; Congress
themselves could not purchase lands within a State
"without the consent of its Legislature." How could they
delegate a power to others which they did not possess themselves?
It takes from our successors, who have equal rights with
ourselves, and with the aid of experience will be more capable
of deciding on the subject, an opportunity of exercising that
right for an immoderate term.
It takes from our constituents the opportunity of deliberating
on the untried measure, although their hands are also to
be tied by it for the same term.
It involves a monopoly, which affects the equal rights of
every citizen.
It leads to a penal regulation, perhaps capital punishments,
one of the most solemn acts of sovereign authority.
From this view of the power of incorporation exercised in
the bill, it could never be deemed an accessory or subaltern
power, to be deduced by implication, as a means of executing
another power; it was in its nature a distinct, an independent
and substantive prerogative, which not being enumerated in
the Constitution, could never have been meant to be included
in it, and not being included, could never be rightfully exercised.
He here adverted to a distinction, which he said had not
been sufficiently kept in view, between a power necessary and
proper for the Government or Union, and a power necessary
and proper for executing the enumerated powers. In the
latter case, the powers included in the enumerated powers
were not expressed, but to be drawn from the nature of each.
expressly enumerated. This constituted the peculiar nature
of the Government; no power, therefore, not enumerated
could be inferred from the general nature of Government.
Had the power of making treaties, for example, been omitted,
however necessary it might have been, the defect could only
have been lamented, or supplied by an amendment of the
Constitution.
But the proposed Bank could not even be called necessary
to the Government; at most it could be but convenient. Its
uses to the Government could be supplied by keeping the
taxes a little in advance; by loans from individuals; by the
other Banks, over which the Government would have equal
command; nay greater, as it might grant or refuse to these
the privilege (a free and irrevocable gift to the proposed Bank)
of using their notes in the Federal revenue.
He proceeded next to the contemporary expositions given
to the Constitution.
The defence against the charge founded on the want of a
bill of rights pre-supposed, he said, that the powers not given
were retained; and that those given were not to be extended
by remote implications. On any other supposition, the power
of Congress to abridge the freedom of the press, or the rights
of conscience, &c., could not have been disproved.
The explanations in the State Conventions all turned on
the same fundamental principle, and on the principle that the
terms necessary and proper gave no additional powers to
those enumerated.
[Here he read sundry passages from the Debates of the
Pennsylvania, Virginia, and North Carolina Conventions,
showing the grounds on which the Constitution had been
vindicated by its principal advocates, against a dangerous
latitudes of its powers, charged on it by its opponents.]
He did not undertake to vouch for the accuracy or authenticity
of the publications which he quoted. He thought
it probable that the sentiments delivered might, in many instances,
complexion of the whole, with what he himself and many
others must recollect, fully justified the use he had made of
them.
The explanatory declarations and amendments accompanying
the ratifications of the several States formed a striking
evidence, wearing the same complexion. He referred those
who might doubt on the subject, to the several acts of ratification.
The explanatory amendments proposed by Congress themselves,
at least, would be good authority with them; all these
renunciations of power proceeded on a rule of construction,
excluding the latitude now contended for. These explanations
were the more to be respected, as they had not only been
proposed by Congress, but ratified by nearly three-fourths of
the States. He read several of the articles proposed, remarking
particularly on the 11th and 12th; the former, as guarding
against a latitude of interpretation; the latter, as excluding
every source of power not within the Constitution itself.
With all this evidence of the sense in which the Constitution
was understood and adopted, will it not be said, if the
bill should pass, that its adoption was brought about by one
set of arguments, and that it is now administered under the
influence of another set? and this reproach will have the
keener sting, because it is applicable to so many individuals
concerned in both the adoption and administration.
In fine, if the power were in the Constitution, the immediate
exercise of it cannot be essential; if not there, the exercise of
it involves the guilt of usurpation, and establishes a precedent
of interpretation levelling all the barriers which limit the
powers of the General Government, and protect those of the
State Governments. If the point be doubtful only, respect
for ourselves, who ought to shun the appearance of precipitancy
and ambition; respect for our successors, who ought not
lightly to be deprived of the opportunity of exercising the
rights of legislation; respect for our constituents who have
who are themselves to be bound down to the measure for so
long a period; all these considerations require that the irrevocable
decision should at least be suspended until another
session.
It appeared on the whole, he concluded, that the power
exercised by the bill was condemned by the silence of the
Constitution; was condemned by the rule of interpretation
arising out of the Constitution; was condemned by its tendency
to destroy the main characteristic of the Constitution;
was condemned by the expositions of the friends of the Constitution,
whilst depending before the public; was condemned
by the apparent intention of the parties which ratified the
Constitution; was condemned by the explanatory amendments
proposed by Congress themselves to the Constitution;
and he hoped it would receive its final condemnation by the
vote of this House.
FEBRUARY 8.—BANK OF THE UNITED STATES.
Mr. Madison observed, that the present is a question which
ought to be conducted with moderation and candor; and,
therefore, there is no occasion to have recourse to those tragic
representations which have been adduced. Warmth and
passion should be excluded from the discussion of a subject
which ought to depend on the cool dictates of reason for its
decision.
Adverting to the observation of Mr. Smith, of South Carolina,
"that it would be a deplorable thing for the Senate of
the United States to have fallen on a decision which violates
the Constitution," he inquired, What does the reasoning of the
gentleman tend to show but this, that from respect to the
Senate this House ought to sanction their decisions? And
from hence it will follow, that the President of the United
States ought, out of respect to both, to sanction their joint
proceedings; but he could remind the gentleman of his holding
different sentiments on another occasion.
Mr. M. then enlarged on the exact balance or equipoise contemplated
by the Constitution, to be observed and maintained
between the several branches of Government; and
showed, that except this idea was preserved, the advantages
of different independent branches would be lost, and their
separate deliberations and determinations be entirely useless.
In describing a corporation, he observed, that the powers
proposed to be given are such as do not exist antecedent to
the existence of the corporation; these powers are very extensive
in their nature, and to which a principle of perpetuity
may be annexed.
He waived a reply to Mr. Vining's observations on the
common law, [in which that gentleman had been lengthy and
minute, in order to invalidate Mr. Madison's objections to
the power proposed to be given to the Bank, to make rules
and regulations, not contrary to law.] Mr. M. said, the question
would involve a very lengthy discussion; and other objects
more intimately connected with the subject remained to
be considered.
The power of granting charters, he observed, is a great and
important power, and ought not to be exercised unless we
find ourselves expressly authorized to grant them. Here he
dilated on the great and extensive influence that incorporated
societies had on public affairs in Europe. They are powerful
machines, which have always been found competent to effect
objects on principles in a great measure independent of the
people.
He argued against the influence of the precedent to be
established by the bill; for though it has been said, that the
charter is to be granted only for a term of years, yet he contended,
that granting the powers on any principle is granting
them in perpeluum; and assuming this right on the part
of the Government involves the assumption of every power
whatever.
Noticing the arguments in favor of the bill, he said, it had
been observed, that "Government necessarily possesses every
denied that it applied to the Government of the United States.
Here he read the restrictive clause in the Constitution; and
then observed, that he saw no pass over this limit.
The preamble to the Constitution, said he, has produced a
new mine of power; but this is the first instance he had heard
of, in which the preamble has been adduced for such a purpose.
In his opinion, the preamble only states the objects of
the Confederation, and the subsequent clauses designate the
express powers by which those objects are to be obtained;
and a mean is proposed through which to acquire those that
may be found still requisite, more fully to effect the purposes
of the Confederation.
It is said, "there is a field of legislation yet unexplored."
He had often heard this language; but he confessed he did
not understand it. Is there a single blade of grass—is there
any property in existence in the United States, which is not
Subject of legislation, either of the particular States, or of the
United States? He contended that the exercise of this power,
on the part of the United States, involves, to all intents and
purposes, every power which an individual State may exercise.
On this principle, he denied the right of Congress to
make use of a bank to facilitate the collection of taxes. He
did not, however, admit the idea, that the institution would
conduce to that object. The bank notes are to be equal to
gold and silver, and consequently will be as difficult to obtain
as the specie. By means of the objects of trade on which
gold and silver are employed, there will be an influx of those
articles: but paper being substituted, will fill those channels
which would otherwise be occupied by the precious metals.
This, experience shows, is the uniform effect of such a substitution.
The right of Congress to regulate trade is adduced as an
argument in favor of this of creating a corporation; but what
has this bill to do with trade? Would any plain man suppose
that this bill had any thing to do with trade?
He noticed the observation respecting the utility of banks
to aid the Government with loans. He denied the necessity
of the institution to aid the Government in this respect.
Great Britain, he observed, did not depend on such institutions;
she borrows from various sources.
Banks, it is said, are necessary to pay the interest of the
public debt. Then they ought to be established in the places
where that interest is paid; but can any man say, that the
bank notes will circulate at par in Georgia. From the example
in Scotland, we know that they cannot be made equal
to specie, remote from the place where they can be immediately
converted into coin; they must depreciate in case of
a demand for specie; and if there is no moral certainty that
the interest can be paid by these bank bills, will the Government
be justified in depriving itself of the power of establishing
banks in different parts of the Union?
We reason, and often with advantage, from British models;
but in the present instance there is a great dissimilarity of
circumstances. The bank notes of Great Britain do not circulate
universally. To make the circumstances parallel, it
ought to have been assumed as a fact, that banks are established
in various parts of Great Britain, at which the interest
of the national debt is paid; but the fact is, it is only paid in
one place.
The clause of the Constitution which has been so often
recurred to, and which empowers Congress to dispose of its
property, he supposed referred only to the property left at
the conclusion of the war, and has no reference to the moneyed
property of the United States.
The clause which empowers Congress to pass all laws necessary,
&c., has been brought forward repeatedly by the advocates
of the bill; he noticed the several constructions of
this clause which had been offered. The conclusion which he
drew from the commentary of the gentleman from Massachusetts
(Mr. Gerry,) was, that Congress may do what they
please; and recurring to the opinion of that gentleman in
inexplicable, and dangerous; but now, perhaps, as the result
of experience, they are clear and luminous!
The constructions of the Constitution, he asserted, which
have been maintained on this occasion, go to the subversion
of every power whatever in the several States; but we are
told, for our comfort, that the Judges will rectify our mistakes.
How are the Judges to determine in the case; are
they to be guided in their decisions by the rules of expediency?
It has been asked, that if those minute powers of the Constitution
were thought to be necessary, is it supposable that
the great and important power on the table was not intended
to be given? Mr. M. interpreted this circumstance in a quite
different way, viz: if it was thought necessary to specify in
the constitution those minute powers, it would follow that
more important powers would have been explicitly granted
had they been contemplated.
The Western Territory business, he observed, was a case
sui generis, and therefore cannot be cited with propriety.
West Point, so often mentioned, he said, was purchased by
the United States, pursuant to law, and the consent of the
"Sate of New York is supposed, if it has not been expressly
granted; but, on any occasion, does it follow that one violation
of the Constitution is to be justified by another?
The permanent residence bill, he conceived, was entirely
irrelative to the subject; but he conceived it might be justified
on truly constitutional principles.
The act vesting in the President of the United States the
power of removability has been quoted; he recapitulated, in
a few words, his reasons for being in favor of that bill.
The Bank of North America he had opposed, as he considered
the institution as a violation of the Confederation.
The State of Massachusetts, he recollected, voted with him on
that occasion. The Bank of North America was, however,
the child of necessity; as soon as the war was over, it ceased
to operate as to Continental purposes. But, asked he, are
rights in a time of peace? And did the United States pass
laws to punish the counterfeiting the notes of that bank?
They did not, being convinced of the invalidity of any such
law; the bank, therefore, took shelter under the authority of
the State.
The energetic administration of this Government is said to
be connected with this institution. Mr. M. here stated the
principles on which he conceived this Government ought to
be administered; and added, other gentlemen may have had
other ideas on the subject, and may have consented to the
ratification of the Constitution on different principles and expectations;
but he considered the enlightened opinion and
affection of the people the only solid basis for the support of
this Government.
Mr. M. then stated his objections to the several parts of the
bill. The first article he objected to was the duration. A
period of twenty years was, to this country, as a period of a
century in the history of other countries; there was no calculating
for the events which might take place. He urged
the ill policy of granting so long a term, from the experience
of the Government in respect to some treaties, which, though
found inconvenient, could not now be altered.
The different classes of the public creditors, he observed,
were not all put on an equal footing by this bill; but in the
bill for the disposal of the Western Territory this had been
thought essential. The holders of six per cent. securities
will derive undue advantages. Creditors at a distance, and
the holders of three per cent. securities, ought to be considered,
as the public good is most essentially promoted by
an equal attention to the interest of all.
I admit, said he, that the Government ought to consider
itself as the trustee of the public on this occasion, and therefore
should avail itself of the best disposition of the public
property.
In this view of the subject, he objected to the bill, as the
the institution than those proposed. In case of a universal
circulation of the notes of the proposed bank, the profits will
be so great that the Government ought to receive a very considerable
sum for granting the charter.
There are other defects in the bill, which render it proper
and necessary, in my opinion, that it should undergo a revision
and amendment before it passes into a law. The power
vested by the bill in the Executive to borrow of the bank, he
thought was objectionable; and the right to establish subordinate
banks ought not to be delegated to any set of men
under Heaven.
The public opinion has been mentioned. If the appeal to
the public opinion is suggested with sincerity, we ought to let
our constituents have an opportunity to form an opinion on
the subject.
He concluded by saying, he should move for the previous
question.[14]
It was decided against him by a vote of 39 to 20.
TO EDMUND PENDLETON
Since the receipt of your favor of the 15th Jany, I have had the
further pleasure of seeing your valuable observations on the Bank,
more at length, in your communications to Mr. White. The subject
has been decided, contrary to your opinion, as well my own, by large
majorities in both Houses, and is now before the President.[15]
The
power of incorporating cannot by any process of safe reasoning, be
drawn within the meaning of the Constitution as an appurtenance of
any express power, and it is not pretended that it is itself an express
power. The arguments in favor of the measure, rather increased
my dislike to it because they were founded on remote implications,
which strike at the very essence of the Govt as composed of limited &
enumerated powers. The Plan is moreover liable to a variety of
other objections which you have so judiciously developed.
The Excise is not yet returned by the Senate. It has undergone
sundry alterations in that House, but none that affect its principle or
will affect its passage. In many respects it is displeasing to me, and
a greater evil than a direct tax. But the latter wd. not be listened to
in Congs. and wd perhaps be not less offensive to the ears of the people
at large, particularly in the Eastern part of the Union. The Bill contains,
as you would wish, an optional clause permitting the owners of
Country stills to pay the tax on their capacity, or to keep an acct of
the liquors actually distilled, and pay according to that & no more.
The Bill for admitting Kentucky has passed into a law, and another
for extending the privileges to Vermont who is knocking at the door
for it, has come from the Senate and will not be opposed in the House
of Reps. The Bill for selling the Public lands, has made some progress
& I hope will go through. The fate of the Militia & several other
important Bills is problematical at the present Session which will
expire, on the 4th of next month.
With the sincerest affection I am Dear Sir, mo: respectfully yours.
The inclosed paper I observe has a sketch of some of the argts. agst.
the Bank. They are extremely mutilated, and in some instances
perverted, but will give an idea of the turn which the question took.
Washington debated seriously whether to sign or veto the bill,
and at his request Madison prepared the following veto message for
him:
Feby 21. 1791. Copy of a paper made out & sent to the President
at his request to be ready in case his judgment should finally decide
agst the Bill for incorporating a National Bank, the bill being then before him.
Gentlemen of the Senate
Having carefully examined and maturely considered the Bill entitled
"An Act
I am compelled by the conviction of my judgment and the duty of my
Station to return the Bill to the House in which it originated with
the following objections:
(if to the Constitutionality)
I object to the Bill because it is an essential principle of the Government
that powers not delegated by the Constitution cannot be
rightfully exercised; because the power proposed by the Bill to be
exercised is not expressly delegated; and because I cannot satisfy myself
that it results from any express power by fair and safe rules of
implication.
(if to the merits alone or in addition)
I object to the Bill because it appears to be unequal between the
public and the Institution in favor of the institution; imposing no
conditions on the latter equivalent to the stipulations assumed by the
former. [quer. if this lie within the intimation of the President]
I object to the Bill because it is in all cases the duty of the Government
to dispense its benefits to individuals with as impartial a hand
as the public interest will permit; and the Bill is in this respect unequal
to individuals holding different denominations of public Stock
and willing to become subscribers. This objection lies with particular
force against the early day appointed for opening subscriptions, which
if these should be filled as quickly as may happen, amounts to an
exclusion of those remote from the Government, in favor of those near
enough to take advantage of the opportunity.—From the Chamberlain
MSS. in the Boston Public Library.
Jefferson and Edmund Randolph in the cabinet advised the vetoing
of the bill, but Hamilton's advice prevailed and Washington signed it
February 25, 1791.
TO AMBROSE MADISON. [16]
Tomorrow will put an end to our existence. Much of the business
has been laid over to the next session which is to be held the 4th Monday
in Ocr. The most important bill lately past is that for establishing
a Bank. You will see in the inclosed gazetteer the ground on which it
was attacked & defended. The bill remained with the President to
the last moment allowed him, and was then signed by him. Since the
passage of that Bill one has passed for taking Alexa into the district
for the seat of Gov't if the Presidt finds it convenient. This is a confirmation
of that measure & passed by a very large majority.
I enclose the report of the Secy at War on Col: Taylor's case which
you will hand to him. The grounds on which the claim is objected to
are stated. The Report has not been decided on by Congs; and
having but very lately been made lies over to another session. I can
not yet fix on the time of my setting out for Virga. I shall at least
wait till the Roads are safer than at present & am not sure that I may
not make a trip into New England before I return. I have often projected
this gratification to my curiosity, and do not foresee a more
convenient opportunity, especially if I should be able to form a party
for the purpose. I shall write you again before I make any definite
arrangements. Remember me affectly to all.
I have recd yours of the 20th Feby from Falmouth. The young
lady you mention has I find connections of the best sort in this place.
TO AMBROSE MADISON.[17]
I herewith inclose by a conveyance to Fredericksburg three pamphlets
as requested by my father, the other by yourself: to which is
added a list of the seeds &c sent lately to Mr Maury, according to the
information contained in my last. I have not heard from you in
answer to my letter on the subject of Tobacco. I have informed Mr
Maury of my request to you to forward a few of the Hhds to this
place, and have requested him to ship the rest as usual to his broker
in Liverpool. I shall set out at a pretty early day from this place,
and shall in company with Mr. Jefferson go at least as far northwardly
as Lake George, with which route I shall be able to make some private
business partly my own, and partly that of a friend coincide. Whether
I shall afterwards extend my route Eastwardly I do not yet decide.
I have not yet made any purchase of sugar or coffee as desired by my
father. Both articles have fallen, the former is however still high,
the latter is tolerably cheap. I shall look at some from the Isle of
France today or tomorrow, and shall probably before I leave this
provide a supply of that article for the family to whom be so good as
to remember me affecly.
TO THOMAS JEFFERSON.
Finding on my arrival at Princeton that both Docr. Witherspoon &
Smith had made excursions on the vacation, I had no motive to detain
me there; and accordingly pursuing my journey I arrived here the
day after I left Philada. my first object was to see Dorhman. He continues
to wear the face of honesty, and to profess much anxiety to
discharge the claims of Mazzei; but acknowledges that all his moveable
property has been brought under such fetters by late misfortunes
that no part of it can be applied to that use. His chief resource consisted
of money in London which has been attached, improperly as he
says, by his brother. This calamity brought on him a protest of his
bills, and this a necessity of making a compromise founded on a
hypothecation of his effects. His present reliance is on an arrangement
which appeals to the friendship of his brother, and which he
supposes his brother will not decline when recovered from the misapprehensions
which led him to lay his hands on the property in
London. A favorable turn of fortune may perhaps open a prospect of
immediate aid to Mazzei, but as far as I can penetrate, he ought to
count but little on any other resource than the ultimate security of
the Western township. I expect to have further explanations however
from Dorhman, and may then be better able to judge. I have
seen Freneau and given him a line to you.[18]
He sets out for Philada.
today or tomorrow, though it is not improbable that he may halt in
N. Jersey. He is in the habit I find of translating the Leyden Gazette
and consequently must be fully equal to the task you had allotted for
him. He had supposed that besides this degree of skill, it might be
expected that he should be able to translate with equal propriety into
French; and under this idea, his delicacy had taken an insuperable
objection to the undertaking. Being now set right as to this particular,
and being made sensible of the advantages of Philada. over N.
Jersey for his private undertaking, his mind is taking another turn;
and if the scantiness of his capital should not be a bar, I think he will
establish himself in the former. At all events he will give his friends
then an opportunity of aiding his decision by their information &
counsel. The more I learn of his character talents and principles, the
more I should regret his burying himself in the obscurity he had
chosen in N. Jersey. It is certain that there is not to be found in the
whole catalogue of American Printers, a single name that can approach
towards a rivalship.
I send you herewith a copy of Priestley's answer to Burke which has
been reprinted here. You will see by a note page 56 how your idea
of limiting the right to bind posterity is germinating under the extravagant
doctrines of Burke on that subject. Paine's answer has not
yet been recd. here. The moment it can be got Freneau tells me it will
be published in Childs' paper.[19]
It is said that the pamphlet has been
suppressed in England, and that the Author withdrew to France
before or immediately after its appearance. This may account for his
not sending copies to his friends in this Country.
From conversations which I have casually heard, it appears that
among the enormities produced by the spirit of speculation & fraud,
a practice is spreading of taking out administration on the effects
of deceased soldiers and other claimants leaving no representatives.
By this knavery if not prevented a prodigious sum will be unsaved by
the Public, and reward the worst of its Citizens. A number of adventurers
are already engaged in the pursuit, and as they easily get
security as Administrators and as easily get a Commission on the
usual suggestion of being creditors, they desire nothing more than to
ascertain the name of the party deceased or missing, trusting to the
improbability of their being detected or prosecuted by the public. It
cannot but have happened & is indeed a fact well understood that the
unclaimed dues from the U. S. are of very great amount. What a
door is here open, for collusion also if any of the Clerks in the Acct. offices
are not proof against the temptation!
We understood in Philada that during the suspension of the Bank
Bill in the hands of the President, its partizans here indulged themselves
in reflections not very decent. I have reason to believe that the
licentiousness of the tongues of speculators & Tories far exceeded anything
that was conceived. The meanest motives were charged on
him, and the most insolent menaces held over him, if not in the open
streets, under circumstances not less marking the character of the
party.
In returning a visit to Mr. King yesterday, our conversation fell on
the Conduct of G. B. towards the U. S., which he evidently laments as
much as he disapproves. He took occasion to let me understand,
that altho' he had been averse to the appearance of precipitancy in
our measures, he should readily concur in them after all probability
should be over of voluntary relaxations in the measures of the other
party; and that the next session of Congress would present such a
crisis if nothing to prevent it should intervene. He mentioned also
that a young gentleman here (a son of W. Smith now Ch Justice of
Canada) gives out, as information from his friends in England that no
Minister will be sent to this Country until one shall have previously
arrived there. What credit may be due to this person or his informers
I do not know. It shews at least that the conversation and
expectations which lately prevailed are dying away.
A thought has occurred on the subject of your mechanism for the
table, which in my idle situation will supply me with another paragraph,
if of no other use. [20]
The great difficulty incident to your contrivance
seemed to be that of supporting the weight of the castor
without embarrassing the shortening & lengthening of the moveable
radius. Might not this be avoided by suspending the castor by a
chain or chord on a radius above, and requiring nothing more of
yours than to move the swinging apparatus: thus, A. B. moveable on
a shoulder at A. would be a necessary brace, and must allow C. D. to
pass thro' it and play from a. to
[ILLUSTRATION]
b. as the tongs are shortened or
lengthened. The use of C. D.
would be to connect F. G. & the
tongs, so as to make them move
together on the common perpendicular
axis. As the distance
from C to D must vary
with with [sic] the protraction
of the tongs, the connecting bar
ought to be long accordingly, and
pass through witht. being fixed
to the tongs. Its office would
in that state be sufficiently
performed. The objections to
this plan are the height of the
perpendicular axis necessary to
render the motion of the castor
easy, and to diminish the degree
in which it wd. mount up at the
end of the table. Perhaps the objection may be fatal. 2. The nicety
of adjusting the friction of the tongs so as not to be inconvenient to
the hand, and be sufficient to stop & hold the castor at any part of
the table. In this point of view perhaps a slide on a spring would
be better than the tongs. In that case C. D. might be fixed, and not
moveable in the brace. By projecting F. G. to H. the castor might
be made to swing perpendicularly not at the part of the table least
distant, but at ye mean distance from the Center, and the difference
between its greatest & least elevation & pressure diminished. But
inconveniences of another sort might be increased by this expedient.
If the tongs or slide were to be placed not horizontally, but inclining
[ILLUSTRATION]
so as to lessen the effect of the pressure of the castor without
being less moveable by the hand, the 2d objection
might be lessened. It wd in that case be of less consequence
to project the upper radius as proposed.
I am afraid you will hardly understand what I have
attempted to describe, and I have not time if the thing
deserved it, to write the letter over again for the present
mail.—Mad. MSS.
In the summer of 1791 Freneau announced his purpose of starting
a paper in New Jersey, and Madison and Henry Lee induced him to
come to Philadelphia instead. Jefferson appointed him a translator
of French in the State Department at a salary of $250 a year, and
October 31, 1791, The National Gazette appeared. See Life of Madison
(Hunt), 235, et seq.
TO THOMAS JEFFERSON.
Your favor of the 9th was recd. last evening. To my thanks for the
Several inclosures I must add a request that the letter to Boynton
which came in one of them may be handed to him by one of your
servants. The directory will point out his habitation.
I had seen Payne's pamphlet with the preface of the Philada Editor. [21]
It immediately occurred that you were brought into the Frontispiece
in the manner you explain. But I had not foreseen the particular use
made of it by the British partizans. Mr. Adams can least of all complain.
Under a mock defence of the Republican Constitutions of his
Country, he attacked them with all the force he possessed, and this in
a book with his name to it whilst he was the Representative of his
Country at a foreign Court. Since he has been the 2d Magistrate in
the new Republic, his pen has constantly been at work in the same
cause; and tho' his name has not been prefixed to his anti republican
discourses, the author has been as well known as if that formality had
been observed. Surely if it be innocent & decent in one servant of
the public thus to write attacks agst its Government, it cannot be very
criminal or indecent in another to patronize a written defence of the
principles on which that Govt is founded. The sensibility of H.[ammond]
[22]
& B.[ond] [23]
for the indignity to the Brit. Constt. is truly ridiculous.
If offence cd. be justly taken in that quarter, what would
France have a right to say to Burke's pamphlet and the Countenance
given to it & its author, particularly by the King himself? What in
fact might not the U. S. say, whose revolution & democratic Governments
come in for a large share of the scurrility lavished on those of
France?
I do not foresee any objection to the route you propose. I had
conversed with Beckley on a trip to Boston &c and still have that in
view, but the time in view for starting from this place, will leave room
for the previous excursion. Health recreation & curiosity being my
objects, I can never be out of my way. [24]
Not a word of news here. My letters from Virginia say little more
than those you had recd. Carrington says the returns have come in
pretty thickly of late and warrant the estimate founded on the Counties
named to me some time ago. As well as I recollect, these averaged
upwards of 8000 souls, and were considered by him as under the
general average.
TO THOMAS JEFFERSON.
I received your favor of the 21st yesterday, inclosing post notes for
235 dollars. I shall obtain the bills of Mrs Elsworth[25]
& the Smith
this afternoon and will let you know the amount of them. There is
a bill from the Taylor amounting to £6,—7 which I shall pay. The
articles for which it is due are in my hands and will be forwarded by
the first opportunity. If a good one should fall within your notice,
it may be well for you to double the chance of a conveyance by giving
a commission for the purpose. I have applied to Rivington for the
Book but the only copies in Town seem to be of the 8th Edition. This
however is advertised as "enlarged &c by the Author," who I am told
by Berry & Rogers is now living & a correspondent of theirs. It is
not improbable therefore that your reason for preferring the 6th Ed:
may be stronger in favor of this. Let me know your pleasure on the
subject & it shall be obeyed.
I am at a loss what to decide as to my trip to the Eastward. My
inclination has not changed, but a journey without a companion, & in
the stage which besides other inconveniences travels too rapidly for
my purpose, makes me consider whether the next fall may not present
a better prospect. My horse is more likely to recover than at the
time of your departure. By purchasing another, in case he should
get well, I might avoid the Stage, but at an expence not altogether
convenient.
You have no doubt seen the French Regulations on the subject of
Tob°, which commence hostilities agst the British Navigation Act.
Mr. King tells me an attack on Payne has appeared in a Boston paper
under the name of Publicola,[26]
and has an affinity in the stile as well as
sentiments to the discourses on Davila. I observed in a late paper here
an extract from a Philada pamphlet on the Bank. If the publication
has attracted or deserves notice I should be glad of a copy from you.
I will write again in a few days, in the mean time remaining,
Yrs mo: affecly.—Mad. MSS.
TO THOMAS JEFFERSON.
By a Capt: Simms who setts off this afternoon in the Stage for
Philadelphia I forward the Bundle of Cloaths from the Taylor. His
bill is inclosed with that of Mrs Elseworth including the payment to
the Smith.
I have seen Col: Smith more than once. He would have opened his
budget fully to me, but I declined giving him the trouble. He has
written to the President a statement of all his conversations with ye.
British Ministry, which will get into your hands of course. He mentioned
to me his wish to have them put there in the first instance and
your situation on his arrival as an apology for not doing it. From the
complexion of the little anecdotes & observations which dropped from
him in our interviews I suspect that report has as usual far overrated
the importance of what has been confided to him. General professions
which mean nothing, and the sending a Minister which can be
suspended at pleasure, or which if executed may produce nothing, are
the amount of my present guesses.
Mr. Adams seems to be getting faster & faster into difficulties. His
attack on Payne, which I have not seen, will draw the public attention
to his obnoxious principles, more than everything he has published.
Besides this, I observe in McLean's paper here, a long extract from a
sensible letter republished from Poughkeepsie, which gives a very unpopular
form to his anti-republican doctrines, and presents a strong
contrast of them with a quotation from his letter to Mr. Wythe in
1776.
I am still resting on my oars with respect to Boston. My Horse
has had a relapse which made his recovery very improbable. Another
favorable turn has taken place, and his present appearance promises
tolerably well. But it will be some time before he can be used, if he
should suffer no other check. Adieu—Mad. MSS.
Yrs
TO JAMES MADISON.
Your favor of the 29th. of May never came to hand till yesterday
when it fell in with me at this place. My brother's of nearly the same
date had done so a few days before. My answer to his went by the
last mail. I refer to it for the information yours requests. I had indeed
long before advised you both to ship to Leiper all the good Tobacco
of your crops. It is certainly the best you can do with it.
The tour I lately made with Mr. Jefferson of which I have given the
outline to my brother was a very agreeable one, and carried us thro an
interesting country new to us both. I postpone the details of our
travels till I get home which as I mentioned to my brother will be in
Augst. I cannot yet say whether it will be towards the middle or last
of the month. It gives me much satisfaction to learn that my mother
has so far recovered. I hope her health may continue to mend. You
do not mention whether she has been or is to be at any of the Springs—
I shall attend to the articles you wish for family use on my way thro'
Philada. unless I should meet with them on satisfactory terms here.
The Report in Georgia relating to me is as absolute a falsehood as
ever was propagated. So far am I from being concerned in the Yazoo
transaction, that from the nature of it, as it has been understood by
me, I have invariably considered it as one of the most disgraceful
events that have appeared in our public counsels, and such is the
opinion which I have ever expressed of it. I do not think it necessary
to write to Genl. Mathews, because a report of such a nature does not
seem to merit a formal contradiction. I wish him to know however
that I am sensible of his friendly attention, and will thank Mr. Taylor,
when an opportunity offers, to let him know as much.
The latest accounts from abroad are various & contradictory. The
most authentic make it probable that there will be no war between
England & Russia, and that there will be peace between the latter &
the Turks at the expence of the Turks. From a concurrence of information
it is probable also that a public minister from G. B. may
pretty soon be expected. If He brings powers & dispositions to form
proper commercial arrangements, it will be an interesting change in
the councils of that nation; especially as an execution of the Treaty
of peace must be a preliminary in the business.
The Crops in general thro' the Country I have passed & heard from
are promising. Wheat is selling at Phila. at abt. a dollar a bushel &
here in the usual proportion.
Remember me affectly. to all. & accept the dutiful respects of your son.—Mad. MSS.
TO THOMAS JEFFERSON.
Your favour of the 6th. came to hand on friday. I went yesterday to
the person who advertised the Maple Sugar for the purpose of executing
your comission on that subject. He tells me that the cargo is
not yet arrived from Albany, but is every hour expected; that it will
not be sold in parcels of less than 15 or 16 hundred lbs & only at
auction, but that the purchasers will of course deal it out in smaller
quantities; that a part is grained and a part not; and that the price
of the former will probably be regulated by that of good Muscavado
which sells at about £5 N. Y. Currency a Ct. I shall probably be at
Flushing in two or three days and have an opportunity of executing
your other Com̃issions on the spot. In case of disappointment, I
shall send the Letter & money to Prince by the best conveyance to be
had. The Maple Seed is not arrived. The Birch Bark has been in
my hands some days and will be forwarded as you suggested.
The Bank shares have risen as much in the Market here as at Philadelphia.
It seems admitted on all hands now that the plan of the
institution gives a moral certainty of gain to the Subscribers with
scarce a physical possibility of loss. The subscriptions are consequently
a mere scramble for so much public plunder which will be
engrossed by those already loaded with the spoils of individuals. The
event shews what would have been the operation of the plan, if, as
originally proposed subscriptions had been limited to the 1st of april
and to the favorite species of stock which the Bank Jobbers had
monopolized. It pretty clearly appears also in what proportions the
public debt lies in the Country. What sort of hands hold it, and by
whom the people of the U. S. are to be governed. Of all the shameful
circumstances of this business, it is among the greatest to see the
members of the Legislature who were most active in pushing this Job
openly grasping its emoluments. Schuyler is to be put at the Head of
the Directors, if the weight of the N. Y. subscribers can effect it.
Nothing new is talked of here. In fact stock-jobbing drowns every
other subject. The Coffee-House is in an eternal buzz with the Gamblers.
I have just understood that Freneau is now here & has abandoned
his Philada. project. From what cause I am wholly unable to determine;
unless those who know his talents & hate his political principles
should have practiced some artifice for the purpose.
I have given up for this season my trip Eastward. My bilious
situation absolutely forbade it. Several lesser considerations also
conspired with that objection. I am at present free from a fever
but have sufficient evidence, in other shapes that I must adhere to my
defensive precautions.
The pamphlet on Weights &c, was put into my hands by Docr Kemp
with a view to be forwarded after perusal to you. As I understand
it is a duplicate and to be kept by you. Always & mo: affecly
TO THOMAS JEFFERSON.
I received last evening your very kind enquiries after my health.
My last will have informed you of the state of it then. I continue to
be incommoded by several different shapes of the bile; but not in a
degree that can now be called serious. If the present excessive heat
should not augment the energy of the cause, I consider myself as in a
good way to get rid soon of its effects.
Beckley has just got back from his Eastern trip. He says that the
partizans of Mr. Adam's heresies in that quarter are perfectly insignificant
in point of number. that particularly in Boston he is become
distinguished for his unpopularlity. that Publicola is probably the
manufacture of his son out of materials furnished by himself, and
that the publication is generally as obnoxious in New England as it
appears to be in Pennsylvania. If young adams be capable of giving
the dress in which publicola presents himself, it is very probable he
may have been made the Editor of his Father's doctrines. I hardly
think the Printer would so directly disavow the fact if Mr. Adams was
himself the writer. There is more of method also in the arguments,
and much less of clumsiness & heaviness in the style, than characterize
his writings. I mentioned to you some time ago an extract from a
piece in the Poughkeepsie paper as a sensible comment on Mr. Adams'
doctrines. The whole has since been republished here, and is evidently
from a better pen than any of the Anti-publicolas I have seen. In
Greenleaf's paper of to-day is a second letter from the same quarter,
which confirms the character I have given of the Author.
We understand here that 800 shares in the Bank, committed by
this City to Mr. Constable, have been excluded by the manner in
which the business was conducted. that a considerable number from
Boston met with the same fate. and that Baltimore has been kept
out in toto. It is all charged on the manœuvres of Philada. which is
said to have secured a majority of the whole to herself. The disappointed
individuals are clamorous of course, and the language of the
place marks a general indignation on the subject. If it should turn
out that the cards were packed for the purpose of securing the game
to Philada. or even that more than half the Institution and of course
the whole direction of it, have fallen into the hands of that City, some
who have been loudest in their plaudits whilst they expected to share
in the plunder, will be equally so in sounding the injustice of monopoly,
and the danger of undue influence on the Government.
The Packet is not yet arrived. By a vessel arrived yesterday Newspapers
are recd. from London which are said to be later than any yet
come to hand. I do not find that any particular facts of moment are
handed out. The miscellaneous articles come to me thro' Childs'
paper, which you get sooner than I could rehearse to you. It has been
said here by the Anglicans that the President's message to Congs. on
the subject of the commercial disposition of G. B. has been asserted
openly by Mr. Pitt to be misrepresentation. and as it would naturally
be traced to Govr. Morris it has been suggested that he fell into the
hands of the Chevr. Luzerne who had the dexterity to play off his
negotiations for French purposes. I have reason to believe that B[eckwith]
has had a hand in throwing these things into circulation. I
wish you success with all my heart in your efforts for Payne.[27]
Besides
the advantage to him which he deserves, an appointment for him,
at this moment would do public good in various ways.
TO THOMAS JEFFERSON.
It being probable that I shall leave this place early in the ensuing
week I drop you an intimation of it, that you may keep back my
letters that may fall into your hands for me, or that you might intend
to favor me with.
The outward bound Packet for Halifax & London sailed today. The
one expected for some time past is not yet arrived, and I do not learn
that any foreign news is recd. thro any other channel. Stock & scrip
continue to be the sole domestic subjects of conversation. The
former has mounted in the late sales above par, from which a superficial
inference would be drawn that the rate of interest had fallen
below 6 Per Ct. It is a fact however which explains the nature of
these speculations, that they are carried on with money borrowed at
from 2½ Per Ct. a month, to 1 Per Ct. a week.
TO THOMAS JEFFERSON.
It take the liberty of putting the inclosed into your hands that in
case Col: Lee should have left Philada. the contents may find their way
to Col: Fisher who is most interested in them. And I leave it open
for the same purpose. The Attorney will be a fit channel in the event
of Col: Lee's departure, for conveying the information.
You will find an allusion to some mysterious cause for a phenomenon
in Stocks. It is surmised that the deferred debt is to be taken up at
the next session, and some anticipated provision made for it. This
may either be an invention of those who wish to sell, or it may be a
reality imparted in confidence to the purchasers or smelt out by their
sagatcity. I have had a hint that something is intended and has dropt
from——————[28]
which has led to this speculation. I am unwilling
to credit the fact, untill I have further evidence, which I am in a
train of getting if it exists. It is said that packet boats & expresses
are again sent from this place to the Southern States, to buy up the
paper of all sorts which has risen in the market here. These & other
abuses make it a problem whether the system of the old paper under a
bad Government, or of the new under a good one, be chargeable with
the greater substantial injustice. The true difference seems to be
that by the former the few were the victims to the many; by the latter
the many to the few. It seems agreed on all hands now that the bank
is a certain & gratuitous augmentation of the capitals subscribed, in a
proportion of not less than 40 or 50 Per Ct. and if the deferred debt
should be immediately provided for in favor of the purchasers of it in
the deferred shape, & since the unanimous vote that no change shd. be
made in the funding system, my imagination will not attempt to set
bounds to the daring depravity of the times. The stock-jobbers will
become the pretorian band of the Government, at once its tool & its
tyrant; bribed by its largesses, & overawing it by clamours & combinations.
Nothing new from abroad. I shall not be in Philada. till
the close of the Week.
TO JAMES MADISON.
We arrived here yesterday morning was a week, having been obliged
to push through the bad weather by the discovery first made at Mount
Vernon that the meeting of Congress was a week earlier than was calculated
at our setting out. The President had been under the same
mistake, and had but just been apprized of it. Many others had
equally miscalculated.
Being obliged to attend immediately on my arrival to public busi
ness I have not been able to give the attention to yours and that of
others which I wished. I have however seen Mr. Leiper so far as to
learn from him that your Fredericksburg Tob°. is in his hands, and that
a shilling or two more may be expected for it than for the preceding
shipment. As soon as the sale is made, and I can execute the other
commissions you have given me, I will write you an account of the
whole. The price of the best Sugars is I find £4—8 Virga. currency per
Ct. and coffee about 1 / d° per lb.
The past week has been spent rather in preparations for the business
of the present Session of Congs. than in the actual commencement of
it. You will find what has been done in the inclosed papers.—Mr.
Hammond the expected Minister from G. Britain arrived in the last
packet & has been here some days. His public character has not yet
been announced in form. If any communications have been made by
him on the subject of his mission, they are known to the Executive
Department alone. I am extremely anxious to know the state of
my mothers health which was so unsettled when I left home. I am
looking out for the information by every mail. present my dutiful
regards to her.—Mad. MSS.
TO ROBERT PLEASANTS.
The delay in acknowledging your letter of the 6th June last proceeded
from the cause you conjectured. I did not receive it till a few
days ago, when it was put into my hands by Mr. James Pemberton,
along with your subsequent letter of the 8th August.[30]
The petition relating to the Militia bill contains nothing that makes
it improper for me to present it. I shall therefore readily comply
with your desire on that subject. I am not satisfied that I am equally
at liberty with respect to the other petition. Animadversions such
as it contains, and which the authorized object of the petitioners
did not require on the slavery existing in our country, are supposed
by the holders of that species of property, to lessen the value by weakening
the tenure of it. Those from whom I derive my public station
are known by me to be greatly interested in that species of property,
and to view the matter in that light. It would seem that I might be
chargeable at least with want of candour, if not of fidelity, were I to
make use of a situation in which their confidence has placed me to
become a volunteer in giving a public wound, as they would deem it,
to an interest on which they set so great a value. I am the less inclined
to disregard this scruple, as I am not sensible that the event of
the petition would in the least depend on the circumstance of its being
laid before the House by this or that person.
Such an application as that to our own Assembly on which you ask
my opinion, is a subject in various respects, of great delicacy and importance.
The consequences of every sort ought to be well weighed
by those who would hazard it. From the view under which they
present themselves to me, I cannot but consider the application as
likely to do harm rather than good. It may be worth your own consideration
whether it might not produce successful attempts to withdraw
the privilege now allowed to individuals, of giving freedom to
slaves. It would at least be likely to clog it with a condition [31]
that
the persons freed should be removed from the Country; there being
arguments of great force for such a regulation, and some would concur
in it who in general disapprove of the institution of slavery.
I thank you Sir for the friendly sentiments you have expressed
towards me; and am with respect and esteem
Pleasants was a Quaker and wrote in behalf of "The Humane or
Abolition Society" of Virginia, saying in his letter of June 6,—"believing
thou [Madison] art a friend to general liberty,"—he had a
strong desire to have a scheme of general emancipation in the state.
"Knowing the sentiments of divers slave-holders, who are favorable to
the design, I wish to have thy judgment on the propriety of a Petition
to our assembly for a law declaring the children of slaves to be born
after the passing such act, to be free at the usual ages of eighteen and
twenty-one years; and to enjoy such privileges as may be consistent
with justice and sound policy."—Mad. MSS. The leading minds of
virginia were in favour of emancipation. See Randall's Jefferson, i., 227.
The memorial against the militia bill was presented November 23.
TO JAMES MADISON.
I recd yesterday a letter from my brother Ambrose which gave me
the first information I have had since I left home concerning the state
of my mothers health. I am extremely glad to find she had so much
mended and hope her health may continue to grow better.
My brother signified to me that Miss Boynton wished a furr instead
of a chip hat to be sent her. Unluckily the latter had been bought,
packed up, & sent off in a trunk with the other articles, before his letter
got to hand. It was consequently too late to make the change. If
she wishes the other hat to be procured & forwarded, no time in giving
me notice is to be lost, as the progress of the winter will soon put an
end to the intercourse with Virginia by water. I have provided all
the articles desired by my brother except the shoes for himself, which
owing to a variance between the shoemakers & their journeymen
on the point of wages, could not be got. His linnen is packed up with
the coffee sent you. His crate of ware, will go by itself addressed to
the care of Mr. J. Blair. The remainder of his articles are in a Trunk
which contains moreover the articles for Mrs. Mason & Fanny; except
the Breast pin which has been delayed by the absence of the
artist. I must take some private oppy. to send it to my brother W. in
Richmond. The trunk is already gone, or will go in a day or two
addressed to Mr Maury. Besides the articles abovementioned, I have
put into it a parcel of cloaths which I consign to the disposal of my
mother—Finding that sugar was not likely to fall, I procured you a
supply of that article as well as of coffee. They have both been sent
off about a week ago addressed to Mr Maury, and are probably by this
time in Fredericksbrg. The quantity of Sugar is 400 lb. and of coffee
150lb., 50lb. of it being of the Bourbon sort.
The Nail rods you want are not to be got in the City, and the price
of the sheet bags is 2/9 Pa. curry. a pound, which so far exceeds your
limitation, that I declined sending it.—Mr. Leiper has not yet sold your
Tobo. he says two Hhds are pretty good; the others very deficient in
substance. He speaks favorably of the manner in which the Tob°.
has been handled & put up, & thinks its value would have been much
greater, if it had been tapped lower. In answer to my enquiry as to
stemmed Tob°. he says the difference will vary from 25 to 33 per Ct.
If any should be sent him he recommends care in taking out the stem,
so as to tear the leaf as little as possible—your loan-office Certificates
have been funded as I learn from Messrs. Wister & Ashton your letter
arrived in time; and according to the office construction of the law,
the defect of liquidation prior to June, did not stand in the way—The
six per Cts. I am just told have got up to 24/. in the pound, giving
Credit till March. If you chuse to sell, you will let me know—as soon
as I get in all the bills from those of whom I have purchased the different
articles for yourself my brother A. &c., I will forward an account
of the whole. Mr. Freneau has sent papers to Fredg. for subscribers
Whose names I brought with me. I must beg you to collect & send us,
as soon as possible the other subscriptions in Orange—and get the
same done for Culpeper.
The inclosed paper will give you a glance of what is going on in
Congress who have not yet entered into the substantial parts of their
business. It will also let you know all that I could add as to foreign
information.
| The writings of James Madison, | |