Jefferson accordingly accepted the nomination, but observed that the matters which had called him home, would probably prevent his setting out for New York before the month of March.

Chapter XIV.

Reassembling of Congress-Financial Condition of the Country-Its Debt at Home and Abroad-Debts of the States-Hamilton's Report-Opposition to it -Dr. Stuart's Warning Letter to Washington-His Reply-Jefferson's Arrival at the Seat of Government-New York at that Period-Jefferson Apprehends Monarchical Designs.

C

CONGRESS reassembled on the 4th of

January (1790), but a quorum of the two Houses was not present until the 8th, when the session was opened by Washington in form, with an address delivered before them in the Senate chamber.*

* As the degree of state with which the session was opened was subsequently a matter of comment, we extract from Washington's diary his own account of it, premising that the regulations were devised by General Knox and Colonel Humphreys.

"Friday 8th, according to appointment, at II o'clock, I set out for the City Hall in my coach, preceded by Colonel Humphreys and Major Jackson in

Among the most important objects suggested in the address, for the deliberation of Congress were provisions for national defense; provisions for facilitating intercourse with foreign nations, and defraying the expenses of diplomatic agents; laws for the naturalization of foreigners; uniformity in the currency, weights, and measures of the United States; facilities for the advancement of commerce, agriculture, and manufactures; attention to the post-office and uniform (on my two white horses), and followed by Messrs. Lear and Nelson in my chariot, and Mr. Lewis, on horseback, following them. In their rear was the Chief Justice of the United States and Secretaries of the Treasury and War Departments in their respective carriages, and in the order they are named. At the outer door of the Hall, I was met by the doorkeepers of the Senate and House and conducted to the door of the Senate chamber, and passing from thence to the chair through the Senate on the right and House of Representatives on the left, I took my seat. The gentlemen who attended me followed and took their stands behind the senators; the whole rising as I entered. After being seated, at which time the members of both Houses also sat, I rose (as they also did), and made my speech, delivering one copy to the President of the Senate and another to the Speaker of the House of Representatives—after which, and being a few moments seated, I retired, bowing on each side to the assembly (who stood) as I passed, and descending, to the lower hall attended as before, I returned with them to my house."

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post-roads; measures for the promotion of science and literature, and for the support of public credit.

This last object was the one which Washington had more immediately at heart. The government was now organized, apparently to the satisfaction of all parties; but its efficiency would essentially depend on the success of a measure which Washington had pledged himself to institute, and which was yet to be tried ; namely, a system of finance adapted to revive the national credit, and place the public debt in a condition to be paid off. The credit of the country was at a low ebb. The confederacy, by its articles, had the power of contracting debts for a national object, but no control over the means of payment. Thirteen independent legislatures could grant or withhold the means. The government was then a government under governments the States had more power than Congress. At the close of the war the debt amounted to forty-two millions of dollars; but so little had the country been able to fulfil its engagements, owing to the want of a sovereign legislature having the sole and exclusive power of laying duties upon imports, and thus providing adequate resources, that the debt had swollen, through arrears of interest, to upwards of fifty-four millions. Of this amount nearly

eight millions were due to France, between three and four millions to private lenders in Holland, and about two hundred and fifty thousand in Spain; making, altogether, nearly twelve millions due abroad. The debt contracted at home amounted to upwards of forty-two millions, and was due, originally, to officers and soldiers of the Revolutionary War, who had risked their lives for the cause; farmers who had furnished supplies for the public service, or whose property had been assumed. for it; capitalists who, in critical periods of the war, had adventured their fortunes in support of their country's independence. The domestic debt, therefore, could not have had a more sacred and patriotic origin; but, in the long delay of national justice, the paper which represented these outstanding claims, had sunk to less than a sixth of its nominal value, and the larger portion of it had been parted with at that depreciated rate, either in the course of trade, or to speculative purchasers, who were willing to take the risk of eventual payment, however little their confidence seemed to be warranted, at the time, by the pecuniary condition and prospects of the country.

The debt, when thus transferred, lost its commanding appeal to patriotic sympathy; but remained as obligatory in the eye of justice.