Virginia Argus

August 23,

ANGLO FEDERAL FINANCE,

ILLUSTRATED

By GALLATIN.

During the last session of congress it will be remembered, that we published a rough sketch of the State of the National Debt.— That sketch, as it ought, excited the attention of every part of the union an encrease of debt so enormous in the very season when the fabricators of the evil were boasting of our national prosperity—when we were at actual peace; when they were attempting by the most wicked devices to plunge us into a war, which could produce no effect to us but ruin of our property, and perhaps the destruction of the federal constitution by the hands of those who were appointed to preserve it—and at a season, when we had imposed on the country a ruinous loan at 2 per cent above legal interest, and were making another at the same enormous rate—such a statement we say, merited the earnest attention and solicitude of every man who felt a spark of affection for his country.

The good sense of the country, the sensibility of the people to their safety, and their jealousies of the men who were progressing in such palpable extravagance, was never more clearly perceived than on that occasion. And their voice was soon felt on the floor of congress. In the first ebullition of irritation and rashness of some blockheads in power, on our publication of that statement, they had the folly to menace, and to take the first steps in a prosecution against the Editor of this paper for giving that statement to the public. The ridicule which would obviously have followed the further prosecution of the business however prevailed, and it was withdrawn.

Another measure however was adopted, to counteract the baneful influence of the peoples Aurora—No less than the authority of congress was to be made use of to authenticate an abstruse subject so as to deceive and mislead the country.
A committee was selected by Mr. Sedgwick composed of Roger Griswold, S. Sewall, R. Goodloe Harper, &c. truly to report and faithfully upon the finances of the country—and a report, they did indeed make, wherein they not only showed by implication that the Editor of the Aurora was a great fool, but that Oliver Wolcott was a great knave; inasmuch as according to the report of this committee they had both greatly exaggerated the public debt.

It would have been a folly to enter into a contention with such a committee. The statement was left naked to support itself against a volume of false reasoning, and ridiculous assumptions brought out by the committee. For once Oliver Wolcott and the Aurora agreed (tho' not to a fraction,) in differing from the committee of Mr. Sedgwick's selection.

A pamphlet has just appeared, however, which puts the whole subject upon fair, perspicuous and comprehensible ground. The fallacious assumptions, the deceptious inferences, and the errors and ignorance of the committee are calmly and justly exhibited: and it is clearly shown that the debt had encreased to the amount of seventy-nine millions and upwards on the first day of January, 1800.

The Secretary of the Treasury Mr. Wolcott on the 22d January, 1800, gave it as his opinion to Congress, that the "principal debt of the United States had encreased since the establishment of the federal government, 1,516,338 dollars 50 cents"

The committee selected by Mr. Sedgwick, in their report of the 1st May last, gave it as their opinion—that instead of having encreased, it had "diminished," in the same period, "1,092,841 dollars 28 cents"—

Now, the people of America should always remember that Mr. Wolcott is a public servant responsible, and upon oath. That Mr. Sedgwick, as Speaker, and as a member of Congress was under the obligation of two oaths, and that each member of the committee whom he selected were also sworn to do their duty to their constituents. These men and all their adherents are very clamorous about religion and morality—and that they are moreover well paid for the duty they are sworn to discharge.

Yet it appears so plain as the noon day sun, that these men are either wholly unfit for their stations as financiers or legislators, from ignorance, or they have betrayed their trust wilfully and knowingly—either of these consequences are inevitable, for upon as clear and simple a display of the subject, as perhaps ever appeared from the pen of man, it is demonstrated by Mr. Gallatin that the public debt on the first day of January, 1800, was 79,202,631 dollars 15 cents.

In order to contrast them more clearly, we shall restate the amount of encrease and diminution of the three several accounts, according to each authority.

NATIONAL DEBT January 1st, 1800.

Encreased according to Wolcott Dols. 1,516,338 50

Diminished according to Harper & Co. 1,092,841 28

Encreased according to Gallatin. 9,462,264 88

This monstrous suppression of the true state of the financial affairs of the country ought to be combined with the whole system of the anglo federal party—It should never be lost sight of that Pickering retained out of only five accounts, half a million of dollars; that Dayton without even a contingent expence to pay, retained immense balances in his hands; that more than TWENTY MILLIONS of dollars, at this moment lie in the hands of Loan Officers, Collectors, Supervisors, Banks, &c. belonging to the public, and that in the books of the account of the War-Office alone above Four MILLIONS of dollars remained to be accounted for when congress rose!

We have offered these observations as they arose; upon a perusal of Mr. Gallatin's book, which we earnestly recommend to every man who is desirous of obtaining a fair and an uncommonly dispassionate view of the finances of the country. Every man may understand this masterly production—Every man should ask himself if the authors of the abuses it exposes ought not to be put out of the public confidence, and not suffered longer to hold stations, which they have so much disgraced.