to obtain more Precision of Terms-Naval Stores-To Wm. Smith -Mission to Russia and the Porte-Count Rumford-Hindman- Result of the Elections-King to Secretary of State-Modifications of French Regulations against American Commerce-French military Operations in the Tyrol-To Jay-Muskets bought in Hamburg for New York-Troup-Disgust at Murray's Nomination-Insurrection in Pennsylvania-King to Sir Joseph Banks-United States Mint and Coins-To Lord Grenville-Specification of proposed Alterations THE LIFE AND CORRESPONDENCE OF RUFUS KING. CHAPTER I. Mr. King's Re-election to the Senate-Settlement of the System of public Credit Mr. Hamilton's Retirement and R. King's Opinion of itHamilton's earnest Letter relative to non-subscribing Creditors-Mr. Jay's Nomination for Governor of New York. The term for which Mr. King had been chosen Senator of the United States from New York would expire on March 4, 1795, and a strong effort was made by the friends of Mr. Clinton to prevent his re-election. Notwithstanding this, he was on January 27th again appointed to the position by a "majority of six in one House and one in the other." The Congress which was then sitting was engaged in an earnest endeavor to provide for the gradual redemption of the funded debt, in accordance with the general system of finance, which had been recommended by Alexander Hamilton and which he had in his reports sustained by most cogent reasoning. The result was that the entire management of the public debt was vested in the Commissioners of the Sinking Fund, with an appropriation, in addition to the resources already assigned, of the proceeds of certain temporary taxes, which would enable them to pay with regularity the accruing interest and gradually to extinguish the principal of the debt. In the original plan there were clauses providing for the creditors who had not before subscribed, which, in the House, were stricken out, one of the objections to it being that under its terms the non-subscribing creditors would be better off than those who had availed themselves of the original arrangement. Though it was answered that this would not be the case, and other reasons were given why the clauses making special provisions should be maintained, it was decided to strike them out. Mr. Hamilton, who had resigned from the office of Secretary of the Treasury before this time, was greatly moved by this action and expressed his disappointment in his letter to Mr. King of February 21st. It is to the settlement of the financial affairs of the government and thus placing the public credit on the firmest foundation that Mr. King alludes in his letter to Mr. Gore of February 14th; a letter which gives his opinion of the loss the country had sustained by the retirement of a "great and virtuous minister" from the public affairs of the country, and of his hope that his successor (Mr. Oliver Wolcott) may emulate his predecessor's example.' EGBERT BENSON TO R. KING, PHILA. "POUGHKEEPSIE, Jany. 15th, 1795. The 27th inst. is the day big with the Fate. Some of the Gentry have supposed it would be most advisable to re-elect Schuyler, otherwise both the Senators will continue to be from the Southern part of the State. You may suppose they do not know what to say, and that they have not determined what to do, when they come forward with such stuff. Mark the Expres * Hildreth happily says (Hist. of United States, 2d ser., i., p. 538): "During his [Hamilton's] six years of public service he had placed the fiscal concerns of the United States on a solid foundation-that, indeed, upon which they have ever since rested. The investigations into his conduct, dictated by the suspicions of his enemies, had resulted altogether to his advantage. His whole scheme being now complete, and his official integrity thoroughly vindicated, he could safely leave to the administration of others that system which his genius had organized 39 sion of the Message, ' alarming aspect of public affairs,'' daring claims,'' children of the opulent '-what a delectable Rascal he is! Was there ever such cursed nonsense as what he says about our System of Jurisprudence being implicitly borrowed &c. ?" J. O. HOFFMAN TO R. KING, PHILA. 26th Jany., 1795. Our opponents spare no pains to defeat the success of your reappointment. They have at length partly agreed on Mr. Jones; but at a meeting this evening, for the purpose of counteracting their measures, he declared his entire disapprobation of the plan. They expected something from the change of the Scene; but as yet they have made no impression and, I believe, instead of losing we daily gain ground. It has been judged prudent to postpone all arrangements relative to Mr. Jay, untill after Tuesday. A visit from you might after that time, be attended with the most salutary effects. Burr's friends now declare that Watts, Gilbert & Van Gaasbeck are in his favor. With esteem J. O. HOFFMAN. DEAR SIR: ROB. TROUP TO R. KING, PHILA. 27th Jany., 1795. I sincerely congratulate you upon your re-election-by a majority of six-five in one house and one in the other. Tillotson was your antagonist.. Very sincerely, MY DEAR FRIEND: ROB. TROUP. C. GORE to R. KING. BOSTON, Jany. 29th, 1795. . On Monday a vessel arrived at Cape Ann from Ramsgate in England I have seen a letter for Mr. Sears, it is from Mr. Dickason, & says the commercial treaty between the U. S. and G. B. is signed and printed in the Gazette. American stocks rose in consequence of this event Now nothing being said of the state of the belligerent powers at that time, it is probable their situation was not altered materially since our last advices. Yours affectionately, C. GORE. MY DEAR SIR: N. GORHAM TO R. KING, PHILA. BOSTON, Feby. 5, 1795. I most sincerely congratulate you upon your re-election & I can assure you that the true Federalists think it a very happy circumstance for the country. I am very much afraid we shall not be able to get Mr. Dexter elected again. Your friend, NATH. GORHAM. C. GORE TO R. KING. BOSTON, Feby. 9, 1795. MY DEAR FRIEND : . A letter from the Hague and published this day in the Orrery, informs that La Fayette has been again taken and reconducted to prison. This news we fear is authentic. It is said the letter is from Mr. Adams. Affectionately yours, C. GORE. R. KING TO C. GORE. PHILA. Feb. 14th, 1795. The Treaty has not yet arrived, and we are very impatient to receive it before Congress adjourns. Hamilton's last Report exceeds my Frank or I would send you a copy, probably however you will have received one-the Resolutions that have been brought forward in pursuance of it, have been adopted with some immaterial variations by the House of Representatives, & there is a fair Prospect that the Finances will be arranged conformable to his views. |