of 25 per cent. on his subscription of five millions to the last loan; and that he has half a million of dollars in readiness to pay on account of the next instalment, which, by the rule established, government cannot receive until the 25th of next month. We add, upon the same authority, that Mr. Barker has neither sold, nor offered to sell, any of the said stock for less than the contract price. The editors of the Georgetown Federal Republican must, therefore, have at least been misin

formed as to that fact."

million subscribed, only four million four hundred thousand will be received by go vernment; and that at the end of twelve years they will have to pay for it (including interest) eight million, six hundred thousand dollars; four million two hundred thousand dollars, being for interest; or almost eight per cent. a year, Now where, I would ask, is the "disinterested patriotism," of lending money at this rate, for the repayment of which the whole United States are pledged? There is just about as much of this virtue in the lender, as there is economy in the borrower. It is the case familiar to every broker in this sity; it is the case of the griping usurer on one side, and the prodigal spendthrift on the other.

Let it be understood, that I bear Barker no i will. In his proper sphere, whether as an oilman, a broker, an agent, a loan monger, a coverer of other men's names, let him make what money he can; I shall not envy him. I am even willing to allow that in "his vocation," he is adroit and skilful. I do not deny the man understanding and management. Perhaps he has more of these business virtues, But this is by no means the worst view than are generally ascribed to him. But of this "disinterested patriotism." praise, the fame of being disinterestedly Of the twenty-five million to be borpatriotic, are pearls too precious to be rowed, only ten million have been obthrown away upon mere speculators.―tained. But the usurers have taken care These are the sacred rewards which hea- to provide for an event which they foreven has decreed for virtue, for charity, see with as much certainty as the national for genius. They belong to the patriot; spendthrifts do; and that is, that notwithfor seldom does he get aught besides; standing the abundant resources of the they belong to the hero, who earns them country, the spendthrifts have so much by his toils, his perils, and his blood. But undermined the public credit, that the rethey are as little deserved by Jacob Bar-sidue of the twenty-five million cannot be ker, as by the slave that digs for gold in obtained upon the terms seemingly offered the mines of Peru.

But I must be allowed to say a word or two about the" disinterested patriotism" of any subscriber to this last loan. What are the terms?

For every eighty-eight dollars that is advanced to government, the subscribers obtain a certificate, by which government promises to pay him, one hundred dollars, at a future period; and until the hundred dollars be paid, interest at the rate of six per cent. a year. The act authorizing the loan (see 1st vol. Exam. p. 392.) indicates an intention to pay the money borrowed at the end of twelve years. If we suppose this done it will appear, and any one may ascertain it by the common rules of arithmetic that for five

them, by the usurers. They have accordingly stipulated, that if any part of the residue shall be hereafter borrowed upon terms still more unfavourable to the country than these ten million, the present usurers shall be considered as lenders, not according to the present contract, but upon the terms most unfavourable to the country, upon which any part of the residue may be borrowed. And Mr. Jacob Barker does not hesitate to say, that the residue cannot be borrowed, unless certificates of stock upon every one hundred dollars, bearing an interest of six per cent. a year shall be given for every seventyfive dollars advanced in cash. If this should happen, then of the five million subscribed by Barker, only three million

prove the credit of government, or the failure of the credit of government? I am much deceived, if a few words do not completely set

Is, or is not, this money advanced upon the expectation, that the residue will be obtained

seven hundred and fifty thousand, will be received by government, for which, at the end of twelve years, it will have to pay (including interest) eight millions six hun-tle this question. dred thousand, as before stated; being four million eight hundred thousand, for interest; which interest would in that case be at the rate of almost thirteen per cent. a year. And the city of New-York has borrowed, and can, any day in the year, borrow at the rate of six per cent. a year! The disinterested patriotism" of the ney, unless you get it upon worse terms; and usurers beggars all comment.

But the spendthrifts-our own elected dear ly beloved spendthrifts-what shall we say of them? who are delivering over every man's goods and chattels, every man's house, every man's farm, to the rapacity of these usurers? these usurers who would be kicked out of any court of justice in the United States, if they should be found practising upon the unwary and inexperienced, as they are permitted to do upon the whole body of the most enlightened nation on earth? What shall we say of the spendthrifts, who invite these cormorants to fix their claws upon the very vitals of the government?

The time was, when loans, and debts and taxes filled us with affright and horror. The time was, when the spendthrifts who are now daily and nightly closeted with eager and rapacious and insatiable usurers, rose to power, by chanting the sweet notes of universal and blessed economy?

peace

at eighty eight for a hundred? If it is, why is it stipulated that the worst terms upon which the residue of the loan may be obtained shall be the actual terms of this loan? What does the offer at eighty-eight necessarily imply? what, but this: We know you cannot get mo

by interesting all who are concerned in this loan, to run down your credit, we shall be perfectly sure you cannot. We lend you, now, not because you have credit; but because you have not credit. We lend you, not because you will have credit, but because we are certain you will not. I take this, says Jacob Barker, that I may thus make it the interest of all concerned to exert themselves that you shall not.

This is an experiment, indeed! It beats embargo, and non-intercourse, and proclamations, and gun boats, "all the world to nothing!" It is an experiment, in one word, which is to decide whether money may not be as easily borrowed upon the admission that public credit has failed, as it can when that credit is undoubted! It is a sort of post obit bond. That is taken, not because the prodigal son has the means of paying, but because he may have when his father dies. This loan is taken, not because the administration have the means of paying it, but because the people of the United States have money enough to pay it, if they choose to do so hereafter. The money is lent, not because the spendthrifts are able to repay it, but because their masters are. It might as fairly have been contended And yet it is boasted, presumptuously, in- at the time when soldiers' certificates were famously boasted, that the national credit is sold for two shillings in the pound, that gounimpaired! that government can still bor-vernment had credit. Those who bought row! that usurers enough can be found to plunder the people of the United States! and that the elections prove that the people are delighted with ruin!

An unnecessary war, a war infamously conducted, a war supported by loans, horribly usurious, and beyond all precedent and necessity, extravagant and enormous! These are the flowers with which insanity has wove a garland for the favourites of democracy!

Leaving to their demoniac joy the fiends who swell with rapture at the contemplation of such scenes, let us turn aside into the paths of sober examination, and inquire, whether the ten millions subscribed to the last loan

then, like those who loan now, knew the people of the United States to be able to pay, although they had no confidence in the credit of government. They purchased, as the usurers now subscribe, on speculation. Present, quiet, regular, certain income is wholly out of the question. And whatever interest Jacob Barker, and such like people may have in the lean, it is notorious that they do not hold this

that these obstacles, which were so directly contrary to the good understanding in which his majesty contributed all in his power to remain with the French government, woukl have been removed; but these hopes always remained unfulfilled.

stock, neither have they subscribed for it up- [rary connexions. Earnest professions, which on the principles which governed the subscrip- were frequently renewed, had given hopes tion for, and which now govern the holders of the stock of this city. It is a calculation of "make or break." If the contractors can hold on long enough, and if the people shall be willing to pay them their enormous usury, they will make; in either of the contrary events, they will break.

One point is incontrovertible: When such principles as have entered into the present loan govern Borrower and Lender, alike; when one says, we WILL have usury; and the other answers, I MUST give it; the latter has no more credit, than the former has conscience.

DECLARATION OF DENMARK.

ISSUED AT FUNEN, JAN. 17, 1814. "By the care of the Danish government, the war which already, for fifteen years, had devasted Europe, had not disturbed the repose of the Danish nation; when the king, for a moment saw himself under the necessity of using defensive means partly for the protection of his subjects' commerce, and partly for the security of his provinces bordering on Germany.

"The attack made by the English on his majesty's capital, and carrying off the Danish fleet, in the year 1807, put an end to the happy tranquillity which his majesty had, until then, been enabled to preserve for his subjects. The Danish states, at that time, had the same common enemy with France, and the consequence was, that an alliance was sought and concluded with that power. The emperor, ●penly and directly promised men and money; and a numerous army immediately moved into the provinces belonging to his majesty the king.

"Whilst the French army was retreating, in the winter between 1812 and 1813, the imperial troops, which, according to particular agreement, were to have remained for the protection of Holstein, were drawn away. As declared its intention of entering into negothe French government had, at the same time, tiations for the peace with all her enemies, the king deemed it important for him to make overtures of peace to Great Britain. The alliance with France was now become of no utility. The king would willingly have prevented the cities of Hamburgh and Lubeck from again falling into the hands of the French, in order to keep the war from his own frontiers, and save from destruction those cities, whose interests were in such direct connexion with those of his subjects: but his majesty was obliged to desist from the prosecution of this plan; his interests, therefore, required that he should accept the offer made him of renewing the alliance with France, and to give it a larger extension, in order to assure him of a powerful assistance against those sovereigns who had not hesitated to declare that they would support the demands of Sweden, which were so inimical to the integrity of his states.

given in consequence of the complaints thereon made, remained equally with the reclamation made on the subject without effect.

"The king, on his part, has conscientiously performed the stipulations of the treaty. Whilst his auxiliary troops were fighting by the side of the French troops, they received only a part of the pay which according to the agreement was their due, and his majesty's subjects suffered a considerable loss, as well by the embargo laid on their property which was deposited in the cities of Lubeck and "It was agreed, that the expense of its sup- Hamburgh, of which the French government port should be defrayed by the French go- took to itself the privilege of disposal, as by vernment, and this amounted to a sum of se- taking away the funds of the bank in the last veral millions of rix dollars. Without under-mentioned city. The promises of restoration taking any thing, however, this army remained a burden longer than the Danish government thought requisite. The expense of its support remained unpaid, and the requests of "It was assured by the treaty, 20,000 men Denmark on this point were equally fruitless should be in readiness to protect the Duchies as those concerning the announced requisitions and Jutland; but Marshal d'Eckmuhl quitted in money. The situation of a state whose re- the position which covered those provinces, sources were already diminished by the naval and retreated with all the troops under his war, and by these naval disbursements be- command, to Hamburgh, leaving the king's come totally exhausted, again suffered a most troops to their own fate, and who were not prejudicial influence from the shutting of the able to withstand the superior force which was continental ports, which was represented as moving forward, to force, by their overmatch one of the means for obtaining a general peace. in strength, an entrance into the country. The annexation of the Hanse towns and conti- The enemy's irruption into the Duchies, toguous provinces to the French empire, be-gether with the loss of the fortresses, was folcame afterwards a most heavy burden, with lowed by the king's being forsaken by an ally, regard to the commercial intercourse with on whose assistance he had reasonable grounds Germany. Its effects extended even to lite- for placing a reliance. His majesty has been

under the necessity of consenting to the great-, an empty sound, and dependent on the ca

est sacrifices to protect the remaining part of his states from invasion, with which they were threatened by land, by the combined troops of several powers, and for the purpose of again getting possession of those provinces which had fallen into the enemy's hands.

66

His majesty likewise declares, that he will join the sovereigns united against France, in order to assist in bringing about an universal peace, for which all the nations of Europe are languishing, and which is so necessary for the Danish states."

prices of a suspicious and crafty police: that an impartial administration of justice, guided by fixed principles, secure to every man his property; that commerce, agriculture, and manufactures, be no longer obstructed, but have free course, like rich springs of public and private prosperity; that, therefore, no restraint be imposed on the domestic economy of the higher and lower classes of the state, but that they be conformable to the general laws and the general government; that the move

PROCLAMATION OF THE PRINCE OF ORANGE.ments of the general government be not

The Hague, March 3.

We, William, by the grace of God Prince of Orange Nassau, Sovereign Prince of the United Netherlands, &c. To all to whom these presents come, greeting:

palsied by too great a zeal for local interests, but rather receive from it an additional impulse; that the general laws, by means of a harmonious co-operation of the two principal branches of the government, be founded on the true interests of Invited to the sovereignty of these the state; that the finances, and the armstates by your confidence and your attach-ing of the people, the main pillars of the ment, we from the first declared, that we should undertake the same only under the guarantee of a wise constitution, which might secure your freedom against all possible abuses; and we have ever since continued to feel the necessity thereof.

We regarded it, therefore, as one of the first and most sacred of our duties, to summon together some men of consideration, and to charge them with the weighty task of establishing a fundamental code, built upon your manners, your habits, and corresponding to the wants of the present time.

They cheerfully took upon themselves this office, performed it with zeal, and have submitted to us the fruits of their uninterrupted labours.

body politic, be placed in that central point, upon which the greatest and most invaluable privilege of every free people, their independence may be firmly fixed.Which of you can doubt of this truth, after the terrible experience you have had of a foreign tyranny, which acknowledged no right when it wanted means for its own maintenance by violence; after having sighed, of late years, under the most oppressive yoke that ever was imposed since the Spanish times?

Now at least you know the true value of those precious rights for which our fathers sacrificed ther property and blood; and that happiness which they bequeathed to their descendants; and which we saw lost through the adversity of the times.

Following, therefore, and deriving encouragement from the example, it becomes my duty, in imitation of those whose name I bear, and whose memory I honour, to restore that which is lost; it is your duty to support me therein with all your efforts, that under the blessing of Divine Providence, who summons us to this task, we may leave our beloved country completely re-conquered and re-established to our children.

After a careful examination of this work, we have given it our approbation. But this does not satisfy our heart. It respects the concerns of the whole Netherlands. The whole Dutch people must be recognized in this important work. The people must receive the strongest possible assurance that their dearest interests are sufficiently attended to therein; that religion, as the fountain of all good, is thereby honoured and maintained, and religious freedom disturbed by nothing in temporal con- In order to be enabled to judge whether cerns, but secured in the most ample man- the constitutional code thus framed, as ner; that the education of youth, and the before stated, be a means of attaining the spread of scientific knowledge, shall be above great object, we have thought it attended to by the government, and freed right that the said code be submitted for from all those vexatious regulations which maturer consideration, to a numerous asoppress the genius and subdue the spirit:sembly of persons, the most considerable that personal freedom shall no longer be and best qualified among you.

We have for that purpose appointed a | special commission who are to choose, out of a numerous list given in to us, six hundred persons, in due proportion to the population of each of the now existing departments.

Honoured with your confidence, they shall, on the 28th of this month, assemble in the metropolis of Amsterdam, to come to a determination upon this weighty busi

ness.

They shall, in like manner, with the letter of convocation, receive the plan of the constitution, that they might be able to prepare their decision thereon with maturity and calmness of deliberation; and for the more effectual attainment of this object, a copy of the same shall be sent to each member previously.

And as it is of the first importance that these members be possessed of the general confidence, we order that a list of the persons chosen for each department be made public, and that to all the inhabitants of the same, being housekeepers, an opportunity shall be offered, by signing his name without any other addition, in a register which shall lie open in canton for eight days, to disapprove of any such person or persons as he may deem unquali

fied.

No inhabitant is deprived of this right, with the exception of domestic servants, valets, bankrupts, persons in a state of non-age, or under accusation.

When it shall appear to us, from the summing up of the registers, that the majority are satisfied with the persons thus submitted to their election, we shall consider them as the representatives of the whole Dutch people, call them together, appear in the midst of them, and salute them as constituting the great assembly, representing the United Netherlands.

your interest and mine are the same; and how can they be more manifestly promoted, than by the introduction of constitutional rules, in which you will find the guarantee of your dearest rights? They will furnish me with the advantage of conducting, on fixed principles, the charge and responsibility of government, assisted by the best and most intelligent of the citizens; and will secure to me the continuance of that affection, the expressions of which rejoice my heart, animate my courage, lighten my burden and bind me and my house forever to our regenerated country.

Given at the Hague, the 2d of March, 1814, and of our reign the 1st.

By command,

WILLIAM.

A. R. FLACK, Sec'ry of State.

1641

OFFICIAL DOCUMENT.

Letter from his Excellency Don Joseph Luyanado, to his excellency the ambassador of his Britannic majesty.

MADRID, January 10, 1814 "SIR-The regency of the kingdom orders me to communicate to your excellency every thing that has occurred since the arrival of the

duke of San Carlos in Madrid, until his depar ture from that capital. Your excellency vill see in this communication, an unequivocal proof of the frankness with which the government has acted in this affair, and in the declarations made to the said duke; you will also see therein a proof, still more distinguished of the fidelity of the government to those principles which it has recognized, not choosing even to enter into explanations, however fat. tering they might be, without the intervention and concurrence of the British cabinet, as well as of those other cabinets, which ba ving engaged in this war, are guided by the same principles of honour to defend a cause as just as it is sacred.

The duke of San Carlos arrived at Aran

They shall then commence their Iabours in freedom, and give us an account juez in the night of the 4th inst. and being presented to the regency, he delivered to of their progress by a committee appoint-them a letter from the king of Spain, Don ed to that effect; and as soon as the a- Ferdinand VII, dated Valencay, in which, afdoption of the constitutional code is the result of their deliberations, we shall make the necessary arrangements for taking the oath prescribed to us by the constitution, with all due solemnity, in the midst of the assembly, and after that be installed in state.

ter mentioning the good state of his health, and that of his dear brother and his uncle, the infants Don Carlos and Don Antonio, who were with him; and manifesting, that he was acquainted and satisfied with the sacrifices which the nation had made for his royal person; with the brave and unaltered constancy of his faithful subjects, the persevering assistIn the adoption of these measures, ance of England, and the admirable conduct worthy countrymen, you must feel con-of her general in chief, Lord Wellington, and vinced that the welfare of our beloved of the Spanish generals, who had distinguished country is my first and only object; that themselves, his majesty declared that

be