with us. * This would raise the requisite amount; would increase the navigation; and would be a just retaliation upon Great Britain. Instead of this, under a pretence of protecting the fisheries, a new system had been introduced wholly foreign to the subject—the placing the occupations and productive labor of the citizen under the direction of Government; and rendering the subsistence of the artisan and the farmer, dependent upon its views. In the provi

sion for the debt, a perpetual tax was imposed, and a Sinking fund superadded; proving, that, there was no serious intention to pay the debt; and that it was a mere engine to influence the motions of Government. All this had been effected, not by the exercise of the constitutional power of the House, to originate money bills; but, by the influence of an Executive officer over a majority, swayed by his opinions.

It was answered: "Small as it was, that some imported articles were charged with a sufficient duty; others could bear more. Those selected would stimulate industry and increase wealth. In this Impost law, all interests had been provided for. The grower of hemp and cotton -the manufacturer and the fisherman. As to the latter, the Constitution had provided that all exports should be free, and this was now effected.t

As to the perpetuity of these duties, they were only pledged as long as the public service required; and would then be repealed. The objection to the Sinking Fund, was

* This proposition as to the Tonnage duty was, it is seen, in reference to Jefferson's Report on the fisheries.

In the Impost Act introduced by Madison, a duty was laid on pickled fish imported. Nearly the whole of that brought from Nova Scotia to Massachusetts was re-exported, chiefly to foreign countries-Hamilton recommended the abolition of this duty, as no injurious competition in the branch of the fisheries, to which this duty was applicable, was to be apprehended; and the import into Massachusetts contributed to the augmentation of her exports.

an objection to a provision for discharging the debt, by those who clamored against its magnitude. So close was the division, that the provision to limit the duration of this Act was defeated, only by the casting vote of the Speaker.

After the rejection of n amendment, by which the duties to be imposed should be received in the notes of al! the existing local banks, equally with those of the Bank of the United States, the bill passed by a large majority.

CHAPTER LXX.

It has been stated, that at the close of the previous session of Congress, each House adopted a resolution, founded on Hamilton's Report, for the establishment of a Mint. The Senate took this subject into consideration at an early period of their session, and a bill was reported by Robert Morris, "Establishing a Mint, and regulating the Coins of the United States."

This bill provided for a Director and Assayer, a Chief Coiner, and Engraver, and a Treasurer, all of whom, with the exception of the Director, were to give bonds for the faithful performance of their duties, which were so prescribed as to afford mutual checks, under the superintendence of the Director, who was required to render the accounts of the establishment quarterly to the Treasury department, and annually to Congress.

The National coinage was to consist of three gold pieces: eagles, halves, and quarters. The silver coins were divided by the bill into dollars, halves, and quarters, dimes and half dimes; and the smaller circulation was provided for by cents and half cents of copper.

Hamilton had recommended, that the devices upon these coins should be made "the vehicles of useful impres

sions, emblematical, without losing sight of simplicity." The bill provided, that one side of them should bear an impression of the head of the President of the United States, for the time being, with the initial of his first name, and his surname at length-the succession of the Presidency numerically, and the year of the coinage; upon the reverse, an eagle, with the inscription, "The United States of America."

The proportional value between the gold and silver coins, the quantity of alloy, and the value of the Unit in fine silver, were established, as he had proposed. The coins so issued, were declared to be a lawful tender.

The departure from the decimal subdivision in the respective pieces of gold and silver induced an enactment, that the money of account of the United States should be expressed in dollars, tenths, hundredths and thousandths.

This bill passed the House as received from the Senate, with one exception, the clause providing for the device. This was objected to, as a continuance of the practice of monarchies, to hand down, in the ignorant ages in which it was introduced, the heads of their Kings upon their coins, to preserve their chronology, or to show to whom they belonged. The President's head would not designate this government, which consisted of three parts. It had a near affinity to titles, the darling child of the Senate. It was declared to be the peculiar duty of that House, to warn the people of the danger of imitating this almost idolatrous practice of monarchies, of holding out to ambitious men, these incentives to cabals and corruptions, by animating them with the hopes of descending to the latest ages, on the medals of their country. As to the proffered honor to the President, this could not contribute to its in

crease.

It was replied, that there was nothing derogatory to

*

the Republic, to stamp their money with the likeness of the Chief Magistrate; and surprise was expressed, that such an objection should proceed from those, who so much admired the new Constitution of France, by which the head of the King was to be impressed upon the coin. Some impression was necessary to guard the currency. Was it better to leave to an Artist the selection of an emblem to please his fancy? What was the liberty that possessed the minds of the opponents of the Administration? It was little else than the liberty of savages. The true idea of liberty was that which arose from law or justice, which secured every man in his proper and social rights. The clause was amended, by substituting as a device, an emblematical figure of "Liberty" with an inscription of that word, and of the year of the coinage. The Senate rejected the amendment. The House insisted upon it. The Senate yielded, and this important bill passed. Thus, to serve a mere party purpose, the great object of numismatics was disregarded. A law was subsequently enacted, providing for a copper coinage.

In an estimate of the receipts and expenditures for the current fiscal year, previously mentioned, one cause of the Revenue on home-made spirits having fallen short of his original estimate, is stated by Hamilton, to have been, "the obstacles which have retarded the complete execution of the law."

The opposition to what was familiarly called the Excise law, had prompted a call by Congress upon the head of the Treasury department for information, as to the difficulties which had occurred in the execution of that

The impress adopted, at the suggestion of Jefferson, was a Female head, surmounted by a Liberty cap, surrounded by thirteen stars. The head has since undergone many mutations, as caprice has dictated.

1791, 1st and 2d of November.

VOL. IV.-26