It is true Congress may, consistently with the rules of common law courts, pay the bearer and take no notice of the creditors; but were a Court of Equity instituted to decide on the case of certain speculators, how would they decide? Government, in the most solemn manner, pledged itself to make compensation to the soldiers, have they done it? Instead of doing this, certain persons, who took advantage of their ignorance and their poverty, bought up the evidence of their debt at one-eighth of the nominal value; and in some States these very men had drawn what constituted the principal of the purchase with six per cent. interest in three years.
In what does the case differ between the depreciated paper and the certificates? Paper money was redeemed at forty for one, as well to the last as the first holder; the same principle would lead to give the last holder of the certificate the depreciated value at which he bought it. But we propose to work no injustice, we give the first holder, if he is the holder still, the full value stipulated. It would not be injustice to consider the assignee, as having paid what he advanced, in consequence of his confidence in Government, on account of that Government; and that the Government ought to repay him what he so advanced; having repaid that sum, the balance ought to go to the credit of the assignee. I am willing, on this consideration, to call the speculator the friend and supporter of the Government, who kindly lent us when in need, two shillings and sixpence in every pound, to advance to the poor soldier. If certificates are the evidence of the debt, it proves, sir, that the balance is due to him in whose name it issued. This is the day of payment, and we must pay accordingly; and here permit me to remark, in reply to the observation of the gentleman from New Hampshire, (Mr. Livermore,) that Jacob was punished for his fraud, but for his faith enjoyed the promise; even so let us regard those who had so much confidence in us as to advance two shillings and sixpence to the distressed soldier.
Mr. Heister was in hopes this question would be postponed for the present, in order to go into a consideration of the ways and means: when, if it appeared that the United States were incapable of making full provision, it might be considered, whether one deviation would not authorize the other? If any gentleman would make a motion to that effect, he would second him.
The question was now taken on Mr. Madison's proposition for a composition, and it passed in the negative; yeas 13, nays 36.[35]
Wednesday, March 17.
On Slavery.
The House again resolved itself into a Committee of the Whole on the Report of the committee, to whom was referred the memorial of the people called Quakers, &c., Mr. Benson in the chair.
The question of order was put, when it was determined that Mr. Tucker's last amendment was not in order.
The report was then taken up by paragraphs. The first proposition being read,
Mr. White moved that it be struck out. He did this, he said, because he was against entering into a consideration at this time of the powers of Congress. He thought it would be time enough for this when the powers are called in question. He then read the next, which he said was entirely unnecessary, as it contains nothing more than what is contained in express terms in the constitution. He passed on to the third, which he said was equally unnecessary; and to the fourth, which was provided for by the constitution. He said, that he should agree to the fifth and sixth, with certain modifications. Agreeable to this idea, he offered those two in a different form. He disagreed to the seventh proposition, as unnecessary and improper. He concluded by observing, that his wish was to promote the happiness of mankind—and among the rest those who are the objects of the present consideration—but this he wished to do in conformity to the principles of justice and with a due regard to the peace and happiness of others; he would contribute all in his power to their comfort and well-being while in a state of slavery; but he was fully of opinion that Congress has no right to interfere in the business, any further than he proposed by the two propositions as modified. He did not, however, anticipate the difficulties from a total prohibition which some gentlemen seem to apprehend—and if Congress had it in their power to interdict this business at the present moment, he did not think the essential interests of the Southern States would suffer. Twenty years ago, he supposed the idea he now suggested would have caused universal alarm. Virginia, however, about twelve years since, prohibited the importation of negroes from Africa, and the consequences apprehended never were realized; on the contrary, the agriculture of that State was never in a more flourishing situation.