Colonel Hamilton was justly regarded by the intelligent and candid public men in his day, and is now almost uni versally reputed, the founder of the public credit of this country. He raised it from the dust, arid placed it on sound foundations. If it have ever been shaken, the casualty did not arise from any defect in his system, but in the depar tore from it, by sonic of his more recent successors. So terribly was the country menaced, by the effects of the tem porary abandonment of his financial axioms, in the course of the more recent war between the United States and Great Britain, that it may well be asserted they will never again be suspended. They have now become the funda mental principles of the treasury department. The main spring of public credit, according to the now established fiscal principles of the United States, is good faith ; and a punctual performance of contracts. That the national credit might be placed beyond the reach of doubt, suspicion, or distrust, those enemies to the equal and steady operation of all monied institutions, whether under the direction of in dividual associations or of government, he urged on con gress the express renunciation, by law, of all right to tax the public stocks, or to sequester at any time, or on any pretence, the property of foreigners therein. He qualified the United States to know, develope, and realize their im mense resources. Under his administration, the finances advanced to a point of prosperity beyond all expectations. Nor was the credit of the government confined to its own constituents. The stocks of the United States engaged the notice and commanded the attention of capitalists in every part of Europe. At the present moment, in Eng land, six per cent. per annum is above par. It will be observed, in reading his reports on the means of supporting public credit, that he was unfriendly to the accumulation of public debt. He considered a heavy load of debt a dis ease of the most baneful character ; and often fatal to free governments. He maintained that it ought to be guarded against with provident foresight, and inflexible persever ance. It was a fundamental maxim in his system of pub lic credit, and which he uniformly exhibited in his prac tice, that the creation of debt should always be accompanied with securities pledged for its extinguishment. Tne ob servance of this wholesome and well-tried specific is the true recipe to render public credit immortal. In his last report in relation to the national debt, he recommended a provision to augment the sinking fund, so as to tender it commensurate with the whole debt of the United States ; and proposed to secure that fund by a stipulation the most inviolable, no less than to make the application of the fund to the object a part of the contract with the creditor. By such means, and with such efforts, did he support the ini tiation of the new government, in its most tender and de licate department ; and build up and establish on solid prin ciples the important interests of the nation confided to his care. He has left little else to be done by his successors, than to follow his precepts ; and earn to themselves fame, by imitating his administration.
His report on manufactures is perhaps the most elabo rate performance he left on the files of his office. It is dis tinguished for extensive research, judicious application of the knowledge attained, and an accurate estimate of Bey of encouraging the manufacturing interest. re ' an sential feature in the independence of the na port adopts the principles of the mercar,;re system, in op position to the celebrated Adair smith and the French economists. They attacked combined manufacturing and met Cantile interests a Great Britain, as founded.upon oppressive monopoly ; and contended for entire freedom of commerce and industry, uodiverted and unimpeded • by government, as the best means of advancing nations to prosperity Imo greatness. The secretary combated with the greatest ability some of the dogmas of these philoso phers ; and maian‘ined his favourite system as much by the power of his logic, as by illustrative and pertinent re ference to the experience of nations, at once success ful in commerce and great iu the productions of art. It is
DOW twenty-six years since his report on manufactures was made to congress. Just now his opinions on that great branch of natural economy arc becoming popular in the United States. Societies arc now forming in every pail of the country, composed of gentlemen in all the various pursuits of life, expressly to procure and disseminate in formation tending to encourage the manufacturing interests of the nation. Memorials, of most interesting and impres sive character for eloquence, correct principles, and pa triotic devotion, have been published to the people; and committees appointed, to stimulate the federal government to a particular patronage of that branch of industry and political strength. These memorials and committees espouse the sentiments which were assumed by secretary Hamilton. In this particular, as on the subjects of the funded debt and national bank, the experience of the last quarter of a century has clearly proved, that he was, in his time, more correctly impressed as to the true interests and policy of the United States, and better understood their political and domestic economy, than any other statesman who has been at all prominent in their public affairs. All his official reports are remarkable for wide research, pro found thought, close logic, and precision of expression. His labours in the treasury department, united with the in tegrity with which he conducted it, and which the most pe netrating inquisition into all the avenues of his office could never bring into question, will form with posterity the fairest monument of his fame.
In his capacity of secretary of the treasury, he was also one of the executive counsellors ; and it is believed few, if any, matters of moment were transacted without the sanc tion of his opinions. The period of his confidential and of ficial connection with the government was unusually criti cal. The French revolution raged with great violence ; and threatened to involve the whole civilized vorld in its inflammatory course. A war of great inveteracy existed be tween Great Britain and France. At this crisis, M. Genet was sent minister to the United States, charged with secret instructions, afterwards published, to excite the American people to make common cause with France. To meet this important epoch, in consonance with the advice of se cretary Hamilton, a proclamation of neutrality was issued by the president. To defend that prudent measure,against the prejudices and passions which the French minister was enabled to excite, the essays under the signature of Paci ficus were published. These essays were written by the secretary in the summer of 1793; and of all his publications, none appeared at a more seasonable Junclure, or produced a more salutary effect. Their end was to prove, that the president bad competent authority to issue the proclama Acutrality ; that it only went to declare the existing nil relations of the American government ; and that, as the constitutional executor of the laws, it was his bounden duty to see them faithfully observed ; that the United States were under no obligations front existing treaties to become a party in the war between England and France ;, that, considering the peculiar origin and nature of their con tention, the United States had sufficient reasons against any interference ; that the obligations of gratitude imposed up on nations the mutual returns of good will and benevolence, but wereno sufficient grounds for taking part in their wars; and that those obligations more naturally pointed to the hand from which antecedent favours had been received, and which, in the present case, was the amiable and unfor tunate monarch, whom the revolution in France had recent ly swept from his throne. The proclamation afterwards received the sanction of congress, and of the community at large.