would have been against us, instead of in our favor. This therefore is to be deducted, and is equal to $2,809 dollars

Making the true proceeds of our shares agreeably to this operation only

Or 45,698 dollars less than the commissioners of the sinking fund actually received.

But the gentleman from Delaware supposes that we might have retained our bank shares, and might have advanced money from the treasury to buy the bills on Holland; in which case, if we had kept them. another year, we might then have sold them at 50 per cent. advance, and should have received two half

yearly dividends upon them, equal to 8 per cent. or 32 dollars the share. If this calculation is made, it will be found that we have still made money by the contract.

་

Suppose the 2,220 shares sold at 50 per cent. advance, they would have yielded, as before stated

Add the two half yearly dividends at 4 per cent. each, or 32 dollars for each share

This then would have been the amount received by the U. States

We must however have given 43 cents the guilder for 3,140,487 guilders, instead of 41 cents which the purchase was made from Mr. Bar.

62,809

1,304,711

1,332,000

71,040

1,403,040

ing at; or 62,809 dollars more, which must therefore be deducted, and is

And it shews that we should only, in that case, have received for our 2,220 shares the sum of

Or 10,178 dollars less than the commissioners received; and if to this sum of 10,178 dollars be added the year's interest, which we must have paid to the bank for the amount of debt paid by the proceeds of the shares, which interest calculated at 6 per cent. on 1,287,000 dollars, is equal to

62,809

1,340,231

77,220

To which add the former sum

of

10,178

And it shews that we should have lost by this operation the sum of

87,398

Thus, in every point of view, it appears that the sale made by the commissioners was highly advantageous.

Passing on to a view of the measures of the War department of the government, we are naturally led to offer a few remarks on the policy of the U. nited States. There is probably no civilised nation on earth whose welfare is not connected with the maintenance of peace. Yet true, and even trite as this observation is, there is scarcely a single nation that long maintains it. The ambition of rulers, the prejudices of the people, the injustice of nations, are the constant causes that kindle wars for which a plausible pretext is never want,

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ing. When, therefore, the United States took rank among the independent nations of the earth, and held out the promise of a free government, in which the oppressed might find an asylum, it was with a deep and fearful anxiety that the philanthropist marked the steps which she took. The enemies of republican institutions predicted internal divisions and external wars; and announced the early dissolution of her union. In the first stages of the government, both before and after the formation of the constitution, too many grounds of apprehension arose. An Indian war, disastrously pursued, was succeeded by an insurrection, and in the rear were observed some dark omens of war with Britain, and afterwards with France, the most powerful nations of Europe. During this alarming period the republicans declared themselves the friends of peace; and their efforts promised but little success in longer averting war, when public opinion placed the government in their hands. Then the voice of faction sounded still louder, and proclaimed an impending war with England, long since charged upon the members of the administration as a favourite measure.

Four years have nearly elapsed, and these awful warnings have turned out to be "mere spirits,” and have "dissolved into thin air." All impending alarm has been removed. The savages have been hushed into a profound peace, the whole interior is blessed with a harmony, that has not been disturbed in the smallest district of the union, the citizens have not in a single remonstrance complained of a solitary grievance, and all Europe is at peace with us. Has this been effected by vast military apparatus; by an impressive disy of cannon and bayonets and uniform? No. The first measure of the administration was, as we have already seen, to reduce the army from five to

an

three thousand men; thereby diminishing the annal expence 522,000 dollars. With this small force, every necessary purpose of an army has been answered, and this too amidst circumstances of no little difficuly. When the present Secretary came into office, he found the department in that situa tion that necessarily arose from the character of his predecessor. It is not the end of these remarks to make injurious reflections on the last administration not absolutely necessary to illucidate the view we are taking. But it is a fact, whose notoriety cannot be extended, that the former Secretary was as little qualified for the transaction of the business devolved upon him as, perhaps, any man living.

The war department requires a regular attention to numerous details, and a prompt decision upon occurring cases. Whatever may have been the attention bestowed by Mr. M'Henry, his measures were taken with so much tardiness, that the simplest operation was protracted until its utility was nearly lost. His table was soon covered with an accumulation of business; every thing was delayed, and much was entirely lost in the heap. The best friends of the administration called aloud for a reform.

This reform was attempted by general Dearborn, with what success the public has long since seen. With habits, directly opposed to those of his predecessor, he has restored the energy and regularitoso essential to all military arrangements. With a much smaller sum than that allowed under the preceding administration, he has preserved peace on the frontiers and has distributed the force in suc manner as fully to protect the fortifications. Nor ought it to be omitted that the acquisition of Louisiana has not augmented the army a man, or cost the nation, for that purpose, a single cent.

Some slight dissatisfaction has arisen in relation to the treatment of col, Butler, and the derange ment of certain officers. But the former is the act of a court martial, and the punishment he has received is in truth that of his political friends; and the derangements are, for the most part, the necessary effects of law. Some brave and able officers may have been dismissed; but it is not al. leged that those remaining in service are inferior to them; and though the politics of nearly all the officers are adverse to those of the administration, not one of them has been removed on that account.

The superintendance of the military department, during a period of peace, admits of the display of little that is brilliant. It does not however thence

follow that its duties are unimportant. To estimate the importance of their faithful discharge, it is only necessary to reflect on the injurious effects that result from their abuse. As there is nothing more dangerous to the liberties or subversive of the morals of a people, than large standing armies, so no greater benefit can be conferred by government than the keeping them within the strictest limits. The importance of this point is ably illustrated in the instructions of the Virginia Legislature to their Senators.

"Although the Constitution submits the right of raising armies to the discretion of Congress, yet, it evidently contemplated the militia as the great bulwark of national defence, as well, to use the language of the Constitution, to repel invasions, as to execute the laws of the union and suppress insurrections, and contemplated the right of raising armies for pressing and extraordinary emergencies. That the militia, except in such emergencies, is the only safe and adequate defence of the nation, is a political axiom hitherto held sacred in