December 1, 1790
I.—Confidence that measures for the further support of public credit, and for the payment of the interest and gradual extinguishment of the principal of the public debt, will be pursued with zeal and vigor; and that, as one means to this, a plan for the sale of the western lands will be adopted, which will give them the effect intended, appropriating them to the sinking fund, and which will extend the agriculture of the United States.
II.—Felicitation on the success of the measures hitherto adopted for the support of public credit, as witnessed by the rise of American stock, not only in the United States, but in Europe. The public credit cannot but acquire additional energy when it is known that the resources hitherto in activity have been more productive than was calculated upon. As proof not only of the resources of the country, but of the patriotism and honor of the mercantile and marine citizens of the United States, the punctuality of the former in discharging their obligations has been exemplary.
III.—Information that a loan of 300,000 florins has been effected in Holland, the terms and disposition of which (as far as any has been made) the Secretary of the Treasury has been directed to explain.
IV.—Growing conviction in the minds of the great body of the people of the utility and benefits of a National Government. It is not to be doubted that any symptoms of discontent which may have appeared in particular places, respecting particular measures, will be obviated by a removal of the misapprehensions which may have occasioned them.
V.—Communication of the expedition against the Indians, and of the motives to it.
VI.—Disturbed situation of Europe, particularly of the great maritime powers. The precautions of a prudent circumspection on the part of the United States ought not to be neglected.
VII.—Almost total interruption of our Mediterranean trade, from the dread of piratical depredations. Great importance of opening that trade, and expediency of considering whether protection cannot be afforded to it.
IX.—Symptoms of greater population than was supposed—a further proof of progressive strength and resource.
X.—Remarks on the abundance of the harvests, affording an assurance of internal plenty, and the means of easy payment for foreign supplies.
Labels: Works of Alexander Hamilton