rrears of outstanding taxes, so that the
certificates(20) for interest on the state debt have considerably
increased in value. This is a certain indication of returning credit.
Congress this year disposed of a large tract of their lands towards paying
the principal of their debt.(21) Pennsylvania has discharged the whole of
their part of the continental debt. New York has nearly cleared its state
debt, and has located a large part of their new lands towards paying the
continental demands.(22) Other states have made considerable payments.
Every day from these considerations the publick ability and inclination to
satisfy their creditors increases. The exertions of last winter were as
much to support public as private credit. The prospect therefore of the
publick creditors is brightening under the present system. If the new
system should take effect without amendments, which however is hardly
probable, the increase of expense will be death to the hopes of all
creditors, both of the continental and of the state. With respect,
however, to our publick delays of payment we have the precedent of the
best established countries in Europe.

The other class of citizens to which I alluded was the ship-carpenters.
All agree that their business is dull; but as nobody objects against a
system of commercial regulations for the whole continent, that business
may be relieved without subverting all the ancient foundations and laws
which have the respect of the people. It is a very serious question
whether giving to Congress the unlimited right to regulate trade would not
injure them still further. It is evidently for the interest of the state
to encourage our own trade as much as possible. But in a very large
empire, as the whole states consolidated must be, there will always be a
desire of the government to increase the trade of the capital, and to
weaken the extremes. We should in that case be one of the extremes, and
should feel all the impoverishment incident to that situation. Besides, a
jealousy of our enterprising spirit, would always be an inducement to
cramp our exertions. We must then be impoverished or we must rebel. The
alternative is dreadful.

At present this state is one of the most respectable and one of the most
influential in the union. If we alone should object to receiving the
system without amendments, there is no doubt but it would be amended. But
the case is not quite so bad. New York appears to have no disposition e