That a large number of the articles were from Jefferson's damning pen
few of the Republican leader's friends denied with any warmth, and the
natural deductions of history would have settled the question, had not
Freneau himself confessed the truth in his old age. What Jefferson did
not write, he or Madison inspired, and Freneau had a lively pen of his
own. They had promising material in General St. Clair's recent and
disastrous defeat by the Indians, which, by a triumph of literary
ingenuity, was ascribed to the ease and abundance with which the
Secretary of the Treasury had caused money to circulate. But a far
stronger weapon for their malignant use was the ruinous speculation
which had maddened the country since the opening of the Bank of the
United States. It was not enough that the Bank was a monarchical
institution, a machine for the corruption of the Government, a club of
grasping and moneyed aristocrats, but it had been purposely designed for
the benefit of the few--the "corrupt squadron," namely, the Secretary
and his friends--at the expense of the many. The subsequent failure for
$3,000,000 of one of these friends, William Duer, gave them no pause,
for his ruin precipitated a panic, and but added distinction to his
patron's villany.

For a time Hamilton held his peace. He had enough to do, steering the
financial bark through the agitated waters of speculation, without
wasting time on personal recrimination. Even when, before the failure,
he was accused of being in secret partnership with Duer, he did not
pause for vindication, but exerted himself to alleviate the general
distress. He initiated the practice, followed by Secretaries of the
Treasury at the present moment, of buying Government loan certificates
in different financial centres throughout the country, thus easing the
money market, raising the price of the certificates, and strengthening
the public credit. He used the sinking-fund for this purpose.

There was comparative peace in the Cabinet, an armed truce being,
perhaps, a more accurate description of an uneasy psychological
condition. Hamilton had made up his mind not only to spare Washington
further annoyance, if possible, but to maintain a dignity which he was
keenly conscious of having relinquished in the past. The two antagonists
greeted each other politely when they met for the first time in the
Council Chamber, although they had crossed the street several times
previously to avoid meeting;