A New History of the United States: The greater republic, embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful yearMorris, Charles
History
A New History of the United States: The greater republic, embracing the growth and achievements of our country from the earliest days of discovery and settlement to the present eventful year
Morris, Charles
United States -- History
It will be remembered that at that time neither North Carolina nor Rhode
Island had adopted the Constitution. The former called a convention,
and, on the 13th of November, 1789, ratified it, but Rhode Island
continued to sulk until Providence and Newport withdrew from the State,
and Massachusetts and Connecticut made ready to parcel the State between
them. This frightened her, and, on May 29, 1790, she joined her
sisters.
The following year Hamilton gave another proof of his power by carrying
through Congress, in the face of the strongest opposition, a measure for
the relief of the financial straits of the government. The only banks in
the country were one each in Philadelphia, New York, and Boston, all of
which were State institutions. He advocated the establishment of a bank
in which the government should be one-fifth owner of the capital stock
of $10,000,000 and a preferred borrower to the same amount. It was to be
under private management. In the face of the strong opposition, the act
creating it was passed, and it was chartered for twenty years. The
subscriptions required that one-fourth should be paid in specie and the
rest in six per cent. certificates of the bank. Within two hours after
the subscription books were opened the entire amount of stock was
subscribed. The United States Bank was destined to play an important
part in national affairs in after years.
PASSAGE OF A TARIFF BILL.
Having provided the means for funding the debt and for borrowing money,
it yet remained to find some way of earning the money. The method was so
apparent that Congress lost no time in passing a tariff bill. A law
placed a duty on imported and domestic spirits, and, in February, 1792,
a protective tariff bill was enacted. This provided that the materials
from which goods are manufactured should not be taxed, while articles
competing with those made in this country were prohibited. A mint was
also established in Philadelphia for coining money.
THE FEDERAL JUDICIARY ORGANIZED.
The plan for the Federal judiciary was perfected on the lines proposed
by Ellsworth, of Connecticut. The national judiciary consisted of a
supreme court, having a chief justice and five associate justices, who
were to hold two sessions annually at the seat of the Federal
government. Specified jurisdiction was given to the circuit and district
courts, and each State was made a district; the Territories of Maine and
Kentucky were provided for in the same manner, and the remaining
Territories were grouped into three circuits. When the matter in dispute
amounted to $2,000, an appeal could be taken from the lower courts to
the supreme court. The President was to appoint a marshal in each
district, possessing the general powers of a sheriff, and the interests
of the government were placed in the hands of a district attorney.
Public-domain text, read in full here on John Shaqi.
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