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was as much as could reasonably be expected for our western lands, many who were in the habit of thinking only as he thought, supposed they could not possibly be made to yield any more. Nevertheless, when Congress fixed the lowest price of them at two dollars per acre, it was soon discovered that there would be purchasers at that price, and even more. But, without adopting this estimate, let us recur to that of the former Secretary, and we shall find that what we have paid for this territory, is but the eighth part of his estimate. Consequently, we may venture to pronounce, that this acquisition regarded as a mere pecuniary transaction, is a good bargain.
Little need be said as to the terms of payment; they are as easy as we could possibly have expected. By paying stock, instead of ready money, we are relieved from the payment of the principal at present, and it is probable the purchasers of the stock will not wish to receive it until we force it upon them. This turn of the transaction shews something of more importance, not immediately connected with this business, which I cannot help mentioning, en passant; I mean the high state of the public credit of the United States, among foreign nations; for unless that was the case, the court of France would probably have excused itself from the trouble of turning our stock into cash, in order to pay themselves, and insisted that we should have paid down the money.—Another important consideration is, that by the payment of stock, instead of assuming the payment of money at a future day, the debt will be transferred from the French government, to individuals; with whom it may be more easy to treat about the payment of the principal, than with a powerful nation in need of money. The payment of the interest annually will probably be directly or indirectly reimbursed from the consumption of foreign articles in the western states. If the impost be not collected at New-Orleans, it will
