the want of means. Occasional aids to such persons properly administered might be a source of valuable acquisitions to the country. The propriety of stimulating by rewards the invention and introduction of useful improvements is admitted without difficulty. But the success of attempts in this way must evidently depend much on the manner of conducting them. It is probable that the placing of the dispensation of those rewards under some proper discretionary direction, where they may be accompanied by collateral expedients, will serve to give them the surest efficacy. It seems impracticable to apportion by general rules specific compensations for discoveries of unknown and disproportionate utility. The great use which may be made of a fund of this nature to procure and import foreign improvements is particularly obvious. Among these the article of machines would form a most important. item. The operation and utility of premiums have been adverted to, together with the advantages which have resulted from their dispensation, under the direction of certain public and private societies. Of this, some experience has been had, in the instance of the Pennsylvania Society for the Promotion of Manufactures and Useful Arts; but the funds of that association have been too contracted to produce more than a very small portion of the good to which the principles of it would have led. It may confidently be affirmed that there is scarcely anything which has been devised better calculated to excite a general spirit of improvement than the institutions of this nature. They are truly invaluable. In countries where there is great private wealth much may be effected by the voluntary contributions of patriotic individuals, but in a community situated like that of the United States the purse must supply the deficiency of private resource. In what can it be so useful as in prompting and improving the efforts of industry? All which is humbly submitted. ALEXANDER HAMILTON, AN ARTICLE PRINTED IN THE NEW YORK WASHINGTON GOVERNMENT PRINTING OFFICE Ordered, That the remarks of Senator Tillman, of October 3, 1913, together with an article prepared 18 years ago for the New York World, giving the impressions and the then beliefs of Senator Tillman about Wall Street and what is called "The Money Power," be printed as a document with accompanying illustrations. Attest: 2 JAMES M. BAKER, Secretary. |