t even in Leaplow itself,
where it was stoutly maintained by certain ingenious logicians, that the
only true way to settle a bargain to pay money, was to make a new one
for a less sum whenever the amount fell due; a plan that, with a proper
moderation and patience would be certain, in time, to extinguish the
whole debt.

Several very elaborate patriots had taken this matter in hand, and
it was now about to be presented to the house under four different
categories. Category No. 1, had the merit of simplicity and precision.
It proposed merely that Leaplow should pay the money itself, and take up
the bond, using its own funds. Category No. 2, embraced a recommendation
of the Great Sachem for Leaplow to pay itself, using, however, certain
funds of Leapthrough. Category No. 3 was a proposal to offer ten
millions to Leapthrough to say no more about the transaction at all.
Category No. 4, was to commence the negotiating or abating system
mentioned, without delay, in order to extinguish the claim by
instalments as soon as possible.

The question came up on the consideration of the different projects
connected with these four leading principles. My limits will not admit
of a detailed history of the debate. All I can do, is merely to give an
outline of the logic that these various propositions set in motion, of
the legislative ingenuity of which they were the parents, and of the
multitude of legitimate conclusions that so naturally followed.

In favor of category No 1, it was urged that, by adopting its leading
idea, the affair would be altogether in our own hands, and might
consequently be settled with greater attention to purely Leaplow
interests; that further delay could only proceed from our own
negligence; that no other project was so likely to get rid of this
protracted negotiation in so short a time; that by paying the debt with
the Leaplow funds, we should be sure of receiving its amount in the good
legal currency of the republic; that it would be singularly economical,
as the agent who paid might also be authorized to receive, whereby there
would be a saving in salary; and, finally, that under this category, the
whole affair might be brought within the limits of a nutshell, and the
compass of any one's understanding.

In favor of category No. 2, little more than very equivocal sophisms,
which savored strongly of commonplace opinions, were presented. It was
pretended, for instance, that he who signed a bond was in equ