Page:WALL STREET IN HISTORY.djvu/57

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EVENTS OF HISTORICAL SIGNIFICANCE
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As he entered upon his duties he found every step clogged through the want of executive authority in the administration. The whole machinery of government was not only to be devised and constructed, but the tests were to be applied through which it could be kept in successful motion. He organized foreign affairs on a modest scale, but with discriminating judgment, such as served to command for our infant nation the respect of kingdoms and crowns throughout the civilized world. In the midst of his harassing perplexities in May, 1785, he had the proud satisfaction of communicating to Congress an official account of the successful voyage of the first vessel sent from the United States to China—a vessel which had returned in triumph, having established a direct trade with that far distant empire, whereby was given a fresh impulse and energy to every branch of industry. It was an exhilarating commercial event, and naturally produced intense enthusiasm. Wall Street was in a tumult of excitement, and the joyful throng about the City Hall could hardly find voice sufficient to proclaim with shouts its volume of gladness so as to be heard above the ringing of bells and booming of cannon. A triumphal procession, and banners and bonfires added the crowning touches to a spontaneous celebration inspired by a sentiment in which we, even of this day and generation, can generously sympathize.

Before the end of that memorable summer. Wall Street was repeatedly the scene of incidents of peculiar historical significance. Spain bowed her haughty head to the new power; and Spain's first ambassador, Don Diego Gardoqui, reached the capital of the new Republic. Secretary Jay, remembering his own checkered experiences in Spain, must have been exceptionally gratified in conducting the Spanish nobleman to the Congress chamber in Wall Street, where with much ceremony and consequence his commission and letters of credence were presented and read; Gardoqui then addressed the Republican Congress in a happily worded speech, declaring (what every one present believed to be untrue) the devoted affection of Spain's king to the North American people.

From this historic old City Hall emanated instructions for the first United States minister to England, John Adams, who was in Holland at the moment studying the customs and forms of the African governments, and endeavoring to negotiate treaties with Morocco, Algiers, Tunis, and Tripoli. It was a decade of beginnings. Secretary Jay had made good use of his opportunities while in Europe, and was at this particular crisis probably, without exception, the best informed man on this side of the Atlantic concerning affairs of state in the other governments of the world. Yet nothing could be copied literally, and the knowledge he possessed must all