The telescope. (Columbia, S.C.) 1815-1818, December 26, 1815, Image 2

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Change, (tomimxtir culled the stamp duties) and too duty on refined sugar, will ceasc ou the 18th day of February* 1810. All the other in ternal duties, togctlier with the direct tax and the Increased rates of postage, will continue. 1'iidor tliofo circumstances, the revenue m> ernlug for 1810, in estimated at 827", OOO ,000. The sum rrcelvttblt froni various items will maVo the estimated amount 839,400,000. ? Hut iu) the demands upou the Treasury will bo $42,884, {JW, there will be a deficit of 83,484,268. In relation, then, to the internal duties, it in intended resjiectfully to recommend, that the duties imposed at the last session of Congress on vurious articles manufactured within the U nited Htnteu, hIibII lie abolished on the 18tli day of April next, which will complete tho year commencing front the time the duties went into operation } that the duty imported during the last session of Congress on spirit* distilled witliin the United Htales, shall bo abolished on ?!to .Huh iif June next) but that at the same time there be nilded one hundred per cent, on the rate of the duty which luid been charged on license* V1 distillers of spirituous liquors it: the year 1813 ; that the duty on household furni ture, a: id on ttold and silver watches, be abol ished on the .11st day of March next ; that the udditioual duty iin|K>sed during the lust session of Congress oil licenses to retail wines, spirit tiotiH liquor* mid foreign merchandise, be ubol iilied on the .list day of December, 'Hlflj and that the duties ou telincd sugar und stump du ties, lie continued. And finally, in relation to the direct tax, it. is intended respectfully to re commend, that on the .'list day of Murcli next, it lie reduced to one-hull* its present nuiouut, iliat is, to (lie uuiiuul amount of three millions. The Militractiuti from the revenue by these ??barges and reductions in the direct tax and the internal duties, is estimated at the annual sum of r,?HJU,tiO() of dollnrs. Hut the substitutes1 for supplying the equivalent amount, aro esti mated to* produce; 1st, from the increase of the iluty on licenses to distillers and continuance of the stamp duties and duties on refined sugar, the annual stun of 300,1.00 dollars ; and 2<lly. from an increase upon the permanent rates of duties on the importation ol foreign tuerchan diy.c. the annual sum of .'i, 000, 000 of dollars. I Tin |ii'oil>ic' !trrrinii|f, mhI vlio nnuiey rcccivable ill 'HJrt, i. I'ttimnlfil tit 00,000. Tl.c ilcnmntl c*l.? S4->.HH4,JW, |f.,viii|f .Illicit of 6,4#4,2?>. Hut i lie ur.i'\i riiu-il uuihurity to- borrow mcnc}, x.iwl i?*iu Tivamiry Nn'.cs, .% Millii'.tnt in incvl iliu iklic.i.) III. l'vopositioitx for the improvement of JUevt uuf unit sup/tort of public credit. ("Tin* malpositions lv??rt* submitted relate, 1ft, i?i it In* revenue, (for the improvement of vhicli tin* Sec'y recommends at: additional duty ulllMi percent. (Hi foreign ^oods, a continuance of the duty jm imp. Milt, of the stamp lax, tax on cat* riages and postage tax; ilie reduction of the di reel tux to ??,( '00.000 ; the repeal of the tux on furniture and domestic manufactures | the dis continuance of die duty on distilled spirits, and increase of the duty on I ire uses to distillers) &c. ? :>M" the sinking fund, j ? ii. /'ro/tnxitioii vflolinx to the *Vtttiinutl Cir* ciftotiiis* JUeditttn. ? lly the constitution of the t nilcd States, congress in uijirfBulj- ?cstc?t with the power to coin money, regulate the value ??f the domestic and foreign coins in cir rulation, and (as a necessary implication from positive provisions) to emit bills _ of credit ) while it is declared l>y the Himie instrument, that *4 no state shall coin money, or emit bill* of credit." Under thin constitutional authority the money of the United States liaHheen estab lished by law, consisting of coins made with gold, silver, and copper. All foreign gold and silver coins, at specified rates, were placed, in tha Urst Instance, upon flic same footing with the coins of the. United States, hut they ceased (with tho exception of 8pnnish milled dollurs, and parts of such dollars) to be a legal tender for tho payment of debt* and denmnds In 1809. Tho constitutional authority to emit bills of credit* Imb alio been exercised in a qualified and limited manner. During the existenoe of the bank of, the United States, the bills er notes of the corporation were declared, by law, to be rccoiviauie in all payments of the United States ? and the trcasuiv notes which have been since issued for- the services of the late war, have been 'endowed with the 'Mime quality. Hut congress has never recoghhicd hy law the notes of any other cor|Hirtition ; nor has it ever authorised an issue of hills of credit to serve as a legal rdrrency. The acceptance of the notes ol banks which nre not established by the federal authority, in |;aymenfs to the United States, has been properly left to tho vigilance nntl dis cretion of the executive department } whilp the circulation of the treasury notes employed either to Iwirrow iiimiev or to discharge dents, depends entirely (ah it ought to depend) upon the option of the lenders and creditors to receive them. It U true that a system depending upon the agency of the precious metals, wilfbc a ft ec ted by the various circumstances which diminish tiieir quantity or deteriorate their quality. The coin of a state sometimes vanishes under tl*? influence of political alarms f sometimes in roiiHvipience of the explosion of mercantile speculations, and sometimes by the drain of an unfavorable course of trade. Hut whenever the emergency occurs that demands a change of system, it seems necessarily to follow, that the authority which was alone competent to estab lish the national coin, is alone competent to create a national substitute. It has happened, however, that the coin of the United States has cea <ed tohe the circulating medium ofexchtinge ; and that no substitute has hitherto been provided by the national authority. During the lust year, the principal bunks established south and west of Nevy-Kihilatid, resolved that |h.cv would no longer issue coin in payment of tlicfr notes, or of the dtafts of their customers, for money re ceived u|ion deposit*. In this act the govern ment of t'.e United States bad no participation t at:d yet the immediate eftcct of the act was to supersede the only legal currency of the nation, ijv this .ict, although no state can constitution alls emit hills of credit, corporations erected by the several states have been enabled to cir cuUte a paper medium, subject to many or the practical inconveniences of the prohibited billu of credit. 1 It is not intended, upon this occasion, to condemn, generally, tho suspension of specie payments j for up|waraiices indicated an ap proaching crl?is which would probably have imposed it 04 a meaturo of necessity, if it had not been adopted us a incuiiro of precaution, llut the dartger which originally induced and perhaps justified the conduct of tho tanks, has passed away j and tlic continuance of the sus pension of spccio payments must bo ascribed to a now eerie* of causes.. Tho public credit and resources are no longer Impaired bv the uoubu ami agitations excited during the war > by the practice* of the enemy j or by the in. roads of an illicit commcrce : yet tho resump Hon of specie payments is htiif prevented, ei ther by tho reduced state of ?he national stock of the precious metals f or bv the apprehension or a further reduction to meet the balances of a foreign trade t or by the redundant issue of batik paper. I'lie probable direction and du ration of the latter causes, constitute therefore the existing subject fir deliberation. While they continue to operate singly or combined, the authority of the state* individually, or the agents of the state institutions, ca'.not a (lord a remedy commensurate with the evil j and n recurrence to' the natiimal authoiity is indis pensable, for the restoration ol a national cur rency. In the selection of the means for the accom plishment of this important object, it muv Ik link oil ? Int. V> lietlifr it In* practicable tu renew (lie circuliitifMi of tlio gold and bilvcr coittjtr !: ,,.v* ^ hether the state bunks can be success ii employed to furnish an uniform currency r fldly. \\ hether a national ban', can be employ ed more advantageously than H e state-fiank* for the same purpose f And -tthlv. Whether the government can itself supply and maintain a paper .medium of exchange, of permanent and uniform value, throughout the I*. States ? ^Ist. As the L nited States do not posses.* mines of gold or silver, the supplies of thisc metals must, in a time of scarcity, be derived from foreign commerce. * If the balance of fo reign commerce be unfavorable, the supply will not bo obtained incidentally, ns in the cW of the returns for a surplus of American export*, but must be the object of a direct purchase.? I he purchase, of bullion is, however, a common operation of commerce j and depends, like other operations, upon the inducements to im port the article. Kven, however, if it were practicable, It has sometimes been questioned, whether it would lie politic again to employ gold and silver for t lie purpose ol a national currency. It was lull" and universally sup|Nised, tlmt to maintain a t.a per medium without depreciation, the certainty ot being able to convert it into coin, was indis peiisible | nor can the experience which has uiv en rise to a contrary doctrine bo deemed com mete or conclusive. Hut whntever may be the jissuool that experiment elsewhere, a difference in the structure of the government, in thophysi cal us well as the political aituatiui) oClk*Mu>iu try. anil In the vurlouN derailments of indus try, ace m s to deprive it of any important infTu c,,?c. 0??l>rec?(,??t for I1'? imitation of tho U. 8. 2(1. Of the services rendered -to tho govern ment by some of the state banks during the late war j and df the liberality by which some of them arc actuaicd in their intercourse with the treasury j justice requires an explicit acknow> ledge inent. It is a fact, however, incontestibly proved, that those institutions cannot at thfo time be successfully employed to furnish an uni form national currency. The failure of one at tempt to associate them with tlmt view, has al ready been stated. Another attempt, by their agency in circulating treasury notes, to over come the inequalities of thti exchange, has only been partially successful. And a plan recently proposed, with the design to curtail the issue of bank notes, to fix the public conlidence in the administration of the affairs of the banks, aud to ?ive each bank a legitimate shnro in the circu lation, is not likely to receive the sa iction of the banks. The truth is, that the charter reK trictioiiH of some of the banks j tho mutual rela tion and dc|N>udance of the banks of the same state, and even ot tho banks of different states t And the duty which the directors of each bank conceive that they owe to their immediate con stituents upon point* of security or emolument ; interpose an insuperable obstacle to any volun tary arrangement, upon national considerations alone, lor the e?luhii-thment of a national medi um tnrou-'h the aynrv of the state banks. It is, nevertheless, with' the Htate banks that the measures lor restoring the national currency of fcdWAiid silver must originate j for until their ISMUes of pa;:"i<^if reduced j their specie (apitals he reinstated i and their specie operations Ik commenced > there will be neither room, nor employment, nor -afetv, for the introduction of the precious metals. The policy and interest ol the Htate banks must therefore |M> engaged in the great liscal WorV, by all the means wliicv the treasury can employ, or the legislstivo wis dom shall provide. .1(1* Tlic PHtsihliolnmMit of a National Ban'? in regard tfl aa the beat ami perhap* tin; only ad equate rckouree to relieve the country anil the government from the predent emb.irra?*mentd. Authorised to i*?tue note* which will lie received in all payment* to the I 'nited State*, the cir culation of if >4 inMueti will he co-exteiiiive wit)> (he I ' nioiH^amjjQigre will cxi?t n constant de mand, hearing w. jusf proportion to the annual amount of (In: dutiea ami taxed to l>e collected, independent of tin- ?(eneYal circulation for com mercial ami Hociul purjMixe*. A National Hank will therefore nod?e*<i the meaim and the eppor tunity of ftimplviny a circulating medium. of C <iual uno ami viilun in every Htate. and in evefy <li?trict of every .'"''ate. Hfttahlifthcd by the ail* thority of the government of the IJnitcd State* ) accredited by the government to the whole a mount of it.H noted in circulation ) and entrusted an the depository of the government with all the. accumulation* of the public trcaHUrc \ the National Hank* independent of it* immediate capital^ will enjoy every recommendation which can merit nnd secure the confidence, of the pub lic. Anil, noting upon a compound capital, partly of Htock and partly of gold end silver, the National Dank will be tho ready instrument to enhsnco the value of the nubile securities, and to restore the currency of the national coin. 4. The powers of tho uoverumont to supply and maintain a paper medium of exchange will not be questioned ? but for the introduction of tliat medium tliero must bo nil adequate motive. The solo motive for issuing treasury notes has hitherto been to raiao money in anticipation of the revenue. The rove inks however, will pro bably bccontc, in the course of tho year 1H1U, und continue afterwards, sufllcient to discharge all t'.ie debts and to defray all the expeiices of the government, nnd consequently t'lere will ciist no motive to issue tho paper of the go vernment os an instrument of credit. It will not lie deemed nn adequate object for an issue of the paper of Trie government, mere ly that it may be exchanged lor the paper of the haul.*, since" the treasury will bo uhuiidnutlv supplied with bank paper by, lite collection ol the revenue, anil the government cannot be ex I pected to render itself u general debtor, in or i der to become the siiecial creditor of the State 1 bunks. i I'pon the whole, the state of the national I currency, nnd other important consideration? connected - with the operations of the treasury, render it a duty respectfully to propose, ? M That a National Hank lie established at the city of Philadelphia, having power to ert-vt brRiiches el ewhere; and that the capital rtl, the bank (heint(of a competent amount) counistj of three fourths of the public, stock, und one fourth of u,old and "diver/* ('ONCHIKH8. HOt'HK OF III'. I'll KH II NT ATI \ lis. .1 t'/ml ii. Flee. 1 1 . Several petition* were read and referred.- ? Ti e-, cair.e mostlv from ind'n idunln aggrieved I'dorin,; the Inte w ir, or bv its effects on theii iM .soiiH. or in their property. ? A standing com mittee lor manufacturing concerns. wa? prayed for? -also t'?e forbidding of importations of cot Ion fabrics of a coarse texture from foreign countries. On motion of Mr. Johnson of Kv. Unsolved, That the committee of Claims be di? ?*?-!???! to eu ? ;u. re into the expediency of I'upiidoting the claims of citi/.ens against the I.*. S. or the loss id' property during the war, while in public service, tin motion of Mr. I'homui of Tenn. /frso/wW, Ti nt the committee on Military. Affair* be in structed to enquire into the expediency of pro viding by law, for the relief 6t the widow sand children of all such non-commissioned officers, musicians and privates, as have been killed in battle or died of wounds received in the public service, in any of thecon>s couponing the army of the United States, during the late war. Mr. fteynolds of Tenn. offered for consideration the following resolution > Jlenolved, That tho com mittee on p^y|o fond* be instructed to inquire into the expediency of appropriating all that tract ofMand known by tho nanio oCjUut ** ,Cnn iriwcWfr t 'U-Hcrvaiiod," lying in the counties of Maury nnd lilies, in the state of Tennessee, fpi* the extinguishment of the genuine Innd warrants issued by tlie Mate of North-t'nrolina, and that the actual occupants, within the bounds of said tract, who have been living on said land on the 1st day of Juuuaty Inst past. shall have a pre ference to perfect titles thereto: Provided , no one shall lie permitted to appropriate more than 640 acres, nor less t'tnii 50 ucrcs of land. After some short debate the motion was ordered to lie on the table. - ' The Speaker laid before the house a letter from the Secretary of War, transmitting a list of spe cific appropriations, transferred from one object to another during the Inte war, & c. which was referred to the committee of Ways and Mean-j. TiitnLy, tire. 12. Several petitions were presented and referred. A letter was received front the Comptroller of the Treasury transmitting the annual statement required by law of outstanding balances. H'eilntnhiff, Ike. 1.1. The Speaker laid before the House the follow ing letter from Mr. Macon, of North Carolina : TATttr. ?(?*?*?.* II t TH K IHU ?r. I?- MHtgfljfcXTA'riVM. Bin ? I ilrcni it my duly to affirm votnKd tlie mcin. I?cm of tlie Hun**, dm! I Imvc lli'n ony by letter to the fiovc. nor o*' Nordi-Cun.lin:., rctiguctl my tcA in the lloti-Ms ol lleprc'vcntniivc.s. ? I c.mwt w didr:?w fiom ilin>r, with whom Ihsve I con HHscH'i'ttod fir year*, wilhuot txpirwing tho ipMtiTol ?HMtvr I cn'criii nof the r imif n in I. wine**, and ?j.ur ng .hem, licit it will 1>c rcincmlierfd w th iiI(\,miit dnrnir ? fc. I Hill, H.r.kc. NATII. MACON. - It'iin/iiir/ton, fftrcmbsr 1.1. On motion of Mr. Hasten? HtKolved, That the committee on public lands, be instructed to enquire whether any, and if any what, alte ra tioos umi amendments are necessary to be m.ule in (lie Ian- ^ivin^c tl?? right of pre-emption i ? settlers on the. public lauds in the territory of MixxoUri, and also in the territories of lllinoiM nnil Indiana. , Oa motion of Mr. Cannon<?l???ofc*r/, That a committee be appointed to enquire into the expediency of providing for the widows aim) orphan* of the officers, non-commissioned ofll cers, luiiMicians and privates of the volunteers and militia, who have been killed in battle, died in service or of wounds received while in the service of tlio United States, during the late war, bv allowing them donations in land or otherwise j and that they have leavo to rdport by bill or otherwise. ()i? motion of Mr. TtiPker ? Retolvtd, 'lit/it the committee for the district of Columbia, lie instructed to ewiuire into the expediency of providing by law tor the enclosure and improve ment of tho Public Square near the'Capitoi in the said district*? -Anti itaw/n?/,That the com mittee for the District of Columbia* be instruct ed to enquire into the expedient^ of authorizing the Secretary of State, on th? part of the Uni* ted States, to aubscril>o for a certain number pf copies of an edition of the lawa exclusively re- 1 latlng to the District of Columbia* imposed to be published by J. II. Colvin, of sain district. Mr. MJl.ean offered for consideration the following resolution That the coot /? /-v f "H. ? nrftteo on the Judiciary be instr rtv! ?.??? whether any, and it' any, tvh.v am?ud, t:?ai . .vi .? necessary to a lasv pawed at t. C la t ? r . ?J>?n ' : Congress, entitled, " An net ?-f?- tl.tiiti ; ;? .! defining the 'duties of the United m t ? v. . for thp territory of Illinois." 'Hi? resolution wan agreed to, after ' >; been amended, on moti-n of Mr. Jv-.iuiii . adding thereto (In; following : *? and i-.i amendments mo nece*hury io tin? a*:; u-\ at (ho last *e*nion of t'ojigras*, regal.-. .in.: i .. I General Court of the territory of Indian j." Oil motion of Mr. Wilde ? Hcs?t ?v..', ! 'li the committee on the Judiciary he iustru< ? ?f t. inquire, whether any, and ii tiny, wh.it .1 ; ii tioani provision* are* riecox*ar\ u be j , the more effectual awarding, inni-i land returning writs of linbeas 1 Courts of the United State*. 'iVitfrthjt, ffrc. 14. Several petitions Were presented and 1 . r ? ! among which, a petition of namlry inhV. ?.u. . of Philadelphia, praying the ugtabffchmevt < National Dank, and (lie petition of r;uudr\ habitant* of (lie Mississippi Tenit.>t . , 1 . Pearl river, praying that a cental:* im, !?? t ?d" the population thereof, and propaiat:.:.*. . n.lmitting tjte sutije it?t?? the. U. State;*. The Speaker laid before tbo liou'nj ? 1 f f.-om Win. Imnihort, tranbinitliax Cv?rf:ii'i ? iatiotlA mndehy lu.n re*poctln?r the longii.11 the C 'it v i?f \\ auhington, widen were Urdu ! lie on -the* table.* ? On motion of Mr. TjOwU. JfrWr.r/, that ?' committee for the i)it4;ict of Columbia be i Erected, to enquire into the expediency of e o. nlctin^tho f.".|.it'd by ecectjng the centre hoi! 1|igiiCA-o(<lin^ to the" original plan. jOii motion of Mr. Thomas, Jtrjutvvd% that t committee on pnblic html:* be instructed t 1 ? ipiire Into the expediency of grantim* ?i?hi - occupancy and prc-cinnflon, at 83 per act *, all .Mich ueivonh ax shall lit* actually setth the fu st ?lay ot tlctwher nnv land oh Sained by treaty or conquest ? (.'reek nation of Indian* daring the war. /' ill if. lire. 1 4 Mr. Lowndes frin'i the commit1 * * of ways.? moans, icportcd a bill umkiiigiurt,'er nppi ""1 lions for defray in ; the expense** of the arnn militia during the year* I AH and IB 1.1 ; ui was twice read ami committed. A letter was received from the Secretary |l>e Na\v. re'atiiiu to vhe application ?.t" 1 . nies appropriated for the nu* y PMabli-itrnvni. which w a* ordered lobe printed. Mr. i>.vth, after .1 few introductory rrmai noiniiti^ 1r.1t !? e inaile<|Uacy o{ the coji.;m?? ttim aMe.-vrd to the l/ibrariun of ('oo^re??. r. J i d the following re.H;d\e? whic h wa* h 11' vi*/.. ? /I'-'ulr That the I.ibrarv t'upii-.nMi iUKtrected t ? ii 'pdreiiito the exuedieticv ?>t creaHtng t'?e salary of t In* I/ibrarii n to< 'mi, 1 of increimiim the. contingent fund of the !?? ry.and nlsoof all iwin^ an (oidiii.inal ?imi !? Librarian, for hi? e.xtra hci \ ice.-, since the ting of last t'onjjicM. HM>IWHIIIWI II .. Vojrei^lt ^ Diimevlic \mv? , wmhhw. muuat^-a letter t.i a resectable chant tn ltattiinnre, rueei>ed h> t' <? Ucn. ? h?ju frojiv Leghorn, dated Leghorn, .Oct finyH i-~f* Since my letter* wore clotted, i nmtioii |ia? been receive'! in town, tint > Itml been phot at a place called IM/.70." [iiiANti.^Trp nm mr. tiw.rmnnr catiuot.] r (iflU'Htlitj *<vt lot !,? u sl'j-ui'it. ? Murut embarked o?i the niw'bt o 'J8th 8opleml?oi,t \yit)? nr.u-d .Wo, at built .50 officer*, onboard of -.!< ">ndola<, I boats*) with provisions |*??r 8 dvs. A v] fttorni in the 11H ?, bei i?"'i ."?*.?'? and !?t' forced the expedition 00 (lie run I, and tell the ?ix boat*. On the ilh w a- dv^cr'n t'-e coa*d ofKjrcnt.i a b?.;t, which was b?! to appertuin to Harbnry n-ui7.et ** rrid MOVined to be lonkint; oil! %vuit > i*'/ f.ir \0.shcIs. ? On the^ll:, a >?i;??al \\a< I notl?i?r in tl e 'jnljdi of Sai? rin? and t!.f 1 ".nine boat* were perceived to r-join (Jic n ? Mim at debarked with Ucn. Fianccgclii i'l colonel, -and about 50 urmed men, at on the cou-d of Calabria' Hot far fyi>m IV Leone, and about## houra march (Viiiri I> ? Ife left dO weft atwl noiiie ofth.M* o;i the other two boats, giving order., t'i ..nil t'mcohHt of Calabria.? lie had ?ra.v.-'v ? ba' ked. whenhr proceeded to t'-e ^re.i't y nsKcnd/lcd the people, nod ordered liooo lontf live kinp Joachim, telling (' the King, nil came t.? to: e po i?i:, At tliin time then* ?????? ir?hov, ?a moment of uncertainty I i 'mvr-1 ? penvantrv and other b mcVcir of ?i .? o flood, having leii'-nt th" landiii^of "M..r cil lliim ielvtw iiiitl came to attack hit.i. a warm nod oh*titmte re?d.?tanee, Mora; wait overcome, nod he I !i??e|f was 1 :!?. ill iron*, nud cotnlueied to (?en. Niii commander of Calabria. \t fl?e ?'"?-.m the Courier, t'-e mot porf-cM. .1. ij.iili ed in that I'roviiic. Oo i'ie I'/t'i.ni'r Neapolitan gna-boat* c-ii>'ored t\ > 1 ? ?ailing along that roa<l< *% on jut an the oilier*. declared fti.il M??ia\ I them in \jticci >. I'tal tie ie<*nnt f 1/0 1 1 but when arrived olVCupi; faibifn-a. l'< < commnoded to *teer for Ca'ab-ia." Y Hoval Con?tdnle of the Two Si? '.,;e*. I Ori. I H. ? (Signed If. i'tix/ier !)'? firrri fly jfMirticolnr arro'iot.4 ilaied nt 'x.r '?nve the follow i?>'.( forlber 1 thin event : Some lime bar l? a^'f 'itT/n ? itixpatclied by Moral, had penelr ited a Nrtplen, who however win i;?tantiv ? ami Hf ill remained in p:*i?on, uillioni hi yet co n fenced the criminal ciuomifw'K which he wart chnr^ed. Moreover, 1 |>eriionH who landed at IH/z/o, were fom. Copied of divera proclnmalioni bv Mo; jngto create an Innnrrection of the j' gainnt their leo;Himato KoverriKn. On lioticc of till* mud attempt, the IMncV *a hail lieen xent from Naples, witkin! to tho N'un/lant*, b\i met on tho route tho co?ricr? lx>?r^r 0)