REPORT
of the SECRETARY of the T R E A S U R Y to the
HOUSF. of REPRESENTATIVES.
Treasury Department, Jan. g, 1790.
[continuation.]
TH E Secretary thinks it advifeable, to hold out various pro
portions, all of them compatible with the public interell,
because it is, in his opinion, of the greatest consequence, that the
debt should, with the consent of the creditors, be remoulded into
fnch a shape, as will bring the expenditure of the nation to a le
vel with its income. Till this ihall be accomplished, the finances
of the United States will never wear a proper countenance. Ar
rears of interest, continually accruing, will be as a continual mo
nument, either of inability, or of ill faith ; and will not cease to
have an evil influence on public credit. In nothing are appear
ances of greater moment, than in whatever regards credit. Opin
ion is the foul of it, and this is affected by appearances, as well
as realities. By offering an option to the creditors,bet ween a num
ber of plans, the change meditated will be more likely to be ac
complished. Different tempers will be governed by different
views of the fubjeft.
But while the Secretary would endeavor to effett a change in
the form of the debt, by new loans, in order to render it more
susceptible of an adequate provision ; he would not think it pro
per to aim at procuring the concurrence of the creditors by ope
rating upon their neceflities.
Hence whatever surplus of revenue might remain, after fatiafy
ing the intereft'of the new loans, and the demand for the current
service, ought to be divided among those creditors, if any, who
nav not think fit to fubferibe to them. But for this purpose,
under the circumstance of depending proportions, a temporary
appropriation will be mofl advifeable, and the sum mufl be limit
ed to four per cent, as the revenues will only be calculated to pro
duce, in that proportion, to the entire debt.
The Secretary confides for the success of the proportions, to be
made, on the goodness of the reasons upon which they reft ; on
the fairnefs of the equivalent to be offered in each cafe ; on the
discernment of the creditors of their true interest ; and on their
disposition to facilitate the arrangements of the government, and
to render them fatisfa£lory to the community.
The remaining part of the talk to be performed is, to take a
view of the means of providing foe the debt, according to the mo
dification of it, which is proposed.
On this point the Secretary premises, that, in his opinion, the
funds to be cftabliftied, ought, for the present, to be coufincd to
the cxifting debt of the United States ; as well, because a progref
live augmentation of the revenue will be moll convenient, as be
cause the consent of the State creditors is necessary, to the assump
tion contemplated ; and though the obtaining of that consent may
be inferred with great alTurance, from their obvious interest to
give it ; yet till it shall be obtained, an atkual provision for the
debt, would be premature. Taxes could not, with propriety, be
laid for an object, which depended on such a contingency. ,
All that ought now to be done, refpe&ing it, is, to put the mat
ter in an effectual train for a future provision. For which pur
pose, the Secretary will, in the course of this report, submit such
propositions, as appear to him advifeable.
The Secretary now proceeds to a consideration of the necclTary
funds.
It has been Hated that the debt of the United States consists of
Dollars. Cents.
The foreign debt, amounting, with ar
rears of interest, to - 11,710.378 62
Ana the domestic debt amounting, with
Jike arrears, computing to the end of
the year 1790, to
Making together, Dollars 54,124.464 56
The interefl on the domestic debt is computed to the end of
fhis year, because the details of carrying any plan into execution,
will exhaust the year. ' Dollar J. dents.
The annual interest of the foreign debt has
been Stated at
And the interefl on the domcftic debt at four
per cent, would amount to
Making together, dollars, 2,239,163 09
Thus to pay the interest of the foreign debt, and to pay four
per cent, on the whole of the domcftic debt, principal and inter
est, forming a new capital,
will require a yearly income of 2,239,163 dollars, 9 cents.
The sum which, in the opinion of the Secretary, ought now to
be provided in addition to what the current service will require.
For, though the rate of interest, proposed by the third plan, ex
ceeds four per cent, on the whole debt, and the annuities on the
tontine will a]fo excecd four per cent, on the sums which may be
fubferibed ; yet, as the a£lual provision for a part is, in the for
mer caff, suspended ; as mcafures for reducing the debt, by pur
chases, may be advantageoiifly purfucd, and as the payment of the
deferred annuities will of courie be postponed, four per cent, on
the whole, will be a fufficicnt provision.
With regard to the nftalments of the foreign debt, these, iu the
©pinion of the Secretary, ought to be paid by new loans abroad.
Could funds be conveniently spared, from other exigencies, for
paying them, the United States could ill bear the drain of cash,
at the present jun&ure, which the mcafure would be likely to oc
casion.
But to the sum which has been dated for payment of the intcreft,
must be added a provision for the current iervwee. This the Se
cretary eltimates at fix hundred thousand dollars ; making, with
the amount of the intcreft, two millions, eight hundred and thir
ty-nine thousand, one hundred and sixty-three dollars, and nine
cents.
This sum may, in the opinion of the Secretary, he obtained from
the pre fen t duties on imports and tonnage, with the additions,
which, without any ptfflible difodvantage either to trade,oj agricul
ture, may be made on wines, spirits. including those diftillcd
within the United States, teas and coffee.
The Secretary conceives, that it will be found policy, to earrv
the duties upon articles of this kind, as high as will be confident
with the pra&icability of a fafe collection. This will lessen the
nrceflity, both of having rccourfe to dircft taxation, and of ac
cumulating duties where they would be more inconvenient to
trade, and upon objc&s, which are more to be regarded as ne
cellaries of life.
That the articles which have been enumerated, will, better than
mod others, bear high duties, can hardly be a question. They
are all of them, in reality—luxuries—the greatest part of them fo
reign luxuries ; some of them, in the excess in which they are
used, pernicious luxuries. And there is, perhaps, none of them,
which is not consumed in so great abundance, as may, justly, de
nominate it, afource of national extravagance and impoveriflimenr
The consumption of ardent spirits particularly, no doubt very
much on account of their cheapness, is carried to an extreme,
which is truly to be regretted, as well in regard to the health and
the morals, as to the economy of the community.
Should the increafeof duties tend to a decrease of the consump
tion of those articles, the effect would be, in every refpeft desirable.
The saving which it would occasion, would leave individuals more
at their ease, and promote a more favorable balance of trade. As
frr as this decrease might be applicableto distilled spirits, it would
encourage the substitution of cyder and malt liquors, benefit agri
culture, and open a new and productive source o! revenue.
It is not however, probable, that this decrease would be in a
degree, which would fruflrate the expected benefit to the revenue
from raising the duties. Experience has shewn, that luxuries of
every kind, lay the strongest hold on the attachments of mankind,
which, especially when confirmed by habit, are not easily alienat
ed from them.
.<I\.RISE ! ye pimpled, tippling race, arise !
From every town and village tavern coine !
Shew your red noseS, and o'er flowing eyes,
And help your poet chant the praiie of Rumi
The cordial drop, the morning dram, I sing,
The mid-day toddy, and the evening fling.
Hail, mighty Rum ! and by this general name
I call each fpecies—Whijky, Gin, or Brandy :
[The kinds are various—but the cffeft the fame ;
And so I chufe a name that's (hoit and handy :
For reader, know, it takes a deal of time,
To make a crooked word lie smooth in rhyme.J
Hail, mighty Rum ! thy song-inspiring merit
Is known to many a bard in these our days :
Apollo's drink, they find, is void of spirit—
Mere chicken broth—insipid as their lays :
And pleaf'd, they'd give a riv'let —aye, a sea
Of tuneful water, for one quart of thee !
Hail mighty Rum ! how wond'rous is thy power !
Unwarm'd by thee, how would our spirits fail !
When dark December comes with afpe£fc four,
And, (harp as razor, blows the northern gale !
And yet thou'rt grateful in thatfultry day,
When raging Sirius darts his fervid ray.
Hail mighty Rum ! to thee the wretched fly,
And find a sweet oblivion of their woes :
Lock'd in thy arms, as in the grave, they lie
Forget their kindred——-and forgive their foes :
And Lethe's ft ream ffo much extoll'd by some
In ancient times] I mrewdly guess Rum.
Hail, mighty rum ! what can thy power withstand !
t'en lordly Reason flies thy dreadful face ;
And Health and Joy, and all the lovely band
Of social virtues, Ihun thy dwelling place,
For in whitever bieaft it rears it 9 throne ;
Like Turkish monarchs, Rum must rule alone.
When our bold fathers crofs'd the Atlantic wave,
And here arriv'd—a weak defencelefs band,
Pray what became of all the tribe so brave—
The favagc owners of this happy land ?
Were they lent headlong to the realms below,
11 By doom of battle ?" friend, I anfwcr no.
Our Fathers wcie too wife to think of war :
They knew the woodlands were not quickly pad :
They might have met with many an ugly fear—
Loft many a fore-top—and been beat at last.
But Rum, allifted by his son Disease,
Perform'd thebuftnefs with surprising cafe.
And would our western brethren be less proud, or,
In other words, throw by the gun and drum—
For ducks and squirrels save their lead and powder,
And fend the tawny rogues some pipes of Rutn—
Idarepredift, they all would gladly fuck it,
And every mother's son soon kick the bucket.
But,lo ! the ingratitude of Adam's race !
Tho' all these clever things to Rum we owe—
Gallons of ink are squirted in his face,
And his bruis'd back is bang'd with many a blow :
Some hounds of note have rung his funeral knell,
And every puppy joins the general yell.
So have I seen (thcfimile is fine,
And wonderfully pat, tho' rather old)
When rising Phoebus shot his rays benign,
A flock of fticep come skipping from the fold :
Some restless (hecp cries baa—and all the throng,
Ewes, rams, lambs, wethers, bellowing pour along.
But fear not, Rum ) tho' fiercely they assail,
And none but I, the bard, thy cause defend,
Think not thy foes, tho' num'rous, (hall prevail,
Thy power diminifti, or thy being end :
Tho' fpurn'd from table, and the public eye,
In the snug closet Oafely (halt thou lie.
And oft, when Sol's proud chariot quits the sky,
And humbler Cynthia mounts Jicr one-horse chair,
To that snug closet shall thy vot'ry fly,
And, wrapt in darkness, keep his orgies there—
Lift the full bottle joyous to his head,
Then, great as Ciefar, reel sublime to bed.
Burlington, Dee. 1789.
42,414,085 94
542,599 66
1(606.563 43
NASSAU (N. Providence) December 30.
THE Sloop two brothers, belonging to Capt.
Chris. b'ilher, of this place, taken by Juan
Gregorio, at Heneaga, in April last, arrived here,
from the Havannah this morning. By her we
have the following intelligence :—That the a
bove named pirate was under sentence of death,
and the (loop ordered to be restored to the own
ers, together with full compensation for the in
juries sustained by her capture That afuit had
been commenced against the Intendant,in whose
employ Gregorio was, and the governor of Ba
raca had been broke with disgrace for being con
cerned in that infamous tranfa<ftion That all
the guarda coftas had been called in, and the
captains broke for capturing vellels without any
jull pretence, which had involved his Catholic
Majesty in unneceflary lawl'uits ; and that the
soldiers mentioned in a former Herald to have
been put on board an English Guineaman had
been removed, and permission given to the cap
tain to diipofe of his Negroes, agreeable to the
express terms of his Catholic Majesty's procla
mation.
The legislature of this State adjourned on Wed
nesday last, Jin; die, after a short feflion of fif
teen days.
The amendments to the constitution of the
United States, recommended by Congtels to the
levei al Hate legislatures were difcufled and adopt
ed ; and a resolution agreed to, that thedelegates
irom this State be inftrudted to use everv poiiible
exertion to obtain the alteration which was re
commended by the State convention in May,
1738, respecting the interference of Congrels in
regulating elections to the federal legislature.
-356-
IROM THE AMERICAN MUSEUM
FOR. JANUARY 1790.
EULOGIUM ON RUM.
CHARLES lON, January 28
BALTIMORE, January 29.
At the Anniversary Meeting of the Revolu
tion Society, held in London, (at the London
Tavern) on the 4th of November last (the Right
Honorable Earl Stan hope in the Chair) the fol
lowing Resolution was moved by the Reverend
Doiftor P,! 1c e , and unanimoufty approved, viz.
The Society for commemoratingthe Revolution
in Great-Britain,difdainingNational Paniali.ies
and rejoiceing in every Triumph of Liberty and
Justice over Arbitrary Power, offer to the Nati
onal Assembly of France, their Congratulati
ons on the Revolution in that Country, and on
the Profpedt it gives to the two firft Kingdomsin
the World, of a common Participation in the
BlelEngs of Civil and Religious Liberty ; they
cannot help adding their ardent Wiflies for a
happy Settlement of so important a Revolution,
and at the fame time exprelling the particular
fatisfa<ftion with which they reflect on the tenden
cy of the glorious example given in France, to
aflert the unalienable Reformation in the Govern
ment of Europe, and to make the World free
and happy."
On the fame Occasion, it was also unanirnoujly
rcfohcd, " That the said Resolution be signed by
the Chairman, in the Name of the Meeting, and
that it be transmitted by him to the National Af
feinbly of France."
PORTLAND* January 2s.
To FARMERS.
" Experience has proved, that smoking your
Seed Corn, thoroughly, before planting, will ef'
feclually prevent the worms or any other infect
from touching it whilst growing. Care must be
taken that it is not heated in the smoking left it
ihould destroy the vegetation. It will therefore
be best to hang it where the fnioke may gradu
ally impregnate the kernel during the winter
season.
" Probably the fmoaking of other feeds may
have the fame happy efteift. Should this be the
cafe, it would save much labor and care in railing
Squalhes, Mellons, Cucumbers, &c.
A Friend to Agriculture."
BOSTON, Feb. 4.
AMENDMENTS.
The Amendments recommended by the Legis
lature of the United States, were adopted, ex
cept the firfl and second articles, by the Senate of
this Commonwealth, on Friday last.
Tuesday the above Amendments were taken
into confederation in the House of lieprefenta
tives, and after mature discussion, were adopted,
except the ift, 2d and 12th
The Senate afterwards concurred with the
ioufe in rejecfting 12th article.
Mr. Thatcher, Mr. Aaftiv, Mr. Fowler, of the
Senate—Mr. Hill, Mr. Goodman, Mr. Siwall and
Mr. Bacon, of the House, are appointed a joint
committee, to take into consideration what fur
ther Amendments to the Federal Constitution are
neceflary to be proposed to Congress, and report.
NEW-YORK, Feb. 17.
Extrad of a letter from Boftou, Feb. 2.
" The Secretary's Report I think a nioft mas
terly performance—it must have cost him an im
mensity of study and application—l believe it will
be generally acceptable when it is rightly under
stood—His reasoning upon the fubjed: in general
I think is inconteftible, and fliould Congress adopt
his plans, I think the timeis not far diftant,when.
the credit of this country will eclipse all the
boasted powers of Europe."
A NEW MAGAZINE
THE Public are refpe&fully informed, that the firft Number of
this Magazine will be published as soon as a number of
fubferibers fumcient to defray theexpence shall be obtained : and
not on the firft day of February, 1790, as was formerly proposed.
This Work will be entitled,
THE PHILADELPHIA MAGAZINE,
AND
UNIVERSAL ASYLUM.
By a Society of Gentlemen.
PLAN AND CONDITIONS.
Ift. THE objefls of the Philadelphia Magazine and Universal Af\-
lum, are to enlarge the underjlanding, to reftfy the hearty and to please
the fancy, by fuck means as may bebejl adapted to the Jlate oj Jociety
and manners in this confederated republic.
2d. Ir.terejling and entertaining ejfays, in prose and verse, on phi
losophy, politics, commerce, agriculture, manvfaflures, polite learning,
wit and humour (uncontaminated with ribaldry or licentiousness) an ®
in a word, on all other fubje&s which may be deemed worthy of public
attention, shall be inserted in this Universal Asylum ot Literature.
This miscellany shall contain much original matter ; but a rage
for not prevent the insertion 0/ valuable extrafls from
other publications.
4th. A comprehensive and impartial abflracl of the Debates and
Proceedings of the Congress of the United States of America,
shall regularly be given, beginning with the firjl fefjion under theprefent
government.
tfh. Foreign and domejlic occurrencesJhall hefaithfully recorded.
6th. The Philadelphia Magazine shall be publxfhcd, punctually, on
the firfl day of every month.
7 th. Each number shall contain eighty pages, octavo, on an elegant
new letter, andfne paper.
Bth. The price to fubferibers zui llbe two dollars and two-thirds per
annum ; one dollar and one third to be paid upon the delivery of the
firfl number, and the famefimat the commencement of every succeeding
half year. 1
Sulfcript ions are received by mofl of the Printe r s and Booksellers m
the United States, and in other parts of the continent of America, in the
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The usual allowance will be made to all who favor this work by eol
leSling fubferiptionsfor it. (
Philadelphi a, January 1,1790.