4 ™ P "" USHI r ' A "° [No. 5 1 of Vol. IV.] AT A MEETING OF THE Insurance Company NORTH-AMERICA, Held, by adjournment, at the State-House in this City, on the 19th inft. the following PLAN, reported by their Committee, was unani mouflv agreed to. and adopted as the CONSTITUTION of the SOCIETY. I. subscribers agree to form themselves X ihto a society under the name of THE INSURANCE COMPANY OF NORTH AMERICA, for the purpose of carrying on the business of allurance, and for raifmg a fund to pay and fatisfy any lollVs which mav happen, or any just demands which may be made upon the said focietv. 11. The said fubferibers do severally, that is to fay, each for himfelf, or herfelf, his or her heirs, exccutors, administrators and afljgns,here by covenant, promile and agree, to and with each and every other of the subs ribers, their and each and every of their heirs, executors, ad ministrators and alliens, and to and with all and every Maraud pvr'on* wftqt <h»ll herenfter bc corr.eafTured in the office of thecomoany, to do, fulfil and perform each and every of the articles of this afTociation, and such other articles as shall hereafter from tim<? to time be made and agreed upon by the members of this afTociation at any of their general meetings: Provided ne vcTthelefs, That no fubferiber, or his or her af fignce, (hall be bound, or held responsible to the othT fubferibers, or any of them, their or anv of their assigns, or to any person or persons who hall become aflured by the company, for any sum or sums of money or other charge whatso ever exceeding rhe amount of his or her share or interest in this afTociation. 111. The capital stock of The Insurance Com pany of North-America shall not exceed fix hundred thousand dollars ; and {hall be divided into fixty # thousand shares, of ten dollars each ; and a fubfeription towards constituting; such stock shall be opened in the city of Philadel phia on the 20th day of November, 1 792. under the infpe&ion of Ebenezer Hazard, and /hall continue open until the -whole of the said stock shall have been fubferibed. IV. Any per fori or persons, copartnership or hn.ly a.av fubfcrilu- to A hit iflbciatiow j and the (hares fubferibed (hall be paid for by instalments as follows; that is to fay, For each and every share fubferibed, there shall be oaid— One Dollar at the time of subscribing, One Dollar on the 2d Monday of July, 1793, Two Dollars on the 2d Monday of January, 1 794- Two Dollars on the 2d Monday of July, 1794. Two Dollars on the 2d Monday of January, "795- And two Dolters on the 2d Monday ps Tuly. 1795- Provided, That until the twelfth dav of De cember next, the payment of the firft instalment shall be made in the receipts iflued by the 3g» nts and fecretarv of the late Universal Tontine As sociation ; and after the said twrlfth day of De cember, no person (Vial! fubferibe for a greater number of shares than twenty. And the monies so paid shall he vefted-in such securities of the United States, or of the state of Pcnnfvlvania, or in the stock of the bank of the United States, or of the bank of North-Ame nca,;is shall by the Board of Direftot s be thought mod advifeable. V. If any fubferiber or other owner of any lha<c or (hares, shall negle£t to pay any one of the lnftalnaents on the day before apoointed for the payment thereof, such fubferiber or other owner shall forfeit all the monies which fhal! have been paid on account of such shares ; and .11 moreover forfeit alt his or her right, title, jntereft, claim and demand, resulting from such * ares, of, in, and to ihe funds ol this afTociation, ana the privileges thereof All monies so for feited shall enure to the use and benefit of the company. , Ever y fubferiber to these articles, his or eraHignee, or other legal representative, fliall e considered as being to all intents and pur- P" a member of The Insurance Comoanv of fl "°mu' "^ mcnca : i)nc * a " shares held in the fame iai be transferable in such manner, and under luch regulations as the Direaors of the Comoa n>'mall determine and dirett. . we " ordering and conducing the »ff«its-of the company, there fh II he fifteen Uireetors ehofen by ballot .on the pd Tnefdav of Janittry m each year, bv the Stockholders,'by .Plurality of votes ; and the Directors so ehofen. T unt'-l the expiration of the 2d of J anyarv next ensuing such eltfiion, «M*«fo., g er: Provided; That as soon as fonv woufaoa (hires (lull |,av« been ftibfcribed, no lice tnertoj shall he given by the said Ebenezer ,wo o( lhc newfpaDers pub ,Hß*d in the city of Philadelphia ; and the said Meneier Hazard (hall at the fame time and in 'Jl *?? ner ' nol 'fy a day "Ot more than ten - from the date of fucb notification, t»r proceeding to theelrftion of Directors, at a ' tbecitvof Philadelphia, to be therein JWei&ed: At which time and place the elettion ■ kill's 1 and ,be P" foßs then ehofen shall Wthefirft Dlrefiors, and (hall forthwith com '3S"j2o|fr»',o»» ° f The Infur.oce Cum. t i b: ' Aracrica - The >' shall continue Saturday, November 24, 1 y ()2 . VIII, The Directors cbofen as aforefaid (lull, at their full meeting, elect by ballot, our of their number to be Prefid< nt of the commn\, and (ball then dwide themselves (excluding the President) iiito committee?, each' committee to confiftof two D reifors. The laid committees shall attend at the office of the comnnny every week, in rotation ; and the attending commit tee, with the President, (who (hall a;fo atiend daily at the office) shall have full pow 1 and au thoriiy, id the name and on behalf of the conr pany, to nuke fie h infurantes upon ▼ Mfels ar.d merchandize at sea, or going to sea, or upon the life or lives of any person or p. rfoas, or upon any goods, wares, merchandize or other pro perty crone or going by land or by water; and at such fates of inlurance, or premium, as they •nail deem advifeable. And they Ih.ill, gene rally, do and ttanfaft, on behalf of the compa ny, all the business usually attending infur.m < s on the objrfts aforefaid ; fubjeft, nevertheless* to such regulations as the Stockholders at any genera' rncefmg shall think proper to make; and fnbjeft also to such rules and regulations as the Board of Dire&ors (ball, from time to time make, relating to the hnfmefs of the companv. Until fht.H b<-K-g- 'ly rated, al! note.% deeds, or other securities taken for the use of the companv, shall betaken in the name of the President, as such ; and all policies shall be signed hv the President, as such ; and such signing shall Vie deemed and taken to be the ast of each member of the company, and* for which the President (hall not be liable to any peculiar perlonal refponfibilitv ;—and, in oidcr to prevent difputea, there shall be inserted in every policy, a clause or covenant purporting that the allured confiderg thr President as acting on behalf of the company, and'ieleafes him from all personal responsibility on account of such sig nature. But when the company (hall have been legally incorporated, the policies fhail un der the seal of the corporation, and be attested by their Secretary. The President shall lay before the Board of Dnerrors, at each of their meetings, an account of the proceedings of the committees since the lift meeting of the Board. IX. There shall be stated meetings of the Board of Dire&ors once in every fortnight, and occasional meetings at such other times as the President shall think proper : At all which meet ings the President (hall preside, but shall have no vo»e on any queitioii, except in cale or an equality of votes, in which cafe he shall have the cafling voice. Two thirds of the whole number of Direc tors, whereof the Frcfident shall be one, shall form a quorum ; and all questions before ?he Boaid shall be decided by a plurality of votes : But no vote shall be re-confHercd by a less number than was present when such vote parted. X. The Board of Directors shall have power to employ such and so many officers, clerks and other afTillants, as they shall from time to time find necefTary, and to make just and reasonable compensat ions to theperfonsemployed by (hern. They shall also have power to establish rules and legulations for transferring shares in the com pany's stock, and for the management of the company's concerns. -SThey shall superintend, generally, the whole business of the company,— fhail examine the proceed ings of thecommittees, and all oilicers employed ;— they shall keep fair minutes of their own proceedings, and submit the fame to the infpe£l:on of the Siockholders at every of their stated general meetings. XI. The Stockholders shall meet together on the fccond Tuesday of January in every year, af ter the firft election of Directors, for the pur pose of examining into the situation of the com pany's affairs, and for jpaking such additional and other rules and regulations as they shall judge necefTary and in all questions coming before such meetings, as well as in the choice of Dire6tors, they shall refpeftivcly vote according to their several interefls in the company's stock, in rhe following ratio ; that is to fay, Every member shall be entitled to one-vote for e.ich share of stock be or she shall hold ; Provided, That no member shall have more than fifty votes : And provided a/so, That no proprie tor of stock shall vote at any election for Direct ors (after the firft) unless the stock ./hall have stood in his own name on the company's books three months next preceding the time of such election. But any member may vote cither for Directors, or upon any other business, by his proxy duly authorised ; and every rule, ordi nance and regulation made at any such meetings, shall be binding on each member of the society as fully to all intents and pui poles as if each and every member were personally present, and con senting thereto. XII. In cafe ot the sickness or nccefTiry ab- Ifncc of the President, his placc shall be supplied by such other Dire&or as ihe Board fhali ap point for rhat purpose. XIII. NoDieftor shall be entitled to any emolument unless the fame fliall be agreed.to at a general meeting of the Stockholders ; but the companv shall allow the President a realonable compensation for his extraordinary attendance on their butinefs. XIV. The Dire&ors (hall on the firft Mon day of January and the firft Monday of July relpe&ively in everv year, declare a dividend of so much ot the profits of the society as to them shall appear advifeable ; and the dividend so de clared, fhsnl be paid to the refpe£hve proprie tors in seven days after the fame lhall be so made. —But the monies received as* premiums on rifques which (hall be undetermined and out ilauding at the time of making fucb dividend, 201 be eonfidered as a part of the profits nf Ihe company. And in cale of any loft or lolTrs "hereby the■ c,p,,,| stock of the f„-i (h.il) bc ncd, nofubTcquent dividends thai! L,e made "on) d film equal to such diminution, and ft,n ' hc prnfi " and intcr 'ft' of the Co. iety, Ih.ill ik ve been added to the caoitei]. XV Th. company (hall hold no real estate 0 . r 1 such as (hall be nece.Taiv forthe con. venient traniaction of their b,■■in. Is or (hall PC bona fide moitgajcd to them bv wjv ot le curily ;-or conveyed to tlieio in faiisfaftion of debtsi;-or purchafcd at sales upon judgments which (h .1 have been oot.aned n- on i'ebd due to them. XVI. A ly member of the Insurance Com pan) ot North-America, may at any time be come alTufed by the company, on any (hip or ve.Tel, goods, merchandize or lives, in the fame mwfler, and to the fame effect, as if such mem ber had no interelt in the company. Extra' 7 Jrom the minutes, HBENEZKR HAZARD, Secretary. * hilddclphix, Novzmbzr iqM, 1792. lot the G AZETTE of the UNITED STATES. IV was my intention to have closed with -I my lad paper, the difcufiion of Mr. Tc:fer fon's conduct in the particulars which have been suggested ; but the lingular complexion of the last of a series of papers ori ginating tn the American Daily Advertiser, obliges me to resume it. As it bold aflertion were capable of impos ing any thing for truth, an attempt is made in the paper alluded to, to impress the follow ing opinions, id. That the extract which was given of Mr. Jefferfon's letter on the ''übjeft of a proportion for the transfer of the French debt, is " falfe," " deceptive," and " muti lated." Thefearethe epithets in different pauages applied to it. 2d, That Mr. feffer fon was the mere vehicle, or to use the pre cise terms, " only the vehicle of communica tion to Congress." 3d, That he « dilcounte nimced" the proportion. 4th, That, the "on ly' proposition which he made to Congress was to borrow the money in HoJfand to dis charge the debt. To give colour to these aflertions, I am called upon to produce the entire paragraph y It,;c extract has been made, and it is suggested, that the whole was deposited in the quarter, from whence the extract is be lieved to been taken. I pledge my veracity that this suggestion is unfounded ; as is another—that the informa tion *ljjch has been communicated by me is derived from the opportunities of official situ ation. I affirm unequivocally, that I obtain ed through different channels a full knowledge of the tranfaaior, i □ February, 1787 —being in 110 public station whatever—that I ther> saw the extract, which has been publilhed, and which was at that time taken from the original letter, and has been since preserved, in the mod: authentic form—That I then al so received information equally authentic of the general substance of the letter, as relating to the matter in queiliou, and of all other per ticulars concerning it, which have heretofore been ftatea, and which have been prefetved, in a manner, that admits no doubt of their ac curacy or genuineness. For this, I again appeal to the letter itfelf, on the flies of the department of state, where aborts, as far as I am informed, its entire con tents are tfepofited, and which I entertain no doubt will conliim not only the truth of the extract which has been but thejuftnefs of the representation of the contents of the letter in all other sefpefts. Canfidsring th? extraftas genuine, which un doubtedly it is, it speaks for itfelf—and une quivocally falfifies the fugreftion that Mr. Jefterfor) was " only the vtkidt" of communi cation to Congrefs—lt impsgfc without the pofllbility of evalion, advice toWGde to thepro pofition which was made to the Dutca Com pany, on the dilhonorable ground of there be ing danger, that the public payments would nor be punctual, and of its being in that cafe ex pedient to traiiijer the d'ftontevti, which would arise from the want of punftualitv, from the court of France, to the breajls of a irivate compa ny—lt therefore clearly maizes hi'm more than the mere vehicle of communication—the pa tron and adviser of the rneafure upon the con dition which has been Hated It as clearlv refutes the aftoni/liing aflerti.w, that he "dif- the proportion j whatever fubterfuge may be brought to colour it—And it equally deftrovs the other allegation, that the only proposition which Mr. Jeiferfon made to Congress, was to borrow the money in Hol land to discharge the debt. It has been admitted, that there was ano ther proportion, in the fame letter, of that import; but it is denied under the appeal which has been made, that it in any manner derogates from the advice contained in the extract.—lt is underitood to have been offer ed as an alternative ; in cafe the proportion of the Dutch Company {hould not be approved —As another mods? which might be adopted t(# effect the payment to France. It wiJJ be remarked by an attentive read er, that while an artful attempt is made to * Xo. IV. [Whole No bring into ,pe!Voo ti;e of tht . tr.iC, a c.i:> t rfonnl of it! -eottiwwf, i, handed— ficcnur'e is had to equivocal im plications. It i- (aid to be "fa lie an;! rie- Sr ter! " S » b ' ' ""P°" 3 onttrucr-o:, -that '• the c„„:e .f; of the let er thctKtr „. 7 imbhf , r , L ~.e . a - »fr<: M r '* tUa - ** »; - I-V,-'i thdt " " ther Parts of " •ibtolutely nctclfary for the full eompreuenlior. ot it, are kept back"—Tl d Cpv"r° ""TV" 8 * *"*'«"■>'***** from ' P ,j ; ~ l e a,,d deceptive, tp„ „ ca "j "°"i '"> a proof of the embarraffmer.t tf ' e c °'» ™«ator. Whoever will examine the ext. aA will perceive, that as to the pur port, to winch,t has been applied, it han «- tiling. Th e lentnnent reprobated is there aftec - ed by " othin ß co >- i , "ilerenecs refuting from it "? r '^ V - Cpe -. by ea:l blifting that the not be jietend"l ' a ' fc—T,lls 1 lwtieve wia rt 1 1 as little true (in the fenfc j„ which it is evident!}' meant to be .mdcrftnnd) that the popo'iti.rMortfir transfer of He oebt faai been in V o:ed upon Mr. Jefre. son as his own, as it is that he clifcountenancei) it. It has ath.mr.vledge,!, that the osier was firft made by the Dutch Company ; ami has onlv been maintained that JMr. [eiferfon advised its acceptance on principles cor.trarv to food mo.als; a position which can never be over thrown without introducing 4 new fvftem of ethics—ln tins sense too, and with the disap probation which belonged to it, -a, it u£ derftood by thole to wi cm the advice was ad d relied, to the honor of the public Councils of tne cia.v. J' uggefted that the animadversions up on 1•• I;- ferfWs conduct, in these papers, proceed from " private revenue." This fup pole S some private injury real or imagined-—The a'iertor must be not a little embarrafled to uppj't t.ie probability of such a cause [t is affirmed that none such exists. Private re venge therefore cannot the ftimuious. Let Fails (peak the true motives. " Everyman is born with no (mall propen sity to power, riches, and pleasure ; and lias naturally a delight in indolence ; consequent ly every man ir. for having the *noncy, wives or daughters of others; would fubj.-ct them all to his humors, and do no work, or at least what only pleased himfelf. We may fee that for men with such dispositions to he equal is as irupoiSble as that two preachers, or two profeflors of divinity, (hculdnot be jealous of one another. " Mankind, in the present state, 'cannot subsist, nnlefs an infinity of ufeful mcn«liave the misfortune us being without any pofle/fion whatever; for, to be sure, no man in easy circuinflaiices v/ill plough your -rounds ; and if you are in want of a pair ot' /hoes, youmuft find some other hand than a fcijeant at law or a judge advocate, to make them for yoti» Thus inequality is, at the fame time, both the most natural and the mod chimerical thing in the ivorid. " Men beingexceffive in every thing where they can bs so; this inequality has been carri ed too far ; in several governments it is a standing maxiqi, that a citizen is not allowed to quit the country where he happened to be born : the import of such a law is visibly this : the country is fa bad nod ill governed, tint we forbid anjptrfoni whatever to go out, left every body should have it—A good government will ast more wifely • it will create in its fubjefts a delight to remain ; in foreigners, a desire of cominr thither." AT an ciefiion in a certain State,'a bye ftander observing the particular situation of a great number of the electors, who had been regaled at the expence of one of the candi-. dates, remarked on the occasion, Thul the * oice ojtke people, torn the Yoice oj Groo. PORTSMOUTH, (N. H.) Nov. 7. It appears by the votes returned for Fede ral Representatives, that the people of this State have made choice of the Hon. Jeremiah. Smith, Nicholas Oilman, and John S, Sher burne, Efq'rs. as three of their Reprefenta tivi-s' in the Congress of the United States.—. The Hon. Paine Wingate, and Abiel Foster, Lrq'rs. fceih" thj hlgheft on the nomination lift, will be the two gentlemen to be sent out again for the people to make choice of one of' them to fill the vacancy. The votes returned were for the Hon. Jeremiah Smith, "■Jicliolas Giiinan, John S. Sherburne, Paine Wiiigate, Abiel Foster, * Janios Sheafe, "Nathaniel Peahody, Timothy Walker, William Page, Joshua Atliei ton, Sundry scattering votes. n W *' > CATULLUS. EXTRACT. ANECDOTE. 4p6 2912 2536 2168 ijiß 1460 » 1370 706 404 402
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