(continued from our. last.)
TREASURY DEPARTMENT,")
J3, 1790. J
Iu obedience to the order of the House of Rf.-
pßESENTATivEsof'the9th Day of August last,
requiring the Secretary of the Trhasury
to prepare and report, on this Day, such far
ther Provifien a» may, in his opinion, be ne
ceflary for efVablifliing the PUBLIC CREDIT
—the said Secretary further
Respectfully reports,
Secondly. Greater facility to the government in obtaining pecu
niary aids, especially in sudden emergencies. This is another and
an undisputed advantage of public banks': One, which as air adv
remarked, has been realized in signal instances, among ourselves.
The reason is obvious : Thecapitals of a great number of indivi
duals are, by this operation, collected to a point, an'd placed un
der one dire6lion. The mass, formed by this union, is in a cer
tain sense magnified by the credit attached to it. And while this
mass is always ready, and can at once be put in motion, in aid of
the government, the interest of the bank to afford that aid, inde
pendent of regard to the public fafety and welfare, is a sure pledge
for its disposition to go as far in hs compliances, as can in pru
dence be dt fired. There is in the na ureof things,as will be more
particularly noticed in another place, an intimate connexion of
interest between the government and the bank of a nation.
Thirdly. The facilitating bfthc payment of taxes. This advan
tage is produced in two ways. Tkofe who are i;i a situation to
have access to the bank, can have the aflifiance of loans to answer
with punctuality the public calls upon them. This accommoda
tion has been sensibly felt in the payment of the duties heretofore
laid, by those who reside where establishments ot this nature exist.
This, however, though an exteniive, is not an rriiverfal benefit.
The other way in which the effe£t here contemplated is produ
ced, and in which the benefit is general, is the incrcafihg of the
quantity of circulating medium,and the quickening of circulation.
The manner in which the firft happens has already been traced.
The last may require some illustration. When payments are to
be made between different places, having an intercourse of busi
ness with each other, if there happen to be no private bills at mar
ket, and there are no bank notes which have a currency in both,
the confcquence is that coin must be remitted. This is attended
with trouble, delay, expcnce and risk. If on the contrary there
are bank notes current in both places, the tranfiniflion of these by
the post, or any otherfpeedv or convenient conveyance, answers
the puipofc ; and these again, in the alternations of demand, are
frequently returned very soon after to the place from whence they
•were at firft sent; whence t.ie transportation and re-lranfporta
tion of the metals are obviated, and a more convenient and more
expeditious medium of payment is substituted. Nor is this all :
The metals, instead ofbeing suspended from their usual fur)6Hons,
during this prpcefs of vibration from place to place, continue in
activity, and administer still to the ordinary circulation ; which
of course is prevented from fuffenng either diminution or stagna
tion. These circumstances are additional causes of what, in a
prattical sense, or to the purpofeuof business, may be called great- i
er plenty of money. And it is evident, that whatever enhances ,
the quantity of circulating money adds to the ease with which
every industrious member of the community may acquire that
portion of it, of which he (lands in need ; and enables him the
better to pay his taxes, as well as to supply his other wants. Even
where the cirlulation of the bank paper is not general, it mufl still
have the fame effe6l, though in a less degree. For whatever fur
nifties additional supplies to the channels of circulation, in one
quarter, naturallycontributesto keep the streams fuller elsewhere. '
This last view or the fubjett serves W>th to illuflrate the position,
that banks tend to facilitate the payment of taxes ; and to exem
plify their utility to business of every.kind, in which money is an
agent.
It would be to intrude too much on the patience of the house,
to prolong the details of the advantages of banks; especially as
all those, which mighc still be particularized, are readily to be in
ferred as consequences from thole which have been enumerated.
Their disadvantages, real or supposed, are now to be reviewed.
The most fcrious of the charges which have been brought againll
them, are—
That they serve to increase usury.
That they tend to prevent other kind l ? of lending,
'fhattheyfumifli temptations to over-trading.
That they afford aid to ignorant ac-venturers, who disturb the
natural and beneficial courfe"\f trade.
That thcv give to bankrupt 'and fraudulent traders a fictitious
crcdit, which enables them to fnaintaiu falfc appearances, and to
extend their impositions: And lastly,
That they have a tendency tc banifti gold and silver from the
country.
There is great reason to believe, that on a close and candid sur
vey, it will be dlfcovercd, that Ihefe charges are either without
foundation, or that, as far as the evils they suggest have beenfound
to exist, they have proceeded from other, or partial, or tempo
rary cau(cs, arenot inherent in the nature and permanent tendency
of such institutions, or are more than counterbalanced by opposite
advantages. This (urvey shall be had in the order in which the
charges have been stated. The fir It of them is,
That banks serve to increase usury.
It is a truth, which ought not to be denied, that the method of
conducing business, which is efTential to bank opeiations, has,
among us in particular instances, given occasion to usurious tranf
aftions. The punctuality in payments, which they neceffanly
exact, has fomctimes obliged those who have adventured beyond
both their capital and credit, to procure money, at any price, and
consequently to resort to usurers for aid.
But experience and practice gradually bring a cure to this evil.
A general habit of puuttuality among traders, is the natural con
fluence of the neceflity of observing it with the bank ; a circum
stance which itfelf more than compensates for Sny occasional ill
which may have sprung from that neceflity, in the particular un
der conlideration. As far therefor: as traders depend upon each
other for pecuniary supplies, they can calculate their expectations
with greater certainty; and are in proportionably less danger of
aifappointments, which might compel them to have recoinfe to (o
pernicious an expedient as that of borrowing at usury ; the mif
chiefs of which, after a few examples, naturally inspire great care
in all but men of desperate circumstances, to avoid the poflibility
of being fubjf&ed to them. One, and not the least of the evils
incident to the use of that expedient, if the fa ft be known, or even
strongly fufpc&ed, is loss of credit with the bank itfelf.
The dire&ors of a bank too, tho' in order to extend its bufmefs
and its popularity, in the infancy of an institution, they may be
tempted to go further in accommodations, than the ftri£t rules of
prudence will warrant, grow more circumfpeft of course, as its
affairs become better eftabliflied, and as the evils of too great fa
cility are experimentally demonstrated. They become more at
tentive to the situation and couduft of those with whom they deal •
they obfervc more narrowly their operations and pursuits; they
economize the credit they give to those of suspicious folitjity :
they refufc it to those whose career is more manifeitly hazardous.
In a word, in the course of pra&ice, from the very nature of
things, the interejl will make it the policy of a bank, to' succour the
wary and induftnous ; to discredit the rash and unthrifty ; to dis
countenance both usurious lenders and usurious borrowers.
There is a leading view, in which the tendency of banks will
be fecn to be, to abridge rather than to promote usury. This re
lates to their property of incrcafmg the quantity and quickcning
the circulation of money. If it be evident, that usury will pre
vail or diminifn, according to the proportion which the demand
for borrowing bears to the quantity of money at market to be
lent ; whatever has the property just mentioned, whether it be in
the (hape of paper or Coin, by contributing to render the supply
more equal to the demand, must tend to countera£l the progress
of usury.
But bank lending, it is pretended, is an impediment to other
kinds of lending ; which, by confining the resource of borrowing
to a particular class, leaves the reft of the community more dcfti
tute, zi.d therefore more cxpofed to the extortions ot usurers. As
the profits of bank stock excced the legal rate of intercft, the pof
feflors of money, it is argued, prefer inverting it in that article to
lending it at this rate ; to which there are the additional motives
of a more prompt command of the capital, and of more frequent
and exact returns, without trouble or perplexity in the collection.
7 his constitutes the second charge which has been enumerated.
The fatt on which this charge refls is not to be admitted with
out several qualifications ; particularly in reference to the Hate of
things in this country. Firsl —The great bulk of the stock of a
bank willconfift of the funds of men in trade, among ourselves,
and monied foreigners; the former of whom could not spare their
capitals out of their r ach, to be inverted in loans for long periods,
on mortgages, or perfonalfecurity; and the latter of whom would
nor be willing to befubjefted to the casualties, delays and embar
rafTments of luch a disposition of their money in a distant coun
trv. Secondly—There will always be a considerable proportion
o. those who arc properly the money-lenders of a country, who
from that spirit of caution which ulually charafterifes this des
cription of men, will incline rathei to vert their funds in mortga
ges on real cftate, than in the stock of a bank, which they are apt
to consider as a more precarious security.
Th fe cor.fiderations fervc in a material degree to narrow the
foundation of theobjettion, as to the point of- faffc. But there is
a more fatisfaftory answer to it. The c£Fe£t supposed, as far as it
hasexiftcnce, is temporary. The reverse of it takes place in the
general and permanent operation of the thing.
(To be continued.)
PROPOSALS,
By JOHN TRUMBULL,
For Publishing by Subscription,
TWO PRINTS,
From original Pi3ures painted by him J elf\
One representing the Death of General WARREN,
at the Battle of Bunker' s-Hill.
The other, the Death of General MONTGOMERY,
in the Attack of Quebec.
IN the battle of Bunker's-Hill, the following Portraits are intro
duced —
American. Britijk.
Major General Warren, Grn. Sir Wi lli am Howe,
Putnam. Sir Henry Clinton,
Lieut. Col. John Smal l,
Major Pi tcai rn, and
Lieut. Pitcai R n .
In the Attack of Quebec, are seen—■ *-
General Montgomery, Colonel Thompson,
Major Macpherson, and Capr. Cheesman.
CONDITIONS OF SUBSCRIPTION.
The prints will be engraved by two of the moll eminent artifls
in Europe. The size will be 30 inches by 20. The price to fub
fenbers, Three Guineas for each print; one half to be paid at the
time of fubferibing, the remainder on the delivery of the prints,
which will be as Toon as the work (which is already considerably
advanced) can poflibly be completed.
Subscriptions are received in this city by Joseph Anthony >
jun. Goldsmith and Jeweller, No. 76, Market-ilreei.
Tiiefj prints are the firft of a series, in which it is proposed to
reprcfent the mod important events of the American Revolution.
No period of the history of man, is more interesting than that
in which we have lived. The memory of fcencs in which were
laid the foundations of that free government, which fecurcs our
national and individual happiness, mult cvei remain dear to us,
and to posterity ; and if national pride he in any cafe jtiftifiable,
Americans have a right to glory in having given to the world an
example, whose influence is rapidly spreading the love of free
dom through other nations, and every where ameliorating the
condition of men.
To a (lift in preserving the memory of the illustrious events which
have marked this period of our country's glory, as well as of the
men who have been the most important actors in them, is the ob
ject of this undertaking History will do justice to an aera so im
portant ; but to be read, the language in which it is written must
be understood—the language of painting is uriiverfal, and intelli
gible in all nations, and every age.
As several years of his time, and a very considerable expence,
are necessary to accomplish this undertaking, it would be an im
prudent facrifice fo-the mere hope of reputation to go more deeply
into it, without a probability of ultimate fuCcels : —That he may
judge of the degree of this probability, Mr. Trumbull, by the ad
vice of his friends, proposes this fubfeription, and flatters himfelf
with a hope of meeting that patronage from his countrymen,
which will juftify his pursuing the object with ardor; and with
out which it is impoffiole that so expensive a work ihould be con
tinued.
The fubje&s proposed to be reprefented,in addition to the tw©
foregoing, of Bunker's-Hill and Quebec, are—
* The Declaration of Independence,
* Battle at Trenton,
* Battle of Princetown,
Surrender of General Burgoyne,
Treaty with France,
Battle of Eutaw Springs,
* Surrender of York-Town,
Treaty of Peace,
Evacuation of New-York,
Resignation of General Washington,
The Arch at Trenton,
Inauguration of the President of the United States.
Each picture will contain portraits of tbe principal charadlers
who were present at the scene represented. Those marked with
(tars, are considerably advanced ; and the prints from the whole
will be executed of the fame size, and by the mod eminent en
gravers.
December 14,
John Francis,
Late of New-York, refpeftfully informs the public, that he
has opened a
Commodious Boarding House,
No. 53, Fourth-Street, one door from Race-Street,
WHERE Gentlemen may be accommodated with
gekteel boarding and lodging,
By the II eek, Months or Ycar f and on the mod moderate terms.
Phila. Nov. 20, 1790. [2aw.3m.J
Wanted, a good Cook,
Either Man or Woman—-Enquire at No. 200, Second-Street,
opposite thfe New-Market.
696
EBEXEZER HAZARD and JONAS ADDOMSh-vc entered
into partnership. and opemd an OFFICE, at No. 173. in
Market-Street, a few doois above Fourth-Street, where, under the
Firm of
Hazard and Addoms,
Thev purchase and fell al! kinds of
CERTIFICATES—PAPER MONEY, and BANK
N. B. Transfers made at the Public Offices, and Business in ge
neral tranfa&ed on CommiflTion. December 29.
To the Merchants, Traders, Foreigners, ar.d the Public in general.
Gentlemen,
AGREEABLY to the plan which the Subscriber fubmittcd r.®
the public consideration. and under the most flattering alfur
ance of public patronage, he takes the liberty of announcing, that
THE MERCHANTS,
EXCHANGE COFFEE HOUSE,
is now opened at the corner of Market and Water-Streets, for the
accommodation of the Merchants, Traders, and other Citizens of
Philadelphia.
The Subscriber deems it unneceflary to repeat the declarations
of his sincere intention to prosecute his undertaking with the mod
refpcftful assiduity : But he cannot forbear making a public ack
nowledgment ofhis gratitude, for the encouragement he has alrea
dy experienced ; nor suppress his invariable wish, thai those gen
tlemen who may honor his Coffee-Houfe with their presence, will
communicate such articles of intelligence received from their cor
respondents as they shall think proper, and in preference, will up
on every occasion, point out the defers of his plan, or favor him
with hints for improving its execution.
The Subscriber will prepare entertainments,either at noon, or in
the evening, for feleft parties, upon the fhorti ft notice, and ofi the
most reasonable terms. He can accommodate two or three Gen
tlemen with lodgings ; and proposes at two o'clock on each day,
when the public bulinefs of the Coffee-Room is over, to provide*
cheap, but good and plentiful ordinary, for such guests as shaW
please to honor him with their company.
I am, Gentlemen,
Yortr most obedient and humble Servant,
Dec. 18.
PURSUANT to a Resolve or ast of Congrcfs of the 16th day
May, 1780, relative to the deftruftion of Loan-Office Cer
tiorates by accident ; notice is hereby given to all whom it may
Concern, that on the 26th ot December 1788, the house occupied
by Wi 111 am llase lton, of the Delaware State, took fire and
wasconiumcd, in which was lodged a number of Loan-Office
certificates as pr. lift below, all which were destroyed by the laid
fire : Therefore if any person, hath any objc&ion why the said
Certificates ftiould not be renewed, agreeable to the refolv.es of
they must make them before the expiration of three
months, from the date hereof.
Invoke of Loan-OJjie: Certificates deflroyed in the hovfe oJIVm. Ha Tel tony
on the above date.
1788.
O&ober 24, 4873? f , , Cr r,
87a C ° 00 "°'' ars cac "- )favor of James
6356 one of 4 co dollars, ( Haseltos.
ELIZABETH JHASELTON,
Administratrix of
James Hase lton, deccafed,
[62 61.1 aw.]
Philadelphia, Nov. 26, 1790,
IMPERIAL, HYSON, SOUCHONG, andBOHEA
TEAS
REFINED SUGARS, COFFEE, and SPICES, &c.
Of the firft Quality—by Retail,
No. 17,
Third-Street, between Chefnut and Market-Streets.
WHEREAS a certain WILLIAM TUFF, ot Salem County,
State ot New-Jersey, has two nine pound notes of hand,
given by Samuel HoUivJhead, jun. and by certain information, it
appears that my name as a security for the fame is added to thofe
notes, unknown to me. I hereby forbid any pcrfon or perfoi*
from taking any afiignment of them from him ; for I am deter
mined not to answer those notes, or any afiignment of them, as I
know nothing of their dealings, nor will I answer for the fame.
Cumberland County t Nov. gQ, 1790,
Henry Kuhl,
At No. 143, Second-Street, near Race-Street,
BY advice of his friends in New-York and Philadelphia, has
opened an office for the purpose of buying and felling, on com
mifllon, the different fpeciesof Stock, and of liquidated and unliqui
dated paper in the market.
He will obtain such Certificates as are required by thc funding
law, for those who have unliquidated Securities ; and transfer stock
from and to the Treasury and the Offices of the Commiflioners of*
Loans, on moderate terms.
Having for several years pad been employed in the Treasury of
the United States, he is well acquainted with its operations and
foYms ; and flatters himfelfthat on that fcorehehas a decided ad
vantage in tranfa&ing business here. Heis fully imprefled with
the truth of the adage that " dispatch is the foul of business," and
will always make the interest of his employers an object of the
firft importance.
Philadelphia, December 29///, 1790.
Ssr THE Subscribers jor this paper, in the city of New-York,
are rejpettfully informed, that the charge oj the papers proving inconve
nient to Mr. Wetmorc, at the Pojl-Ojftce, the Editor has engaged Mr.
Samuel Campbell, liook-jeller, Hanover-Square, to receive them and
fnperintend their delivery—by whom Hubfcriptions and arrearages wilt
be received.
PLEASE TO NOTICE
ICT® FOR the accommodation of those tuho would
■wijh to become Adventurers in the Fir ft Class of the
MassachusittsSemi-annualSiatfLotierv,
letters, post paid, direCted to Samuel Cooper, at
his Office, North fide State-House, Boston, enclosing
Philadelphia, New-York or Boston Bank-Bills, or
other good Bills, -will be particularly attetidea to, and
Tickets jorwarded immediately upon the receipt of
such Utters.
Boston, Dec. 22, 1790,
N. B. A Lift of Prizes will be depoftted viith the
Printer hereof, immediately after the drawing is
complsatcd. 71 iaw tf
{p~ The frrice of this paper Js 3 dollars per ar.num
STOCK
VINCENT M. PELOSI,
REUBEN ROBINSON