TREASURY DEPARTMENT,I December 13, 1790. J In obedience to the order of the House of Re presentati vESof the 9th Day of August lait, requiring the Secretary of the Treasury to prepare and report, on this Day, such fur ther Provision as may, in his opinion, be lie ceflkry for eltablilhing the PUBLIC CREDIT —the said Secretary further Respectfully reports, (continued from our last.) The payment of the ifttercfV of the public debt, at thirteen different places, is a weighty reason, peculiar to oar imme diate fituaiion, for desiring a bank circulation. Without a pa per, in general currency, equivalent to gold and silver, a consider able proportion of the specie of the country must always be sus pended from circulation, and left tc accumulate, preparatorily to cach day of payment; and as often as one approaches, there must in several cafcs be an actual transportation of the metals at both expence and rifle, from their natural and proper reservoirs to dis tant places. This nect'ffity will be felt very injuriously to the trade of some of the Slates ; and will embarrass not a little the operations of the treasury in those States. It will also obftru£l those negociations, between different parts of the union, by the inftrumcntality of treasury bills, which have already afforded va luable accommodations to trade in general. Affummg it then as a contequence from what has been said, that a national bank is a desirable institution, two enquiries em erge—ls there no such institution, aJready in being, which has a claim to that character, and which fupercedes the propriety or neceflity of another ? If there be none, what are the principles upon which one ought to beeftablifhed ? There are at present three banks in the United States : That of North-America, eftabhihed in the city of Philadelphia; that of New-Yoik, eftablilhed in the city ot New-York ; that of Mafla ehufetts, established in the town of Boston. Of these three, the firft is the only one which has at any time had a direst relation to the government of the United States. The bank of North America originated in a resolution of Con gress of the 26th of May, 1781, founded upon a proposition of the fuperintendant of finance, which was afterwards carried into ex ecution by an ordinance of the 31ft of December following, en titled, u An oidinance to incorporate the fubferibers to the bank of North-America." The aid afforded to the United States by this institution, during the remaining period of the war, was of cffential and its conduct towards them since the peaee, has not wrakened' its title to their patronage and favour. So far its pretensions to the charatter in question are refpe&able ; but there are circum flances which militate against them ; and confederations which in dicate the propriety of an establishment on different principles. The dire&ors of this bank, on behalf of theii*conftituents, have fincc accepted and aded under a new charter from the State of Pennfylvauia, materially variant from their original one; and "which so narrows the foundation of the institution, as to render it an incompetent basis for the extensive purpofesofa national bank. The limit assigned by the ordinance ofCongrefs to the stock of the bank, is ten millions of dollars. The last charter of Penn lylvania confincs it to two millions. Questions naturally arise, ■whether there be not a dirett repugnancy between two charters so differently circumstanced ; and whether the acceptance of the one is not to be deemed a virtual surrender of the other. But per haps it is neither advifeabie nor necessary to attempt a solution of them. There is nothing in the a£l* of Congress, which imply an ex clusive right in the institution to which they relate, except during the term of the war. There is therefore no:hing, if the public good require it, which prevents the eftabliftiment of another. It may however be incidentally remarked, that in thegeneralopinion of the citizens of the United States, the bank of North-America has taken the station of a bank of Pennsylvania only. This is a flrong argument for a new institution, or for a renovation of the old, toreftore it to the fuuation in which it originally flood, in the view of the United States. But tho' the ordinance of Congress contains no grant of exclu sive privileges, there may be room to alledge, that the government of the United States ought not, in point of candour and equity, to cftablifh any rival or interfering institution, in prejudice of the one already established ; especially as this has, from services ren dered, well-foundbd claims to protection and regard. The justice of such an observation ought within proper bounds to be admitted. A new of the fort ought not to be made, without cogent and sincere reasons of public good. And in the manner of doing it, every facility ftiould be given to a con solidation of the old with the new, upon terms not injurious to the parties concerned. But there is no ground to maintain, that in a cafe in which the- government has made no condition re ilri&ing its authority, it ought voluntarily to reftrift it, through regard to the interests of a particular institution, when thoft* of the Sutc di&ate a different course; especially too after such circum ilances have intervened, as chara&erue the adlual fuuation ot the bank of North-America. Th£ inducements to a new disposition of the thing arc now to be corifidered. The firft of them which occurs is, the, at least ambiguous, situation in which the bank of North-America has placed itfclf, by the acceptance of its lalV charter. If this has ren dered it the mere bank of a particular slate, liable to diflblution at the expiration of fourteen years, to which term the ast of that slate has reftri&ed its duration, it would be neither si». nor expe dient to accept it as an equivalent for a bank of the United States. The reflri&ion of its capital alfd, which, according to the fame iuppofnion, cannot be extended beyond two millions of dollars, is a conclusive reason for a different eftabliftiment. So small a ca pital promises neither the requisite aid to government, nor the re quisite fccurity to the community. It may answer ver" well the purposes of local accommodation, but is an inadequate foundation for a circulation co-exteiifive with the United States; embracing the whole of their revenues', and affetting every individual into whose hands the paper may come. And inadequate as fiich a capital would be to the eflential ends of a national bank, it is liable to b£ rendered still more so, by that principle of the constitution of the bank of Nonh-Ameriea, con tained equally in its old and in its new chatter, which leaves the mcrcafe of the afilual capital at any time (now far short of the al lowed extent) to the discretion of the directors or stockholders. Jt is naturally to be expe&ed, that the allurements of an advanced price or stock, and of large may difinclme those who are intcrefted, to an cxtenfion of capital; from which they will be apt to fear a diminution of profits. And from this circumstance, the interest: and accommodation of the public (as well individu ally as collettively) are made more subordinate to the interest, real or imagined, of the stock holders, than they ought to be'. It is true, that unless the tatter be confuhed, there can be no bank (in the sense at lead in which institutions of this kind, worthy of confidence, can be established in this country.) But it does not follow, that this is alone to be confultcd, or that it even ought to be paramount. Public utility is more truly the object of public banks, than private profit. And it is the business of government, to con&itute them on such principles, that while the latter will re sult, in a fufficient degree, to afford competent motives to engage in them, the former be not made subservient to it. To efFect this, a principle object of attention ought to be to give free fcopc to the creation of an ample capital ; and with this view, fixing the Wounds, which are deemed lafe and convenient, to leave no diC crction either to flop fliort of them or to overpass them. The want of this precaution, in the establishment of the bank of North- America, is a further aud an important reason for desiring one differently constituted. There may be room at firft fight for a supposition, that as the profit* of a bank will bear a proportion to the extent of its ope rations, and as, for this reason, the interell of the stockholders will 'not be difadvantageoufly affc&ed by any ncceffary augmentations of capital, there is no cause to apprehend that they will be indis posed to such augmentations. But molt men in matters of this nature, prefer the certainties they enjoy, to probabilities depend ing on untried experiments ;.efpecially when tbcfc promise rather, that they will not be injured, than that they will be benefited. From theinfluence of this principle, and a desire of enhancing its profits, the dife&ors of a bank will be more apt to overstrain its faculties, in an attempt to face the additional demands, which the course of bufincft may create, than to set on foot new fubferip t ions, which may hazard a diminution of the profits, and even a temporary redu£tiunof the price 6f flock. (To be continued.) AMERICAN CLOTHS. SUPERFINE and ELASTICS, CONGRESS BROWN, LONDON SMOKE, LEAD DRAB, BLUE and OTHER falhionable Colours, Manufactured at Hartford, (State of Connecticut,) jult received, aud arc now offered for Sale, at the CHEAP STORE, No. 38, North Third Street, At which Store are also opening a large and general aflbrtment of EUROPEAN and INDIA GOODS. CLOTHS, Linens, Cambrics, Painted, sprigged, tambour ed book, and jaconet Muflms, Chintzes, Cottons and Calicoes, Silks, A Variety of STUFFS. And many other Articles, too numerous toinfert in an Adver tisement; all of which are now felling by WhoUfalc arid Retail, on fj low terms, as to make them an object to the purchasers. N. A. A few Barrels of MACKARKL, and Nova-Scotia HERRINGS. Philadelphia, Jan. 12, 1791. New Line of Stages. THE Subscriber has eftabliftaed a line of STAGES from Hart ford to Boston, by way of Norwich and Providence, which will fan thro twice a week during the Winter Season, and three times a week during the Summer Season. Carriages, Horses, and careful Drivers are provided. Paflengers pay three Pence per Mile, and are allowed 14 pound Baggage each. Extra Baggage pays at the rate of three Pence per Mile for every 150 wt. As the Mail is to go in these Stages for the year 1791, fixed hoars tor starting from the refpe£Hve Stage Houses is absolutely neceflary—from which there can he no devia tion. Norwich, Dec. 14,1790. The Stage for the Eastward leaves Hartford Mondays and Thursdays, Norwich Tuesdays and Fridays, Providence Wednesdays and Saturdays, For theWeftward, leaves Boston Mondays and Thursdays, Providcnce -Tuesdays and Fridays, Norwich Wednesdays and Saturdays. 69 —IW3ITI MASSACHUSETTS STATE LOTTERY THE Managers afthe STATE LOTTERY, prcfent the Public with the First C'afs of the Majfachufetts ftmi-annual State Lot icty, which will commencedrawmgin the Reprcjentatives'Chamber» in Boftlon, on the Seventeenth of March next, or fooner t if the Tickets shall be disposed of. SCHEME. NOT TWO BLANKS TO A PRIZE, 2£,000 Tickets, at Five Dollars each, are 125,000 Dollars, to be paid in the following Prizes, lubjcft 10 a dedu&ion of twelve and an half percent, for the use of the Com mon wealth Prizes. 1 of 2 3 6 10 3° 80 9° 100 120 161 200 7585 8388 Prizes. 16612 Blanks. 25000. (£3~ TICKE TS may be had of the several Managers, who wil pay the Prizes on demand—of the TREASURER of the Common wealth—of JAMES WHITE, at his Book-Store, Franklin*s-Head Court-Street, and at other places as usual. BENJAMIN" AUSTIN, jun.T DAVID COBB, [ SAMUEL COOPER, ), Managers. GEORGE R. MINOT, I _ JOHN KNEELAND, j BoJlon> July 28, 8790. Tickets in the above Lottery are to beJold by Stephen Auilin, corner oj Front and Pine Streets, Philadelphia. PLEASE TO NOTICE. ?Cj°> FO R the accommodation of thofi who would w'tfh to become Adventurers in the First Class of the Massachusetts Semi-annual St ate Lottery, letters, poll paid, direßed to Samuel Cooper, at his Office, North fide State-House, B oft on, enclosing Philadelphia, New-Tori or Bojlon Bank-Bills, or other good Bills, will be particularly attended to, and Tickets forwarded immediately upon the receipt of such letters. Bolton, Dec. 22, 1790. 708 ELEGANT Veil Patterns— adapted to the season, Silk, Cotton, and Worsted Hose, Corduroys, Velveretts, and Royal Ribs, Best Buck, Beaver, and White Kidd Gloves, JESSE BRO W 4 N, Dollars. Jollars. 10000 is 3000 are 2000 1000 500 200 300 50 40 3 i SO 10 £ PRICE CURRENT. PHILADELPHIA. JANUARY 14. —Dollars it 7/6. ANCHORS pr.lb. 6ld Porter,Amencan pr. doi. 15, Allum, Englifo, pr. cwt. 36/ Pitch, pr. hbl. Ditto, Roch pr. lb. lod Pork, Burlington, y OJ Arties, pot, per ton, 33 a 37/iOf Lower county 70/& , Arrack pr. gall. icj 12.16 d Carolina Brandy, common, 7^6d P. as, Albany 7^ Cogniac B(4d Pepper, pr. lb. tl Braziletto, pr. ton. 12 la 161 Pimento Bricks pr. M 3°' Rice pr. cwt. s ,, Bread, (hip pr. cwt. ißj6d 19s Rosin pr. bbll Ditto, pilot 35* Raisins, best, pr. keg Ditto, small water 6jf Ditto pr.jar Beer, American, in bot. )gj , Ditto pr. box y pr. doz. 5 * r Jamaica pr. gal!. S j6JC, pr. bbl. 3 os _ I Antigua n f Oak pr.M feet, 4/101 4/18/ £ j Windward 4164 | Merch. pine 4/ ioj 4/15J \ Harbadocs 4< 41^ %<, Sap, do. tl-.Tsbd 3/ ! Country, N.E. 3 i 3 | N. Eng. s/jJ 2/ 7J 6d iTaffia 2j.)i a L Cedar 4' 5 s Saffafras pr. ton 451601 rile above are the Shallop prices ; Saltpetre, pr. cwt. t/icj for tl, e Yardp> ices add isspr M. Sulphur,flour 40(41, irimflone in rolls pr. cwt. 24* Shot oj . f Infh pr. bbl. 560s j (German pr. cwt. 6oj' :w |j < Boston s° s "j )Englifli, blistered Bzj6J 3 (Country 48150/ £ pr. ton 40/60! lutter pr.lb. lod ltd </> (Crawley's pr. fag. 4 / la , in kegs ioj Snake root pr. lb. is 6J 2jBJ ledar.red timber pr.foot 2szs6d Soap, Common s d 6J chocolate pr. lb. 10d 11 d Brown gj 'oal pr. bulhel is BJ Caftilc Bdyd Coffee pr.lb. Starch 71^ 'innamon ißi 2OS Snuff is6d 2S\i Js6J ; a flia 41 Spermaceti, refined, u Cheese, English Country 2 f s P fr - p r - lb ' . i \\r.. ~ Q Myrtle Wax iS2it I Mould,tallow nd i2c/ O I Dipped 9'i 9h<l Cotton lsi» i» Bt/ Cui rants Cloves Copperas pr.cwt. 155 i"js6d Cordage 6oj 6256 d Cocoa 62^6d 6js6d Duck, Ruflia, pr. piece Boj 851 Ravens 65J70J Flour, Superfine, pr. bbl. 43 s Common, 39-f Bur middlings,beft 37J * Middlings 34' Ship-ftuff pr.cwt. 14J 16/ Flax pr. lb. Bdyd Fustic Feathers pr. ton, 1351 1505 pr. lb. 2j 4d Flaxfced pr. bush. 3d Glue, pr. cwt. 7/ ioj 8/ Ginger, white race 52 s 6d Ditto, common 50s Ditto, ground pr. lb. 1J 2d Ginfcng, 2 s Gunpowder, cannon,pr. ) quarter cask, ) 3 OS Ditto, fine glazed 37J 6d Gin, Holland, pr. gall. 5s 6s Do. pr. cafe, 30 s 35s f Wheat pr. bush Bssd6d R y e .5 J I Oais < Indian corn ts6d 31 I Barley 4 s 9d | Bed ftielled 20s (_ Buckwheat is Hams pr. lb. 7a 8d Hemp, pr. ton, 50/56/ Hogshead hoops, pr. M 5/ 61 Herrings, pr. bbl. 20s Hides, raw pr. lb. qd tod Hops Indigo, French, Carolina Irons, fad pr. cwt. f Cartings £ | Bar pr. ton, °< pig 2 j Sheet { Nail rods Junk, pr. cwt. Lard, hogs Dollars, 10000 6000 6000 6000 SCOC 6000 8000 45°° 4000 3600 3220 2000 60680 125000 Lead in pigs in bars Lead, white red 47s 6d Leather, foal pr. lb. u2d is Lignum vitae pr. ton 42s 4ss Logwood 71 $s 8/ Meal, Indian, pr. bbl. ipJ Rye 2 Sis Mack a re I,bed 60s Common 30 s 52J 6d Mace pr. lb. 70s Mustard 2s 4d Madder, best tsßd isyd Mo la Acs pr.gall. zsg d Marble, wrought, pr. foot, 131 Mad spars 6s js 6d Mahogany 8d \id pr. lb. 6056~56d Nutmegs 'Linseed, pr. gall. 3* gd Train is 10d 2s Spermaceti 3J 7d , Whaie u 10d is jr Olive 6j 6d | Ditto pr. cafe 28J 3os Bellfweetin ) CJ£ . I flafks,pr. box, t_ —baskets 12 bottles 2&r Oak timber pr. ton 40* Porter in casks, pr. gall. 2s London,pr.doz. \2S 6d 15/ EBifiNKZER HAZARD and JONAS ADDOMS have entered into partnership, and opened an OFFICE, at No. 173? m Market-Street, a few doors above Fourth-Street, where, under the Firm of Hazard and Addoms, They purchase and fell all kinds of CERTIFICATES—PAPER MONEY, and BANK N. B. Transfers made at the Public Offices, and Business in ge neral tranfaftcd on Commiflion. December 29. ?I Si QUANTITY Sail Cloth, English, ) c . pr. yard, •$«"«». Boston, No. I. 213, No. 11. 2i u Ruflia (heeling, pr. p. gc. f Lump, pr. lb. uy P4 } Loaf, Tingle rtfincd is6c <) Ditto, double do. uio£i 1 Havannah, white m </3 | Ditto, brown, &diot LMufcovada,pr.cwt 75J9CJ Spirits Turpentine pr. gall. f Allura pr. bufli. 2J2J3J _j 2sbi <! 2s 00 (Lisbon 2ssd2s6d Ship build. \ty.O. frames ) Bci P- ton, S #5' Do. LO. & red C. do. 6/6/55 Shingles, (hort, p. M. iss 201 —long drefled 90J 100* Scantling, heart, 90J150# -Sap 4 w 43 f ' r Pipe pr. 1 2od pieces id JW. O. hogshead 7/ 5; > J R.O. do. 5/ 5J < I Leogan 5/ 15J 5 Barrel 4/15* I Heading 8/iCf 1S 6d 6d 7 3/31/ 3i6d i*6 2s Otter, best pr. piece 30* Minks isisbi Fox, grey 2/ 6d $$ red 6/ 7/6/ Martins 3* Fi/hers 2/6(/$f Bears js6d 20s Racoons 2/ 4/ Mulk-rats $d \s6i Beaver, pr. lb. 7s6d iusi Deei, in Hair ,N.Jersey, 24 gal. p. bbl. 13 t —Carolina, 32 gall. 15*17' 1 pentine 20J 22/6^ Spirits, pr.gall. 3s gJ r James R. new best 35; ■ inferior 26/28/ old 45/ sot Rappahannock O J Colo. Maryland 40/6:/ Dark '20s 22/6 i <; Long-leaf 22/6^ CQ Eaftem-fhore 15/16/ P i Carolina, new 24/26/ H L -old 3* ( Hyson pr. lb. 7/8/ \i en 1 Hyson flon, 4/4/6 i Souchong, best H I Congo, 3/ 4d 3/9^ LBohea, 2/ "]d Tallow, refined 9^ Tin pr. box, no/ 112s 6d Vetdigreafe pr. lb. 414/6*/ Vermillion, 11/3^ Varnish, 2/ 2/ 3d ' Madeira, pr. pipe 40/80/ Lisbon 4°^ Teneriffc 22/ to/ 24/ Fayal pr. gall. 3/3 3 Port pr. pipe 39/ 4°' Ditto pr. gall. 5/10/ Do. in bottles, pr. dot. 3°s Claret 45' Sherry pr. gall. 6s gd 9s _ Malaga 4 J :,Bees pr. lb. ile-bone, long pr. lb. 1/3* snort, pr. lb. 1/ isSd2s6d Tun £ : S I 2s 3d ?s 6d 7 j 6d 12 j 4' 7 s 6d s°s 2256 d 30J 29/30/ 101 60/65/ 361 35' 9 d 10 d 40J 42s 6d As s s°* 80s 8,5 s Wax, Whal COURSE OF EXCHANGE. Bills of Exchange, London, 90 days, 7° Ditto 60 days 7 2 & Ditto 30 days 7i Amftcrdam, 60 days, pr. guilder, 3 30 days 3J'j France, 60 dayj,pr.s li». "S 2 * 30 days 7 j 3^ STOCK.
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