lnafyuerade the secret view of hisboaftedpatrio tifm. Every unprepoflefFed mind, while it liltens to him with admiration, hears him with fear and trembling. This unexpected decision does honor to the Na tional Charaifter of the French, and will, if any thing can do it, preserve the nation from filial tleltruiftion. It will probably secure the present Ministry in their places, which will be thegreatefl bleffing our neighbours can enjoy. It will besides lerve as a balsam to the wounded heart of the unfortunate Monarch, who muit have shuddered at the very idea of having luch a man as Mira bean in his Councils. This motion being disposed of, the Keeper of the Seals acquainted the Aflembly, that liisMajef ty had given his fantftion to all decrees present ed to him by the National Aflembly. LONDON, Oiftober 30. In the fcuffle at Versailles between theParifian troops and the King's Body Guard, the Due de Guiche, who commanded the latter in the absence of the Due de Luxembergh, was wounded in his arm by a cutlass. It was fortunate for him that he escaped the mob, who were continually crying out to murder hiin. He next morning decamped in great hatte for Switzerland. Orders are given for using the utmost severity against the Diltributors of Seditious Papers. The Heralds have proclaimed publicly in Paris a pro hibition againit mobs, and have authorised the military to disperse thein. The Marquis de la Fayette has represented the neceiftty of the augmentation of the city troops, the present number not being equal to the service since his Majesty's arrival, and the expetfted ar rival of the Aflembly. THE NATIONAL MONITOR. No. XXXIV. While Peace and Freedom on our Country pour, Heav'ns choicest b Idlings in a ceaseless (how'r, Wlnle the whole world beholds our glory rife, The trump of An arch blows a blast of lies. MUCH is laid oil the fubje<t of the (late gov ernments ; and some persons appear to en tertain apprehensions tor their fafety, dignity, and consequence. Attempts are made to excite jealousies in the minds of the citizens, left they should depreciate and finally be loft in the power of the general governuifent. But if it lhould be granted, which cannot be the cafe, that the indi vidual governments should dwindle into insigni ficance, when compared with that of the United States, it can hardly be supposed that those who appear so desirous of keeping down and depreci ating the importance of the latter, are really con cerned for the liberties of the people as connect ed with the former; for it is very evident that the uncontrouled sovereignty of particular states has for a considerable time past been exercised in such a manner, as cramped their commerce, arts and manufactures, encreafed their debts, and de ranged their finances ; and would eventually have precipitated the whole continent into inexti ica ble difficulties, discord, and confufion. What then, is it gives rife to the fears of these persons ? It is nothing more than a foreboding of the ex tinction of their own individual importance ; and there can hardly be supposed a want ofcandor in this observation. Before the revolution we svere considered as part of the Britifii empire—we glo ried in the name of Eoglifhmen—we were politi cally connected with, and dependant on them, while we received laws, and governors of their enacting and appointing. We triumphed in their victories, we felt all their misfortunes, and their prosperity, fame and dignity, were dear to us. Under all these imprefiions—under all the humi liating circuniftances whi h attended our relation to that country, did the idea ever enter into any man's head that our individual dignity as men, or importance as political societies was lellened ? Did we feel a conscious inferiority to any other part of the empire ; or did we apprehend that the exercise of cQnftituthual authority, or the power and grandeur of the -whole people had any tenden cy, in the nature of things, to destroy the freedom or diminish the dignity of any particular part ? No such ideas were entertained. Excited by the prefl'ure of exigencies, the people of the United States have transferred a controuling power over the Union, to a government of their own institu ting, not three thousand miles off, but in the midst of them—a power which every part of the Union felt the want of—a power which is defined, and limitted to certain objects, with the attainment of which, the peace, the honour and dignity of the whole are inseparably connected—a power which has already begun to extend its salutary influences over our public affairs ; and if it con tinues to be exercised agreeable to the spirit of the constitution, as it doubtless willj this govern ment will remove our local prejudices,nationalize, and carry the American people to the pinnacle of human glory and happinefs.—Of this power we are urged to b" jealous, to depreciate, to traduce; and all the bright and pleasing prospects wind open upon us, under its auspices—the perfecting the Union, the establishment of our credit, anc the general tranquility of our country, are con fidered as symptomatic of an annihilation of the dignity and l'overeignty of the State governments ! The meaning of "Which is, that the operation of the general government will so leilenthe bu siness of the particular States, that from Ato Z are in danger of loling their individual conse quence, to the saving of thousands in the pock ets of the people. If proper attention is paid by the citizens to those who revile the rulers of the nation—who contradict the evidence of our senses, when they deny that we realize greater bleflings than we anticipated under the Conftitution — and you will find them disappointed expectants, persons who dread losing their State popularity, those who would be easy under no government at all, and the credulous dupes of such characters. NEW-YORK, JANUARY 20. SUMMARY VIEW of the RKPORT of the SECRE TARY of the TREASURY, fubmittei to the Hon. House ®/Reprefenta:ives of theUmted States, on Thursday lafl. THE Report of the Secretary of the Treasury, after premising, in a forcible manner, the importance of PUBLIC CREDI T, to the charac ter and prosperity of a Nation—the impolicy, as well as the impracticability of making a diltinc tion between the various dalles of Public Credi tors —the obligation which the public are under, either ot discharging the interest due on the debt, or of funding it, 011 the fame terms with the principal—and the propriety of afl'uming the State Debts, not only on the principles of justice, but in order to facilitate a fair and equitable set tlement of accounts between the States and the Union, and of preventing that competition in the railing of Revenue, which would prove either in jurious to both, or oppressive to the people— proposes, That a Loan should be opened for the full a mount ofthe debts,as well of the particular States, as of the Union, upon the following terms, viz. 1 ft. That for every Hundred Dollars fubferi bed, payable in the debt, (as well Interest as Principal,) the fubferiber ihould be entitled, to have two thirds funded on an yearly interest of Six perCent, (the capital redeemable at the plea sure of the Government, by payment ofthe prin and to receive the other third in lands of the Western Territory, at the rate of Twenty Cents per acre—Or, 2d. To have the whole sum funded at a yearly interest of Four per Cent, irredeem able by any payment, exceeding Five Dol lars per annum, on account both of principaland interest, and to receive, as a compensation for the reduction of interest, Fifteen Dollars and Eigh ty Cents, payable in Lands, as in tHe preceeding cafe—Or, 3dly. To have Sixty Six and Two Thirds Dol lars funded at a yearly interest of Six per Cent, irredeemable also by any payment exceeding Four and Two hirds Dollars per annum, 011 ac count both of principal and interest—and to have at the end of Ten Years, Twenty Six Dollars and Eighty Eight Cents funded at the like interest, and rate of redemption—Or, 4tlily. To have an annuity for the remainder o.fli£e, upon the contingency of living to agiven age, not less distant than Ten Years, computing interest at Four per Cent.—Or, stlily. To have an annuity for the remainder of life, on the contingency of the survivorship of the youngest of two persons, computing interest in this cafe also at Four per Cent. 6thly. In addition to the foregoing Loans, the Secretary proposes a Loan of Ten Millions Dol lars, payable one half in specie, and the other half in the debt, (as well principal as interest,) bearing an interest of Five per Cent, irredeema ble by any payment exceeding Six Dollars per an num, both of principal and interest. And also (by way of experiment) a TONTINE, upon the following principles, viz. THAT the Clafles should be Six, composed ref pec r tively of persons of the following ages : First Class. Of those of 20 years and under. 2d. do. Of those above 20, and not exceeding 3°. 3d. do. Of those above 30, and not exceeding 4° 4th. do. Of those above 40, and not exceeding jo. sth. do. Of those above jo, and not exceeding 60. 6th. do. Of those above 60. Each share to be Two Hundred Dollars.—The number of shares in each Class to be indefinite.— Persons to be at liberty to fubferibe on their own lives, or those of others, nominated by them. Dollars. Cents. The annuity upon a share in the ill ? Class, to be --- - j8 40 Upon a share in the Second, 8 65 Upon a share in the Third, 9 Upon a share in the Fourth, 9 65 Upon a share in the Fifth, 10 70 Upon a share in the Sixth, 12 80 —The annuities of those who die, to be equally divided among the survivors, until Four Fifths shall be dead, when the principle of furvivorihip ihall cease, and each Annuitant thenceforth en joy his dividend as a several annuity, during the life upon which it shall depend. On the Loans where interest is payable, it is proposed, that the payment of the fame ihould be qarterly —not only for the benefit of the creditors, but in order to promote a more rapid circulation of money. In proposing the foregoing terms, The Se cretary appears to have been governed by the following principles : THAT no change ought to be attempted in the rights of the Creditors, but what is fanctioa ed by their voluntary consent, and founded on the balls of a fair equivalent.— That the nature of the Public Debt, (being a capital redeemable at the pleasure of the Govern ment, which may avail itfelf of any fall of inter est,) is favorable to the public—unfavorable to the Creditors ; and may therefore facilitate an arrangement for the reduction of the present rate of Interest on the basis of a fair equivalent.— That, from the encreafe of money arising from the low Rate of Interest in Europe—that of the monied capital of the nation—by funding Seventy Millions of Dollars—the further eftablilhinent of Public Credit, and other causes, it is presumable. That the Government rate of interest intheUni ted States will at the expiration of five years, fall to Five per Cent, and in a period not exceeding twenty years, to Four per Cent. How far the calculations on these various modes of Loan conform to the above principles, it is at present impossible to determine ; but from the general accuracy of the report, and the well known disposition of the Secretary to support the Rights of the Creditors, and the Character of the Nation, there can be no doubt but proper at tention has been paid to this point. The period of the payment of interest on what is at present ltiled the National Debt, is propo sed to be from the First of January, 1791, and on the State Debts, from the First January, 1792. — The funds for the former, (which are the only ones fpecified in the report) are proposed to,ac crue from the present duties on Impolh and Ton nage, encreafed with relpecff to imported Wines, Tea, and Spirits, Coffee, —and a duty on home made spirits. These articles (as the Secretary justly observes) are all of them in reality luxuries—the greater part of them foreign luxuries, andfomeof them, in the excels in which they are used, pernicious luxuries. Although, (as before observed,) the funds for paying the interest on the aggregate of the State Debts are not pointed out; from the few articles which are proposed to constitute those for the present debt of the United States, we have good ground to b°P e > a nd believe, th»t the re mainder of the nfceffary Funds will be eaflly found without the neceility of having recourle, either to a Land or Poll Tax. In order that the different loans may be volun tary in fatt, as well as name, provision is made in the report for paying to non-fubferibing credi tors, a dividend of whatever furplusinay remain, afterpayingthe interest of the proposed Loans ; with alimitation however to Four per Cent, as the funds immediately to be provided are calculated to produce in that proportion to the entire debt. The foreign and domestic debt of the United States, with the arrears of interest, together with the debts of the respective States which are esti mated at 2 J,000,000 dollars principaland interest, form a total of about Eighty Million Dol lars, —the whole amount of the debt of the Uni ted States, after the debts of the individual Go vernments shall be assumed. A foreign loan of 12,000,000 of dollars is among the articles proposed : The object of which is, to discharge the arrears of interest due on the fo reign debt—to reduce the Interest on that part of the Foreign Debt, which bears an interest of more than 4 per cent.—to form a capital for a National Bank, in order to facilitate the collec tion of the revenue, and such arrangements as shall be found expedient for reducing the capital of the domefticdebt—ln aid of this operation, the revenue of the Post Office is proposed as a finking fund. it is proposed, that this loan be under the direction of Commiflioners to be appointed by Congress. The report stated, that the Post Office may pro bably be made to yield a revenue of 100000 dolls. So much of the Impost Law as imposes duties on Wines, ardent Spirits, Teas and Coffee, it is proposed should be repealed, after the First of May, for the purpose of enacting a law, laying an enhanced dutv 011 those articles : These enhan ced duties, with the proceeds of the present re venue from Imposts and Tonnage, and a Duty on Distilleries, See. according to the estimate ex hibited, will produce the l'um required for the payment of the interest on the present debt of the United States, and the support of government. The idea of discriminating between original Creditors, and those by purchase, is reprobated— and every argument in favor of such a plan, in our opinion, is totally exploded.
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