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.