REPORT Of the SECRETARY of the TREASUR Y to the HOUSE of REPRESENTATIVES. Treasury Department, Jan. 9, 1790. [continuation.]] TH E general principle of it seems to be equitable, for it ap pears diilkult to conceive a good reason, whj the expenccs for the particular defence of a part in a common war, should not be a common charge, as well as those incurred proleffedly for the general defence. The defence of each part is that ot the whole ; and unlefc all the expenditures are brought into a common mass, the tendency roust be, to add, to the calamities fullered, by be ing the mofi exposed to the ravages of war, an increase of bur thens. This plan seems to be susceptible of no objcftion, which does not belong to every other, that proceeds on the idea of a final ad justment of accounts. The difficulty of fettling a ratio, is com mon to all. This mull, probably, either be fought for in the pro- ! portions of the requilitions, during the war. or in the decision of commissioners appointed with plenary power. The rule pre scribed in the Constitution, with regard to representation and di rest taxes, would evidently not be applicable to the situation of parties, during the period in question. The existing debt of the United States is excluded from the computation, as it ought to be, because it will be provided for out of a general fund. The only difcuflion of a preliminary kind, which remains, re lates to the diftinftions of the debt into principal and interest. It is well known, that the arrears of the latter bfcar a large proportion to the amount of the former. The immediate pa) ment of these arrears is evidently jmprafticable, and a quelhon arifet, what ought to be done with them ? There is good reason to conclude, that the impressions of many are more favorable to the claim of the principal than to that of the interest ; at least so far, as to produce an opinion, that an infe rior provision might fuifice for the latter. But to the Secretary, this opinion does not appear to be well founded. His investigations of the fubjtft, have led him to a con clusion, that the arrears of interest have pretentions, at least equal to the principal. The liquidated debt, traced to its origin, falls under two prin cipal discriminations. One, relating to loans ; the other to ser vices performed and articles supplied. The part arising from loans, was at firft made payable at fixed periods, which have long since elapsed, with an early option to lenders, either to receive back their money at the expiration of those periods, Or to continue it at interest, 'till the whole amount of continental bills circulating (hould not exceed the sum in cir culation at the time of each loan. This contingency, in the sense of the contra£l, never happened ; and the presumption is, that the creditors preferred continuing their money indefinitely at in terest, to receiving it in a depreciated and depreciating state. The other parts of it were chiefly for objrfts, which ought to have been paid for at the time, that is, when the services were performed or the fupplics furnilhed ; and were not accompanied "with any contract for interest. But by different acts of government and adminiflration, con curred in by the creditors, these parts of the debt have been con verted into a capital, bearing an interest of fix per cent, per an num, but without any definite period of redemption. A portion of the loan-office debt has been exchanged for new securities of thai import. And the whole of it seems to have acquired that character, after the expiration of the periods prefixed for repay ment. If this view of the fubjcfl be a just one, the capital of the debt of the United States, may be considered in the light of an annuity at the i ate of fix per cent, per annum, redeemable at the pleasure of the government, by payment of the principal. For it leems to be acltar position, that when a public contrasts a debt payable with interest, without an/ precise time being ftipulatcd or under stood for payment of the capital, that time is a matter of pure dis cretion with the government, which is at liberty to confnlt its own convenience refpefting it, taking care to pay the interest with pun&uality. Wherefore, as long as the United States should pay the interest of their debt, as it accrued, their creditors would have no right to demand the principal. But with regard to the arrears of interest, the cafe is differ ent. These are now due, and those to whom they are due, have a right to claim immediate payment. To fay, that it would be impraflicable to comply, would not Vary the nature of the right. Nor can this idea of impracticability be honorably carried further, than to juftify the proportion of a new contrast upon the balis ot a commutation of that right for an equivalent. This equivalent too ought to be a real and fair one. And what other fair equiva lent cm be imagined for the detention of money, but a reafdrtable interest? Or what can be the standard of that interest, but the market rate, or the rate which the government pays in ordinaly cafcs ? From this View ot the matter, which appears to be the accurate and true one, it will follow, that the arrears of interest are entitled to an equal provision with the principal of the debt. The result of the foregoing difcuflion? is this—That there ought to be no discrimination between the original holders ot the debt, and present possessors by purchase—That it is expedient, there (houldbe an aflumption oftheftate debts by theUnion,and that the arrears of interest Ihould be provided for on an equal tooting with the principal. The next enquiry, in order, towards determining the nature of a proper provision, refpefts the quantum of the debt, and the pre sent rates of interest. The debt of the union is diftingmfhable into foreign and domestic. The foreign debt as stated in the schedule B. amounts to principal bearing an interest of four, and partly an in terest of five per cent. Arrears of intercll to the fact oT December, 1789, Making together, dbllar# 11,710,378 62 The domtflrc debt may be tub-divided in to liquidated arid unliquidated ; principal and interest. The principal df the liquidated part, as dated in the schedule C, amounts to bearing an interefl of fix per cent. The arrears of jntereft as stated in tiie schedule D. to the end of 1 amount to Making together, dollars 40,414,085 94 This includes all that has been paid in indents (except what has come into the treasury oFthe United States) which, in the opinion of the Secretary, can be considered in no other light, than as inter cft due. The unliquidated part of the domestic debt, which consists chiefly of the continental bills of credit, is not afcertaincd, but may he estimated at 2,000,000 dollars. These several sums conllitute the whole of the debt of the Uni ted States, amounting together to 54,124,464 dollars, and 56 cents. That of the individual dates is not equally well afcertaincd. Thefchedule E. shews the extent to which it has been ascertained by returns pursuant to the order of the House of the 2 ill Septem ber last ; but this not comprehending all the Hates, the rcfidue must be cftimatcd from less authentic information. The Secre tary, however, presumes, that the total amount may be faiely ftatco at 25 millions of dollars, principal and interest. The preient rate of intcreft of the state debts is in general, the fame with that of the domestic debt of the union. On the supposition, that the arrears of interest ought to be pro vided for, on the fame terms with the principal, the annual amount of the interest, which, at the existing rates, would be payable on the entire mafsof the public debt, would be, On the foreign debt, computing the- interest on the principal, as it (lands, and allowing four per cent, on the arrears of intcreft, On the domestic debt, including that of the states, A FUNERAL ORATION, On the Most Worfhipfuland Hon. Major-General RICHARD CASWELL, Grand Master of the Masons of North Carolina. And all Judea and Jerusalem mourned for Joftah. Ch. B. 2, t>. 24, By Francois-Xavier Martin. Worjhipful SIRS, And worthy BROTHERS, BEREFT of him who conducted our works, we are met to discharge the tribute of a tear due to his memory. How deeply the reft of the com munity fimpathizes with us, on this melancholy occasion, the attendance of a refpetftable number of our Fellow-Citizens fully teftifies. Shall our griefs terminate in sterile tears ? Shall this Discourse, sacred to the Memory of the Mod Worfhipful and Honorable Major General RICHARD CASWELL, Grand-Master of the Ma sons of North-Carolina, be, like the song of the untutored savage, the mere rehearsal of a War rior's achievements ? No. In admiring the vir tues that have rendered his death, like Jofiali's, lamented in Judea and Jcrufalem, let us, asChrif tians and Masons, be stimulated, not to offer idle adulation to his Manes, but, to imitate, in the pra(ftice of every virtue, so bright a pattern. Nothing excites more powerfully to virtuous deeds,than the examples of those whom they have rendered conspicuous. Man generally desires what he finds, applauded in others. And, either because Virtue appears more noble, when he hears it praised, or less difficult, when he fees it practiced, he is stimulated thereto—as the labour is not without reward, and remifliiefs would be without excuse. The examples of the Dead are no less powerful than those of the Living. We look upon the Virtues of the former with a greater degree of veneration. As we view those of the latter with a greater degree of envy ; perhaps, because, Death having crowned them, we are willing to believe that posterity praiseS without flattery, as it praises without interest—or rather (for, why fllould the real reason be concealed in this tem ple of truth ?) becaufe,our pride will not fuffer us to acknowledge them. To convene the people when fonie illustrious popular Character had terminated his career, and to improve the opportunity of exciting them to Patriotic Virtues, is an ancient cuftoin, frequent instances of which occur in sacred and profane history. The herr: of man, however obdurate, when operated upon by grief, or the idea of a future ltate is prepared to receive such favoura ble impressions ; as the ftiff and close grained stone becomes pliant and dudtile, when heated by the fire of the furnace. Thus we read that the corps of Caesar, having been brought iil'to forum of the metropolis of the world, Anthony, holding up that Dictator's garment, addrefled the Roman people. " You " well know," laidhe, " this mantle. I reinem " ber the firft time Caesar put it on. It was on " the day he overcame the Nervii. If you have " tears to ihed, prepare to lhed them now." With as much propriety, can I rife to day, and, addrefling yon, fay :— You well know these Badges. They are the Ilifignht of MASONRY—of a society which for its antiquity and utility acknowledges no equal among the institutions of the sons of man. Be hold the White Apron that was girded on him, the loss of whom we bemoan, on the day he be came a Mason. He has left it to you, unsullied. He has left it to you, decorated with those marks of dignity, to which merit alone gives title. If you have tears to shed, prepare to lhed them now. Dollars. Cents, i0,07°,3°7 1,640,071 62 He is 110 more. No longer ftiall he, like the eastern fun illuminate our Lodges ; no longer lhall he plan or direift our works. You well know, Fellow-Citizens, that Sword, emblematical of Supreme Executive Authority. I remember the firii time it was delivered hitn. It was on the day we shook off the oppreflive yoke of British domination and became a People. If you have tears to flied, prepare to shed them now. Dollars. Cents. 271383>5»7 74 zo He is no more. No longer shall he wield the Sword of Justice attempered by mercy. No lon ger shall he preside in your Councils, or lead you to the hostile Field. To enter here into a minute detail of the fer viceshe rendered you, would be to premise that they may be obliterated from your memory—You remember them. Brothers and Fellow-Citizens, they cannot have been forgotten. 340 Making together, dollars 4,587,444 81 (To be continued.) It was he who headed you on the day you brake down the superior phalanx of Scotch insurgents at Moore's creek ; and thereby preserved the cause of freedom from the deadly blow, this reinforce ment would have enabled our enemies to strike. It was he who presided in the aflembly of Pa. triots, who framed that inltrument, which, defin ing your rights and the authority of your rulers hasl'ecured your liberties to this day. It was he whom your united voices twice called to the Supreme Magistracy of this State—and it was he, whom, but a few days ago, still filled the Chair of your Senate. If his Public character affords a vast field to the panegyrist's fancy, his Private one defervesnolefs our attention and praise. In it we shall always find an example worthy of imitation. Dol. Cents. <4 2 '599 66 4,044-845 '5 Public Virtue may procure a more shining re putation, but Domestic Virtue gives a more solid merit. The former, when unsupported by the latter, is, in the Warrior, a thirst of glory—in the Civil Ruler, a thirst of power. A single instance of momentary intrepidity may make a name to the Chieftain ; but a continu ed spirit of moderation alone characflerifes the Virtuous individual. Valour is a noble paflion, which evinces a great - ness of ioul. But too oft it is a vain generosity excited by ambition, and which has for its aim the mere gratification of a felfilh pride ; an in considerate boldness juitified by success ; a blind ferocity which ftifles the voice of humanity, and by the tears it causes to flow and the blood of its vitflims, tarnifbes the laurels of the vanqnifher. Dotneftic virtue on the contrary, is so perfedr, that it is laudable even in its excefles. It is peaceable and constant ; and springs from a meekness and tenderness which regulate desire, and, giving the virtuous individual the command of hisown,caufes him to reign over the hearts of others. The one excites astonishment and fear ; the other commands reverence and love. The Swede boasts of the name of Charles but blefles that of Guftavus Vafa. In him, of whom the hand of death lias bereft us, public and domestic virtues were ever united. Not fatisfied in watching with unremitted atten tion over the welfare of the community,he anxious- ly endeavored to promote the felicity of its mem bers. Blest with a coinplaency of disposition and equanimity of temper, which peculiarly endeared him to his friends, he commanded refpeft even from his enemies. The tender sensibility of his heart was such, that he needed but to fee diftrels, to feel it and contribute to its relief. Deaf to the voice of interest, even in the line ofliisprofeifion, whenever oppreft indigence called for his aifift ance, he appeared at the bar without even the hope of any other reward, than the consciousness of having lb far promoted the happiness of a fel low man.' Such is, worfhipful firs and worthy brothers, the character of one, whose leflons shall no lon ger inftruift us, but the remembrance of whose virtues will long continue to edify us. Such is fellow-citizens, the charatfler of one who bore so great a share in the revolution by which you became anation, who, during his life, was ever honored with fonie marks of your ap probation, and whose memory will, I doubt not, be embalmed in your affetflions. Shades of Warren, Montgomery, andMerCer! and ye Shades of those other Columbian Chiefs, who bore away the palm of political martyrdom ! attend, receive, and welcome, into the happy mansions of the just, afoul congenial with those of your departed heroes, and meriting alike our esteem, gratitude and tears. ALL persons who have not accounted for the expenditures of public money and stores, received from Hugh Huches, ei ther in the capacity of Commiflary of Military Stores, All:flan' ana Deputy Quarter Walter General to the army of the United States, or Deputy Quarter Mafterfor the State of New-York, &c. or De puty Quarter MaftertotheEaftern and Main Army, are requested, by the said Hughes, to exhibit their accounts and vouchers, pro perly dated, asearlyas poflible, to the auditor of the Treasury of the United States, in the city of Netv-York, that a final settlement of the fame may be trtade. The Executors, or Administrators, to the estates of any of'hi pcrfons firft mentioned,will be pleased to attend to this notification N. B. The Printers in the different States in the Union, will render n ejfential service to the public by inserting this in their neuijpapers. NOTICE is hereby given to all the Creditors of Thomas Eaton, William Pells, Ja bez Sayrs, Anthony Sayrs, and George Welch, Insolvent Debtors, now confined in the common goal of Newark, in the county ofEflex, and State of New-Jersey, that they to appear on Monday the Twenty Second Day of February next, at Nine o'Clock in the forenoon, of Taid day, at the Court-House in Newarkafore faid, before the Judges of the Inferior Court, and (hew cause, if any there be, why an assign ment or the above Insolvent Debtor's Estates should not be made, and they the Insolvents be difcliarged a greeable to law. Thomas Eaton, William Pells, Jacob Sayr'i Anthony Sayrs, George IVelch. 4 w - > NOTIFICATION. ADVERTISEMENT. Newaik, 18th January, 1790.
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