REPORT Of the SECRETARY of the TREASURY to the HOUSE of REPRESENTATIVES. Treasury Department, Jan. 9, 1790. [continuation.] TH E intercfting problem now occurs. Is it in the power of the United States, confidently with those prudential consi derations, which ought not to be overlooked, to make a provision equal to the purpose of funding the whole debt, at the rates of interest which it now bears, in addition to the sum which will be neceflary for the current service of the government ? The Secretary will not fay that such a provision would exceed the abilities of the country ; but he is clearly of opinion, that to make it, would require the extension of taxation to a degree, and to objc&s, which the true interest of the public creditors for bids. It is therefore to be hoped, and even to be expe&ed, that they will chearfully concur in such modifications of their claims, on fair and equitable principles, as will facilitate to the govern ment an arrangement substantial, durable and fatisfaflory to the community. The importance of the lafl chara&eriftic will strike every discerning mind. No plan, however flattering in appearance, to which it did belong, could be truly entitled to confidence. It will not be forgotten, that exigencies may, ere long, arise, which would call for resources greatly beyond what is now deem ed fufficient for the current service ; and that, fliould the faculties of the country be cxhaufted or evenJlrained to provide for the pub lic debt, there could be less reliance on the facrednefs of the pro vision. But while the Secretary yields to the force of these considera tions, he does not lose fight of those fundamental principles of good faith, which di&ates, that every pratticable exertion ought to be made, scrupulously to fulfil the engagements of the govern ment ; that no change in the rights of its creditois ought to be attempted without their voluntary consent; and that this consent ought to be voluntary in fact as well as in name. Consequently, that every proposal of a change ought to be in the rtiape of an ap peal to their rcafon and to their interest ; not to their necessities. To this end it is requisite, that a fair equivalent should be afforded for what may be asked to be given up, and unquestionable security for the remainder. Without this, an alteration, confidently with the credit and honor of the nation, would be impracticable. It remains to fee, what can be proposed in conformity to these views. It has been remarked, that the capital of the debt of the union is to be viewed in the light of an annuity at the rate of fix per cent, per annum, redeemable at the pleasure of the government, by payment of the principal. And it will not be required, that the arrears of interest (houKl be considered in a more favorable light. The fame chara&er, in general, may be applied to the debts of the individual States. This view of the fubjett admits, that the United States would have it in their power to avail themselves of any fall in the market rate of interest, for reducing that of the debt. This property of the debt is favorable to the public ; unfavor able to the creditor. And may facilitate an arrangement for the reduttion of interest, upon the bafisof a fair equivalent. Probabilities are always a rational ground of contrast. The Secretary conceives, that there is good reason to believe, if effettu al measures are taken to cftablifh public credit, that the govern ment rate of interest in the United States, will, in a very (hort time, fall at least as low as five per cent, and that in a period not exceeding twenty years, it will fink still lower, probably to four. There are two principal caufcs which will be likely to produce this effect ; one, the low rate of interest in Europe ; the other, the increase of the monied capital of the nation, by the funding of the public debt. From three to four per cent, is deemed good interest in fcvcral parts of Europe. Even less is deemed so, in some places. And it is on the decline ; the increasing plenty of money continually tending to lower it. It is presumable, that no country will be able to borrow of foreigners upon better terms, than the United States, because none can, perhaps, afford so good security. Our situation exposes us less, than that of any other nation, to those casualties, which are the chief causes of expcnce ; our incumber ances, in proportion to our real means, are less, though these can not immediately be brought so readilv into a&ion and our pro gress in resources from the early state of the country, and the im mense tracts ot unsettled territory, must neceffanly exceed that of any other. The advantages of this fituat on have already engaged the attention of the European money-lenders, particularly among the Dutch. And as they become better understood, they will have the greater influence. Hence as large a proportion of the cafli of Europe as maybe wanted, will be, in a certain sense, in our market, for the use of governm. nt. And this will naturally have the effett of a reduction of the rate of interest, not indeed to the level of the places, which fend their money to market, but to fomt'hing much nearer to it, than our present rate. The influence, which the funding of the debt is calculated to have, in lowering interest, has been already remarked and ex plained. It is hardly poflible, that it should not be materially affe&ed by such an increase of the monied capital of the nation, as would result from the proper funding of seventy millions of dol lars. But the probability of a decieafe in the rate of interest, ac quires confirmation from fa£b, which existed prior to the revo lution. It is well known, that in some of the states, money might with facility be borrowed, on good security, at five per cent, and, not unfrequently, even at less. The most enlightened of the public creditors will be most sen sible of the justness of this view of thefubjeft, and of the proprie ty of the use which will be made of it. The Secretary, in pursuance of it, will assume, as a probability, iufficiently great to be a giound of calculation, both on the part of the government and of its creditors—That the interest of mo ney in the United States will, in five years, fall to five per cent, and, in twenty, to four. The probability, in the mind of the Se cretary, is rather that the fall may be more rapid and more con siderable ; but he prefers a mean, as most likely to engage the as sent of the creditors, and more equitable in itlelf; because it is predicated on probabilities, which may err on one fide, as well as on the other. Premising these things, the Sencretary submits to the House, the expediency of promifmg a loan to the full amount of the debt, as well of the particular states, as of the union, upon* the follow ing terms. First— That for every hundred dollars fubferibed, payable in the debt (as well interest as principal) the fubferiber be entitled, at his option, either To have two thirds funded at an annuity, or yearly interest of fix percent, redeemable at the plealure of the government, by payment of the principal ; and to receive the other third in lands in the Western Territory, at the rate of twenty cents per acre. Or, To have the whole sum funded at an annuity or yearly interest of four per cent, irredeemable by any payment exceeding five dollars per annum on account both of principal and interest ; and to receive, as a compensation for the reduction of interest, fifteen dollars and eighty cents, payable in lands, as in the preceding cafe. Or To have sixty-six dollars and two thirds of a dollar funded im mediately at an annuityor yearly interest of fix percent, irredeem able by any payment exceeding four dollars and two thirds of a dollar per annum, on account both of principal and interest • and to have, at the end of ten years, twenty-fix dollars and eighty eight cents, funded at the like interest and rate of redemption Or To have an annuity for the remainder of life, upon the con tingency of living to a given age, not lefsdiftant than ten years, computing intcreft at four per cent. Or To have an annuity for the remainder of life, upon the con tingency of the furvivorfhipot the youngest of two persons, com puting interest, in this cafe also, at foui per cent. STATE of RHODE-ISLAND and PROVIDENCE PLANTATIONS. IN GENERAL ASSEMBLY, JANUARY SES- SION, 1790. WHEREAS the operation of the Federal Go vernment, according to the existing laws of Congress, will prove greatly injurious to the com mercial interests of this State, unless a further suspension of the fame can be obtained. And whereas this General Aflembly, at the present session have pafled an A<fl recommending a State Convention, in conformity to the recommenda tion of the General Convention held at Philadel phia, and of the Congress of the United States ; and there is every reason to hope that the acces sion of this State to the Federal Union will, in a fliort time, entitle the citizens thereof to all the benefits of the Federal Government. And where as it is necellary that application be made in the mean time, for a suspension of the Acfts of Con gress fubjefling the citizens of this State to fo reign tonnage and duties : It is therefore Voted and Resolved, that his Excellency the Governor be, and he is hereby requested to make application,in the name otthis State, to the Congress of the United States, for reviving the indulgence granted to the citizens of this State by an A<sl of Congress of their last Seflion, during the good pleasure of Congress. PRICE curren: FEBRUAi JAMAICA Spirits, 5/3.0 5/6 Antigua Rum, 4/9. a 5/ St. Croix, do. 4/4. a 4/8. Country, do. yio. a 3/. Molafles, 2//. Brandy, 6f. a 6/3. Geneva, 5/ Do. in cases, 28f. a 29/ Muscovado Sugar, Bos. a yzf Loaf, do. 1/3. Lump, do. 1/Is. Pe PP". 3/3 , Pimento, if.a\f\. Coffee, ifi- a 1/8. Indigo, (Carolina) 3f"6f Do. French, >8/ Rice, 21 J. Superfine Flour, 49 f. Common do. 42fa 44 f. Rye do. 2sf a 26/. Indian Meal, 18f Rye. 4J9- P r - hu P t - Wheat, 9/3 a $J6. Corn, (Southern) 4f. Do. (Northern,) a \f6. Beef, firft quality, 4fjfi & 48f. Pork, firft quality, 70s. a -jsf Oats, 1/7. Flax-feed, $fg a 6f Ship bread per cwt. 21fi Country refined > 2g| a bar-iron, ) Do. bloomery, 251. a 261. Swedes do. 451. Russia do. 301. Pig-iron, 81 10f. a 91. German steel, per lb. gd. Nails American, by cask. £ j per. lb. 4d. ) Do. do. do. 6d. 12d. Do. do. do. Bd. Do. do. do. lod.} Do. do. do- 1 2 d7 i da v d . Do. do. do. 2od.r /z * Do. do. do, 24d.) Pot a(h, per ton, 391. a 401. Pearl ash, 481 a 501. Bees-wax per lb. 2/2. a 2/3. Mackarel per barr. 26f. a 30/ I Herrings, 18\f. Mahogany, Jamaica, > iqJ per foot, > Dominico, do. 9d. Honduras, do. 7d. Logwood unchippcd,pr.ton. 81. Do. chipped. 141. 2 inch white oak ? . r plank, perm. )10 ' 10 J' 1 inch do. 51. 2 inch white pine plank, 81. ij inch do. 61. 10f. 1 inch do. 31. 1 of. 2 inch pitch pine do. 10J. 1 inch do. 61. iof. 1 inch do. 41. Pitch pine scantling, 31. 8/! Cyprus 2 feet shingles, 11. xof. Do. 22 inch do. 11. 8/T Cedar 2 inch do. 11. 10f WILLIAM TAYLOR, Has for Sale, at his EAST-INDIA GOODS STORE, No. 4, Burling-Slip, Aflortment of EAST-INDIA GOODS. Among which are the following Articles : BOOK Muslins 8-4 6-4 5-4 || HUMHUMS, Jackonet do. j| I.ong Cloths, Hankerchiels,of various kinds,l| Caflas, Chintzes, |l Seerfuckevs, Ginghams, || Boglapores. A Variety of handsome painted MUSLINS. With many other Articles, which will be fold by the Piece or Package, low for cash. And a few pair large handsome Cotton COUN TERPANES, mucn warmer than Blankets. January 9, 1790. t f -344- : NEH'-YORK. 'Y 6. Dollars at Bs. Do. 22 inch do. 11. 6/. Do. 18. inch do. 18/" Butt white oak (laves, Pipe do. do. 91. Hogshead do. do. 61. 10/? Do. do. heading, 81. Irish barrel do. (laves, 31. $f. Hog(hcad red oak do. 51. $f. Do. French do. 51. Hog(head hoops, 41. Whiteoak square timber } , per square foot, J ' Red wood, per ton, 28!. Fuftick, 101. Beaver, per lb. 12/! a i6J. Otter per (kin, of. 32f. Greyfox, 4/7. Martin, 4/10. Racoon, 3J6 a 7/6. Mulkrat, 1 ad. a 14d. Beaver hats, 64f. Callor do. 48/ Chocolate, 14 d. Cocoa, -jof. a 80s. Cotton, Tar, pr. bar. \\J. a \2f. Pitch, 16/. Turpentine, 18/. a 20/ I obacco, James River, 4d. <13fad. Do. York, 4d. a Do. Rappahanock, 2d a 3JI/. Do. Maryland, coloured, $£d. Do. We(lern-(hore, zd a 3Ad. Lead in pigs, pr cwt. 60/.' Do. bars, 68/7 Do. Shot, 68f. Red lead, White do. dry, 9jf. White do. in oil, 5 /. nf. Salt-petre hams, t\d. Spermaceti candles, 3f. Mould do. nd. a ij. Tallow dipt, 9 Soap, sd. a Bd. Castile soap, gd. a tod. English cheefc, pr. Ib. 1 $d. Country do. $d. Butter, if. Hyson tea, 11f. a 12/. Sequin do. 6/6. Bohcado. 2/6. a 2/8. Ginseng, 3/ a 4/6. Staich Poland, yd. Snuff, 2J3. Allum fait, water mea- } r sure, pr. bush. £ 37"- Liverpool do. 2/. Madeira wine, > , pr. pipe, I 60/ - " 9°'- Port, 46/. Lisbon, pr. gal. s f. Teneriff, 4f. i Fyall 3 /3 . Dutch gun-powder,pr. cwt. 8/. Nail rods, pr. ton, 36/. Lintfeed oil, pr. gal. 4f t Whale do. pr. barrel, 50/ <256/. I Spermaceti do, 61. I Shake-down hhds. 3JS WAR-OFFICE OF THE UNITED STATES. INFORMATION is hereby given to all the In valid Pensioners of the United States, residing' within the States refpedtively, that one moiety of their aunual pension, commencing on the fifth day of March last, will be paid at the places and by the persons herein after mentioned, on the fifth day of March ensuing, and that the second moiety of the said annual pension will be paid at the fame places and by the fame persons, on the fifth day of June ensuing. Places, The States, New-Hampshire, Portsmouth, MaflTachufetts, Boston, Rhode-Island, Providence. Conne&icut, New-London, New-York, New-York, New-Jersey, Perth-Ainboy, Pennsylvania, Philadelphia, Delaware, Wilmington, Maryland, Baltimore, Virginia, B. Hundred, North-Carolina, Hillfborough, South-Carolina, Charleston, Georgia, Savannah, January the 28th, 1 790. By order of the President of the Ur.ittd States. H. KNOX, Secretary for the Department of War. IN order to prevent unfuccefsful applications the following information is re publHhed,refpeift ing the vouchers which will be required. " THE returns which liave been or (hall be made to the Secretary lor the Department of War by the several States of the pensions which have been granted, and paid by them refpeftivelv will together with the vouchers herein required, be conudered as the evidence whereon the payments arc to be made. Every application for payment must be accompanied by the following vouchers. ill. The certificate given by the state fpecifying that the person poifelfing it, is in fact an invalid, and ascertaining the sum to which as such he is annually entitled. »dly. An affidavit agreeably to the following form : tb wit— A. B. came before me one of the Justices for the county of in the state of and made oath that he is the fame A. B. to whom the original certificate in his pofleflion was givtn, of which the following is a copy (the certificate given by the state to be recited.) That he served in (regiment or vessel) at the time he was disabled, and that he now resides in the and county of and has resided there for the last years, pre vious to which he resided in ' In cafe an Invalid should apply for payment by an attorney, the said attorney must, besides the certificate and oath before recited produce a fpecialletterof attorney agreeable to the following fonnj I A. B. of county of state of do here by constitute and appoint C. D. of my lawful attorney to receive in my behalf of (the firft or second moiety) of my annual pentaon, as an Invalid of the United States, from the fourth day of March, One thousand seven hundred and eighty-nine. In testimony whereof I have hereunto set my hand and Teal, this Signed and fealcd in theprefence of Acknowledged before me Applications of executors or administrators mull be accompani ed with legal evidence of their refpeflive offices, and alfoof the time the Invalid died, whose pension they may claim. By Command of the President of the United States of America. H. KNOX, Secretary for the Department of War. War-Office, OSober 13. 1789. Printers throughout the United Statesare requcjied to in sert the above information, for the benefit of the unfortunate invalids, zvho havefujferedfmerely in the cause of their country. A NEW MAGAZINE. THE Public are refpcttfully informed, that thefirft Number of this Magazine will be publifhcd as soon as a number of fubferibers fufficient to defray theexpence (hall be obtained : and not on the firft day of February, 1790, as was formerly proposed. This Work will be entitled, THE PHILADELPHIA MAGAZINE. AND UNIVERSAL ASYLUM. By a Society of Gentlemen. PLAN AND CONDITIONS. lft. THE objetts of the Philadelphia Magazine and Universal Asy lum, are to enlarge the underjlanding, to rettrfy the hearty and to please the fancy, by such means as may bebefi adapted to the slate oj society and manners in this confederated republic. 2d. fnterejling and entertaining eJJaySy inprofe and verse, on plu lofophy, politics, commerce, agriculture, manufactures, polite learning, wit and humour (uncontaminated with ribaldry or licentiousness) and in a wordy on all other fubjefls which may be deemed worthy of public attentiony fhallbe in ferted in this Universal Asylum of Literature. his miscellany shall contain much original matter ; but a rage for not prevent the insertion of valuable extratts from other publications. 4th. A comprehensive and impartial abflraEl of the Debates and Proceedings of the Congress of the United States of America, /hall regularly be given, beginning with the firfl fefjion under the present government. $th. Foreign and demejlic occurrences J hall befaithfully recorded. 6th. The Philadelphia Magazine shall be publifhedy punctually, on the jrjl day of every month. Ith. Each number shall contain eighty pages* oßavo, on an elegant new letter, and fine paper. Bth. The price toJubfcribers will be two dollars and two-thirds per annum ; one dollar ana one third to be paid upon the delivery of the firjl number, and the famefum at the commencement of every succeeding half year. Subscriptions are received by moflof the Printers and Booksellers in the United States, and in other parts of the continent of America, in the We ft-Indies and in Enrope, who are requejled to forward the names of fubferibers, with their titles, and places of residence. The usual allowance will be made to all who favor this work by col lectingJubfcriptions for it. The advantages that are to be exHetledfrom the united efforts of a lit terary association, inflituted for the sole purpose offupporting the Phila delphia Magazine and Universal AJyfum, mujl be obvious to every one. — Such apian, while it engages the firfl abilities, ensures agreater variety and a. more uniformfupply of valuable matter, than could be afforded h any individual, however elevated his genius, or great his endeavors. Philadelphia, January 1,1790. Publiflied by JOHN FENNO, No. 9, Maiden- Lans, near the Ofwego-Market, New-York.—[3 do!, pr. J '■) avd per forts by whom the pen /tons will be paid. Joseph Whppile. Benjamin Lincoln, Jeremiah Olney. Jedidiah Huntington. John Lamb. John Halfted. Sharp Delany. George Bash. Otho H. Williams, William Heth, John Haywood. George Abbott Hall. John Haberfham.
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