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.