report el the SECRETARY of the TREASURY to the HOUSE of REPRESENTATIVES. Treasury Department, Jan. 9, J790. [continuation.] T H E Secretary conceiving, that he could not convey an ac -1 curate idea of the plan contemplated by him, for the-collec tion of these duties in any mode so effectual as by the draft of a bill for the puipote, begs leave rcfpeatu.ly to refer the Houf that, which will be found annexed to this report, relatively to the article of distilled spirits ; and which, for the better explanation of some of its parts, is accompanied with marginal remaiks. It would be the intention of the Secretary, that the duty on wines Ihould be collected upon precisely the fame plan with that on imported spirits. . . , But with regard to teas and coffee, the Secretary is inclined to think, that it will be expedient, till experience (hall evince the propriety of goirtg further, to exclude the ordinary right of the of ficers tovifit and mfpeft the places in which those articles maybe kept. The other precautions, without this, will afford, though not complete, considerable security. c It will notefcape the observation of the House, that the Secre tary, in the plan submitted, has taken the most scrupulous care, that those citizens upon whom it is immediately to operate, be fecurcd from every species of injury by the mifcomduaof the of ficers to be employed. There are not only (Uong guaids aga.nlt their being guilty of abuses of authority ; they are not only pun ilhable, criminally, for any they may commit, and made anlwer able in damages, to individuals, for whatever prejudice they may fullain by their acts or neglects : But even where fe.zures are made with probable cause, if there be an acquittal of the article seized, a compensation to the-proprietors for the injury their pro perty may fuller, and even for its detention, is to be made out 01 the public treasury. . So solicitous indeed has the Secretary been, to obviate every ap pearance of hardship, that he has even included a compensation to the dealers, for their agency in aid of the revenue. - With all these precautions to mamfefta spirit of moderation and justice on the part of the government : And when it is considered, that the objefl of the proposed system is the firm eltablifhment ot public credit ; that oil this depends the charatler, iecurity and prosperity of the nation ; that advantages in every light important, may be expected to result from it tltat the immediate operation of it will be upon an enlightened class of citizens, zealouuy devo ted to good government, and to a liberal and enlarged policy, and that it is peculiarly theintereft of the virtuous pari of them to co-operate in whatever will restrain the spirit of illicit traffic ; there will be perceived to exist, the jufteft ground of confidence, that the plan, if eligible in itfelf, will experience the chearful and prompt acquiescence of the community. The Secretary computes the nett product of the duties propoted in this report at about one million seven hundred and three thou - land four hundred dollars, according to the estimate in the fched dulc K, which it near the truth, will, together with the probable product of the duties on imports and tonnage, complete the sum required. But it will readily occur, that in so unexplored a held there mud be a considerable degree of uncertainty in the data. And that, on this account, it *rill be prudent to have an auxiliary resource for the firft year, in which the interest will become pay. able, that there may De no poflibility of disappointment to the public creditors, ere there may be an opportunity of providing for any deficiency, which the experiment may discover. This will accordingly be attended to. The proper appropriation of the funds provided, and to be pro vided, seems next to offer itfelf to connderation. On this head, the Secretary would propose, that the duties on diflillcd spirits, should be applied in the firft instance, to the pay ment of the interest of the foreign debt. That reserving out of the residue of those duties an annual sum of fix hundred thousand dollars, for the current feiviccof the Uni ted States ; the surplus, together with the product ol the other du ties, be applied to the payment of the interest on the new loan, by an appropriation, co-exlcnfive with the duration of the debt. And that it any part of the debt should remain unfubferibed, the excess of the revenue be divided among the creditors of the un fubferibed part, by a temporary disposition : with a limitation, however, to four per cent. It will hardly have been unnoticed, that the Secretary has been thus far silent on the fubjeft of the poftrofftce. Tiie reason is, thati he has had in view thp application of the revenue arising from th? source, to the purpofesof a finking fund. The Tal gives it as his opinion, that the immediate product ot it, u a proper arrangement, would probably be, not less than one' red thousand dollars. And from its nature, with 8 00^ )me a agemenf, it must be a growing, and will,be likely to b" considerable fund. The post-master-general is now c ® uion preparing a plan, which will be tbe foundation of a )me 0 for a new arrangement of the eOablifhmpnt. Thjs, " . , ther points relative to the fubjeft referred to the See* ar )' leave to reserve for a future report. f , , Persuaded as the Secretary is, that the pror* 1£ 1 _ present debt, will render it a national blernm; c , IC ls f ° from acceding to the position, in the latitu<*. , m u times laid down, thaf" public debts benefits, a po sition inviting to prodigality, and liabl-° max- United States, the creation of debt should alwavs b'" acco J T1 P anitc %vll 1 , extinguilhment. This he rega-" " < he m,c public credit immortal. An.* 6 prcf"™". that it is difficult to conceive a situation, in wh L ' 1 'here may not earll erc "' . . the maxim. At lead he ecls an unlcigncd folipitude, that this may be attempted by t" Un " tfl Sl *"> em inence their meafu.e for the eftabl.lhment of credit, with the ob lervance of it. . , . Under this im/teflion, the Secretary proposes, that the nett pro duct of the po*-office, to a sum not exceeding oik: million ot dol lars be vefW in cominiffioncrs, to consist of the Vice-President of the United States or Prcfident of the Senate, the Speaker of the House of Jieprefentatives, the Chief Justice, Secretary of the I rea fury andAttorney-Gcneralofthe United States,tor the time J)cing,in trust übe applied, by them,or any three of them,to thedifcharge of the rxifting public debt,either by pur chafes ot stock in the market, or by payments on account ot the principalis shall appear to thein most advifeable, in conformity to the public engagements ; to contirtuc so vested, until the whale ot the debt shall be discharged. As an additional expedient for cfFefting a reduction of the debt, and for other purposes which will be mentioned, the Secretary would further propose thai the fame commiflioners be authorised, With the approbation of the President ot the United States, to 1 orrow, on their credit, a sum, not exceeding twelve millions of dollars, to be applied, First. To the payment of theintereft and inftalmen's of the foreign debt, to the end of the present year, which will require ,923 dollai s, and 46 cents. Secondly. To the payment of any deficiency which may hap pen in the prodiift of the funds provided for paying the interest of I he domeflic debt. Thirdly. To the effeftinga change in the form of such part of the foreign debt, as bears an interest of five per cent. It is con ceived, that, for this purpose, a new loan, at a lower interest, may be combined with other expedients. The remainder of this pirt of the debt, after paying the instalments, which will accrue in the course of 1790, will be j,8&8 ; 8#8 dollars, and 81 cents. Fourthly. To the purchase of the public debt at the price it (hall bear in the market, while it continues below its true value This measure, which would be, in the opinion of the Secretary, highly diihonorable to the govern men', if it were to precede a provision for funding the deDt, wou.u ccptionablc, after that had been made. Its effect would.be ata vor of thep U bl,c creditors, as it would tend to raise the value of stock. And ,11 the d,fference, between its true value, and the actual price, would be so much clear gain to the public Th payment of foreign mtereft on the capital to be borrowed tor this pu. pole, (hould that be a necessary confluence, would not in the judgment of the Secretary, be a good object .on to th m ■ furc. The saving by the operation would be ltfelf, a fuflkiem in demnitv ; and the employment of that capital in a tuatcd like this,would much motethan compcnfate for it liefide., if the government does not undertake this operation, the fame - , 'convenience, which the objection in question supposes, would happen in another way, with a ctrcumftance of aggravation As ilong, at lead, as the debt lhall continue below its proper value, .it will be an objea of speculation to foreigners, who will not on lv receive the interest, upon what they purchase, and 'em.t broad, as in the cafe of the loan, but will reap theaddif.onil pro : fit of the difFcrence in value. By the government into a competition with them, it will not only reap a part of h s P ro . itfelf, but will contraathe extent, and lefltn the extra profit of foieign purchases. That competition will accelerate the rife stock; and whatever greater rate this obliges foreigners to pay, for what they purchase, is so much clear saving to the nation I the opinion of the Secretary, and contrary to an idea which is not ! without patrons, it ought to be the pol.cy of the goven,mcm,to raise the value of stock to its true standard as tact as poflible Whe 'it arrives to that point, foreign fpecuhtionsfwhichtllthen mud be deemed pernicious, further than as they serve to bring it to that point) will tecome beneficial. Their money this country, upon our agriculture commerce and will produce much more to us, than the income they will re ceive from it. r , The Secretary contemplates the application of this montf through the medium of a national bank, for which, withi the jt million of the House, he will submit a plan in thecoutfe o/ The Secretary now proceeds, in the last place, to confide,at,on of the House, h,s ideas, of the ft.ps, «£» attheprefentfeflion, to betaken, towards tl.e affony*°" ollne briefly, that concurrent rejblutions 'with the approbation of the President, be enteru-*'»°. declaring ThattHe'united te*s do the year 1791, provide, of the refpec of the United btatcs, for all P a " ° f Jb the firtt da) ofJanu .tive slates, or any ot them, " a loan to the lary m thefa.d year .791, of the plans, which i United States, upon the F nncl P lCT °jttaining a re-loan of their i (hall h«ve been adopted by them, tor © present.debt. Remade as aforefaid, (ball be . Provided that anyfUte, which may have suspended, with .efpefi to the X fm o(hm i(rued b exchanged the f™es <,f• (hall, either be re-ex , ltfelf, until the whole ot the *" • , ' changed, or n a(rumed b And provided *»£„ iygi . * d lhat ,he in-erect to be mm cc - *"** 1 "';„ „chedebt of each state Co affuincd and pro- That the amount o^ fuch accollllt with U ,e United States, upon the faV principles, upon which it shaH be lent to the "thft"riolfrrir/> ns be opened for receiving loans of the said. I J . .f times and places, and under the like regulations, I havc prefenbed iu relation to the debt of the United : St Th s /atary has now completed the object}, which he pro- I fJ C ''lmfelf, to comprise in the present report. He has, for 1 f™' part, omited details, as well to avoid fatiguing the at j of the Houfj, as becaufemoTetime would have been defira [ m" 'ep to digest the general principles of the p' an - ' j C . ' be found right, the particular modifications will readily 1 f-cgeft thcmfelvesm the progress of the work. The Secretary, in the views which have direGed his purluit of the lubicft, has been influenced, in the firft place, by the considera tion, that his duty from the very terms of the resolution of the House, obliged him to propose what appeared to him an adequate provision for the support of the public crcdit, adapted at the fame time to the real circumftancei of the United States; and in the next, by the reflection, that measures which will not bear the ten of future unbiased examination, can neither be produOivc of in dividual reputation, nor (which is of much greater consequence) A public honor, or advantage Deeply imprefled, as the Secretary is, with a full and deliberate conviaion, that the eftablilhmcnt ot public credit, upon the basis of a fatisfaftory provision, for the public debt, is, undei the pre sent circuroftances of this country, the true desideratum towards relief from individual and national cmbarraflments ; that without : it, these cmbarraflments will be likely to press flail more severely upon tli£ community—He cannot but indulge an anxious wirn, that an elFt&ual plan for thai purpofc may, during the prclent fql fion, be the result of the uuited wisdom of thf. lecifl-iture. He is fully convinced, that it is of the greatest importance, that no further delay should attend the making of the requisite provi sion ; not only,' becaufc it will give a better imprelhon ot the good iaith of the country, and will bring earlier rebel to the creditors ; both which circumitances are of great moment to public credit:: but, btcaufe the advantages to the community, from railing ltock, as speedily as poflible, to its natural\alue, will be incomparably greater, than any that can result from its cpntinuancc below that standard. No profit, which could be derived from P urc^ fes ,n the market, on account of the government, to any practicable cx ! tent, would be an equivalent for the lols, which would be fuilain ed bv the purchases of foreigners, at a low value. Not to repeat, that governmental purchases, to be honorable, ought to be preced ed by a provision. Delay, by diflcminating doubt, would fink the price of stock ; and as the temptation to foreign speculations, from the lownefc of the price, would be too great to be neglected, mi lions would-probably be loft to the United States. All which is humbly submitted. ALEXANDER HAMILTON, Sccrttary of tbt Tnafury. fOR THE CAZiLTI t OF THE UNITED STATES. MR. FENNO, ..... . THE management of the public debt in anlio neft and suitable manner is a fubjedt. on which much of our character, as a nation, depends. The government under the confederation entered in to solemn stipulations withthofe who loaned them monies—served thenvin the field—fupplied them with provisions, &c.—And the former CongreHes (hewed a disposition on all occafionsto make good those sacred engagements, but had not the power to draw forth the refourcesof the country. The good people of these States finding that the powers verted in Congress by the former arti cles of confederation were very inadequate to thoie things which were indifpenfablv requiflte to good government, have eftablilhed a New Con fHtution. The scene is now changed, and we be 368 hold'wiili pie a (We a system of government, ade quate to all the purposes of the nation. Justice is expected to flow in pure ftyeams from this foun tain, and that all the purppfes esprelTed in the preamble to the Conflitution will be fully anfwtn - ed. Now may the citizens of the .United States contemplate with pleasure a government, chaste anil pure —but any departure from public promi ses would give a wound to thefvftem, whicli tiV.c itfelf cannot cure. By one of the articles in this NewSyltem -11 « debts contracted and engagements entered in n t0 before rlie adoption of this Conftitucioy, •' iliall be as valid against the United States " under this Constitution, as under the confedev " ation." Now may the public creditors, who have so long waited for payment, and who harvc exhibited examples of patience unknown in any other country, expert that the promises made them by the former government will be fulfilled. No dotfrine of expediency can be admitted sos any tbe least departure from the public engage ments these proniifes mull be considered as qi>- li s atory as those which the people are under to ttpport the government. But it is said by some persons that- the govern ment must now be cautious what promiffes they make, for a puntfiual fulfillment oftheir engage ments will be expecfted—and any departure there from would be attended with fatal confequenocs to the nation, so tliis I would lay the caution is neceflary in making the promiles, ar.d an exatft fulfillment will, and ought to be expect ed ; but let me alk, is not the present govei w ment asfacr.edly bound to fulfill the engagements made by the United States under the old confe deration, as the members who may couipofe riic government in 1796 will be to fulfil the engage ments which may be made the prefeju year moll certainly they ai c—and i t pall pj omiies ijiay be departed trom,whowiU be furetylV the future. But it is said revenue cannot be found to dii charge die cxpence of government, and pay so great interest on their debts (as they have pto mifed) without too much burthening the people. Suppose this to be the cafe at this time, are we not rising in importance, daily increasing in number —and is it not highly probable that m.onicd men will emigrate to our country, when they find that their property will be fafe here—that the publ/c faith is sacredly kept—and that 110 deviation from public promises has taken place lince the people eltablifhed a government adequate to alltljfi pur poses of the Union. It has been frequently said tliat the Report, ol the Secretary of the Treasury difcoyers great a bilities—in this fentiiuent 1 mod readily join— and add, that I have the liigheft opinion ol Ins integrity—his determination to do honor to his country—and justice to her creditors ; but at the fame time 1 do not wholly approve of his plan rei pefting the public debts, because I think it a de parture from the promise of fix pr. cent, and that the propofedloan must be considered, 111 a certain degree as compulsory. . . The Secretary propose* four pr. cent. "terett, and this is equal to fix pr. cent. 011 two thuds ot the debt. Let it now be proposed thattwo thuds of the debt, in the hands of each mdividual, be funded at fix pr. cent, and for the other thud he receive a certificate, purporting that tie - ted States are indebted in such luui, 11 c 1 * promise to pay, with interest, at fix pr. cent, and that in the firil feflion in the year 1 795' 1 provide funds for paying the annual i nterc "' the rate of fix pr. cent, on such of those cerufi cates as may be then unredeemed. ■> venue from the Post Office, and the an United States, be considered as a finking > and employed in such manner as may be thong t best, in purchasing the evidences of the debt so the Union.—and lit all the debt, whether funded or unfunded, be redeemable at the pletfure ?t the government. By this means may t e al Faith be preserved inviolate—public ere be fatisfied when they fee government doni,, ■ in its power to make good fjrmer engagem ' and it is probable that the day may not e , distant, when the National Credit being ftwg established, government may propose to ner ■ ditors to reduce their interest to f°ui pr- . borrow money at that rate of intereft,an p. the. principal to those who may not wifli tor the interest :In such cafe, and only fucl 's a " f th vernment propose a reduction of * f 3 ; t h propriety, and without a violation of publi • • .he ight f the A LIVERY STABLE, ' ' Kept by BENJAMIN POWELL, at the upper end of J SJtEf Striet, No. !ii, near iheTeaAVatlk _PP us■mf■ _ , 7HERE hetakesinHorfes by the night,wec^. VV month or year, at the ™oft moderate rates .hat can be forded. Hethanks hisformer caftomgrs for their hvoii,■«£ « ters himfclf that care and attention wll again be paid to g tlemen, as may put their horses in his charge. Boar ing o ing may be had by applying a& above. E • •. _——• And poffefiion given the ift of April,' for one ot ir -°- >a, miles and half from this city, on the > nur -THAT New TWO STORI" HOUSE-four Rooms on a floor ; with fix lire places; * ' w ith Well of excellent Water ; a young Orchard of truu i - > . acres of Land, themoft pail Meadow. 1 orpart^ 11 * at No. 7, Maiden-Lane. l\w-iorß : < u .
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