oflß PUBLISHED WEDNESDAYS AND SATURDAYS DY JOHN FF.NXO, No. G9, hi AR A' ET-STREET, BETWEEN 1 SECOND AND TlllRl) STREETS, PHILADELPHIA. [No. 69, of Vol. ll.] The Tablet.—No. 152. [General fubjeft continued.] " The commerce of this country is so difuf,d and t!r?ided with other obj.' cis r /J attention, that id? tfcape those vices which prevail among a people puri ly commercial.'" '"INHERE is hardly a circumltance more favor able to the real fafety and prosperity of the United States, than the difliculry any particular class of citizens mull' find in gaining influence or wealth to the exclusion of other clafles. Men employed in commerce and speculation will al ways command inoft of the active property, in any country where commerce and enterprize are encouraged and rei'pe<fted. But in this country, the leading men are and will be composed of Inch a blend of characters that the mercantile in terest can never maintain more than a proper lhare of weight in the public deliberations. All profeffions and descriptions of people will be so far noticed that their voice will be neither un heard or difi egarded. This blend of chara<fier prevents the inhabitants of this country from wearing tliofe marks of nationality which corn ftitute a flrong, decided national character, It likewise affords a security againlt the intrigues of powerful combinations, as well as againlt the cffecfls of rapid and enormous wealth. There seems to be no denomination of men who can combine so much strength as to defeat rhofe mcafures which may be dictated by the general fentir.ients of the community. I have made the preceding remarks to coun teract the force of an objection that is fometjmes raised againfl giving encouragement to men en gaged in commercial pursuits : It is often fug gelted that the wealth such men will acquire mull give them a di(proportionate share of in fluence in the operations of the government, and introduce maxims and manners, hostile to public liberty. As tlipfp point© been, ill fonie meaftire, contemplaied in three or four of iriy late speculations, I proceed to place thefub jetftin a new and different light. There is no reason to apprehend that commerce will again produce such rapid or extensive wealth to indi vidual men, or to trading cities, as have been experienced in former times Too many nations are now acquainted and concerned with comme: ce to l ender the gains of any particular community Hidden or enormous. 11l England and Holland, it is true, there is a vast fnperiority over other nations not less in clined to purine, and not worse fnuated to at tain commercial advantages. But the immense tradingflocks acquired in those countries beiore their neighbors had conceived a spirit of enter prize has prevented the objects of commerce from flowing in their molt natural channels. This inequality however will fljortly be correct ed, and probably 110 fucli difproporiion will ajrain prevail. The fame observation may in foine degree be applied to individuals. she diltribution of commerce will throw it into so many hands qs to create such a competition as will'not only lellen the prolit of bulinefs, but di vide it among such a number of persons that few ornone can reap immoderate gains. When the trade of the world was confined to a few narrow diftrids, some enterprizing com munities acquired riches so rapidly as to fall into the extremes either of avarice or prodigality. Tliou'gli habits of accumulating wealth general ly make men avaricious, yet sudden gains some times have a contrary effect. However, in either of these cases, the consequence of such riches has a pernicious aKpe.fi upon society. For a commu nity that is prodigal or covetous, will alike.dif regard those institutions which are bed calculat ed to promote science, virtue and freedom. Si tuated as we are in tlve United States, we (hall derive mod of the benefits of commerce, without being exposed to many of its inconveniencies. It is not probable the inhabitants of this country ■vvlll ever bedebafed by that servile avarice which characterizes a people purely commercial; nor, on the other hand, will apy particular trading town gain a pre-eminence over others as to fall'into tha,t.prodigality wliic[i results from fa t pid aCquisitions of property. Our merchants in termingle so much with other ilafles of citizens, that they are ambitious of other diftindiions be fules thofp of superior riches. Of courfethey afiumc a refpcdlable stile of living, and cultivate Saturday, December 25, 1 790* a mile for the more refined pleasures of society : By ihel'e means they wear off the sharp points of their profellional vices, and become a generous an.l patriotic, as well as a wealthy and indufb i ous part of tlie coiumunity. The commercial, agricultural and manufacturing interests are blejuled in focli a manner, in this country, that they matt rife and fall together. No branch of them can be injured by the prosperity of the others. All j'ealoufies therefore between them are premature and ill-grounded. Should the ft)bject be once more relumed, it will bring into a summary view tlie leading ideas contained in several of my lad fpectilations. PLAN OF A NATIONAL BANK, As laid before the House of Reprefentatwei of the United. States by the Secretary of the Treasury, the 13M injlant. I.' I I HE capital flock of the bank shall not exceed ten millions X of dollars, divided into twenty-five thousand (hares, each lhare being four hundred dollars ; to raise which sum, fubferip tions shall be opened on the firft Monday of April next, and shall continue .open until the whole shall be fubferibed. Bodies politic as well as individuals mayfubferihe. 11. The amount of each share shall be payable, one fourth in gold and filvcr coin, and three-fourths in that part of the public debt, which according to the loan proposed by the a6l making provision for the debt of the United States, shall bear an accruing intercil at the time of payment of fix per centum per annum. llf. The refpeftive sums lubfcribed shall be payable in four equal parts, as well specie as debt, in succession, and at the dis tance of fix-calendar months from each other : the firfi payment to be made at the time of fubfeription. If there shall be a fai. re in any subsequent payment, the party failing shall lose the benefit of any dividend which may have accrued prior to, the time ior making such payment, and duringthe delay of the fame. IV. The fubferibers to the bank and their luccefTors shall be incorporated, and shall so cbntmue'until the final redemption of that part of its flock which shall confil 1 of the public debt. V. The capacity of the corporation, to. hold real and personal estate shall be limited to fifteen millions of dollars, including the amount of its capital or original flock. The lands and tenements which it shall be permitted to hold, shall be only such as shall be requisite for the im- a iiate accommodat'on of the ; and such as shall have been bona fide mortgaged to it by way of security, er conveyed to it in fatisfa£lion of debtj previously fcoh tra6led, ih the usual course of its dealings, or purchased at sales upori judgments which shall have been obtained for such debts. VI. The totality of the debts of the company, whether by bond, bill, note, or other contrafr (cred its for deposits excepted) shall never exceed the amount oF its capital (lock. In cafe of ex cels, the directors, under whose adniiniftration it (hall happen, shall be liable for it in their private or separate capacities. Those who may have di (Tented may excyfe themselves from this refpon fibilitv by immediately giving notice,of the fa& and their d;iiTent r to the President of the and to the stock-holders, at a general meeting to be called by the president of she bank at their rcqueft. VII. The company may feHordemifc its lands and tenements, or may fell the whole or any part of the public, debt, wherebf its stock shall consist ; but shall trade in nothing, except btiU of ex change, gold and silver bullion, or in she sale of.goods pledged for money lent : nor shall take more than at the rate of fix per centum per <innum, upon its loans or discounts. VIII. No loan shall be made by the bank, for the use or on account of the government of the United States, or of either of them to an amount exceeding fifty thousand dollars, or .of any fo reign prince or state;; unless previously authorized by a law of the United States. IX. The stock of the bank shall be transferable; according to such rules as shall be"inftituied by the company on that behalf. X. The affairs of the bank shall be undei the management of , twenty-five dire&ors, one of whom shall be the president. And there lhall be on the firft Monday of January, in each year, a choiceof directors, by plurality of fuffrages of the ftock-hol.ders, to serve for a year. The dire&ors at their firft. mcqiing alter each ele&ion, shall cHose one of their number as president. XI. The numbei of votes to which each flock-holder shall be entitled, shall be according to the number o£ shares he shall hold, in the proportions following ; that is to fay, For one fharc, and not more than two fharcs, one vote : For every two shares above two, and not exceeding ten, one vote : For every four shares above ten, and not exceeding-thirty, one vote: For every fix shares above thirty, and not exceeding sixty, one vote : For every eight shares above sixty, and not exceeding one hundred, one vote ; and for every ten shares above one hundred, one vote : But no person, copartnership, or body politic, shall be entitled to a greater number than thirty votes. And after the firft elec tion, no'fharc or shares shall confer a right of-fuffrage, which shall not have been holden three calendar months previous to - the day of election. Stockholders aflually resident within the United States, and none other, may vote in ele&ions by proxy. XII. Not more than three-fourthS.of the' directors in offiefy exclusive of the president, fhail be eligible sos the next Cufcceeding ye. r. But the direfcVor wijio shall be prefidept at the lime of an elt ftion, may always be re-ele£ted. XIII. None but a stockholder,' being a citizen of the United States, shall be eligible as a director. XIV. Any number of stockholders not less than (ixty, who to gether shall be proprietors of two hundred shares, or upwards, lhall have power at anytime to call a general meeting of the llockhoMers,' for purpoles relative to the inftitutiort ; giving at lea ft fix weeks notice in two public gazettes of the place where bank is kept, and fpccifying in such notice the obje& of the meeting. . XV. In cafe of the death, resignation, absence from the Uni ted States, or removal of a director by the ftockholdcrs, his place may be filled by a new choice tor the remainder of the year. XVI. No director shall be ientitled to any emolument, unlefi the lame fha.ll have been allowed by the stockholders at a general meeting. The stockholders (hall make such compensation lo the president, for his extraordinary attendance at the bank, as lhall appear to them reasonable. XVII. Not less than seven directors Onll cooftitutc a board for the tranfaftion of business. 681 [Whole No. 125.] XVIII, Every cashier, or treasurer, before he caters on the duties of his office, fha 11 be required to give bond, with two or more sureties, to the fatisfadlion of the dirc&ors, in a sum not less than twenty thousand dollars, with condition for his good behaviour. XIX. Half yearly dividends (hall be made of so much of the profits of the bank, as fhal 1 appear to the dire&ors advifeable. And once in every three years the directors (hall lay before the stockholders, at a general meeting, for their information, an fx aft and particular statement of the debts, which ihall have re* mamed unpaid, after theexpiration of the original credit, for a period of treble the term of that credit, and of the surplus of pio fit, if any, alter deducting loilesand dividends. XX. The bills and notes of the bank originally made payable, or which shall have become payable on demand, in gold and sil ver coin, shall be receivable in all payments to the United States. XXI. The officer at the head ot the treafuty department of the United States, shall be furnifhed from time to time, as often as he may require, not exceeding once a week, with ftatcments of the amount of the capital flock of the bank, and of the debts due to the fame, of the monies deposited therein, of the notes in :irculatio«. and of the cash in hand ; and (hall have a right to inlpedl such general accounts in the books of the bank, as shall re late to the said flatcments ; provided that this lhall not be con llrued to imply a right of infpe&ing the account ps any private in* ividual or individuals, with the bank, XXII. No similar institution shall be eflablifhed by any future ast ol the United States, during the continuance of the one hereby proposed to be established. XXIII. It shall be lawful for the directors of the bank to eflab- lifh offices, wheresoever they (hall think fit, within the United States., for the purposes of discount and deposit only, and upon the lame terms, and in the fame manner, as shall be pra&ifed at the bank, and to commit the management of the said offices, and the making of the said discounts. either to agents specially appointed by them, or to such persons as may be chosen by the stockholders residing at the place where any such office shall be, under such a grcements, and fubjett to such regulations as they lhall deem pro per ; not being contrary to law, or to (heconflitution of the bank. XXIV. And latlly. The President of the United States shall be authorised to cause a fubfeription to be made to the flock of the said company, on behalf of the United States, to an amount not cxcccding two millions of dollars, to be paid out of the mo nies which lhall be borrowed by virtue of either of the a 6l's, the one entitled, " An adt making provision for the debt of the Uni ted States," and the other entitled, "An a6t making provision for the redu6liou of the public debt; borrowing of the bank an equal sum, to' be applied to the purposes for which the said mo nies (hall have been procured, reimbursable iri ten years by equal annual inftalmints ; or at any time sooner, or in any greater pro portions, that the government may think fit. CONGRESS. HOUSE OF REPRESENTATIVES. Sketch of the Debatej on lh; MILITIA BILL. MONDAY, Dec. 20, 1790. The 3d feiftion under con fide rat ion. MR. FITZSIMONSYnoved an amendment, by which the light infantry, or riflelti'eii, one company of artillery, and one troop of liorfe, should be feletfted from the militia, without refer ence to any particular age. He fakl the clause which enacfts that tliefe companies /hall be com posed of persons from 18 to 2j years of age, would operate again (I several particular interests, espe cially mechanicks and manufacturers. Mr. Madi("on remarked that by the bill, all per sons between the ages of ißand 2J, were to serve in tliofe companies—it was not confined to artifi cers alone. The agricultural interell had as much caofe to complain. But the intension, of making the youth perforin double duty, was that they might speedily be taught the military art, and be enabled to defend their country, if her Situation called for their aid Mr. Jackson was opposed to it : He said tliat from 18 to 21 was found to be the belt age to make soldiers of. After that period men become engaged in the concerns of life—get married, have children, enter into bufmefs, &c. It would not bear harder on the manufacturers and me cliankks than on the farmers—and as the sea ports have generally more at Hake, it seems to tollo\vthat the obligation is llronger on them to turn out in the militia. Mr. Heifter was in favor of the motion. Mr. Fitzfiinons said he was tnifunderftood : He did not mean that persons from 18 to 25 ftiotild. be excufedfrom military duty : His wish was that facli persons should not be particularly pointed out for this duty. Mr. Lawranct was in favor of the motion : He obfervt'd that it was not age alone that was to be considered in forming light infantry or artillery companies : There are other considerations, as size, agility, Szc. He thought the motion a good one.
Significant historical Pennsylvania newspapers