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.