■ 1 TREASURY DEPARTMENT,! December 13, 1790. J In obedience to the order of the House of Re presentatives of the 9th Day of August last, requiring the Secretary of the TrbasurY to prepare and report, on this Day, such fur ther Provision as may, in his opinion, be ne ceflary for eftabliftiing the PUBLIC CREDIT —the said Secretary further Respectfully reports, THAT from a conviction (as fuggelled in liij Report No. I, herewith prcfented) thai a National bank is an initiation ot primary importance to the prosperous admmiftration »f the Fi nances, and would be of the greatcft utility in the operations con nected with the support of the Public Credit, his attention has been drawn to devising the plan of such an institution, upon a scale which will entitle it to the confidence, and be likely to ren der it equal to the exigencies of the public. Previously to entering upon the detail of this plan, he entreats the indulgence of the House, towaids some preliminaiy reflec tions naturally arising out of the fubjeft, which he hopes will be deemed neither useless nor out of place. Public opinion being the ultimate arbiter|ot every measure of government, it can scarcely appear improper, in deference to that, to accompany the origina tion of any new proportion with explanations, which the superi or information ot thofeto whom it is immediately addrelTed, would render fuperflutras. r j j It is a fail well understood, that public banks havu found ad mission and patronage among the principal and most enlightened commercial nations. They have successively obtained in Italy, Germany, Holland, England and France, as well as in t£e United States. And it is a circumftancc which cannot but haveconfider able weight, in a candid eftimateof their tendency, that after an experience of centuries, there exists not a question about their utility in the countries, in which they have been so long establish ed. Tbeorifls and meu of bufiaefj the acknowledgment ° f Trade and induftrv, wherever they have been tried, have been indebted to them for important aid. And government has been repeatedly under the greatest obligations to them, in dangerous and diftreOing emergencies. That of the United States, as well in some of the most critical conjunctures of the late war, as since the peace, has received afliftance from those established among us, With which it could not have difpenftd. With this two-fold evidence before us, it might be expected, that there would be a perfect union of opinions in their favor. Yet doubts have been entertained ; jcaloufies and prejudices have circulated; and though the experiment is every day dissipating them, within the fphercs in which effefls are bed known; yet there are fttil persons by whom they have not been entirely re nounced. To give a full and accurate view of the fubjeft, would be to make a treatise of a report; but there are certain afpefts in which it may be cursorily exhibited, which may perhaps conduce toajuftimpreffion of its merits. These will involve a comjjari fon of the advantages, with the disadvantages, real or supposed, of such institutions. The following are among the principal advantages of a bank :— Firjl. The augmentation of the active or produ&ive capital of a country. Gold and silver, where they are employed merely as the instruments of exchange and alienation, have been not impro perly denominated dead flock; but when dcpofited in banks, to become thebafis of a paper circulation, which takes their charadler and place, as the signs or representations of value, they then acqui re life, or, in other words, an active and productive quality. This idea, which appears rather subtil and abftraft, in a general form, may be made obvious and palpable, by entering into a lew parti culars. It i« evident, for instance, that the money which a mer chant keeps in his chest, waiting for a favorable opportunity to employ it, produces nothing till that oppottunity arrives. But if infteafttf locking it up in this manner, he either deposits it in a invests it in theftock of a bank, it yields a profit during the interval, in which he partakes, or not, according to the choice he'may have made of being adepolitor, or a proprietor; and when any advantageous speculation offers, inorderto be able to embrace it, he has only to withdraw his money, if a depositor, or if a pro prietor, to obtain a loan from the bank, orto difpofeof his stock; an alternative seldom or never attetided with difficulty, when the affairs of the institution are in a prosperous train. His money thus or invested, is afund npon which himfelf and others can borrow to a much larger amount. It is a well established fafl, that banks in good credit can circulate a far greater sum than the actual quantum of their capital in gold and silver. The extent of the poflible excess seems indeterminate ; though it has bc.cu con je&urally stated at the proportions of two and three to one. This faculty is produced in various ways. Firjl—A great proportion of the notes which are issued and pass current as calh, are indefi nitely suspended in circulation, from the confidence which eech holder has, that he can at any moment turn them into gold and silver. Secondly —Every loan which a bank makes, is, in itsfirft shape, a credit given to the borrower on its books, the amount of ■which it Hands ready to pay, either in its own notes, or in gold or silver, at his option. But, in a great number of cases, no actual payment is madein either. The borrower, frequently,by a check, or order, transfers his credit to some other perfon,to whom he has a payment to make—who, in his turn, is as often content with a similar credit, because he is fatisfied that he can, whenever he pleases, either convert it into cash, or pass it to some other hand as an equivalent for it. And in this manner the credit keeps cir culating, performing in every stage the office of money, till it is ex tinguished by a discount with some person who has a payment to make to the bank, to an equal or greater amount. Thus large sums are lent and paid, frequently through a variety of hands, without the intetvention of a ungle piece of coin. Thirdly—There is al ways a large quantity of gold and silver in the repositories of the bank, besides its own stock, which is placed there with a view, partly to its fafe-keeping, and partly to the accommodation of an institution. which is itfelf a source of general accommodation. These deposits are of immense consequence in the operations of a bank. Though liable to be re-drawn at any moment, experi ence proves, that the money so much oftner changes proprietors than place, and that what isdr3wnout is generally so speedily replaced, as to authorize the counting upon the sums deposited, as an cjfe£iive fund; which concurring with the stock of the bank, enables it to extend its loans, ?nd to answer all the demands for coin, whether in consequence ot those loans, or arising from the occasional returns of its notes. These different circumftancesexplain the manner in which the ability of a bank to circulate a greater sum than its actual capita! in coin, is acquired. This however must be gradual; and rauft be preceded by a firm establishment of confidence ; a confidence •which taay be bestowed on the irioft rational grounds ; since the excess in question will always be bottomed on good (ecurity of one kind or another. This every well-condu£ted bank carefully requires, before it will consent to advance either its money or its credit, and where there is an auxiliary capital (as will be the cafe in the plan hereafter fubmilted) which, together with the capita 7 in coin, define the boundary that (hall not be exceeded by the en gagementsof the bank, the security may, confidently with a! the maxims of a reasonable circumfpeftion, be regarded as con plete. The famecircumftances illustrate the truth of the position, that it is one of the properties of banks to increase the a&ive capital of a country. This, in other words, is the sum of them. The mo ney of one individual, while he is waiting for an opportunity to employ it, by being either deposited in the bank for fdfe-keep- ing, or inverted in its stock, is in a condition to adminifler to the wants of others, without being put out of his own reach when oc calion prcfents. This yields an extra profit, arising from what is paid for the use of his money by others, when he could not him ielf make use of it ; and keeps the money itfelf in a (late of incess ant activity. In the almost infinite vicifiitudes and competitions oi mercantile enterprize, there never can be danger of an iotermif fion of demand, or that the money will remain for a moment idle in the vaults of the bank. This additional employment given to money, and the faculty of a bank to lend and circulate a greater sum than the amount of its stock in coin, are to all the purposes of trade and industry an absolute increase of capital. Purchases and undertakings, in general, can be carried on by any given lum of bank paper or credit, as effectually as by an equal sum of gold and silver. And thus by contributing to enlarge the fwafsof in duftiious and commercial enterprize, banks become nurseries of national wealth : a consequence, as fatisfaftoiily verified by ex perience, as it is clearly cleducible in theory. (To be continued.) New Line of Stages. THE Subscriber has eftabliflied a line of STAGES from Hart ford to Boftou, by way of Norwich and Providence, which will run thro twice a week during the Winter Season, and three times a week during the Summer Season. Good Carriages, Horses, and careful Drivers are provided. Paflengers pay three Pence per Mile, and are allowed 14 pound Baggage each. Extra Baggage pays at the rate of three Pence per Mile for every 150 wt. As the Mail is to go in these Stages for the year 1791, fixed hours for darting from the refpefhve Stage Houses is absolutely neceffary—from which there can be nodevia- tion, The Stage for the Eastward leaves Hartford Mondays and Thnrfdays, Norwich Tuesdays and Fridays, Providence Wednesdays and Saturdays, For the Weftv/ard, leaves Boston— Mondays and Thursdays, Providence Tuesdays and Fridays, Norwich Wednesdays and Saturdays. JESSE BROW N. 69 —iw3m WHEREAS a certain WILLIAM TUFF, of Salem County, State of New-Jersey, has two nine pound notes of hand, given by Samuel Hollinjhead, jun. and by certain information, it appears that my name as a security for the fame is added to those notes, unknown to me. I hereby forbid any person or persons from taking any alignment of them from him ; for I am deter mined not to answer those notes, or any alignment of them, as I know nothing of their dealings, nor will I answer for the fame. crland County i Nsv. go, 179©. Henry Kuhl, At No. 143, Second-Street, near Race-Street, T) Y advice of his friends in New-York and Philadelphia, ha AJ opened an office for thepurpofeof buyingand felling, on com million, the different fpeciesof Stock, and of liauidatcdind unliqui dated paper in the market. He will obtain such Certificates as are required by the funding law, for those who have unliquidated Securities ; and transfer stock from and to the Treasury and the Offices of the Commissioners of Loans, on moderate tenns. Having for several years past been employed in the Treasury of the United States, he is well acquainted with its operations and forms ; and flatters himfelf that on that score he has "a decided ad vantage in tranfafting business here. Heis fully impressed with the truth of the adage that " dispatch is the foul of bufincfs," and will always make the intercft of his employers an object of the nrft im poitance. Philadelphia, December 29th, 1790. MASSACHUSETTS STATE LOTTERY HE Managers afthe STATE LOTTERY, present the Public W ' J . 'he First Oafs of the Majachufctts semi-annual Stale Lot tery, which will commence drawing in the Rehrefnnatives' Chamber, in Boston, on i the Seventeenth of March next, or feor.tr, if the Tickets (hall bedlfpofed of. SCHEME. NOT TWO BLANKS TO A PRIZE, 2J,000 Tickets, at Five Dollars each, are 125,000 Doiiars, to be paid in the following Prizes, fubjea to a deduction ol twelve and an half percent, for the life of the Com. monwealth, Prizes. j ' Dollars. j 1 10000 is 2 3000 arc 3 2000 6 1000 10 500 3® 200 8° 100 9° 50 « 100 40 1 " 1 20 200 yo 7585 8 8388 Prizes. 16612 Blanks. 120 i6i 2 00 7585 8388 Prizes. 16612 Blanks. 25000. 03"* IICK.ETS may be had of the several Managers, who will pay the Prizes en demand—of the TREASURER of the Common wealth-os JAMES WHITE, at his Book-Store, IraMin's-Head, lourt-Strcet, and at other places as ufua). BENJAMIN AUSTIN, iun.l DAVID COBB, SAMUEL COOPER, y Managers. GEORGE R. MI NOT, ! JOHN KNEELAND, j Bojlon, July 28, 8790. This day is published, I his day is published 9 By Thomas Lang, No. 21, Church-Alley, And fold by Fravcis Bailey, Joseph Crukshank, Wil liam Pribhard, and Rice and Co. in Market-Street ; and by Thomas Dobson, William Younc, and Robert Campbell, in Second-Street, Philadelphia, • Price 12s. 6d. (not ha/fthe price of the London edition) ' The Poems of Ossian, SON OF FINGAL Translated by JAMES MACPHERSON, Ess Wanted, a good Cook, Either Man or Woman Enquire at No. aoq, Second-Street, opposite the New-Market. 692 Norwich, Dec. 14, 1790. REUBEN ROBINSON. 100 5° 4 o 3® 20 the PRICE CVRREtIT. PttILADEL tUIA. DECEMBER 31. —Dollars at ;/G. ANCHORS pr.lb. 6y Allum, Englilh, pr. cwt. 36* Ditto, Roch pr. lb. tod Ashes, pot, per ton, 35 a 37/10* Arrack pr. Rail. icj 12s6d Brandy, co*imon, js Cogniac 8r 4d Braziletto, pr. ton. 12/ a 161 Bricks pr. M 3 os Bread, ship pr. cwt. 18s6d 19 s Ditto, pilot 35s Ditto, small water 6sr Beer, American, in bot. ) , pr. doz. ) pr. bbl. 3 0s c/i f Oak pr.M feet, 4/IOT 4/18J ® I Merch. pine 4/ 10s 4/15/ Sap, do. 2l'.ys6d 3/ Q | N. Eng. 2/5/ 2/7s6d, l.Cedar 5 s The above are the Shallop prices ; for the Yard prices add 15/ pr M. Brimstone in rolls pr. cwt. 24J fcu ( Irifli pr. bbl. 55s 6oj § < Boston 5 0s ca ( Country 45 s Butter pr. lb. is is 3^ in kegs iod \ 'id Cedar,red timber pr.foot 2s2s6d Chocolate pr. lb. 11 d 12d Coal pr. bufliel is 8d Coffee pr.lb. is id Cinnamon ißj zcs Caflfia Cheese, English \s6d Country 6d 7\d f Sper. pr. lb. 3/3 d 3J6 d - I or \szd | Mould,tallow 11 d i'id O icd Cotton is \d ii 8d Currants Cloves i,5 f Copperas pr.cwt. 15J 17 s6d Cordage 6oj 6256 d Cocoa 6256 d 6756 d Duck, RufTia, pr. piece Boj 85J Ravens Flour, Superfine, pr. bbl. 43s Common, 39J Bur middlings,beft 27 s Middlings 34* -Ship-Huff pr. cwt. 14.J 16/ Flax pr. lb. 8d gd Fuflic Feathers pr. ton, 135J 15cs pr. lb. 2J 4d Flaxfeed pr. bush. 5s Glue, pr. cwt. 7/ ioj 8/ Ginger, white race 52 s 6d Ditto, common 50J Ditto, ground pr. lb. is 2d Ginseng, 2 s Gunpowder, cannon,pr. £ quarter call;, J 3 0S Ditto, fine glazed 37J 6d Gin* Holland, pr. gall. 5s 6j Do. pr. cafe, 28/ 30J f Wheat pr. bush Ss^dCd „ R y<= s> 5 I Oa-.s - ' < «• Indian corn j Barley 4J qd Best fuelled 20f Buckwheat Hams pr. lb. Hemp, pr. ton, (head hoo; Herrings, pr. bbl. 20s Hides, raw pr. lb. 9d 10d Hops Indigo, French, • Carolina Irons, fad pr. cwt. f CailiHgs £ | Bar pr. ton, °<P'S 2 | Sheet Nail rods Junk, pr. cwt. Lard, hogs Lead in pigs ——in bars Lead, white Dollars*, 10000 6000 6000 6000 6000 8000 45°® 4000 3600 3220 2000 60680 red 47J 6d Leather, foal pr. lb. is 2d is Lignum vit«c pr. too 42s 45J Logwood 7/ 5J 8/ Meal, Indian, pr. bbl. 19J Rye 28-f Mackarel,bcft Cos Common 30s*52s 6d Mace pr. lb. 70s Mustard 2s \d Madder, bed u8fl? is§d MolaflTes pr.gall. zsgd 2s xod Marble, wrought, pr. loot, 13; T.laft spars 6s 7 j 6d Mahogany Sd 12 d Nutmegs pr. Ib. 60s6js6d Nails, 10J12d&c 20d— 8d Bidq d 12500© Linfced, pr. gall. 3 j gd 1 Train U 10 d 1 s Spermaceti 3/ ■jd j I Whale is 10d 25 2 °|' ve 6d 1 Ditto pr. cafe 28.1 30/ Bellfweetin ) I flafks.pr. box, ) 5 t—balkets 12 bottles 28* Oak timber pr. ton 40/ Porter in casks, pr. gall. 2s London, pr.doz.l2j 6d 15s IMPERIAL, HYSON, SOUCHONG, and BOHEA TEAS; REFINED SUGARS, COFFEE, and SPICES, &c, Of the fiifl Quality—by Retail, No. 17, Third-Street,between Chefnut and Market-Streeis. The price of this paper js 3 dollars per ar.mm. PER Y Porjer, American pr. do*. 12/ Pitch, pr. bbl. 25s Pork, Burlington, 805901 Lower county 70s 85* m 75 s 7 s 6d 8j 4d is gi is 6d Carolina Peas, Albany Pepper, pr. lb. Pimento Rice pr. cwf. 24/ Rosin pr. bbl. 2^ Raifms, heft, pr. keg 82J CJ 9oi Ditto pr. jar 2'is 6d 30/ Ditto pr. box 17 s 6d 2 r Jamaica pr. gall. $s6d6s Antigua 5 t £ Windward 4 s6a H Barbadoes 4 j 4 j4^ ! Country, N. E. 3-f3Jii LTaffia . 25 6d Saffafras pr. ton 45* 6c# Salt petre, pr. cwf. 6/io.f Sulphur, flour 40/41* Shot 50f j ( German pr. cwt. 60/ jor W jEnglifh, blistered 82J 6d pr. ton 40/60/ £ Crowley's pr. fag. 4/ io.r Snake root pr. lb. u6d 2s 8d Soap, Common $d Sd • Brown 6d Castile 8d 9d Starch 7 Snuff is6d isqd 3 s 6d Spermaceti, refined, 3s Sail Cloth, English, ) r , , pr. yard, '$»«»«* • Boston, No. No. 11. 2J 2d RulTia ftieeting. pr. p. go* I" Lump, pr. lb. 1S 5^ & j Loaf, Tingle refined is6d <J Ditto, double do. isio±d j Havannah, white 1 id oo J Ditto, brown, Sd iod L Mufcovada,pr.cwt. Spirits Turpentine pr. gall. f Allurn pr. bu(h. 2s is yL 2J 6i < 2s °° (Lisbon 2s^d2s6d Ship build. W.O. frames > 80/ p.ton, \ Bsf Do. LO. & red C. do. 6/6/5* Shingles, (hort, p. M. 15* 20c d long dreffcd 90 s 100s s Scantling, heart, 90^1505- d Sap 4 2j d C Pipe pr. 1200 pieces 5/ £2 ! hoglhead 7/ c* i > |R. O. do® 5/ % s £ I Le °g a n S l >5 f i u Barrel 4/ 15* s L Heading 8/105 s C Otter, bed pr. piece 30/ Minks U2j6i Fox, grey zs 6d 5/ J ——red 6s js6d s £ Martins 35- < 2s6dtjs s £ Bears Ji6d2os • Racoons 2s 4* Musk-rats 9d is 6d Beaver, pr. lb. js6d 1 u 3-/ Deer, in hair is6dps^d is ls6 65s 70J Scan; issd2s6d 2 s 7 d Sd > ,56/ >r. M d6l jN.Jerfey, 24 gal. p. bbJ. 135 Carolina, 32 gall. 15*17/ Turpentine 20J 2256 d Tar, Spirits, pr.gall. 35 gd 'James R. new bed 35/' inferior 26J 28? o old 4 CyS $cf " Rappahannock O J Colo. Maryland 40J 60jr Dark 20s 22s 6d Long-leaf 22 j 6d M liaftern-fhore 15s i6tf X • Carolina, new 24J 26/ 2J 9s 6d ys 6d 12 s 4 s 7s6d 501 2256 d 3OJ 29/30/ IQ/ 60/ 65/ 361 27s 35 s 9<* 40J 42 j 6i 45 J 5 0i Boj L old 30s ( Hyson pr. lb. 7jßj4<£ co ! Hyson (kin, 4/ 4s 64 Souchong, best ns6d 8/ H ! Congo, 3* 3 J 9^ l_Bohea, 2j yd Tallow, refined 9^ Tin pr. box, iioj 11256 d Veidigreafe pr. lb. 41 4J 6d Vermillion, 11*3^ Varnifti, 2J 2s 3d ' Madeira, pr. pipe 40/80/ Lisbon 40/ Teneriffe 22/ioj 24/ w Fayal pr. gall. 3s id 3s 3d 2 Port pr. pipe 39/ 40/ Ditto pr. gall. Do. in bottles, pr. doz. 30J Claret 30J 45* » Sherry pr. gall. 6s gd 9s L Malaga 4 j 5/ Wax, Bees pr. lb. zs 2s 6d Whale-bone, long pr. lb. U3<f •short, pr. lb. \s io Wax, Whal COURSE OF EXCHANGE. Bills of Exchange, London, Ditto 60 days Ditto 30 day* Amsterdam, 60 days, pi. guilder, 3 30 days 3x id France, 60 days,pr.s liv. 7s 2i 30 days 7*3* 2 f 3 d go days, 66? 68J 72J
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