■
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