TREASURY DEPARTMENT,"] ... December ji, 179 c. J 111 obedience to the order of the House of Re rRESENTATi vEsof the 9 th Day of Anguft lalt, requiring the Secretary of the Treasury to prepare and report, on this Day, fucli fur ther Pj ovifion as rnay, in his opinion, be ne ceflary for eftabliftiing the PUBLIC CREDIT —the said Secretary further Respectfully reports, (CONTINUED FROM CUR I.AST.J V THE capital of every public bank will of course be reftri&ed within a certain defined limit. It is the province of legisla tive prudence so to adjust this limit, that while it will not be too contracted for the demand, which the r.ourfc of business may cre ate, and for the security which the public ought to have for the so lidity of the paper which may be ilTued by the bank, it will ftiJl be within the compass of the pecuniary resources of the commu nity; so that there may bean easy practicability of completing the fubfeription? to it. When this is once done, the supposed etfeft of neceflity ceases. There is the#) no longer room for the invert, ment of any additional capital. Stock may indeed change hands by one perion felling and onother buying : but the money which the buyer takes out of the common mass to purchase the stock, the ieller receives and restores to it. Hence the future furpluffes which may accumulate, mult take their natural course, and lend ing at interest muftgo on as it theie were no such inflitution. It rncft indeed floW in a more copious stream. The bank fur nifhes an extraordinary supply for borrowers, within its imme diate fphrre. A larger supply confequentiy remains for borrow ers elsewhere. In proportion as the circulation of the bank is ex tended, there is an augmentation of the aggregate mass of money for answering the aggregate mass of demand. Hence greater fa cility in obtaining it for every purpose. It ought not to cfcape without a remark, that as far as the ci tizens of other countries become adventurers in the bank, theie is a positive increase of the gold and silver of the country. It is true, that from this a half yearly rent is drawn back, accruing from the dividends upon the (lock. But as this rent arises from e employment of the capital, by our own citizens, it is proba ' that " ,s more than replaced by the profits of that employ ment. Itisalfe likely, that a part of it is, in the course of trade, converted into the products of our country: And it may even prove an incentive, in some cases, to emigration to a country in which the tha rafter of citizen is as easy to be acquired, as it is es timable and important. This view of the fubjeft furnifnes an answer to anobjeftion which has been deduced from the circum stance here taken notice of; namely, the income resulting ta fo reigners from the part of the stock owned by them, which has heen represented as tending to drain the country of its specie. In this objection, the original investment of the capital, and the conftantufe of it afterwards, seem both ro have been overlooked lhat banks turmfh temptations to over-trading, is the third of the enumerated objections. This must mean, that by affordin, additional aids to mercantile enterprise, they induce the me r ! vnZ R.'HV l ° * dventllre e y mid Prudent or ialutary point But the very ffatement of thething Ihews, that the sub jest of the charge is an occasional ill, incident to a general <-ood Credit of every_kind (as a fpcc.es of which only can bank lending wUh thef PP ° J '" Uft be ' mdiffcrl ' nt degrees, cha,-able with the fame inconvenience. It is even applicable to gold and » er, when they abound in circulation. But \trouici it lie wife on this account to decry the precious metals, to Toot out ired.r or to proscribe the means of that enterprise, which , s the main pring of trade, and a principal source of national wealth, because r-f V Cn J" 1 ? over-trading is one ation uf * s , of a thing are to determine its condemn, ation, there is scarcely a source of public profpenty which will no fpeed.ly be clo fed. In every cafe, J evil is toV~Ved with the good ; and in the present cafe, such a comparison will J n thls » that the new and increased energies derived to com fr ° m u e a,d of banki > are a »I profit and advantage , which greatly outweigh the partial ills ° , ovei-trading of a few individual, at particular times, or ol numbers in particular conjun&ures. The fourth and fifth charges may be considered together These re ate to the aid which is fometimcs afforded by banks to unfkil »ul adventurers and fraudulint traders. These charges also have some degree of foundation, tho' far less than has been p-etended and they add to the inlbnces of partial ills, connected with more extensive and overbalancing benefits. more The practice of giving fictitious credit to imoroocr nerf„ „ ' one of tht/1e evils which experience guided bv imereft r ji" corrcfls. The bank nfelf isin so much jeopardvofhit er by it, that it has the strongest of all 1 " guard. It may not only be injured immediately bv the quencies of the persons, to whom such credit is snven h C ssysjiSsKr - " h "" *%BSS3£saSl r f mg for the mod part felefted from the class of b L e - leafing of declining circumstances are obliged IO emolov ~ I P ? r countenance which the rule, of , P> ' , kec P U P " ,e 2KS3BK£» 7 %,«1" » jta P uUic Ih„ ,!„v - - »-aK "SKs ■'SP?* s assail both upon o. a nation is to be mealured, not by the abundance of >(■ CSSESSBSS bu < by lh < * P'«4- and silver of « nation; if the consequence of avoiding that lois mould be a fcauty or dcfe&ive circulation. Bat the pofirive and permanent incrcafe or decrease of the pre cious metals in a country, can hardly ever be a matter of indiffer ence. A* the commodity taken in lieu of every other, it is a fpe- Cies of the molt efFe&ivc wealth; and as the money of the world, it is of great concern to the fiate, that it poflefles a fufficiency of it to lace any demands which the prote&ion of its external ioter elfs may create. Tuc obj ftion seems to admit of another and a more Conclulive infwer, which controverts the faftitfelf. A nation that has no mines of us own, must derive the precious metals from others; generally (peaking, in exchange for the produas of its labour and indultry. The quantity it will possess will therefore, in the 0r ;,7/1 of things, be regulated by the favorable orunfavor t-r ' ancc °f 115 trade ; that is, by the proportion between its abilities to .upply foreigners, and its wants of them ; between me amount of itsexporutions and that of itsimportations. Hence the 1 ate of its agriculture and manufaflures, the quantity and tf n lts labour and ituluftry must, in the main, influence and determ.nc the incrcafe or decrease ol it* gold and ftlver. hank/f ™ c > the ,nf erence seems to be, that well couftituted twn hTH the "' Cr " (eof the P r=cious »«'!•. has been a cZ'trv rJ aUgme 'l. £ ' n d ' fferent ways < the active capital of imates an I ,-v j" ! s , wh,t " fwrates employment : which an. i. made tf ith T 3 '"duftry. Every addition which titv of hntl, ' by , comnbutln g t <> P"t in motion a greater quan both A.iA C ? crcatc a greater quantity of the produtls of du-esto f "'ore materials for exportation, con duces to a favourable balance of trade, and consequently to the intrnduaion and mcreafe of gold and silver. - This concMon appears to be drawn from solid p,-emits There are however objections to be made to it. cie i7r«L,'<^ d ' that " ba " k P a P" affords a substitute for fpe > s ocounteraft that rigorous neceflitv for the metals as a medium of circulation, which m the cafe of a wron bahnce added ThaTf" Tf de S ree f their exportation ; and it may be 1, r famecaufe ' in the fame cafe, it would re ffi*wh?chT7 3nd Pa / f,m9 "' OUS reform> in ' he ~r of liv ing, wnicli the scarcity of money is calculated to produce and which migfit be necessary to reflifv fuel, wrong balance ' There is perhaps some truth in both these observation, • bu> they appear to he of a nature rather to form except,ons to'he „ ncrahty of the conclusion, than to overthrow it. The state of »! S A, T-ft C [ u e abJoluU "W' circulation can beL pofedto re lift any effed the urgent demands for foecie AndTri 3nCe ° f 'u ade may OCCaflon ' P rclcms a » <*'ren of a'cot™ " m *sh,ch5 h,ch 3 to ° eX P™ fn ' e ma "«r of livW 'a correXe" f'' C °Ta rC r W " h means ' can stand in need of rarely bTf ' ° r , neCeffity ' ,s one «hich perhaps tv and ' A executed, and the inviolability of proper (To be continued.) ™ M SSAC|iu ? ETTS STATE lot™ Tickets thai! bedifpofcd of. ' ft"Wt >* the - SCNBMK. NO.T TVrtO BLANKS TO A PRIZE " 25,000 Tipkers, atDotUrT eSech " „ 1 25,000. PoU arS) . t 0 pg pjj J .L e f,r . . > n fieduftion oUwclvt anilaa half i ([ (ent f or ® le "/."'i "!*'}, <° a monwealth.. ■ "• ' e le °' lt W Com- Pr,z „ . Dollars. 1 of 3 6 10 8a 90 100 - j 20 161 200 7 S B S , 8388 Prizes, 16612 Blanks. 1 3 6 1 o 8a 90 100 - 120 161 200 7a 8 5 - 8388 Prizes. 16612 Blanks. 25G00. (hJT f'CKETS may be had of the (Vv.r-.! st pay the Prize, on demand-os the Tr/aSitr wil wealth—of JAMES WHITE at his R* tic tl,c Common Caurt-Street, and at other S'efas «fuaT k " Sro ' e ' BENJAMIN AUSTIN' iun -| DAVID COBB, I SAMUEL COOPER 1 ~ GEORGE R. MU'OT 1 Mana S"s ---g 8 7 i IO ? N ' j Bojim, Jul, j>B, 8 7 go. J pT Tickets in the abort Lottery are in h t r i u corner of Front and Pine Streets, Fkiladclptil phc " PLEASE TO NOTICE. Ip" FOR the accommodation of those iuU ™jh to kcome in th J F iri C/J/s of it iVI A _v. f , * J J the other root? Bills will A* t. ,• 1 , " I >> S > or Tickets >"3;£WH "■ *U filch litters. upon the receipt of Boston, Dec. 22, 1790. 1%, «!> * compleated. 7 J h<! dra ™'»£ is ___ 7' raw tf t" 1 BENEZER hazard and JONAS ADnnin k into partueilhip, and omrf t Sbve cnttrt,i Market.Street, a few doort above V ,? t 'at No - >73, in Firm of °" abme * °Wrtk-6tjtet, where, under the Hazard and Addoms CFRTTFTr 4^J" lr^ i,re * ni fcll 3,1 kinds of ' CERTIFICAThS-PAPER Mo N£Y , and BANK IN. B. Transfers made at the P M,V r.iK lT > - n:ral tranMeil 011 Commifli-.n " Bu! inefs in ge- JJkember 29. 700- ' Dollars, 10000 6000 6000 6600 £*>oc 6000 8000 4000 3600 10000 i s « ; 3°°o arc s 2000 zooo , 500 200 100 50 .40 < .30 • • * 20 IO 8- .. HEN R V KU II A No - M 3. Steal.Street, near Race-Sirct, BY advice of his friends in Nrw-Ymlr r> • • /T'f ' * He will obtain such Certificate, a* arc required Hv th, f '»• for * hofc *»» »»»' unliquidated Secures , and tru. JjT' from and to the Treasury and the Olfices of the ComroiWr, < Loans, on moderate terms. "oners of Having tor Icveral vcars past been em D lov f H in it,- t r the United States, he is well acn ua ™J-dwi.h, ' TlPafu 'y( forms ; and flatters h.tnfelf that'on (hat fcor«he vantage m tranfa&ing business here He-is fullv "a the truth of the adage that « dispatch .. the foul of buftm'f^M firft impoaanTe """ °* £ Philadelphia, December 2qth, 1790. IMPERIALLY SON, SOUCHONG, andBOHEA REFINED SUGARS, COFFEE, and SPICES, Of the firft^uality— by Retail, Third-Street, between Ctiefnm and WarVr.-Sireeis. W H S ERE fv , ? WLUAM TUFF, ol Salem Goumv VV State of .New- Jprffy, has two nine pound nQt£s of J'l' gtven by Samuel Hollmjfieat, jun. and b „ «,tain informa ioT it appear, that my name as a security for the fame ls added to tl'oll note., unknown to me. I hereby forlpid any person or prrfot /i an y/ m S" m "t Of them from him ; (or lam deter m.ned not to answer those note,, or 9 n Y affirm of them t know nothing gf their deal.ngs, nor will I answer for the fame. Cumberland County,', Nov. 30, ROfiINS °N. John Francis, Late of New-York, refpeftfully informs the public, that he has opened a Commodious Boarding House, WUrVi-'r o ",™' 5 "" 1 ' ° ne door f ™^Rac c -Stree(f ' v\ HhHfc Gentlemen may be accommodated tvitU <JEIiTEEL BOARDING AND LODGING By the Plksk Month, or Year, and on the molt moderate terms Phila. Nov. 20 , , 79 0._ faaw.an,.] ' -Philadelphia, January 1, 1701 HT HE partner (hip of John Dun-lap and Cl,y *•»<«« w. The Mail, and New Daily Advertiser. (To it continued every Evening, Sunday excepted ) JSB r° f,kl i«SSKSte&ste engages that no Means (hall be fmrrH tor • l slKSTfr* v ; ,: and tisssttrsiri ccued on turh moderate Terms as to prove fatisfjrtnrv t* th r zst**** ""J&ss&rs TlnrH sf A w wi " be f >ul,lin,ed at 'he House No. 2, Lower uhsc r iprio.Ns are thanklully received at No. 48, Mar-krt-Street' 1 D C. CLAYPOOii. New Line of Stages. ; r T I HE Subscriber has established a line ofSTArirc r u ; t„nes a week during the Summeril(L ' a " d lbrce Good Carnages, Horses, and careful Drivers are provided The Stage for the Eastward leaves ' 4 ' I 73 °" Hartford- Mondays and Thnrfdays, -Tuesdays and Fridays Providence— Tuesdays U*ridi vt , Norwich, -Wedncfdays and Saturdays. JESSE BROV/X! ' 322(? 2000 60680 i20Q09 69 —1 wgm Gazette of the United States,. Grr THE Edltor re< s uests lh °'e of his Subscribers whose are rearages amount to ,nd twelve M S uhcr, fi t lon , ,0 make p.v - mem as soon as possible. He trusts it wilJ p roV e a rfcent a. pology for tins apphc.Uon, when he assures them that his receipts or the year ijgt,, do not amount to more than one half of the ac tual expence of the publication during that period. Upwards of two hundred thousand copies of this Gazette have been published and circulated since the , 5 April, , 7 8g, the time when it commenced. F.omthevery general approbation it has received, and the extensive and ample subscription which has of fered, the editor has flattered himself with the oossibility of its being supported ; but at the present moment a most perplexing uncertainty rests on that event-owing ,0 the difficulties attending the present mode of its circulation, and collecting subscriptions from situations remote from the place of publication. January 5, i 7QI . its/ w*. fcf""" ui '"y~h^~ SUNDAY SiHOOLS *r ¥r '• r 2 «?-&'2 ft p t£:;tTt"S, M. CAREY, See. P. T.
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