is
*
TREASURY DEPARTMENT,!
Deambir 13, 1790. J
In obedience to the order of the House of Re
presentatives of" the prb Day of August lad,
requiring the Secretary of the Treasury
to prepare and report, on this Day, luch fur
ther Provision as may, in his opinion, be ne
ceflary for establishing the PUBLIC CREDIT
—the said Secretary further
Respectfully reports,
(continued from our last.)
TO procure for the landholders the afliftance of loans, is the
great deftderatum. Suppofingother diiSculties lurmounted,
and a fund created, composed partly of coin and partly of land,
vet the benefit contemplated could only then be obtained, by the
bank's advancing them its notes for the whole, or part, of the va
lue of the lands they had subscribed to the flock. If this advance
"was small, the relief aimed at would not be given ; if it was
large, the quantity of notes iflued would be a cause of diftruji, and
if received at all, they would be likely to return speedily upon the
bank for payment ; which, after exhausting its coin, might be
under a neceflity of turning its lands into money, at any price that
could be obtained for them, tf> the irreparable prejudice of the
proprietors.
Confiderationsof public advantage fugged a further wifh,wh'ch
is, thar the bank could be established upon principles, that would
cause the profits of it to redound to the immediate benefit of the
State. This is contemplated by many, who speak of a national
bank, but the idea seems liable to insuperable obje&ions. To at
tach full confidenceto an institution of this nature, it appears to
be an eflential ingredient in its ftru&ure, that it shall be under a
private not a public dire&ion, under the guidance of individual in
tcrejl, not of public policy ; which would be supposed to be, and in
certain emergencies, under a feeble or too fauguine administra
tion, would really be, liable to being too much influenced by
public ncccfjity. The suspicion of this would probably be a canker,
that would continually corrode the vitals of the bank, and would
be molt likely to prove fatal in those situations, in which the
public good would require, that they should be moll found and
vigorous. It would indeed be little less than a miracle, (hould
the credit of the bank be at the disposal of the government if in a
longferiesof time, there was not experienced a calamitous abuse
of it. It is true, that it would be the real interefl of the govern
ment not to abuse it ; its genuine policy to husband and cherilh
it with the moll guarded circumfpeftion, as an inestimable trea
lure. But what government ever uniformly consulted its tiue in
terests, in opposition to the temptationsof momentary exigencies ?
What nation was ever bleffec? with a constant fuccellion of up
right and wife administrators ?
The keen, steady, and as it were magnetic sense of their own
interest as proprietors, in the dire&ors of a bank, pointing in
variably to its true pole, the prolperity of the institution, is the
only security that can always be relied upon for a careful and pru
dent administration. It is therefore the only basis on which an
enlightened, unqualified and permanent confidence can be expeft
cd to beere&ed and maintained.
The precedents of the banks eftabiifhed in several cities of Eu
rope, Amsterdam, Hamburgh and others, may seem to militate
against this position. Without a precise knowledge of all the pe
culiarities of their refpe&ive constitutions, it is difficult to pro
nounce how far this may be the cafe. That of Amsterdam how
ever, which we bell know is rather under a municipal than a go
vernmental direction. Particulai magillrates of the city, not of
ficers of the republic, have the management of it. It is also a
bank of deposit, not of loan, or circulation; consequently less
liable to abuse, as well as less ufeful. Its general business con-
fills in receiving money for fafe keeping, which if not called for
within a certain time, becomes a part of its flock, and irreclaim
able : But a credit is given for it on the books of the bank, which
being transferable, anfweis all the purposes of money.
The dire&ors being magistrates of the city, and the stockholders
in general its most influential citizens, it is evident, that the prin
ciple of private interest mud be prevalent in the management of
the bank. And it is equally evident, that from the nature of its
operations, that principle is less essential to if, than to an institu
tion constituted with a view to the accommodation of the public
and individuals, by dire£l loans and a paper circulation.
As far as may concern the aid of the bank, within the proper li
mits, a good government has nothing more to wifli for, than it
•will always poflefs ; though the management be in the hands of
private individuals. As the institution, if rightly constituted, mull
depend for its renovation from time to time on the pleasure of the
government, it will not be likely to feel a disposition to render it
felf by its condufl unworthy of public patronage. The govern
ment too, in the administration of its finances, has it in its power
to reciprocate benefits to the bank, of not less importance than
those which the bank affords to the government, and which be
sides are never unattended with an immediate and adequate com
pensation. Independent of these more particular confederations,
the natural weight and influence of a good government will al
ways go far towards procuring a compliance with its desires; and
as the directors will usually be compoied of some of the moll dis
creet, refpc£lable and well-informed citizens, it can hardly ever
be difficult to make them sensible of the force of the inducements
•which ought to stimulate their exertions.
It will not follow from what has been said, that the state may
not be the holder of a part of the {lock of a bank, and confequerit
ly a sharer in the profits of it. It will only follow that it ought
not to desire any participation in the direction of it, aud therefore
ought not to own the whole or principal part of the flock ; for if
the mass of their property fliould belong to the public, and if the
direction of it should be in private hands, this would be to com
mit the interests of the state to persons not interested, or not
enough interested in their proper management.
There is one thing, however, which the government owes to it
felf and to the community ; at least to all that part of it, who are
not stockholders; which is to reserve to itfelf a right of ascertain
ing, as often as may be neceftary, the ftite of the bank, excluding
however all pretention to controul. This right forms an article in
the primitive constitution of the bank of North-America ; and its
propriety stands upon the eleareft reasons. If the paper of a bank
is to be permitted to insinuate itfelf into all the icvenues and re
ceipts of a country ; if it is even substituted for gold and fiJver in
all the tranfattions of business, it becomes in either view a nati
onal concern of the firft magnitude. As such, the ordinary rules
of prudence require, that the government should poflefs the means
of ascertaining, whenever it thinks fit, that so delicate a trust is ex
ecuted with fidelity and care. A right of this nature is not only
defirabJe as it refpe£ls the government; but it ought to be equally
so to all thofc concerned in the institution; as an additional title
to public and private confidence; and as a thing which can only
be formidable to practices that imply mismanagement. The pre
emption mull always be, that the c.hara6lers who would be en
trusted with the exercise of this right on behalf of the govern
ment, will not be deficient in the discretion which it may require;
at least the admitting of this presumption cannot be deemed too
great a return of confidence tor that very 1 rge portion of it which
the government is required to place in the bank.
Abandoning therefore ideas, which however agreeable or desi
rable, are neither pra&icable nor fafe; the following plan for the
constitution of a National Bank, is refpe£tfuiiy submitted to the
confidcration of the house.
[For this plan, fee No. 69 ef this Gazette.'}
(To be concluded in our next.)
THE Copartnership of HEWES and ANTHONY having ex
pired the 31ft ultimo, they request thofc, who have any de
mands, to exhibit their accounts and receive their money ; and
tliofe who are indebted, are desired to make fpcedy payment, to
either of the Subscribers, at their Compting-Houfe, No. 5, Ctie.-
nut-Street-Wharf. J O S I A H HEWES,
JOSEPH ANTHONY.
Philadelphia, Jan. 15, 1791
N. B. They have yet on hand, and for SALE, at their STORE
abovementioned,
HYSON, Souchong, and Boliea TEAS,
Three cases Caflia,
Pimento in bags,
Muscovado Sugar,
A few Cases old Batavia Arrack,
One cask of Durham Mustard,
New England Rum in hogflieads and barrels,
A quantity ot prime Boston Beef,
Spermaceti, right whale and tanners' Oil,
Beit pickled Mackrel, _ .
6by 8— 7 by 9 —8 by 10 —9 by 11 —and 10 by 12 Window
Glass,
A quantity of excellent carrot Tobacco,
And an elegant CHANDELIER.
New Line of Stages.
THE Subscriber has eftabliftied a line of STAGES from Hart
ford to Boston, 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.
Carriages. Horses, and careful Drivers are provided.
PalTengers 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 St3ges
for the year 1791, fixed hours for starting from the refpe&ive Stage
Houles is absolutely neceffary—from which there can be no devia
tion. Norwich, Dec. 14, 1790.
The Stage for the Eastward leaves
Hartford Mondays and Thursdays,
Norwich Tuesdays and Fridays,
Providence Wednesdays and Saturdays,
For the Westward, leaves Boston Mondays and Thursdays,
Providence Tuesdays and Fridays,
Norwich Wednesdays and Saturdays.
69 —lwgm
MASSACHUSETTS STATE LOTTERY.
THE Managers afthe STATE LOTTERY, present the Public
with the First C'.afs of the Majfachufetts semi-annual State Lot
tery, which will commencedrawingin the Representatives' Chamber,
in Boston, on the Seventeenth of March next, or sooner, if the
Tickets ftiall be disposed of.
SCHEME.
NOT TWO BLANKS TO A PRIZE,
25,000 Tickets, at Five Dollars each, are
125,000 Dollars, to be paid in the following Prizes, lubjeft to a
dedu&ion of twelve and an half percent, for the use of the Com
monwealth.
Prizes.
1 of
2
3
6
10
30
80
90
100
120
161
200
7585
8388 Prizes.
16612 Blanks.
2 5000,
US* TICKETS may be had of the several Managers, who wil
pay the Prizes On deihand—of the TREASURER oftbe Common
wealth—of JAMES WHITE, at his Book-Store, Franklin's-Head
Court-Strcet t and at other places as usual.
BENJAMIN AUSTIN, jun.l
DAVID COBB, |
SAMUEL COOPER, y Managers.
GEORGE R. MINOT, '
JOHN KNEELAND, J
Bojlon, Jul) 28, 8790.
(J3* Tickets in the above Lottery are to be Jold by Stephen At; it in
corner of Front and Pine Streets, Philadelphia.
PLEASE TO NOTICE.
id" FOR the accommodation of those who would
wifb to become Adventurers in the First Class of the
MassachusettsSe mi-annual St ate Lottery,
letters, port paid, directed to Samuel Cooper, at
his Office, North fide State-House, Boflon, enclofiug
Philadelphia, New-Tork or Boftort B auk-Bills , or
other good Bills, will be particularly attended to t and
Tickets forwarded immediately upon the receipt oj
such letters.
Boston, Dec. 22, 1790,
N. B. A Lift of Prizes will be deposited with the
Printer hereof, immediately after the drawing is
compleated. 71 iaw tf
Henry Kuhl,
At No. 143, Second-Street, near Race-Street,
BY advice of his friends in New-York and Philadelphia, has
opened an office for thcpurpofc of buying and felling, on com
million, the different species of Stock, and of liquidated and unliqui
dated paper in the market.
He will obtain such Certificates as are required by the funding
lazy, for those who have unliquidated Securities ; and transjci (lock
from and to the Treasury and the Oflices of the Commifliouers erf
Loans, on moderate terms.
Having lor fcveral years past been employed in the Treasury of
the United States', he is well acquainted with its operations and
forms ; and flatters himCelfthat on that (core he has a decided ad
vantage in tranfatting business here. Heis fully imprefied with
the truth of the adage that " difparch is the foul of business," and
will always make the interest of his employers an object of the
firft importance. *
Philadelphia, December 29th, 1790.
(£3T Subfcribcrs for Mrs. Warren's Poems, are requejlcdto call on the
Editor fort he ir boohs.
716
Martinico Coffee,
(eaw6w.)
JESSE BROWN.
Dollars.
10000 is
3000 are
2000
1000
500
200
100
5°
40
3°
20
10
8
AMERICAN CLOTHS.
SUPERFINE and ELASTICS,
CONGRESS BROWN,
LONDON SMOKE,
LEAD DRAB,
BLUE and OTHER fafhionable Colours,
Mjnufa&ured it Hartford, (State of Connecticut,) juil received,
and are now offered for Sale, at the
CHEAP STORE, No. 38,
North Third Street,
At which Store are also opening a large and general afTortrncm of
EUROPEAN and INDIA GOODS.
CL'OTHS,
Linens,
Painted, sprigged, tambour
ed book, and jaconet Muslins,
Chintzes,
Cottons and Calicoes,
Silks,
And many other Articles, too numerous to insert in an Advcr
tifement ; all of which are now felling by Wholefilc and Retail, oa
so low terms, as to make them an object to the purchasers.
N. B. A few Barrels of MACKAREL, and Nova-Scotia
HERRINGS. Philadelphia, Jan. 12. 1791.
EBENEZER HAZARD and JONAS ADDOMShave entered
into partnerftiip, and opened an OFFICE, at No. 173. in
Market-Street, a few doors above Fourth-Street, where, under the
Firm of
Hazard and Addoms,
They purchase and fell all kinds of
CERTIFICATES—PAPER MONEY, and BANK
N. B. Transfers made at the Public Offices, and Bu fin ess in ge
neral tranfa&ed on Commiflion. December 29.
By JOHN TRUMBULL,
For Publ Ishlng by Subscription,
TWO PRINTS,
From original Piflures painted, by kinje)f;
One representing the Death of General WARREN,
at the Battle of Bunker's-Hi//.
Theother, the Death of General MONTGOMERY,
in the Attack of Quebec.
IN the battle of Bunker's-Hill, the following Portraitsare intro
duced—
American,
Major General Warren, Gen. Sir Wi lli am Howe,
Putnam. Sir Henry Clinton,
Lieut. Col. John Small,
Major Pitcairn, and
Lieut. Pitcairn.
In the Attack of Quebec, arc seen—
General Montgomfry, Colonel Thompson,
Major Macphkrson, and Capr. Cheesma n.
CONDITIONS OF SUBSCRIPTION.
Dollars,
10000
600 c
6000
6000
6000
8000
4
4crco
3600
3220
20C0
60680
The prints will be engraved by two of the most eminent artifls
in Europe. The size will be 30 inches by 20, The price to sub
scribers, Three Guineas for each print; one half to be paid at the
time of fubferibing, the remainder on the delivery of the prints,
which will be as soon as the wor.k (which is already confidcrably
advanced) can poflibly be completed.
Subscriptions are received in this city by Joseph Anthony %
jun. Goldsmith and Jeweller, No. 76, Market-ftrcet.
Th'ef* prints are the firft of a series, in which it is proposed to
reprcfent the most important events of the American Revolution.
125000
No period of the history of man, is more interesting than that
in which we have lived. The memory of scenes in which were
laid the foundations of that free government, which fecurcs our
national and individual happiness, must ever remain dear to us,
and to posterity ; and if national pride be in any cafe juftifiable,
Americans have a right to glory in having given to the world an
example, whose influence is rapidly fprcading the love of free
dom through other nations, and every where ameliorating the
condition of men.
To afliftin preserving the memory of the illuflrious events which
have marked this period of our country's glory, as well as of the
men who have been the most important a&ors in them, is the ob
je& of this undertaking History will do justice to an sera so im
portant ; but to be read, the language in which it is wrinen must
be understood—the language of painting is universal, and intelli
gible in all nations, and every age.
As several years of bis time, and a very considerable expencc,
are necelTary to accomplish this undertaking, it would bean im
prudent facrilice to the mere hope of reputation to go more deeply
into it, without a probability of ultimate success :—That he may
judge of the degree of this probabilitv, Mr. Trumbull, by the ad
vice of his friends, proposes this fubfeription, and flatters himfelf
with a hope 0/ meeting that patronage from his countrymcn,
which will juftify his pursuing the object with ardor; and with
out which it is importable that so expensive a work fliould be con-
tinued
The fubje&s proposed to be reprefented,in addition to the two
foregoing, of Bunker's-Hill and Quebec are—
* The Declaration of Independence,
* Battle at Trenton,
* Battle of Prince town,
Surrender of General Bur gov ne,
Treaty with France,
Battle of Eutaw Sprincs,
* Surrender of York-Town,
Treaty of Peace,
Evacuation of New-York,
Resignation of General Washington,
The Arch at Trenton,
Inauguration of the President of the United States.
Each pidture will contain portraits of the principal charaftrrs
who were present at the scene represented, Those marked with
liars, are coniiderably advanced ; and the prints from the whole
will be executed of the fame size, and by the most eminent cr.-
gravers.
Wanted, a good Cook,
either Man or Woman.—- -Enquire at No. 209, Second-Street,,
opposite the New-Market.
(jdT THE Sub bribers Jor this paper, in the city of New-York,
are rcjpeflfully informed, that the charge of the papers proving inconve
nient to Mr. Wctmore, at the PoJi-Off.ee, the Editor has engaged Mr.
Samuel Campbell, Book-feller, Hanover-Square, to receive them ar.i
superintend their delivery—by whom Subfcnptions and arrearages w. -
be received.
(£s* The price oj this paper is 3 dollars per annum
ELEGAS'T Vest Patterns—
adapted to ihe fcofon,
Silk, Cotton, and Worftcd
Hose,
Corduroys,
Veivcrctrs, and Royal Ribs,
Bcft Buck, Braver, and Yl'luie
Kidd Gloves,
A Variety of STUFFS.
STOCK
PROPOSALS,
Britijh,