Ci
m
TREASURY DEPARTMENT,!
December n, 1790. J
In obedience to the order of the House of Re-
PRESENTATivEsof the 9th Day of August last,
requiring the Secretary of the Treasury
to prepare and report, on this Day, such far
ther Provision as may, in his opinion, be ne
ceflary for eftablifliing the PUBLIC CREDIT
—the said Secretary further
Respectfully reports,
(concluded.)
The reason for the several provisions contained in the forego
ing plan, have been so far anticipated, and will for the mod
part be so readily suggested by the nature of those provifioris, that
any comments, which need further be made, will be both few
and concise.
The combination of a portion of the public debt in the forma
tion of the capital, is the principal thing, of which an explanation
is requisite. The chief object of this is, to enable the creation of
a capital fufficientlv large to be the basis of an extensive circula
tion, and an adequate security for it. As has been elsewhere re
marked, the original plan of the bank of North-America,contem
plated a capital of ten millions of dollars, which is certainly
not too broad a foundation for the extensive operations to which
a national bank is destined. But to collect such a sum in this coun
try in gold and fiber, into one depository, may, without hefita
be pronounced impra&icable. Hence the neceflity of an
auxiliary, which the public debt at once presents.
This part of the fund will be always ready to come in aid of
the fpccie : it will more and more command a ready sale ; and
can therefore expeditioufly be turned into coin if an exigency of
the bank should at any time require it. This quality of prompt
convertibility into coin, rendeisit an equivalent tor that neceflary
agent of bank circulation ; and aiftingniihes it from a fund in
land, of which the sale would generally be far less compendious,
and at great difadvantagc. The quarter yearly receipts of interest
will also be an actual addition to the specie fund during the in
tervals between them and the half yearly dividends of profits.
The objection to combining land with specie, resulting from their
not being generally in poffeflion of the fame persons, does not ap
ply to the debt, which will always be found in confiderablc quan
tity among the monied and trading people.
The debt composing part of the capital, besides its collateral ef
!e£fc in enabling the bank to extend its operations, and confe
quentiy to enlarge its profits, will produce a direst annual reve
nue of fix per centum from the government, which will enter in
to the half-yearly dividends received by the Hock-holders.
When the present price of the public debt is considered, and
the effe& which its conversion into bank-stock, if corporated with
a specie fund, would in all probability have to accelerate its rife
to the proper point, it will eafilv be discovered, that the opera
tion presents in its outset a very confidetable advantage to those
who may become fubferibers; and from the influence which that
rife would have on the general inafs of the debt, a proportional
benefit to all the public creditors, and, in a sense, which has been
more than once adverted to, to the community at largr.
There is an important fact. which exemplifies the fitnefs of the
public debt, for a bank fund, and which may fervc to remove
doubts in some minds on this point. It is this, that the bank of
England in its firft ere&ion rested wholly on that foundation.
The fubferibers to a loan to government of one million two hun
dred thousand pounds sterling, were incorporated as a bank ; of
which the debt created by the loan and the interefl upon it, were
the sole fund. The subsequent augmentations of its capital,
which now amounts to between eleven and twelve millions of
pounds sterling, have been of the fame nature.
The confining of the right of the bank to contrast debts to the
amount of its capital, is an important which is not to
be found in the constitution of the bank of North- Ameiica, and
which while the fund consists wholly of coin, would be a restric
tion attended with inconveniences, but would be free fiorn any if
the composition of it should be such as is now proposed. The rc
ftrittion exists in the eftabliftiment of the bank of England, and
•s a source of security, is worthy of imitation. The consequence
of exceeding the limit there is, that each stockholder is liable for
the excess, in proportion to his interest in the bank. When it is
considered, that the dire&ors owe their appointments to the
choice of the stockholders, a responsibility of this kind on the
part of the latter, does not|appear unreasonable. But on the other
hand, it may be deemed a hardship upon those who may have
diflented from the choice. And there are many among us, whom
it might perhaps discourage from becoming concerned in the in
stitution. These reasons, have induced the placing of the respon
sibility upon the dire&ors, by whom the limit prescribed should
be tranfgrefled.
ThG interdiction of loans on account of the United States, or of
any particular State, beyond the moderate sum fpecified, or of
any foreign power, will serve as a barrier to cxccutive encroach
ments, and to combinations in3ufpicious to the fafety, or con
trary to the policy of the Uuion.
The limitation of the rate of interest is di£lated by the consider
ation, that different rates prevail in different parts of the union ;
and as the operations of the bank may extend through the whole,
some rule seems to be necessary. There is room for a question,
whether the limitation ought not rather to be to five, than to fix
per cent, as proposed. It may with fafety be taken for granted,
that the former rate would yield an ample dividend ; perhaps as
much as the latter, by the extension which it would give to busi
ness. The natural effect of low interest is to encreafe trade and
industry ; because undertakings of every kind can be piofecuted
with greater advantage. This is a truth generally admitted ; jjut
it is requisite to have analized the i'ubjeft in all its relations, to be
able to form a just conception of the extent of that effe£t. Such
an analysis cannot but fatisfy an intelligent mind, that the differ
ence of one per cent, in the rate at which money may be had, is
often capable of maAing an essential change for the better in the
(ituation of any country or place.
Every thing therefore which tends to lower the rate of interest,
is peculiarly worthy of the cares of legislators. And though laws
■which violently fink the legal rate of interest, greatly below the
market level, are not to be commended, because they are not cal
culated to answer their aim; yet whatever has a tendency to efFcft
a reduction, w iihout violence to the natural couife of things, ought
to be attended to and put sued. Banks are among the means moll
proper to accomplish this end; and the moderation of the rate at
which their discounts are made, is a material ingredient towards
it ; with which their own interest viewed on an enlarged and
permanent scale, does not appear to clalh.
But as the mo ft obvious ideas are apt to have greater force than
those which depend on complex and remote combinations, there
would be danger, that the persons whose funds must constitute the
flock of the bank, would be diffident of the fufficiency of the pro
fits to be expe&ed, if the rate of loans and discounts were to be
placed below the poirit to which they have been accuftomcd ; and
might, on this account, be indisposed to embarking in the plan.
There is, it is tiue, one reflection, which, in regard to men attive
ly engaged in trade, ought to be a security against this danger ; it
is this—That the accommodations which they might derive in the
way of the«'r bufinels, at a low rate, would more than indemnify
them for any difference in the dividend ; fuppofiug even that some
diminution of it were to be the consequence. But upon the
whole, the hazard of contrary reasoning among the mass of mo
nied men, is a powerful argument against the experiment. The
institutions of the kind already existing, add to the dw.iculty of
making it. Mature reflection, and a large capital, may, of them
fslves, lead to the desired end. , ,
The laft'thing which requires any explanatory remark, is the
authority proposed to be given to the President to iublcribe to the
amount ot two millions of dollars on account of the public. Ihe
main defigu of this is to enlarge the specie fund ot the bank, and
to enable it to give a more early extension to its operations. Iho
it is proposed to borrow with one hand what is lent to the other ;
yet the difbut lement ot what is borrowed, will be piogrellive, and
bank-notes may be thrown into circulation, inflead of the gold
and filvcr. Bt fides, there is to be an annual reimbui femcnt of a
part of the sum borrowed, which will finally operate as an actual
i niveftment of so much specie. In addition to the inducements
[ to this measure, which results from the general interest of the go
vernment to enlarge the sphere ot the utility of the bank, there is
j this more particular consideration, to wit, that as far as the divi
dend on the flock iliall exceed the interest paid on the loan, there
is a politive profit.
The Secretary begs leave to conclude, with this general obser
vation—That if the Bank of North-America (hall come forward
with any propositions, which have for obje£l the ingrafting upon
that institution the chara&eriftics which shall appear to the legil
lature aeceirary to the due extent and falety of a national bank,
there are, in his judgment, weighty inducements to giving every
reasonable facility to the measure. Not only the pretensions of
that institution, from its original relation to the government of
the United States, and from theferviccs it has rendered, are such
as to claim a disposition favorable to it, if rhofe who are inteiefted
in it are willing, on their part, to place it on a footing fatisfa&ory
to the government, and equal to the purposes of a bank of the
United States; but its co-operation would materially accelcrate
j the accomplishment of the great object, and the collision, which
might otherwise arise, might, in a variety of ways, prove equally
disagreeable and injurious. The incorporation or union here
contemplated, may be effctted in different modes, under the au
spices of an ast of the United States, if it shall be desired by the
Bank of North-America, upon terms which shall appear expedient
to the governmenr
Ail which is humbly fubmitled
ALEXANDER HAMILTON, Secretary of tkcTrcafury.
l< AT a half-yearly communication of the Grand Lodge of
New-Jersey, and masonic jurisdiction thereunto belonging, the le
ver«nl members met at their Lodge Room in Trenton, on luefday
the 11th inft. and proceeded to ballot for the Grand Officers tor
the ensuing year—when the Right Worfhipful John Beatty, Esq.
was duly cle&ed Grand Mailer.
The Right Worfhipful Robert L. Hooper, Esq. Deputy Grand
M after.
The Right WorfhipfulSamuel W.Stockton, Esq. Senior Grand
Warden.
The Right Worfhipful Jonathan Rhea, Esq. Junior Grand
Warden.
The Right Worfhipful Thomas Bullman, Grand Trcafurer.
The Right Worfhipful Mafkel Ewing, Esq. Grand Secretary ;
and were duly installed in their refpe£Hve offices.'*
Trenton, 12th Jan. 1791
On Tuesday the 11th inft. at a meeting of the members of the
Society for promoting the establishment of Sunday Schools in this
city, the following gentlemen wefe ele&ed officers for the present
year,
Prcfident.
The Right Rev. William White, D. D.
Vice-Prefidcnt. Mr. James Pemberton.
Trcafurer. Mr. James Mendenhall.
Secretary,
Mr. Matthew Carey
Visitors. D. B. Say, Rev. Afhbell Green, Rev. Mr.
Bend, Mr. Pefcr Thompson, Junr. Dr. B. Rufli, Samuel Pow
el, Esq. George Meade, Esq. John Barker, Esq. M>. Thomas
Bartow, Capt. N. Falconer, Dr. Win. Curric, Mr. Samuel
Fiflier.
Forty Dollars Reward.
LOST by the Subscriber, on the 12th day of January 1791, be
tween Penollopon and Freehold, in the county of Monmouth,
and State of New-Jersey, the following Certificates, iH*ued by the
said State, to sundry Soldiers, for the three-fourth parts of the de
preciation of their pay ; all of which are signed by John Sievens,
jun. Treasurer, and countersigned by James Ewing, Auditor, viz.
No. Dated, Payable to Amount.
323 June 26, 1781, Powel Alston, / «6o 8 9
399 January 27, do. Jacob Long, 30 16 105
593 June 29, do. Oliver Cromwell, 60 8 9
664 June 30, do. James Kinfey, 57 12 6
740 July 2, do. George Long, 5 4 45
869 July 4, do. Ananias Clark, 312 4^
938 July 30, do. Samuel Dotey, 13.5 7 6|
1060 March 20, 1782, Ephraim Patien, 31 13 9
1128 August 8, do. James Coulfton, 30 7 10J
1133 August 8, do. Moses Thompson, 150 5 9!
1230 January 27, 1783, Asa Gilderfleaves, 63 7 5%
1237 April 9, do. Michael Lane, 61 16 10J
841 July 4, 1781, James Clark, 417 10J
Any person who may have found the said Certificates, and will
retutnthem to the fubfcriber,livingat Penolloponaforefaid,(hall re
ceive the above reward ; and in proportion for any part of them
which may be returned.
All persons are hereby cautioned against purchasing any of the
above Certificates, as payment is Hopped at the public offices.
If any of them should be offered for sale, the person to whom they
are offered is requested to flop the fame, and give notice thereof
to their humble servant. KENNETH HANKINSON.
Monmouth Csunty, New-Jersey, Jan. 15, 1791
WANTED, TWO OR MORE
Convenient ROOM S,
in Chcfnut-Street, or as near the Bank as poflible. Enquire of
the Printer. (eptf.)
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 thepurpofe of buying and felling, on com
miflion, the different fpeciesof Stock, and of liquidated and unliqui
dated paper in the market.
He will obtain such Certificates as are required by the funding
hw, for those who have unliquidated Securities ; and transfer stock
from and to the Treasury and the Offices of the Commifiioners of
Loans, on moderate terms.
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 himfelfthat on that (core he has a decided ad
vantage in tranfa&ing business here. Heis fully impressed with
the truth of the adage that " dispatch is the foul of business," and
will always make the interest of his employers an objc£t of the
firfl; importance.
Philadelphia, December 29 tk 9 1790.
fCf Subfcribcrs for Mrs. Warren' f Poems, are requeued to call on the
Editor for their Looks.
720
THE Co partner ship of HEWES and AN! HOMY having ex
pired the 31ft ultimo, they requelfc thole, who have any de
mands, to exhibit their accounts and receive their money ; and
those who are indebted, are desired to make speedy payment, to
either of the Subscribers, at then Compting-Houfe, No. 5, Chef
nut-Street-Wharf. J OS I A H IIEWES,
JOSEPH ANTHONY.
Philadelphia, Jan. 15, 1791
N. B. They have yet on hand, and tor SALE, at their STORE
abovementioned,
/HYSON, Souchong, and Bohea TEAS,
Three cases Caflia,
Pimento in bags,
Muscovado Sugar,
A lew Cases old Batavia Arrack,
One task of Durham Mustard,
New England Rum in hoglhcads and barrels,
A quantity ot prime Boston Beef,
Spermaceti, right whale and tanners' Oil,
Bell pickled Mackrel,
6by 8— 7 by 9 —B by 10 —9 by 11 —and 10 by 12 Window
Glass,
A quantity of excellent carrot Tobacco,
And an elegant CHANDELIER.
AMERICAN CLOTHS.
SUPERFINE and ELASTICS,
CONGRESS BROWN,
LONDON SMOKE,
LEAD, DRAB,
BLUE and OTHER fafhionable Colours,
Manufactured at Hartford, (State of Conne&icut,) just received,
and are now offered for at the
CHEAP STORE, No. 38,
North. Third Street,
At which Store are also opening a large and general afTortment of
EUROPEAN and INDIA GOODS.
CLOTHS,
Linens,
Cambrics,
Painted, sprigged, tambour
ed, book, and jaconet Muilms,
Chintzes,
Cottons and Calicoes,
Silks,
Sheet in?s,
Table Cloths, of a superior
quality,
Muflinctt,
Patent Silk Hose,
A Variety of STUFFS.
And many other Articles, too numerous to insert in an Advcr T
tifement; all of which are now felling by Wholesale 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 partnership, and opened an OFFICE, at No. 173, in
Market-Street, a few doors above Fourth-Street, where, under the
Firm of
Hazard and Addoms,
Thev purchase and fell all kinds of
CERTIFICATES—PAPER MONEY, and BANK
N. B. Transfers made at the Public Offices, and Business in ge
neral tranfa&ed on Commiflion. December 29.
To the Merchants, Traders, Foreigners, and the Public in genet aL
Gentlemen,
AGREEABLY to the plan which the Subscriber submitted to
the public consideration. and under the molt flattering assur
ance of public patronage, he takes the liberty of announcing, that
THE MERCHANTS,
EXCHANGE COFFEE HOUSE,
is now opened at the corner of Market and Water-Streets, for the
accommodation of the Merchants, Traders, and other Citizens of
Philadelphia.
The Subscriber deems it unnecefTary to repeat the declaration*
of his sincere intention to prosecute his undertaking with the molt
tefpe&ful afiiduity : But he cannot forbear making a public ack
rowledgment ot his gratitude, for the encouragement he has alrea
dy experienced ; nor suppress his invariable wifli, thaithofe gen
tlemen who may honor his Coffee-Houfe with their presence, will
communicate such articles of intelligence received from their cor
respondents as they shall think proper, and in preference, will up
on every occasion, point out the defers of his plan, or favor htm
with hints for improving its execution.
The Subscriber will prepare entertainments,either at noon, or in
the evening, for felcfl parties, upon the fhorteftnotice, and on the
mod reasonable terms. He can accommodate two or three Gen
tlemen with lodgings ; and propoles at two o'clock on each day,
when the public business ot the Coffee-Room is over, to providea
cheap, but good and plentiful ordinary, for such guests as Chali
please to honor him with their company.
I am, Gentlemen,
Your most obedient and humble Servant,
Philadelphia, January 1,1791.
THE partnerfliip of John Dunlap and
pools. having expiredjthis day, David C. Claypoole pro
poses to publish a Newspaper, entitled
The Mail,
New Daily Advertiser.
(To be continued, every Evening, Sundays excepted.)
THE MAIL (hall be printed with an elegant new Type, pro
cured for this paiticuiar purpofj, on Paper, equal in fizeand qoa
lity to any of the Newspapers of Europe or America—And the
Subscriber engages that no Means (hall be spared to render the
Mai 1 and New Daily Advertiser in other refpe£lsworthy
of the Public Patronage, which he now refpc&tully solicits.
The Price of the Mail will be Eight Dollars pr, annum, to he
paid at the end of the Year : And Advertisements will be re
ceived on such moderate Terms as to prove fatisfaftory to ifaofc
who may be oleafed to favor the Printer with their CommacxJi
in that line.
The Mail will he publifoed at the House No. 2, Lower
Third Street (now occupied by Mr. J. D. Blauchard, who will
shortly remove to the adjoining House, No. 4.) and at present
Subscript ions arc thankfully received at No. 48, Market-Street,
by ' J) C, CLAY POOLE-
Martinico Coffee,
(eaw6w.)
ELEGANT Vest Patterns
adapted to the season,
Silk, Cotton, and Worded
Hose,
Corduroys,
Vclvcretts, and Royal Ribs,
Sattinetts,
Beu Buck, Beaver, and White
Kidd Gloves,
Fine Miiflin Cravats,
Black Ruffel,
Joan's Spinning.
STOCK