of the plan—called it n monopoly— fucli an one as contravenes the spirit of the conftitntion a monopoly of a very extraordinary nature—a monopoly of the public monies for the benefit o( the corporation to be created. He then read several paflages from the Federalist, which he said were direiftly contrary to the aflumption of the power propoied by the bill : He hoped theiefoie that it would be re-committed—andliecould not help hoping also, that it would be deferred to the next fetiion Mr. Lawrance obfervetl, that the friends of the lnftitution proposed, had been tinjuftly char ged with precipitating the bill—but he (aid it had been long in the hands of the members—they have had time to conlider it—the usual forms have been observed in its progress thus far—and if those who are opposed to the bill did not fee proper to pome forward with their it surely is their own fault, and the advocates of the bill are not justly chargeable with precipitancy. He then particularly replied to the objections offered by Mr. Smith, (S. C.) and afrer considering them said, that those objections did not, in his opinion, constitute fulficient reasons to induce are-commit ment of the bill He then noticed the constitu tional objections of Mr. and said, the government of the United States is vested by the constitution with a power of borrowing money— and in pursuance of this idea, they have a right to create a capital, by which they may, with greater facility, carry the power of borrowing on any emergency into effect. Under the late confederation, the Pennsylvania Bank, called the Bank of North-America, was instituted : He pre sumed that it will not be controverted, that the present government is vested with powers equal to those of the late confederation. He said that he had no doubt its operation would benefit not only the centre, but the extremities also of the Union : The commercial, mechanical and agri cultural interests of the U uited States are so com bined, that one cannot be benefited without be nefiting the other. He concluded by observing, that he thought the legislature of the United States could not better answer thepurpofes of their appointment than by patting this bill: He hoped therefore, that it would not be re-cominitted, but that it would now pass. Mr. Lee observed, that having been confined by sickness, he was precluded from attending the house yesterday ; but ilck as he was, had he supposed that there was a prospeCt of a bill of such jn?<rnitudeand importance palling without a dif cufllon of its principles, he certainly would have attended, and offered his objections to various parts of it, which he thought very exceptionable. He hoped therefore it would now be re commit cd that a bill which is so unequal and so partial, may undergo a thorough difculfion. Mr. Tucker was in favor of a re-comrnitrnent. He acknowledged that those who had their ob jections to the bill were certainly blameable for not coming forward with them yesterday. He then dated sundry objections to the bill : The time allowed to receive the fubferiptions he said is too short, and will benefit those only in the vi cinity of the bank : The clause which authorizes the loaning 100,000 dollars to the government, without express provision by law, he thought ex ceptionable, as the executive will be able by this means to borrow at any time, without being au thorised, to aim oft any amount, of the bank : The loan of 2,000,000 by the United States to the bank he objected to, as diverting that sum from the particular objeCt for which it was borrowed. There is no appropriation said he, of the half vearly dividend of profits accruing to the United States, which he observed, was a very eflential defeCt. Mr. Tucker ftatecKother objections, as reasons for a re-commitment. Mr. Williauifon was in favor of the re-commit ment, togivethofe who fay they have not had an opportunity of offering their objections, time to do it ; and if the motion is not agreed to, he should not give his vote for the bill : He then ad verted to the objections deduced from theconfti tution, and explained the claule refpe<!ling mo nopolies as refering altogether to commercial monopolies. Mr. Sherman objected to the re-commitment. He said that tho the bill could not be amended •without its being re-committed, yet it was open to discussion and objection previous to taking a ■vote on if parting. He did not think the objections offered afforded fufficient reasons for a re-commitment. He replied to the observations offered by several gentlemen who had spoken in favor of the motion. ]\lr. Gerry exprefled hi surprize at the obier vations of gentlemen who had neglected to offer their objections to the bill before and said it could only be imputed to their own neglect,and not to any precipitancy on the part of the friends of the bill.—Mr. Gerry noticed the several ob jections which had been offered, and said if no thing more important could be offeied, he thought it would be unjullifiable in the houle to go into a committee. Mr. Madison observed that at this moment it was not ot importance to determine how it has happened that the objections which frvetal gen tlemen now fay they have to offer, agamit the_bii j —were not made at the proper time—it is tutn cient for them if the candor of the house faould lead them now to recommit the bill, that in a committee of the whole they may have an op portunity to offer their objections. Mr. Ames replied to Mr. Madifori—he laid he did not conceive that the appeal now made to the candor of the house, was in point the gent e men who object to the bill had an opportunity to offer their objections—the customary forms have been attended to —and the whole quelxion for the re-commitment turns on the force oft e objections which are now offered to the genet a principles of the bill altogether —the candor o the house he conceived was intirely out of the question, and therefore not to be appealed to, but the justice due to their constituents in the proper discharge of the duty reposed in them. —He said itappeared to him absurd co go into a committee of the whole to determine whether thebill is con stitutional or not : If it is unconstitutional, that amounts to a rejection of it altogether. Mr. Madison thought there was the greatest propriety in difcufling a conftitutidnal question in the committee of the whole. Mr. Stone and Mr. Giles were in favor of the re-commitment: They objected to the unconsti tutionality of thebill, and to several of its parti cular clauses. _ _ Mr. Vining said he thought it was a subject or congratulation, that the bill was in its present fi tuation —it liad happily palled to the third read ing without that tedious difcuflion, which bills usually receive—the subject has been a consider able time before the houle, and gentlemen have had time to contemplate it—thebill is now in the stage to which gentlemen very usually refer ve theinfelves toftate their objections at large, and he hoped they would now do it—He was not per fectly fatisfied as to the constitutional point—he therefore hoped gentlemen would state their ob jections, that those who are fatisfied on that point may offer their reasons. Mr. Boudinot stated the process of the busi ness yesterday. He observed that he had then the honor to be in the chair, he had read the bill very diltinctly and deliberately,with proper pauses ; he thought that the fulleit opportunity had been offered for gentlemen to come forward with their objections, he was opposed to the re commitment, as it would he feared ifliiein a de feat of the bill this felfion ; he had one difficul ty however respecting the uncoiiftitutionality of the bill, this he hoped to have removed—and he hoped 'that a full difcuflion of its general prin ciples would take place. The motion for a re-commitment was loft. WEDNESDAY, Feb. 16. SUNDRY petitions were presented, read and referred. The report of the Secretary at War on several petitions, which had been referred to him, was read and laid on the table. Mr. Vining presented a memorial from a ntim ber of refpecftable merchants of the city of Phi ladelphia, praying that no additional duty be laid on goods imported from China. Read, and laid on the table A bill providingforthe reimbursement ofCapt. (Ofliua Barney's expences, incurred in effecting nis escape from captivity, and returning to this country, was reported by the committee appoint ed, read a firft and second time, and made the order of the day for to-morrow. The committee appointed to enquire into the administration of the late fuperintendant of fi nance, made a report, which was read, and or dered to lie on the table. Mr. Floyd of the committee on enrolled bills, presented the bill for the adiniflion of the State of Vermont, into the Union—A refolntion con taining the regulations which printers mufl con form to in printing authenticated copies of the laws of the United States, pursuant to the report of the Secretary of State on the memorial of Andrew Brown, and a third to continue in force an ast palled the firlt feflion ofCongrefs, for the regulation of procefles in the federal courts, all which he reported duly enrolled. An engrolted bill for the eltablifhment of offi- j ces to dispose of certain public lands, was read a | third time, the blanks filled up, and the bill palled. The principal blank, (the price of the land) was filled up with 2J cents, hard money. On motion of Mr. Giles, the report of the committee on the petition of George Gibfon, was taken up for a second reading—and on mo tion for appointing a committee to bring in a bill confot mable to said report —it palled in the negative. Mellage from the President—read in the House of Representatives of the United States on Monday lalt. United' States, February 14, 1791. Gentlemen of the Senate, and House of Representatives, SOON after I vim called to the administration of the government, I found it importaut t» come to an 755 underflanding with the court of London, on several points interejting to the United States, and particular ly to know whether they were disposed to enter into ar rangements, by mutual consent, -which might fix the commerce between the two nations on principles of re ciprocal advantage. For this purpose J authorised informal conferences with their minijiers ; and from these Jdo not infer any disposition on their part, to enter into any arrangements 7nerely commercial. I have thought it proper to give you this information, as it might atfome time have influence on mattersun deryour confidsration. THURSDAY, Feb. 17. Mr. Sedgwick reported a bill for giving effect to the lawsof the United States, within theftate of Vermont—read the firft and second time, and referred to a committee of the whole house to- morrow The petition of Joseph Nicholafon—late inter preter to the fix nations, in the service of the United States, praying a l'ettlement of his ac count, for services—was read and referred to the Secretary of the Treasury. The order of the day being called for, which was, to go into a committee of the whole house on the amendments propofedby the Senate to the new revenue bill, . Mr. Livermore moved that the committee of the whole {hould be discharged ; this being se conded by Mr. Sherman, Mr. Jackson objected to the motion as contrary to the late rule of the house for committing, amendments proposed by the Senate to bills. He adverted to the amendments, to shew from their importance, the necessity of giving them a full difcuflion. The question being taken, the committee was discharged. The house then proceeded to consider said amendments —the principal part of which were agreed to, but the time did not admit of linifhing the difcuflion this day. Adjourned. FRIDAY, Keb. 18. A resolution for referring to a feleft committee the feverai re ports on petitions and memorialsfrom the Secretary at War, in or der to preparing a bill or bills making provision in the feverai cases, on which Ithe reports were in favor of {he petitions, was, alter a (hort difcuflion, negatived. A meflage was received from the President of the United Slates, informing the house, that he had received trom the Secretary ot State, an account of the proceedings of the governor ol the Wcftcrn Territory, refpefting certain (ettlements on the lanas in that country, The papers accompanying this message were read and laid on the table. Sundry petitions were read and referred. A meflage from the Senate by Mr. Secretary Otis, informed the house. that the bill for the admiflion of Vermont into the Union, has received the approbation and signature of the President of the United States. The house resumed the confideretion of the amendments pro posed by the Senate to the new Revenue Bill. The debates continued till after three o'clock ; and an adjouinmentbeing called for, took place without compleating the diicuflion. Adjourned till to-morrow. WESTERN TERRITORY " T)RAY what's the worth of any thing, Jl But as mnch money as 'twill bring ?" A maxim old as Hudikras, And plain as nose on human face ; But now the States have lands for lale, This ancient maxim's found to fail ; Those lands expos'd to sale for paper, (In fa6t a very curious caper) Will, when its value's less than gold, Be for that paper only, fold— But up to par—aye, there's the cafe— The rule ailumes a diff'rent face : Thus by inversion, new and strange. This rule of common sense, we change ; For lands, so learned Sages Ting, Are worth muck less than they will bring. PRICE CURRENT. PUBLIC SECURITIES FUNDED DEBT. 6 pr. Cents 17/6 pr. / 87J pr. cent. 3 pr. Cents of 9/1 45 do. Defered 6 pr. Cents 9/2. 46 do. UNFUNDED DEBT. Final Settl. and other Certificates 12/6 do. Indents 9/ 9/1 45 do. N. and S. Carolina debts, *2y6 625 do. (J3T Laura and Mary, though a good performance, is not exactly calculated for this paper. HENRY KUHL, No. 143, North Second-Street. FROM an expe&ation that a mutual advantage would be deri ved by the dealers in public securities, and a person who fliould undertake to tranlaft such business on commifjion only, has concluded to offer himfelf for that purpose. Being of opinion, that every requisite to convince them and others of his difintereft cdnefs ought to be attended to on his part, he has duly made oath before the Hon. the Chief Justice of the State of Pennsylvania, that he will faithfully execute the trusts which may be reposed in him. COPY OF THE OATH. " I Henry Kuh/, of the city of Philadelphia, flock broker, do Jwear y that I will not be concerned either dircttly or indireflly, on my own ac count, in any pur chafes or sales of the evidences of the debt of the United States or of particular States, but will truly andJaithfully execute fuck purchases and sales on*commifjion only for ihofe who may employ me : that is to fay, until I fkall announce m one or more of the newjpapers printed at the feat of the government of the United States, my deter mination to the contrary. HENRY KUHL. Sworn at Philadelphia, February 12th, 1791, before THOMAS M'KEAN." The commiflions he will charge for the pieient, are— On the specie amount of all funis below SGOO nominal dollars, one half per cent, on do. from 5000 to 10,000 do. one fourth pei cent, on do. from i©,ooo and upwards do. one eighth per cent. Accounts Hated, and certificates funded at the 1 reafury or Loan-Office of the United States, on moderate terms. N. B. AH orders for pur chafes or sales to be in writing. Philadelphia, Fehrudry 19, 1791. (®5 l - *•)
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