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 - *•)