Report of the Secretary <>f the Treasury, on the subject of a Mint-.* B , * ONI 11 N u cd.; T the remainder ot the argument (lands upon ground far more qu< iii&oable. It dcu.* nds upon vt rv numerous and very complex combinations ; io which there 15 infinite la-uuc'e lor fal lacy and error. i he raoft plaulible part of it rs that Which relates to the- course °' c *change. Experience, in France, has (hewn, that the ma.kjt price of bullion has been influenced by the mint difference, be tween that and coin ; some times to the full extent of the difference; and it will seem to be a clear inference, that whenever that dif ference materially exceeded the charges of remitting bullion, fiom the country where it exifled, to another in which coinage was free, exchange would be in favor of the former. If, for instance, the balance of trade, between France and En gland, any time equal, their merchants would naturally liave reciprocal payments to make to an equal amount ; which asufual would be liquidated by means ot bills of .exchange. If m this fnuation, if the diilercnce between coin and bullion Ihould be in the market, as at the mint of France, 8 per cent; if also the charges ot transporting money from France to England ihould not be above 2 per cenr.; and if exchange fliouid be at par, it is evident, that a profit of 6 per cent, might be made, by fending bullion from Fiance to England and drawing bills for the amount. One hundred louis d'ors in coin would purchase the weight of icß in bullion ; one hundred of which remitted to England would fuffice to pay a debt of an equal amount : and two being paid for the charges of insurance and transportation, there would remain fix for the benefit of the person who Ihould manage the negocia tion. But asfo large a profit could not fail to produce competi tion, the bills in confequcnce of this would decrease in price, till the profit was reduced to the minimum of an adequate recoinpence for the trouble and rifle. And as the amount of 100 louis d'ors, in England, might be afforded for 96 in France, with a profit of morethan 1 and 1-2 percent, bills upon England might fall in I ranee to 4 per cent, below par ; one per cent, being a fufficient profit to the exchanger or broker for the management of the bu siness. But it is admitted that this advantage is loft, when the balance of trade is against tlie nation ; which impofej the duty in qutUion ; because by encreafing thedemand for bullion, it brings this to a par with the coins : and it is to be ftifpetted, that where com mercial principles have their free fcopc, and are well understood, the market difference between the metals in coin and bullion will ieldom approximate to that of the mint, if the latter be eonfider able. It must be not a little difficult to keep the money of the world, which can be employed to an equal purpose, in the com merce of the world, in a flateof degradation, in comparison with the money of a particular country. This alone would seem fufficient to prevent it : whenever the price of coin to bullion, in the market, materially exceeded the par of the metals, it would become an object to fend the bullion abroad; if not to pay a foreign balance, to be inverted in some other way, in foreign countries, where it bore a superior value : an operation, by which immense fortunes might be ama fled, if it were not, that the exportation of the bullion would of itfelf restore the intrinsic par. But as it would naturally have this effect, the advantage supposed would contain in itfelf the principle of its own deftru&ion. As long however as the exportation of bullion could be made with profit, which is as long as exchange could re main below par, there would be a diain of the gold and silver of the country. If any thing can maintain for a length of time a material dif ference, between thevalue of the metals in coin and in bullion, it must be a constant and considerable balance of trade, in favor of the country in which it is maintained. In one situated like the United States, it would in all probability be a hopeless attempt. The frequent demand for gold ana silver, to pay balances to fo reigners, would tend powerfully to preserve the equilibrium of intrinsic value. The profpfft is, that it would occasion foreign coins, to circu late by common consent, nearly at par with the national. To fay, that as lar as the effe£l of lowering exchange is produ ced, though it be only occasional and momentary, there is a bene fit the more thrown into the scale of public prosperity, is not fa tisfaftory. It has been seen, that it may be productive of one evil, the investment of a part of the national capital in foreign countries ; which can hardly be beneficial, but in a situation like that of the United Netherlands ; where an immense capital and a decrease of internal demand render it necessary to find employ ment for money, in the wants of other nations : and, perhaps, on a close examination, other evils may be descried. One allied to that, which has been mentioned, is this—Taking France, for the fake of more concise illustration, as the scene. VI hfnever it happens that French louis d'ors are sent abroad, from whatever cause, there be a considerable difference between coin, and bullion, in the market of France, it will constitute an advantageous traffic to fend back these louis d'ors and bring away bullion, in lieu of them ; upon all of which exchanges, France must sustain an actual loss of a part of its gold and silver. Again, such a difference between coin and bullion may tend to countera£l a favorable balance of trade. Whenever a foreign merchant is thecarrier of his own commodities to France, for sale, he has a ffrong inducement to bring back specie, instead of Trench commodities ; because avrcturn in the latter may affo d no profit, may even be attended with loss ; in the former, it will af ford a certain profit. The fame principle muff be supposed to operate in the general course of remittances, from France to other countries. The principal question with a merchant naturally is In what manner can I realize a given sum, with mod advan tage, where I wifli to place it? And, in cases, in which other commodities are not likely to produce equal profit with bullion, it may be expedled that this will be preferred ; to which the greater certainty attending the operation, muff be an additional incitement. There can hardly be imagined a circumstance, less friendly to trade, than the existence of an extra inducement, ari sing from the possibility of a profitable speculation, upon the ar ticles themselves, to export from a country its gold and silver, ra ther than the produ&s of its land and labour. The other advantages supposed, of obliging foreigners to pay dearer for domestic commodities, and to fell their own cheaper, are applied to a situation, which includes a favorable balance of trade. It is understood in this sense—The prices of domestic commodities (such at lead as arc peculiar to the country) remain attached to ttye denominations of the coins—When a favorable balance of trade realizes in the market the mint difference be tween coin and bullion, foreigners, who must pay in the latter, are obliged to give more of it for such commodities, than they otherwise would do. Again, the bullion, which is now obtained at a cheaper rate in the home market, will procure the fame quan tity of goods in the foreign market, as before; which is said to render foreign commodities cheaper. In this reasoning, much fallacy is to be fufpe&ed * —If it betrue, that foreigners pay more for domestic commodities, it must be equatlv true, that they get more for their own, when they bring them themlelvts to market. If peculiar, or other domestic commodities, adhere to the denomi nations of the coins, no reason occurs why foreign commodities of a like chara&e/, (hould not do the fame thing.—And in this cafe, the foreigner, though he receive only the fame value in coin for his merchandize, as formerly, can convert it into greater quantity of bullion. Whence the nation is liable to lose more of its wold and silver, than if their intrinsic value in relation to the coins,were preserved. And whether the gain or the loss, will on the whole preponderate, would appear to depend on the comparative propor tion of active commerce of the one country with the other. (To be continued.) D ANBURY, Feb. 1. On the morning of the 17th tf January between 8 and 9 o'clock, the brig Sally) belonging to StOfnJord, commanded by Capt. Benjamin Ketlsr, of Ridgjiild, returning from a voyage to the U'efl'-Indies, was cajl away on Eaton's Reef, Long-ljlaitd, ahdall on board, Wnjifiing of n persons perijh.'d. ' ' The shore prefentfd a tnfurnful and diflreffing fight of various parts of the vejfel and cargo jhattercd and broken to pieces, floating upon thewater. The quar% ter deck, which was composed of two.inch plank, was broken cross-ways, and the vejfel torn asunder ill ma ny parts. These fragments and ruined cargo, were drifted on shore, about 33 rods jroiiithe extremity of Eaton's point. The body oj Capt. Keeler was jound, drifted on fljore, with his arms clenched fajl round the top-mast shrouds, where he probably was when the 1 vejfel jiruck, and fell with the majt. Three other bo dies were found on shore, viz. Daniel Gray, oj Stam ford, Stephen Jackson, and James Butlpr, of JVor walkjfailors. The Brig failed out 0f &tgg-Hti'rb our onwinday morning : The serenity of the weather, the tnildn ess oj the day and the little appiarance of such a dreadful fiorm,had probably raifedthetr expetfatiens oj reaching their defignedport without danger. But Jrorn this time to the morning in which they perished, we can only conjetture their awful and dijlrcfed si tuation ; excepting from jams c'trcumjlances and pa pers. Jt appears that Capt. Keeler, apprehending the dejlritttion which awaited them, packed his cloaths up and put them with his papers refpetting the voyage, his watch, medal, and some other things,'into his chef), locked it and fajlened his keys to the hinge of his trunk, hi order to secure themselves in cafe the vejfel should Jlrike, they had f aliened one end of a piece of rigging to the boat, the other to the shrouds. The vejfel was seen at 7 o'clock in the morning of the 1 7th close in with tht land at Eaton's neck, under fail and endea voring to claw off the shore. Soon after this, they were probably flove in pieces. Among the papers found, there was one written by the Captain, and carefully packed up with the log-book, describing the horrors of the /form, and the diflrefs they were in, being present ed with nothing but the gloomy profptft cf a watery grave. Capt. Keeler was the only foil of his mo ther, and she a widow—a dutiful and affettionate child, beloved by all his acquaintance : Having expe rienced misfortunes himfelf, he was ever ready to Juc cour the wretched. As a seaman he was expert, hav i"g followed the business 12 years : He died ( aged 29 ) lamented by his relations, friends, and acquaintances. We are informed that a mercantile house in Lanflngburg, has this season purchased, and ta ken into ftore,upwai ds of 30,006 bushels of wheat —and that Mell'rs. John Kane and Brothers,have purchased, and in ltore at Fort-Edward,between 12 and 16,000 bulhels. In this city, wheat is on the fall : As an in stance of which,ye mention,one of one merchants having offered all he had in store [-being no in - considerable quantity] at 6s. per bushel, in cash —half in hand, and the remainder at a 4 months credit. N E W- Y O R K, Feb. 14. * A Boston paper of the 7th inflant fays, " Sa turday last Captain Cobb arrived here in the schooner Nancy, in 30 days from Martinico.— Notwitliftanding the various accounts of the re storation of tranquility in the French, [W. I.] Islands, we are authorized to affirm, that the di sturbances there continue with aggravated fury. CHARLESTON, Jan. ,25. On Tuesday the 20th instant, in the lioufe of Representatives, at Columbia, 011 the second rea ding of a bill to repeal the confifcation ac£t, a ve ry warm debate took place. On the qneftion be ing put, the ayes were 15, nays 69, so the bill was loft. \ The Hon. Hugh Williamson, Esq. is re eletfted a member of the house of repi efentatives of the United States, for the Albemarle division of this Hate. By a majority of 896. The judges of the superior courts of law and courts of equity in this Itate, having laid before this general aflembly a letter informing of their having refufed a writ of!certiorari, ifl'ued by the judges of the federal court for the diftrid: of Bforth-Carolina, relative to a suit depending in the court of equity for the*diltii<ft of Edenton.in the state aforefaid, in which Robert Morris, John Alexander Nelbitt, and others are complainants, (and Nathaniel Allen, Alexander Black, William Scott and others defendants, and the said judges have, together with their letters, laid before the two houses the reasons and causes of such their refufal. It is therefore resolved, that the genera] aflem bly do commend and approve of the condudt of the judges of the courts of law and courts of e quity in this particular question. The question being put, will the house concur with the resolution of the senate ? it was carried in the affirmative. Adjourned fine die % 760 ALBANY, Feb. 7 EDENTON, Feb. 4. NO R T H-C AR OL IN A. Jti SENATE, December, 1790 W. LENOIR, S. S HENRY KUHL, No. 143, North Second-Street. ah (xpedatiort that a mutual advantage would bt deri . vcd by the dealers, in public fecuri;ies, and a pe:!>n whJ ihould undertake to tianiall such bufinels on tom&ij/.on only, ti. s concluded to offer -himfclf ibr that purßeing of ojun'ion, that every requisite to convince them and others o; !i:s difiii creit ednefs otiglu to be attended to on his part, he lias duly made oar!" before the Hon. the Chief Juftiec of the Slate (V Pennl iw;m, tha le will faithfully execute the tiufts which mav be r:pokd in hi COPV OF THB*O AT H l< I Henry Kuh/, of the city of PkiUde'pb'rol ■, dj ju.car, that I wiil not be conccrved either dircLl. or'indii efl\ t on *>;\ o:cn ac count, in any purchajes or files cf the evi'dtnees of the dtbl iff-ihi United $t4tes or oj particular State.', but will Httlx and'faithfully c xecutc fuck purchdfes and Jales on coinmitfion only Jut rhoje who mux cv>rto\ me: that is to jay, until / shall d'm, ounce in one or more oj I)e nciiijpaper s printed at the feat of the government of the United States. m\ deter mination to the contrary. HENRY KL'HL." Sworn at Philadelphia, Fcbiuary 12'h, 1791, before THOMAS M'K-EAN." The cominiflions he will charge for the pi eient, are— On the fpecte amount ot all furns below SCOO nominal dollars, one half per cent, on do. f rom 5000 to 10,000 do. one fourth ptr cent, on do. from 10,000 and upwards do. one eighth per cent. Accounts dated, and certificates funded at the Treasury pi- Loan-Office of the United State s, on moderate terms. ' N. B. AH orders for purchases or fates to be in writing. Philadelphia, February 19, 1791. (85 t. f. 1 ) MASSACHUSETTS STATE LOTTERY. THE Managers afthe STATE LOTTERY, preient the Pubic with the First C'afs of the Majfachufctts fcmi-annual State Lot tery, which will coinmencedrawmgin the Heprejcntatives*Chamber in Boston, on the Seventeenth of March next, or Jooner, if the Tickets shall be disposed of. SCHEME. NOT TWO BLANKS TO A PRIZE. 25,000 Tickets, at Five Dollars each, are 125,000 Dollars, to bc-paid in the following Prizes, fubjeft to a deduttion of twelve andan half per cent, forihe use of the Com monwealth. Prizes. 1 of 2 3 6 10 30 80 9° 100 120 161 200 7585 8388 Prizes. 16612 Blanks. 25000. TICKETS may he had of the several Managers,vrho will pay the Prizes on demand—of the TREASURER of thoCommon wealth—of JAMES WHITE, at his Bo</k-Store, Franklin's-Head, Court-Street, and at other places as usual. BENJAMIN AUSTIN, iun.l DAVID COBB, | SAMUEL COOPER, ). Managers. GEORGE R. MINOT, ' JOHN KNEELAND, j Jjojlon, Juh 28, 8790. Tickets in the above Lottery are to beJoic by Stephen Au.'tin, corner of Front and Pine Streets, Philadelphia. ' PLEASE TO NOTICE &CF* FOR the accommodation of those v)fio would ■wijh to become Adventurers in the Fir J} Class of the MassachusettsSemi-annualStateLottery, letters, post paid, directed to Samuel Cooper/;!? k-is Office, North fide State-Honfe, Bofion, enclofmg Philadelphia, New-York or Boflon Bank-Bills, or other good Bills, will be particularly attended to t and Tickets forwarded immediately- upon the receipt of fitch 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 if {Jdf* The Managers of the STATE LOTTERY a (Tare the public, that the fii 11 Class ot the Semi-anuual Lottery will pofiiivc lv commence drawing on the day appointed, viz. the 17th of March next. As the Managers have in their fevcraj Monthly Lot teries commenced drawing at the hour alfigncd, To thev are deter mined to be equally as punfrual in this, THE Copattnerthip ol HE WES anrl ANTHONY having ex pired the 31ft ultimo, they request tholr, Who have any «' - mands, to exhibit their accounts and receive their money; and thole who are indebted, are desired to fpcedy payment, to either of the Sublet ibers, at their Comoting-Houfe, No. Chef-* nut-Slreet-Wharf. J.O S I A H H E W E .S. JOSEPH ANTHOSY Philadelphia, Jan. 1791. * N. B. They have yet on hand, and for SALE, at their STORE abovementioned _ lIYSON, Souchong, and Bohea TEAS, Three cases Caflia, Pimento in bags, Mulcovado Sugar, A lew Cases old Batavia Arrack, One calk of Durham Mustard, New Engi«md Ram in hogfaeads and barrels, A quantity ot prime Boston Beef, Spermaceti, njrht whale and tanners' Oil, Bcft pickled Mackrel, 6by 8— 7 by 9 —Bbyio—9 by 11—and 10 by 12 Window Glass, A quantity of excellent carrot Tobacco, And an elegant CHAN DELIER. Manuel Noah, BROKER, No. gi, Race-Street, between Second and Third-Streets, BUYS and SELLS Continental & State Certificates, Pennsylvania and Jersey Paper Money, And all kinds of SECURITIES of the United Slate. , or of any particular Stare, Philadelphia, Feb. 1790. Dollars. 10000 is are 3°oo 2000 1000 500 200 100 50 40 3° 20 lO 8 Martinico Coffee, (?.aw6w-) Dollars, 10000 6000 6090 6ooq SCOO 6000 Bcoo 4500 400© 3600 3220 2COO 60680 1 2^oo^- fan.
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