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.