»
Report of the Secretary of the Treasury, on the
subject of a
(continued.^
IT is cvide; *, ?lfo, that the nation mult p*v as much gold and
silver as before, for the commoditir-s which it procures abroad;
and whether it obtains this gold and cheaper, or not, turns
upon the solution of the question just intimated, refp fling the re
lative proportion of active commerce, between the two countries.
Besides these considerations, it is admitted in the reasoning,
that the advantages supposed, which depend on a favorable ba
lance of traie, have a tendency to affe£l that balance difadvan
tageoufly. Foreigners, it is allowed, will in th s cafe, seek some
other vent for their commodities, and some other r.ia:ket, where
they can supply their W2pts at an ealier rate. A tendency of tics
kind, if real, would be a fufficient objettion to the regulation.
Nothing which contributes to change a beneficial current of trade,
ran well compen'ate, bv particular advantage?, for so injurious
an effeffc It is far more easy to transfer trade, from a less to a
moie favorable channel, than when once transferred, to bring it
back to its old one. Every source of artificial interruption to an
advantageous current is, therefore, cautiously to be avoided.
It merits attention, that the able minister, who lately and so
long presided over the finances of France, docs not attribute to
the duty of coinage, in that country, any particular advantages,
in relation to exchange 2nd trade. Though he rather appears an
advocate for it, 'tis on the sole ground of the revenue it afford?,
which he represents, as in the nature of a very moderate duty on
the general mass of exportation.
And it is not improbable, that to the singular felicity of situa
tion of that kingdom, is to be attributed its not having been sen
sible of the evils which seem incident to the reguiation. There is
perhaps no part of Europe, which has so little need of other coun
tries, as France. variety of foils and climates,
an immense population, its agriculture in » state of mature im
provement, it poflefles within its own bosom. most, if not all thr
productions of the earth, which any of its most favored neighbors
can boast. The variety, abundance and excellcnce of its wines,
constitute a peculiar advantage in its favor. Arts and manufac
tures are'there al(o in a very advanced state—some of them of con
siderable importance, in higher perfection than elsewhere. Its
contiguity to Spain, the intimate nature of its connexion with
that country ; a country with few fabrics of its own, consequently
numerous wants, and the principal leceptacle of the tretfures ol
thenow world. Thefecircumftances concur, in fecuringto France,
so uniform, and so considerable a balance of trade, as in a great
measure to counterafl the natural tendency of any errors, which
may txift in the system of a mint; and to render inferences from
the operation of that system there, in reference to this country,
more liable to mislead than to inftruft. Nor ought it to pass un
noticed, that with all these advantages, th -government of France
has found it necefTary, on some occasions, to employ very violent
methods to comp 1 Jthe bringing of bullion to the mint ; a circum
stance, which affords a strong presumption of the inexpediency of
the regulation, and of the impra&icability of executing it in the
United States.
This point has been the longer dwelt upon, not only because
there is a divcrfity of opinion among speculative men concerning
it, and a diversity in the pra£lice c>f the most considerable com
mercial nations-; but becaulcthe atts of our own government, un
der the confederation, have not only admitted the expediency o>
defraying the expence of coinage out of the metals themselves ;
but upon this icta have both mad .< deduction from the weight
of the coins, and established a difference between thtir regulated
value and '.he mint price of bullion greater than would result from
that deduction. This double operation in favor of a principle so
quefttonable in itfelf, has made a more particular investigation of
it a duty.
The intention,however,of the preceeding remarks,is rather to (hew
that the expe&ation cf commercial advantages ought not to decide
in favor of a duty of coinage, and that if it fiiould be adopted, it
ought not to be in the form of a deduction from the intrinsic value
of the coins—than abfoliaely to exclude the idea of any difference
•whatevqr, between the value of the metals in coin and in bullion.
It is not clearly discerned, that a small difference between the
m int price of bullion, and the regulated value of the coins, would
be pernicious, or that it might not even be advisable, in the firft
instance, by way of experiment, merely as a preventative to the
melting down and exportation of the coins. This will now be
somewhat more particularly considered.
The arguments for a coinage, entirely freeware, that itpreferves
the intrinsic value of the metals ; that it makes the expence of fa
brication a general inftiead of a partial tax ; and that it tends to
promote the abundance of gold and silver, which it is alledged
■will flow to that place, where they find the belt price, and from
that place, where the) are in any degree undervalued.
The firft consideration has not much weight, as an obje&ion to
a plan, which, without diminishing the quantity of metals, in the
coins, merely allows a less price for them in the bullion at the na
tionnl factory or mint. No rule of intrinsic value is violated, by
considering the raw materials, as worth less than the labric, in pro
portion to the expence of fabrication. And by divesting foreign
coins of the privilege of circulating as money, they become the
raw material.
The lecond confederation has perhaps greater weight. But ii
may not amount to an obje£lion, if it be the best method of pre
venting disorders in the coins, which it is in a particular manner
the interest of those, on whom the tax would fall, to prevent.
The practice of taking gold by weight, which has of late years ob
tained in Great-Britain, has bcCn found, in some degree,a remedy;
but this is inconvenient, and may on that account fall into disuse.
Another circumstance has made a remedial operation. This is,
the delays of the mint. It apppears to be the practice there, not
to make payment for the bullion, which is bronght to be ex
changed for coin, till it cither has in fatt, or is pretended to have
undergone the process of Tecoining.
[To be continued.
" Philadelphia, Feb. 25."
Extract of a litter from a gentleman in Edinburgh, to
his friend in this city, dated id OR. I 790,
"■ BY some "Americaif papers I find that a Na
tional Univerficy is in agitation In my poor
judgment the measure will be dangerous. Privi
leges, in time, may be annexed to study in that
University, which cannot be gained by studying
in any other. Opportunities may present for
filling vacant Profeflorfliips, sb as may subserve
the deligns of some ambitious President.
These, in the tirlt feats of government, instiga
ted by principles too common, may vvifli to ex
tend their own power, and to abridge the liber
ty of the fubjecl, Many Profeffors in Scotland,
otherwise of distinguished abilities, have disco
vered how zealous they were fo> principles,
■which, if carried their just length, would con
demn the revolution of r6BB, in their prelections
and publications : especially tliofe occasioned by
the American war. Drs. Campbell and Gerard,
of Aberdeen, and Profefl'or Fergufon, ofEdin
bargb, who, in 'wis liiftory, endeavors to varnifli
over"Sylla's cruelties, are not the only inftanc.es.
flen who boast of free-thinking and liberality of
ientiment, thought it no inconlifteney with this
to maintain Britain's right of enslaving America.
But a Dunbar at Aberdeen, and a Millar at G!af
gow dared topublifh a jufter state of the natural
and unalienable rights of mankind.
" Some years ago the College of Glasgow ex
pelled several Students for daring to find fault
with their measures, and carried their perfec
tion again ft one of them so far, that they hinder
ed his being licenfcd till he had made some hu
miliating acknowledgments. An attempt was
made some years before this, tS vest in the Eng
]ifli (Jniverfities an exclusive right of printing
certain books. The consequence would liave
been that the inoft ufeful histories and political
tradis, if they happened not tofuit thetafte of a
Prince, or Prime Minister, would not have been
re-printed. But where different States have each
their own college, the employing them for thus
perverting and poisoning youth would be anun
iuccefsful attempt. Besides, when you have five
or fix colleges, if you have good libraries and phi
losophical apparatuses, and prefer to profeffor
fhips t lie heft men you can find, afpirit of emula
tion, highly favorable to tie advancement of
learning would be excited andcheriflied. Learn
ing would never have spread as it once did in
Greece, had the States, in the time of their great
est union, eretled a common Academy. At one
time Wurtenburg, at another Halle, at another
Leipzig, has been the inoft flourifhing German
University. One man of distinguished merit in
philosophy, belles lettres,medicine, law, divinity,
draws icliolars from the most dillant parts of
Germany. A number of small States, having the
fame language, tho differing in internal govern
ment and police, from thef'e instances appear to
me to have the highest advantages for improve
ments in arts and sciences, if they are not retard
ed in thepurfuit of perfection by the proud idea
that they have already attained it. This is the
cafe with the agreeable and courteous, but indo
lent and luxurious inhabitants of Vienna, that
metropolis of the hereditary dominions, and they
fancy alio not only the metropolis of Germany,
but the most knowing, cultivated, and improved
city there : In faift the reverse is the cafe. There
is hardly any protestant city there, which they
fall not far ihort of; but, the progress of feience
in other parts of the empire they know not, their
best books having till lately been contraband
goods. Educated by Jesuits, they counted the
fuperficial knowledge imported to them by the
fathers, the very n: plus ultra of science.
From passages in some American papers, I appre
hend that the States are in some danger, from a
fitnilar cause, of not improving, as they ought,
their great natural talents, and high advantages
for improvements in learning. lam sorry some
men of abilities among you speak with so urjnft
contempt of acquaintance with the claifics : To
this the fineft British writers owe a great portion
of their excellence."
LAWS OF THE UNION.
CONGR.ESS OF THE UNITED STATES
AT THE THIRD SESSION,
Begun and held at the City of Philadelphia, on Monday the sixth
of December, one thousand fevert hundred and ninety.
AN ACT for the admiifion of the State of VER-
MONT into this Union.
THE State of Vermont having petitioned the Congress to be
admitted a Member of the United States—
Re ;t eua&ed by the Senate and HouXe of Representatives of the
United States of America in Congress aflfembled, and it is hereby
ena&ed and declared, That, on the Fourth day of March, one
thousand seven hundred and ninety-one, the said State, bv the
name and style of " The State of Vermont." shall be received
and admitted into the Union, as a new and entire Member of the
United States of America.
FREDERICK AUGUSTUS MUHLENBERG,
Speaker of the House of Reprefcntatives.
JOHN ADAMS, Vice,-Prefident of the United States,
and Prejident of the Senate.
Approved, February eighteenth, 1791.
(-EORGE WASHINGTON, Ptejident qjthe United Stater
(True Copy)
THOMAS. JEFFERSON, Secretary of State
AN ACT to continue in force for a limited time,
an art pafled at the firft session of Congress, en
tituled, " an adl to regulate procefies in the
courts of the United States."
BE it enacted by the Senate and House of Representatives of th.
United States of America in Congress assembled, That an a£t
pafled on the twenty-ninth day of September, in the year one
lV >oufand seven hundred and eighty-nine, entitled, " an ast to re
gulate proCeff<s in the courts of the United States," fhail be, ann
the fame hereby is continued in force until the end of the next
feflion of Congress. nd nrt longer.
FREDERICK AUGUSTUS MUHLENBERG,
Speaker of the House of Representatives,
JOHN ADAMS, Vice-Prefiderit oj'the United States,
and Pre/ident u/ the Senate.
Approved. February eighteenth, 1701.
GEORGE W ASHINGTOX, President of the United States.
(True copy.)
THOMAS JEFFERSON, Secretary of State,
R F-'° L yED, by the Senate and House of Representatives of the
XV United States ofAmei ici in CongreJ) assembled, That Andrew
Brow n, or any other printer, be permitted, under the direttion
■ ; the Secretary of State, to collate with, and correct by the origi
nal rolls, the laws, resolutions and treaties of the United States, to
be by him printed. And that a certiHcale o! their having been
764
Co collated and correfttd, be annexed to the bid rfitiw". PitM
viied. Thai fucft collation and correction be at iheexpence ot(3B
fairf Andrew Brown, or such other printer, and'that (he perfonwl
Iperfons to be by him or them employed in th*t service, beUpraj
proved by the Secretary of State.
FREDERICK AUGUSTUS MUHLENBERG, j]
Speaker oj the House rjKep'cfevtatuxt. ]
JOHN ADAMS, VicesPrefislcit a) the United Staits, <
and President of the Senate.
Arrnovf.D, FrjiswAßr J7 g,. }.
GEORGE WASHINGTON, Prijidttstof the C'mted States- *,
PRICE CURRENT. PHILADLLPIUA.
PF. R QUANTITY.
FEBRUARY 25.— Dollars at
ANCHORS pr. lb. 6U
> AlJum, Engliih, pr. cwt.
Ditto, Roch pr. lb. 10d
A flies, pot, per ton, £5 a-qjJios
Arrack pr. gall. icj 12s (yd
Brandy, common, 7 s6d
Cognise 8f 4d
Braziletto, pr. ton. 12/ a 16/
Bricks pr. M 30s
Bread, Oiip pr. cwt. J 9 J 6
Ditto, pilot ,3,jf
Ditto, small water 45J 48*
Beer, American, in bot. / ,
pr. doz. >
pr. bbl. 30 s
f Oak pr.M feet, 4/1 or 4/18*
0 Merch. pine 4/ ioj 4/ 15s
Sap, do. 2l'.ys6d 3/*
O N.Eng. 2lss 2/ysbd
03 L Cedar 4/ 5s
The above arc the Shallop prices ;
for the Yard p> ices add 15s pr M.
Brimllone m rolls pr. cwt. 241
t*- (I r 1 fli pr. bbl. 555 60/
3 j lirjinn 55f
W ( Country 45*
Buticr pr. lb. 10d fid
in kegs 10d
Cedar,red timber pr.foot 2s2s6d.
Chocolate pr. lb. 1?d
Coal pr. buftiel u Sd
Coffee pr. lb. 1 s 2d
Cinnamon 18s 20s
Caflia $s
Cheese, English i. f 3^
Country 6d 7
f Sprr. pr. lb. 3 J 6d
-i J Wax 3 J
Myrtle Wax is zd
| Mould,tallow nd \9.d
rj L Dipped
Cotton x
Cuirants IS 6 2S
Cloves
CoDperaS nrv-Wt. ljs6d
6OJ 62564
Cocoa 6z>6d 6756 d
DucKß u^a J P r - piece 80s 83s
--—Ravens Is.- 65s jos
./lour, Superfine, pr. bbl. 45J
Common, 4 2s
Bur middlings,beft 35J
Middlings 34*
Ship-ftuff pr. cwt. 12s 15s
Flax pr. lb. Sd qd
Fustic pr. ton, 135J 150.C
Feathers pr. lb. 2j q<{
pr. bu(h.
Flaxfeed
7/101 8/
Glue,
pr. cwt,
Ginger, whiterace
Ditto, common 50/
Ditto, ground pr. Ih. i f
Ginfcng, 2 s
Gunpowder, cannon,pr. )
quarter cask, ) 3' ys
Ditto, fine glazed
Gin, Holland, pr. gall. 5s
D-"». pr. cafe, 30J 33J
f Wheat pr. bush B*Ba!6r
!l y e .v
I Oals 1 s 8d 2s 6d
Indian corn 2s6d 31
I Bailey 4 f yd
j Befl shelled 20s
(_ Buckwheat 2(6
Hams pr. lb. yuHd
Hemp, pr.ton, 50/
Hogshead hoops, pr. M 5/ 6/
Herrings, pr. bb!. 20s
Hides, raw pr. lb. 9d 10d
*
Hops 2S Q'l ?s 6d
Indigo, Trench, 7 s 6d 12j
Carolina 4J 7 j
Irons, fad pr. cwt.
f Callings 22s 6d 305
| Bar pr. ton, 29/30/
2 P 'S '0/
5 | Sheet 60/ 65/
(. Nail rods 3(5/
Junk, pr. cwt. 27s Q£r
Lard, hogs gd 10d
Lead in pigs 40J 42.1 6d
'-n bars 6 os
Lead, white Bcj 85.)
red 49 ., 6d
Leather, foal pr. lb. is zd is qd
Lignum vita pr. ton 42s 4,5 r
Logwood y/ j.t 8/
M a], Indian, pr. bbl. 1 gs'
——Rye . 2 8j
Mackorel,boft
Common 30/5816//
pr. lb. 70J
2S 4d
isSd is ad
zsBJ
Mace
Mustard
Madder, belt
Molafles pr. grill
Marble, wrought, pr. foot, 13;
Ma ft (pars •
Mahogany 8d \id
Nutmegs pV lb. 6oj 75s
Nails, ic^i?.d&c lod— 8d S^dqd
C LinTeed, pr. gal). 31 gd
1 Train is 10d 2s
Spermaceti 3s yd
1 Whaie 1 s 10d is
g Olive 6s 6d
| Ditto pr. cafe 28.1 30J
Best fwcet in ) CJr
flatks.pr. box, J s°-'6d6os
l_--ba(kets 12 bottles 2&f
Oak timber pr. ton 40/
Porter in casks, pr. gall. 2.r
London,pr.doz.t2i6i 15*
'oftCfjAsnrrican pr. do*, pj
'-.tch, pr. ob]. lor
Pork, Burlington, *"~V>
■— ; —Lower county 7csß-f
Carolina £0*
las, Albany 7 sGd K $ SA j
Pepper, pr. Ib. zs ad
Pimento , s f j
Rice pr. cwf. «>2s
Rofm pr. |)bl. 2 - s
Raifros, best, pr. keg r^ s
D'Ho pr. jar '.> 2f
■itto pr. box
r Jamaica pr. gall. s 'j 6i
M j Antrg'Ja
j Windward
g *, J4arh<idors 41 jj
j Country, N. E. 3 s 31 id
LTaflfia 2J4J 2s 6d
SafTafras pi*, ton 40 fox
Saltpetre, pr. cvvf. 6/10*
Sulphur, flour 40141 c
Shot ' £ 0f
(German pr. rwt t 60*70/
uj jEnglifh, bliftercd 82s Gd
pr. ton
(Crowley's or. fa%. 4/10s
Snake root pr. lb. ij 6d 2s 8d
Soap, Common cd 6d
■ Hrftwn 6d
Caflile 8i qd
Starch nij
Snuff \s6 i zsAd £s6d
Spermaceti, rrHivd. gj
Sail Clcxh, Erwlifli, } . , " >
pr. yard, $ ls6d 2Szd
Bolton, No. I. 2.fQi
No. 11. is id
Ruflin fh eating, pr. p. go/
['Lump, pr. lb. is
d j Loaf, finale refined is6d
J <j Ditto, double do.
j~. , Havannah, white 11 d
oo j Ditto, brown, Sd iod
lMufcovada,pr.cwt.
Spirits Turpentine pr. gall, jjqi
f Allum pr. bulb.
►J 2 j 4i
< Cadiz 0/
°° ( Lisbon is^disbd
Ship buiid. W.O. frames'; 80/
P- ton, g of
Do. 1.0. & red C. do. 6/6/5*
Shingles, short, p. M. 15/20/
long dreficd goiioo/
■ing, heart, 90/150/
d P 4 2J 4,5- f
Scan:
17
M I
r»• r . i""
rip? pr. i!>oo pieccs iti
'* » /I J »
5' 3 d
W. O. hogshead
) R. O. do.
52 s6d
< | Leogan
K Barrel
L Heading
Otter, bed pr. piece 30. iT
Minks 3s6d $r
Fox, grey 2 » 6d 6/
red 6j js6d
If)
Martins
j~ <{ Fibers 2s6dss
r £ Bears 12s6d 25s
Racoons ?..f 4/
Musk-rats ts6d
I Beaver, pr. lb. 5/ icj
L Deei, in hair u6d 9Ssd
, Xar,NJ. Jersey, r>4 gal. p. bbl. qt
— I —Carolina, 32 galJ. 13(6d
Turpentine 17 sSd
— Spirits, pr.gall. 3/ qd
• f J aniFS K. new belt 3256 i
•£ -— inferior 23/25/
o old • 35/ 38/
Rappahannock 22 s6d
O J Colo. Maryland 40J 60/ •
Dark 90s
Long-leaf 20s
S3 Kaftern-lhore 15/ 16/
1 Carolina, new 23/2,5/ /
I | old 3Q.f
1 Hyson pr. lb. ysSjqd-j
c/a. I Hyson fk'n, 4/ 4/ 6d !
Souchong, bed 7s6dßt
H ! Congo, 3 J ?<*
L-Bohea, 2J 6d
Tallow, refined 9^
Tin pr. box, 110/ 112s 6d
Verdigreafe pr. Ib. 4^4 s 6d
Vermillion, HS.^d
Varnish, 2.f 2/ 3d
f Madeira, pr. pipe 40/80/
• Lisbon 38/
Teneriffe 22/io.f 24/
Fayal pr. gall, r^sid3J
Port pr. pipe 39/ 42/
Ditto pr. gall. sslo(t5 sl0( t
Do. in bottles, pr. doz. 30/
Claret 30/ 45.C
Sherry pr. gall. 6s yd 9*
Malaga 4*
. Bees pr. lb. 2J 2s
le-bone, long pr. lb.
fliort, pr. lb.
• J
2 *
1 £
1
t
Wax.
Whai
COURSE OF EXCHAXCE,
Bills of Exchange, London,
90 days, 70
Ditto 60 days 725
Ditto 30 days 74
Amsterdam, 60 days,
pr. guilder, 2JII 3 f
30 days gs id
France, 60 ,diya,pr. t j; jiv. (i.r 8i
30 davs 61 jctf
-;.V
7' 5'
5 l 5 f
s''s s
4 / i s .t
8/1 os