Report of the Secretary of the Treasury, on the
fubjeift of a Mint.
(CONTIKUED.)
THE neceflitv of fulfilling prior engagements, is a cause or pre
text for poflponing the delivery of the coin in lieu of the
bullion. And this delay creates a difference in the market price
of the two things. Accordingly, for some years pad, an ounce of
standard gold, which is worth in coin 17 lOj sterling, has
been in the market of London, in bullion, only £.%. 17 6, which
is within a small fraction of one half per cent, lei's. Whether this
be management in the mint to accommodate the bank in the pur
chase of bullion, or to effect indire&ly something equivalent to a
formal difference of price, or whether it be the natural corn fe of
the bufinefo, is open to conjecture.
If, at the fame time, indicates, that if the mint were to make
prompt payment, at about half per cent, less than it does at pre
sent, the state of bullion in refpeft to coin, would be precisely'
the fame as it now is. And it would be then certain that the go
vernment would save expence in the coinage of gold ; since it is
not probable, that the time afi ially loft in the course of the year
in converting bullion into coin can be an equivalent to half per
cent, on the advance; and there will generally be at the com
mand of the treasury, a considerable sum of money, waiting for
some periodical dilburfement, which without hazard might be
applied to that advance.
In what sense, a free coinage can be said to promote the abun
dance of gold and silver, may be inferred fiom the instances,
which have been given of the tendency of a contrary system to
promote their exportation. It is, however, not probable, that a
very small difference of value between coin and bullion can have
any e ffett, which ought to enter into calculation. There can be
noinducement of positive profit, to export the bullion, as long as
the difference of price is exceeded by the expence of transport
ation. And the profpett of smaller loss upon the metals, than
npon commodities, when the difference is very minute, will be
frequently over-balanced by the poflibility of doing better with
the latter, from a rife of markets. It is at any rate certain that
it can be of no consequence, in this view, whether the superiority
of coin to bullion in the market be produced, as in England, by
the delay of the mint, or by a formal discrimination in the re
gulated values.
Under an impression, that a small difference between the value
of the coin, and the mint price of bullion, is the least exception
able expedient for restraining the melting down, or exportation
of the former, and not perceiving, that if it be a very moderate
one, it can be hurtful in other refpefts—the Secretary is inclined
to an experiment of J percent, on each of the metals. The fact,
which has been mentioned, with regard to the price of gold bul
lion in the Engliffi market, seems to demonstrate that such a dif
ference may fafely be.made. In this cafe there must be im
mediate payment for the gold and silver offered to the mint. How
far £ per cent, will go towards defraying the expence of the coin
age cannot be determined beforehand, with accuracy. It is pre
lumed, that on an economical plan, it will fuffice in relation to
gold. But it is not expetfed that the fame rate on silver will be
fiifficient to defray the expence attending that metal. Some ad
ditional provision may therefore be fouud neceffdry, if this limit
be adopted.
It docs not seem to be advisable, to make any greater differ
ence in regard to silver than to gold : because it is desirable, that
the proportion between the two metals, in the market, should cor
respond with that in the coins, which would not be the c'afe, if
the mint price of one was comparatively lower, than that of 'the
Other ; and because also silver being proposed to be rated in ref
petftogold, somewhat below its general commercial value, if
there (hould be a disparity, to its disadvantage, in the mint pri
ces of the two metals, it would obflru&too much the bringing of
't to be coined, and would add an inducement to export it. Nor
does it appear to the Secretary fate to make a greater difference,
between the value of coin and bullion, than has been mentioned.'
it will be better to have to increase it hereafter if this shall be
found expedient than to have it to recede from too considerable a
difference in consequence of evils, which shall lnve been experi
enced. r
It is sometimes mentioned, as an expedient, which, confidently
with a free coinage, may fetve to prevent the evils desired to be
avoided—to incorporate in the coins a greater proportion of al
loy, than isufual, regulating their value nevertheless according to
the quantity of pure metal they contain. This it is supposed, by
adding to the difficulty of refining them, would cause bullion to
be preferred both for manufaflure and exportation.
But flrongobje&ions lie against this scheme An augmenta
tion ofexpence;—an actual depreciation of the coin a°danger
of ltill greater depreciation in the public opinion ; the facilitating
o . fco » n '« r «»s : wtllle 11 ' s questionable, whether it wonld have
the effect expected from it.
The alloy being esteemed of no value, an increase of it is evi
dently an increase of cxpence. This, in relation to the gold coins,
particularly, is a matter of moment. It has been noted, that the
alloy in them confills partly of silver. If to avoid expence. the
addition (hould beof copper only, this would spoil theappeaiance
ot the coin, and give it a base countenance. lis beauty would in
deed be injured, though in a less degree, -even if the usual pro
portions of silver and copper should be maintained in the tncrcaf
ed quantity of alio).
And however inconsiderable iin additional expenditure of cop.
per in the coinage of a year may be deemed ; in a series of years
it would become of consequence. Im regulations which contem
platethe lapse and operation of ages, a very small item ofexpence
acquires importance.
The .xflual depreciation of the coin, by an increase of alloy, re
mits from the very circumstance, which is the motive to it—the
greater difficulty of refining. In England it is customary for
thole concerned in manufaftuies of gold to make a deduction in
the price, of four pence sterling per ounce, of fine gold, for every
carat which the mass containing it is below the legal standard
". a ™' e . •"of a single carat, or 1-24 part
fl S J 'ld coins°f the United States, compared with the Er.gliffi
standard would cause the fame quantity of pure gold in them to
be woith nearly 4 _ 10 ths percent, less than in tile coins of Grea'-
Br.ta.n This circumstance would be likely, in process of time
to be felt in the market of the United S'atcs
A still greater depreciation, in the public opinion, would be to
be apprehended from the apparent debasement of the coin. The
• ofi magi nation and prejudice cannot fafely be difre E arded
in any thing that relates to money. It t he beauty of the coin be
impaired; it may be fouud difficult to fatisfy the generality of the
community, that what appears worse is not really less valuable"
and it is not altogether certain, that an impression of its beini? s o '
may not occasion an unnatural augmentation of prices '
Gr< ater danger of imposition, by counterfeits, is also to be at>-
prehended from the injury which will be done to the appearance
of thecoin. It is a just observation, that " The perfection of the
coins is agreat fafe-guard against counterfeiters." And it is evid, nt
that the colour, as well as the excellence of the workmanship.is an in
gredient in that peifeftion. The intermixture of too much alloy
particularly o. copper in the gold coins at least, mud materially
lessen the facility of distinguishing by the eye, the purer from the
Daler kind, the genuine from the counterfeit.
The ineffieacv of the arrangement to the purpose, intended to
be answered by it, is rendered probable by different confuta
tions. If the standard of plate in the United States should be re
gulated. according to that of the national coins; it is to be ex
petted, that thegoldfmith would preferthefe to the foreigncoins ■
because he would find them prepared to his hand, in "the date'
which he desires ; whereas be would have to expend an additional
cuantity of alloy to bring the foreign coins to that date. If the
ltandard of plate, l>y law or usage, ftiould be superior to that of
the national coins, there would be a poflibility of the foreign[coins
bearing a higher price in the market ; and this would not only
obftrutt their being brought the mint, but might occasion the
exportation of the national coin in preference. It is not under
stood, that the pra6lice of mak:ng an abatement of price for thr
inferiority of standard, is applicable to the Englilh mint—and if
it be not, this would also contribute to fruftrating the expelled
effect from the increafeof alloy. For, in this cafe, a given quan
tity of pure metal in our standard, would be worth as much there,
as in bullion, ot the English or any other standard.
[To be continued.]
Philadelphia, Februarv 24th, 1791
PROPOSALS
FOR PRINTING BY SUBSCRIPTION, A
COLLECTION of STATE PAPERS,
INTENDED AS MATERIALS FOR
AN HISTORY OF THE UNITED STATES OF
By EBENEZER HAZARD, A. M.
H 'olle&ion will be contained the Charter sof the
A leverai ltates which now compose the Union the Records
ot the United Colonies of \ew-Enci and Roval Inftruc
nons to Colonial Governors;— Extracts from Public
r? n DS;—a other .authentic Documents tending to elucidate
our Hiltory. 0
The design of this compilation was intimated to Concrrefs, and
honored with their approbation.— On the 20th July, 1778, their
committee, to whom his memorial was referred, reported it as
their " Opinion, that Mr. Hazard's undertaking is laudable and
defcrves the public patronage and encouragement, as being pro
ductive of public utility Whereupon they " Resolved, That
it be recommended to the Governors, Presidents, and Executive
Powers of the several dates in the union, to assist Mr. Hazard,*nd
give facility to his labors ; and that for this purpose he be admit
ted to an infpc£hon of public records, and be furnifhed without
expence with copies of such papers as he may judge will conduce
to the valuable end he hath in view.
He was, of consequence, admitted to the insertion and use both
of publ.c records, and the collections made by individuals, from
whence this compilation (much the largest he has ever met with
on the fubjeft, and, he flatter, himfelf, the largest ever made in
America) was .ormed. It has since met the apnrobation of many
chara &"s,and even in its manuscript state, has facilitated
tne lettlement or Jorne important controversies.
The comp.ler cannot suppress the following letter from the honor
able the Secretary of State, to whose infpeftion Dart of the com
pilation was submitted, as it contains so flattering and refpefta
ble a teltimony in favor of the importance of the work.
" Philadelphia, February 18, 179*1.
S IR,
I return you the two volume, of Records, with thanks for the opportu
nity of looking into them. :—they are eurions Monuments of the Infancy
of our country. Heart, with great fatisfaffion that-you are about com
mitting to the Press the valuable Hiflorical and State Papers you have
been so long colleflmg T,me and accident are committing daily havoc
on the originals depofted in our public offices : the late war has done the
work of centuries m this hifimfs : the lofl cannot be recovered; but let
" oti J V ' U " S a " dlocki < fence them from
the public eye andvfe m confignmg them to the waste of time, but by such
a null,plication of coptet as fha/l place them beyond the reach of accident ;
this being the tendency of ymir undertaking, be ajfured Here is no one who
wtfhes it a more complete success than SIR
Your mofl obedient and mofl humble Servant,
THOMAS JEFFERSON."
MR. Hazard
CONDITIONS.
I. The Work to be publiflied in numbers, each containing
months' 65 ' <3Uart ° number t0 be every three
fia °, dellv< j r y°f the firfl Number, payment to bemade for
the hrll and feeond, and afterwards for each Number as delivered
(except the la ft, so that the price of one Number will beconftant
ly m advance. The very great expence attending so large a work, •
he'Tffl cond,tion absolutely necefTa
ry, w be fufficient apology to the candid for its insertion
111. The price to Subscribers will be one Dollar for cach num.
■ K, aV ' S , fu PP°/ cd that thc Work will probably be comprised in
eight Numbers, forming two handsome Volumes, i n large quarto
printed on a neat Type and good paper. '
IV. To those who choose to fubferibe for the Work in V O .
Umes the pr.ee will be Four Dollars and a Quarter of a Dollar, for
Cdch Volume, in hoards.
ft, lll' I ' ll^ col,eaion L wiU b e P»' t» the Prefsas soon as there
(hall be a fufficient number of fubferiptions to juftify an hope that
the expenccs will be defrayed. °P e lnat
%3TThofewho receive SybJcripHous will please trnfmit account, of
Subsc r iptions will be received in Portsmouth, (N H) bv
Jeremiah Lu.bcy; Boston, Thomas & Andrews ; Worcester
B"rr N° m 3 " artfo^ d ' Thomas ' Hildrup; New-Haven, Isaac'
. rs , New-London, Timothy Green ; Newport, (R. I.) Jacob
H.chardfon j Providence, John Carter ; New-York, Hodge, Al
len & Campbell ; Albany, Abraham G. Lanfing ; Philadelphia
Thomas Dobfon, and Hazard & Addoms; Wilmington, (Dela
ware) Frederick Craig; Baltimore, I. Holmes; Alexfndria To
£ua Merr.man ; Norfolk. Mr. Lindfey : Frederickiburgh. 'cal-
f l ende ' fon : Peterfburgh, John Crammer; Rich
mond, Augustine Davis ; Newbern, (N. C.) F. X. Martin • Wil
m.ngton, John Bradley; Charleston, (S. C.) William P. Young
R A NEGRO MAN ELOPED.
AN away from his owner about the 2 5 th Jan. last, C.ESAR
a negro man country born, noted ». » prc.cher amtn. ,hc
blacks, 3 ° years of age, about 5 feet 7 inches high—thick, well
let; had on a brown cloth coat, light cloth jacket, leather breeches
and coarse w.lton (lockings.— He also had a tow linen frock with
bin, ; and wore a finall round hat. He is supposed to be gone ,0
Sta'.r'Vho 3 °" ?'■ Plantation, m that
eaol of ke faid ' ne « r "> and secure him i„ th e
gaol of Philadelphia, or of Trenton, and give noticc thereof to the
fubfenber , vl ng irt Bour.d-Brook, N'ew.Jerfey! S r «ewe
Twelve Dollars reward, and all necessary charges
P ÜBLIC NOTICE. "
oomerjet County, (T.
T3Y virtue of a writ of Jitri facias tome dire&ed ao-ainft thr
D goods and chattel,, rf nd / lnd imement. ot 01 .h..
lit f 'r levied on, and seized that valuable house and
lot of land, situate on the north fide of the Main Street in PHn„
Col'l "r . poffe ' l ' on of A(llm Shaw, and known bv'fion of the
occupied in "C " Cel em ft3nd f ° r 2 ? Üb,ic house, and has b n
sspsis?
**» «M* iM WAILACE - *•*
768
AMERICA.
HUGH ROWAN,
HENRY KUHL,
No. 143, North Second-Street.
FROM an expe&ation that a mutual advantage would be der
ved by the dealers in public securities, and a person who
Ihould undertake to tranlaft such business on commission only % lus
concluded to offer himfelf for that purpose. Being of opinion
that every requisite to convince them and others.of his disinterest
edness ought to be attended to on his part, he has duly made oath
before the Hon. the Chief Justice of the State of Pennsylvania, thdt
he v v faithfully execute the trusts which may be rcpofed in him.
COPY OF THE OATH.
" / Henry Kahl, of the city of Philadelphia, flock broker, do Ivor
that I will not be concerned either dirc&ly or indireflly, on my own ac
count, in any purchafcs or files of the evidences of the debt of the United
States or oj particular States, but will truly and faithfully execute fuck
purchafcs andJales on commission only for shofe who may employ me :
that is to fiy, until I f hall announce in one or more of the newjpapers
printed at the feat of the government of the United 'States, my deter
mination to the contrary. HEKR Y KUHL
Sworn at Philadelphia, February 12th, 1791, before
THOMAS M'KEAN."
The commiflions he will charge for the prelent, are—
011 the specie amount of all sums below SCOO nominal dollars
one half per cent, on do. from 5000 to 10,000 do. one fourth per
cent, on do. from i®,ooo and upwards do. one eighth per cent.
Accounts Hated, and certificates funded at the Treasury or
Loan-Office of the United States, on moderate terms.
N. P. All orders for purchases or files to be in writing.
Philadelphia, February 19, 1791. (8,5 t. f.}
Manuel Noah,
BROKER,
No. 91, Race-Streef, between Second and Third-Streets
BUYS and SELLS
Continental & State Certificates,
Pennsylvania and Jersey Paper Money,
And all kinds of SECURITIES of the United States, orofanv
Philadelphia, Ftb. 1790.
THE Copartnership ot HEtf'ES and ANTHONY having ex
pired the 31ft ultimo, they requell those, who have any de
mands, to exhibit their accounts and receive their monev ; and
those who are indebted, are desired to make speedy payment, to
either of the Subscribers, at their Compting-Houfe, No. 5 , Ciief
nut-Street-Whai f. J O S I A H H E W ES,
JOSEPH ANTHONY
Philadelphia, Jar. 15, 1791.
N. B. They have yet on hand, and for SALE, at their STORE
abovementioned,
HYSON, Souchong, and Boliea TEAS,
Three cases Cafiia,
Pimento in bags,
Muscovado Sugar,
A sew.Cases old Batavia Arrack,
One cask of Durham Mustard,
New England Rum in hoglheadsand barrels,
A quantity of prime Boston Beef,
Spermaceti, right whale and tanners' Oil,
Best pickled Mackrel,
6by 8— 7 by 9— 8 by 10-9 by s i—and 10 by 12 Window
Glass,
A quantity of excellent carrot Tobacco,
And an elegant CHANDELIER.
New Line of Stages.
THE Subscriber has efiablifhed a line of STAGES from Hart
ford to Boston, by way of Norwich and Providence, which
w.llrunthro twice a week during the Winter Season, and three
times a week during the Summer Season.
Good Carnages, Horses, and careful Drivers are provided.
Passengers pay three Pence per Mile, and are allowed ,4 pound
Baggage each. Extra Baggage pays at the rate of three Pencc
per Mile tor every 1.50 wt. As the Mail is to go in these Stages
for the year 179,, fixed hours for starting from the refpeftive Stare
o s,s abfolutelyneceffary—from which there can be nodevia
tlo"; , Norwich, Dec. 14, 1700.
The Stage for the Eaflward leaves
Hartford Mondays and Thursdays,
Norwich Tuesdays and Fridays,
Providence Wcdnefdays and Saturday s,
For the Weft ward, leaves Boston Mondays and Thursdays,
Providence Tuesdays and Fridays,
Norwich Wednefdaysand Saturdays.
JESSE BRQ WN. 6g —1 W3m
TO BE SOLD,
The seat of the late governor.
LIVINGSTON,
situate about a mile from Elizabeth-Town, on the public road to
Morris 7 own. The farm contains between 90 and 100 acres of
land, or 20 acres of which are wood land ; there is also apper
taining to the said farm about iq acres of fait meadow. Particular
attention having been paid to the cultivation of fruit ; there is 0.1
the farm u very large collcaion of various kinds of the choicest
ru ! | t J_ lee I s ' bearing; the house is large, convenient,
well built and in very good repair.
Enquire of the Printer, for further particulars.
New-York) fan. 1791
IMPERIAL, HYSON, SOUCHONG, andBOHEA
TEAS;
REFINED SUGARS, COFFEE, and SPICES, &c.
Or the firft Quality—by Retail,
No. 17,
Third-Street,between Chefnut and Market-Streets.
N B. A few Tickets in the New-York Lottery,
which ,s to be drawn the fir ft of April next, forfait.
TREASUR.Y DEPARTMENT,]
T January 25, i7or. J
HE Public Creditors are reminded that, in order to the pro
per dispositions for paying the Interest in the fevrra] States,
't is necessary that the amount to be paid in eaeh fliould be pre
viouuy known at the Treasury. And as the expiration of the firfl:
quarter is not ar distant, it is withfd that those who have not yet
one it, may be expeditious in making and fignifving their elec
tion, pursuant to the ast making provision for the debt of the
United States.
INFORMATION WANTED.
Id?" THE Subscriber requefls, if any gentleman
cangive him information of a purchase of Lands made,
y a Mr. Daniel Richardet, in the year 1781 and
1782, infome part of the United States, he -will be so
k'nd as to inform his Brother, by direfling a line'ta
him, at the Printer's office. S. RICHARDET.
January, 179:.
particular Stale,
Martinico Coffee,
(2aw6w.)
80