A NATIONAL PAPER, PUBLISHED WEDNESDAY:. AND SATURDAYS BY fOHN FENNO, No. 69, HIGH-STREET, PHILADELPHIA [No. 91, of Vol. lII.] REPORT of th: SECRET ARY of the TREASURY, ON THE SUBJECT OF THE PUB L I C [l'ONCHin£D,j A N obvious basis of tlrs eitabhfbnient, which may be iinrae- JT\. dujely contemplated, is uie a mount of the imerelt on so much ot the debt as has been, or thai! he, from tune to time, pur chased, or pa'd otf, or received in discharge ot any debt or de mand of the United States, made payable m public fecunties— over and above the interest of anv n w debt, whicn may be cre ated, in order to Juch purchase or payment. The purchafesof the debt already made, have left a sum of in tereit in the Treasury, which will be encrcnfed by future pur chases—certain funis payable to the United Slates in their own se curities, will, when received, have a fimilat rtfetfc. And there is ground to calculate on a saving upon the operations which are in execution with regard to the foreign debt. The sale of the Wes tern Lands, when provision (hall be made for it, may be expelled to produce a material addition to such a fund. It is therefore submitted, that ir be adopted as a principle, that all interest which (hall have ceased to be payable, by any of the mc-ms above fpecified, ihall be set apart and appropriated in the mod firm and inviolable manner, as a fund tor linking the public debt, by purchnfeor payment; and that the said fund be placed under the diieCtion of the offtcers named in the lecood fe&ion of the a£l making provision for the redu£lion of the public debt, to be by them applied towards the purchase of the laid debt, until the annual produce of the said fund Ihall amount to two per cent of the entire portion of the debt which bears a present interest of fx per centum, and thenceforth to be applied towaras the re demotion of that porti«n of the debt, according to the right which has been reserved to the government. It will deserve the confederation of the legislature, whether this fund ought not to be so vested, as to acquire the nature and quality of a proprietary Uuft, incapable of being diverted, without a vio lation of the principles and fan&ions of property. A rapid accumulation of this fund would arise from its own operation; but it is not doubted, that the progreflive develope ment of the rtfoutces of the country, and a redu&ion of the rate of interest, by the progress of public CTedit, already exemolified in a conliderable degree, will speedily enable the government to make important additions to it, in various ways. With due at tention to preserve order and cultivate peace, a strong expe&ation may be indulged, that a redu&ion of the debt of thepountry will keep pace with the reasonable hopes of its citizens. All which is humbly submitted. . K 5 P) N N CTJ O Cl ,'R c* O *0 ?0 O CJ - ® O O JO «S * . T °J. *I°° "O <J> - 0"> -« ©J *»3 *0 O Oj" «0 tC 4*oo 6*-> r£ 2 *— P5 fs Ci PQ f- «0 OV« « 0> Qi i~! *e ° to O « Q« « ■*» co « « [ I M CO I "IT I r i i I « >P CON NC> -<#« o\<o el 00 00 00 OOC I CO • S si «) o* -. *t*oo Ci o\*© O 1 O NM c F« — CO O O J CO f- -r ps co «>*© Seo 1 - ~ -" ~ ■**» TT r-.tr> « « , o wo i ffl« oi 00 .vo CO ' *o Q"3 - o~ CO w tooo OO 1000 O oo TfsO 1000 CO - el - " T u: CO « CJ 2 2 so O Vta M O * » e " 22' u 3 -, Z 60 V 255 "is o O ,o W ,£" H «n* O *C — «- •» M « W)N<J| £•" co t*. o> CT> i»» o» eo» <n co © R t 55 Vo z f jf «. —, to Z C\ J Jsjr 1^ « *C M MV. o . -° i t CT> CO - CO CO 00 C cove « 'i 4 1 r~ " - -D COO IN •« IO C 5 010 o~> ~OC r- Ci J C VO o CC O0 o :-3r-0 O") Ol C) —«"o6 di o" c«vo i o cooo vo r «c i- o co -£ CT) cococcoco-'on CI CO On CM - CI Ol COOI O G<N »*" I co o* *o f -r* *««')' «000 ct \£> NCO eu - ci ■-« co r-.\c K v> KD o -3^ b 16 <3 u- t*s * *® < o*C ° s U K-i « £ S. m C cf -7 *» O u *■» Pol!" 1 *>'■<-<£ a •S ° u-a CS-5 5 i *> £ 5-5 o £>0 w - i; •* O « 2 CN w « •- H-Sf- " < *s»x fe J 00 -t* O « - r- - O Cs\ - =*3 co \J ~ -^r 1 -7" c- CO 1000 •"> COOO ■K.-S <o<2 -w • !1« pi di oo - oo v di c. 1/5 t* ct VO O -* cm lOCi" <iO ra o m o « O — ~ a-. ~ 4* »7 - <o tC.cnn«oo COC CD'! t--VC Or- OI — iO ~ Q « •* c» C* rqi « c§ «-o „ 5 |\i J= -* = - 2 J: 1 5— jl «> S *t= c hZ2o!uZ2»;aS>Z<oU The amount of Stock funded ,at the Treasury to 30th Septem ber, 1791, has been ascertained with accuracy, but at that time many fubfcriptioiis had been made which have not yet been ad jured for want of proper poweisof attorney and other document*. It is therefore probable that on settlement of ail the loans, the amount will be found foinewhat different from what is now re presented. The iums funded at the fe>/eral loan-ofßccs, it is presumed, are .'ifcertaincd with accural \ ; but as the loans had not been adjofled i'i all instances when the returns were made, fomc immaterial differences wiil piobably hereafter appear. Treasury Department, ftfgij}cr y s-o]jicc. t September 30. 1791. JOSEPH NOURSE, Regijlci ST ATE MENT of the R" cist t* e d and Unsubscribed Debt oj the United States, which remained unfunded upon the cloje oj the Loan on the 30th of September, 1791. REfcISTEERED OJ UNFUNDED DEBT. Dols. The amount ot this debt, as stated to Congrcfson the 3d March 1789 4,598.462, 78 i is sued in exchange for Loan-Ouice and Final Settlement certificates, cancelled by the Auditor of the Treafury,from 3d March 1789, to DEBT. ALEXANDER HAMILTON, Secretary oj the Treasury. 4,716,376. 45 Saturday, March io, 175)2. There have been certificates iflued to Doh. Its. Dots. Cts. invalid penfioneis and others, en titled thereunto, on final feitlc mrnt in purluance of arts of Con- Rrefs of the prclcnt and late go. vet nmeiit Of the Taid debt, there has been loaned as follows, viz, From the opening of the loan to 31ft ot Maich 1 79 1 lft April to 30th June, 1791 lft July to 30th Sept Which being deduced leaves a balance, Principal sum due to the several cre ditors on the treasury books 5.378,082. 62 1 he filtered due on said debt to 31ft Dec. 1 790, is as follows, viz, Airenrages to 31ft Dec. 1 787 Three )ears interest from lft January, 1788, to 31ft December, 1790 968,054. 76 Registered debt principal & interefl UNSUBSCRIBED DFBT. The debt uufuhfcribed upon the books. Ne«v-Jerfey, Pennsylvania and Maryland, amounts to Credits on the treasury books to in valid pensioners, and several corps foi which certificates of registered debt are vet to be iflued. invalid pensioners. For the amount due to them, under the ast of Congress, providing for the payment ot their arrearages 55,152. 76 The following corps have credit on the treasury books,being for certain certifi cates of final settlement, returned to the trrafury and cancelled, and which cer tificates had illucd to the non-commis sioned officers and soldiers of said corps, refpe&ivcly for their pay. 4th regiment Pennsylvania artiller), Corps of light dragoons, Invalid regiment, Artillery artificers Willet's regiment, Hazen's regiment, Baldwin's do. of artificers, Corps of fappcrs and miners, Armand's legion, Leo's legion, 4tll PENNSYLVANIA REGIMENT. Capt. North's company, 487. 67 Lacy's, - - 1,062. 97 Franklin's company of militia, Individual creditorsof theStatesof Penn sylvania and Maryland, have credit on the Treafurv books, being for certifi cates of final settlement returned to the Treasury, and cancelled, and which certificates had illued to them refpett ivrlv. Bv Benjamin Stelle, commiflioner of Pennfvlvania, - 54,36. 66 John White, Maryland, 693. 89 86,1 1.1-9* Intcrcft upon the foregoing credits, 21,529.72 Treasury Department, RcgiJlcr'sOjficc, 30th November, 1791. JOSEPH NOURSE, Rcgijlcr. ESIMATE cj the OUTSTANDING DEBT, on the 30M September, 1791, viz. The amount of the Domestic Debt of the United States, as stated by the Secretary of the Trcafury in his report of the 9th Janu ary, 1790, to the House of Repiefentanves, relative to a pro vision tor the support of the Public Credit, is as follows, viz. Dols. its. Liquidated and loan-office debt as per sche dule C. Interefl thereon to the 31ft December, 1790, as pr. do. D. - Additional sum for (inking the continental bills of credit, and for the difchargeof the other parts of the unliquidated debt, From which dedu£t amount as per A. 3^>797>4 8 '- 22 Amount of the registered debt and credit with iutereft, per do. B. Dols. Not 1. —The balance above stated to be outftandins; probably exceeds the real sum. In the original eftiniate the old emiflion bills were computed at 40 lot 1, but they have been provided tor 361 134.883.18 9.443.722.41 '.37':D78. 37 1,088,466 6o 1,611.194. 82 '4>°7».639. 79 88 -1,417.73*- 6 + »2,539. 7° 3.134- 9« J ntcrcft 846- 37 l.oog. 83 3.803- 35 386. 28 *>565. 42 11,267. 49 281. 28 4'6- 93 834- »7 593- '7 280. 67 6.i3°-55 Dollars, 6,919.138. 51 27.3 8 3>9'7- 67 13,030,168. 20 2,000,000. 42,414,085. 87 '6,919,138. 5> 38.716,619. 73 3,697,466. 14 Balance outstanding, at too for ~ There arc aifo loan-office certificates which were lent to public ofiicers t.. he applied to the public feivice, and Which were supposed to have been so applied, hut v. hich h — hncr, upon feulemeniS of the,? accounts at the Treasury, be,,, returned and cancelled. In addition to this, payments in public securities are expeflert to be made into the Treasury, which will thereupon be cancel!, ,I And it is presumable that m thetourfeof the *ar, sums have been" olt and dettroved which are included in the eltimate. But as mere is lome arrearage of interest not included in the calculaiion and as there are certain claims on rhe Treasury, the event or amount of which is not yet determined, it is not possible now to make a precise eftimale of the difference betwee.i the sum com puted to be outlhnding and what will be really found so. JOSEPH NOURSE, Jtegiftr. Treasury Department, RcgiJlcr'sOJJict, Nov. 301791 2 Pr>s.= i i 2 5 Z' O -» ~ w bj "-C <—< —<• « <"> 3 L. ~o 5 : =r = £j — • —» <-.r-T3 1 SJ Tc b <VT * rvj M o- w n s -• A) 3 U 2 ' A Bto I liiijrjijitjhl Hi 8 1! lil iI! g§g |s a ft, 5 - 00 Co | to 00 CO o> to 2 u>. •4* tO Vj en o> o. CT> to Oi Oi 09 Oi 00 to 00 Co Co o CO Co iJ 6.795. 1 815- 2 6 "!° ; *' B •». cri oicOA » o 2 s o Co OlC* ■<£> O-t O K CA i. A ZZ »^er J3 4* 0 s ! |-' Co Oi 'P 00 « 5J O 6> C 2 6» K CO ~ --J ';i N5 "o <> P> d £ s ' 000 Co tfl - o *> o 00-J* OCTi Oi - CO 00-VDCC ~ L - n Ca Ot 00-fck OOCo Cr. vj oo w — w »Joe o Co C>C* - ~ C/i . » ' 15,674- *>2 .o\ Co «n 00 Cft to CrtK> " co 'oo O -<5 a o - a 2 ACo o c ooioj W O § oo'so 00 o - -■ 5. 2 ST o m 0,03 Ocn b>i. M 6»' o " 2 - a I o 1 O "» -» 0 O ' O-vjVO o o ' v? S . . . . Cc^l -ij? o> oi P ? 5-f s 00-O «to O) u, •* » 1 COCO '3 Co O vLvL• I. The sums marked [a) in the column of remaining debts are inserted upon recent official communications. 11. Those marked (b) are founded upon official ftatemenrs some time since received, and reported to the House of Representatives on the 9th of January, 1790, adding interest for the subsequent period. 111. Those marked (c) are founded on informal information, but such as is deemed fubllantially authentic Sc. accurate. Theefti mate for Rhode-Island includes a sum not ascertained, which has been cancelled in conlequence of former laws of the State, enjoin ing the creditors to bring in their certificates and receive payment in paper-money, but has been revived by a late law of the State, diretling the sums paid to be liquidated according to a certain kale, and dedu£led from the original amount. IV. That maiked (d) is founded on a report of a committee of the eleventh November, 1791, to the House of Delegates of Vir ginia, compared with a former return to the Treasury and other information. 107,648. 63 V. That marked (e) is founded upon a (Vatement of the Comp troller of North-Carolina, of May 20th, 1790. VI. That marked [J) is founded 011 a itatement of theTrea fitrer of Georgiaof the 30th of April, 179 c, compared with other information. VII. The sums expressed in round numbers are not meant to be understood as precilely accurate but as very near the truth. VIII. The foreign as well as the domellic debt of the States is included. Treasury Department, January 23d, 1792. FOR THE GAZETTE OF THE UNITED STATES. IT is curious to iee how much men are gavern* ed by popular opinion, even in matters which are susceptible of the ltridteit proof. It is natu ral to expetf among men of ienfe and proper* ty a close attention to their intereits, and that of all men they ihould be the lead liable to be duped by a kind of faffiionable frenzy. Yet the rage for banks is an example of this frenzy. The reasons for setting them up!in various plac es, fh&w that the minds of men are too deeply infecfted to be cured by reasoning. Experience will probably be found the only cure. The men of property by fniarting severely will be made to believe that credit has its limits, and that thole [Whole No. 2 99.] c/ 5 Eft >?o W s •3 o " M S.§s H - O ®*® Er cr — C c/ 5 aJ 1 "~*. w r—« " " 15 w S»* 3 G >-° 2 S n « "O 05 O Js> -J C „ -• — s r : o glBgH. «• r Q t) I ?« </5 5 2:3 1 O 5 "> 8? |>C|-P=-3°' c.: ? Fv3? s's CM r, ._. t 3- t -1 t no 2 3 Z C" > » n> ~t -J M «. — *0 « O _d so w S -• s n> vo Co Co o>^ A t£> Cl " V." (O - - owU 10 o "£»- O o — -t* " ' C~> CO "to o~> VO VO VO <T) 4*. nf». 00 O) - O0 0> *-* w ►* O 0--I 4k. Zn <0 4i. - CO w ** ■ *« V_» Co -jo R-. a * -J — 3 e 3c? * - 6» * 3 * I? 3 ->« n . i NOTES. ALEXANDER HAMILTON, Secretary oj the Treajury. ON BANKS. II 0 = °3 »o « n 2 () u o 2. « a o O S «§
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