The New-Hampshire gazette and general advertiser — Portsmouth [N.H.], 1790-08-19 00:00:00, page 1

AT THE SECOND SESSION,
Begun and held at the City of Nevo-York,
on Monday the ^th of January, 1790.
Art ACT making Provision for
the Debt of the United States.
WHEREAS justice and the fop
port of public credit require,
that provision should be made for ful
filling the engagements of the United
Slates, in refpedt to their foreign debt,
and for funding their domestic debt up
on equitable and fatitfadory terms :
Be i: enabled by the Senate and House of
Reprefehtatives of the United States of A
merica, in Congress assembled, That re
serving out of the monie's which have
arisen since the last day of December
last past, and which shall hereafter arise
from the duties on goods, wares and
merchandize imported into the United
States, and qn the tonnage of Blips or
vessels, the yearly sum of fix hundred
thonfand dollars, or so much thereof as
may be appropriated from time to time,
towards the fubport of the government
of the United Spates, and their common
defence ; the refidne of the said monies,
or so much thereof as may be necessary,
as the fame shall be received in each
year, next after the sum reserved as
aforefaid, shall be, and is hereby ap
propriated to the payment of the inter
est which shall from time to time be
c^me due on the loans heretofore made
by the United States in foreign coun
tries ; and also to the payment of in
terest on such further loans as may be
obtained for difeharging the arrears of
interest thereupon, and the whole or
any part of the principal thereof ; to
continue so appropriated until the said
loans, as well those already made as
those which may be made in virtue of
this ad, shall be fdlly fatisfied, pursuant
to the contrasts relating to the fame,
any law to the contrary notwithstand
ing. And provided, That nothing here
in contained, shall be construed to an
nul or alter any appropriation by law
made prior to the passing of this add.
And as new loans are and will be ne
cessary for the payment of the aforefaid
arrears of interest, and the inftalments
of the principal of the said foreign debt
due, and growing due, and may also
be found expedient for effecting an en
tire alteration in the state of the fame :
Be it further enabled, That the Presi
dent of the United States, be, and he
is hereby authorized, to cause to be
borrowed on behalf of the United
States, a sum or sums, not exceeding
in the whole twelve million of dollars ;
and that so much of this sum as may
be necessary to the difeharge of the said
arrears and inftalments, and (if it can
be effected upon terms advantageous to
the United States) to the paying off the
whole of the said foreign debt, be ap
propriated solely to those purposes :
And the President is moreover further
authorized, to cause to be made such
other contrasts refpeding the said debt
as shall be found for the interest of the
said States : Provided nevertheless, That
no engagement nor contrast shall be
entered into which shall preclude the
United States from reimbursing any sum
or sums borrowed within fifteen years
after the fame shall have been lent or
• advanced
And whereas it is desirable to adapt
the nature of the provision to be made
for the domestic debt, to the present
circumstances of the United States, as
far as it shall be found practicable, con
fidently with good faith and the rights
of the creditors ; which can only be
done by a voluntary loan on their
part :
THURSDAY, Auguft^ 1790.] THE [ Volume xxxtv—Numb. 5771.
New - Hampfoire Gazette, and the General Ndvertijer.
LAW'S of the UNITED STATES.
PORTSMOUTH: Printed by JOHN MELCHER, at his Office in Market-Street, at nine fillings per Annum.
CONGRESS^UNITED STATES:
Containing the Laws, &c. of the United States, as well as those of this State palled since 1787, with a variety of other matters both ufefuland entertaining.
And in the bills of credit issued by
the authority of the United States in
Congress assembled, at the rate of one
hundred dollars in the said bills, for one
dollar in specie.
And be it further enabled, That for
the whole or any part of any sum fub
feribed to the said loan by any person
or persons, or body politic, which
shall be paid in the principal ofthe said
domestic debt, the fubferiber or fubferi
bers shall be entitled to a certificate
purporting that the United States owe
to the holder or holders thereof, his, her
on their assigns, a sum to be expressed
therein, equal to two thirds of the sum
so paid, bearing an interest of fix per
cent, per ann. payable quarter yearly,
and fubjed to redemption by payments
not exceeding in one year, on account
both of principal and interest, the pro
portion of eight dollars upon a hundred
of the sum mentioned in such certificate;
and to another certificate purporting
that the United States owe to the hold
er or holders thereof, his, her or their
assigns, a sum to be expressed therein,
equal to the proportion of thirty-three
dollars and one third of a dollar upon a
hundred of the sum so paid, which after
the year one thousand eight hundred,
shall bear an interest of fix per centum,
per annum, payable quarter yearly, and
fubjeft to redemption by payments not
exceeding in one year, on account both
of principal and interest, the proportion
of eight dollars upon a hundred of the
sum mentioned in such certificate.
Provided, That it shall not be under
stood that the United States shall be
bound or obliged to redeem in the pro
portion aforefaid but it shall be under
flood only that they have a right so to
do.
And be it further enabled, That for the
whole or any part of any sum fubferib
ed to the said loan by any person or
persons, or body politic, which shall be
paid in the interest of the said domestic
Be it therefore further enabled, That a
load to the full amount of the said do
mestic debt, be, and the fame is here
by proposed ; and that books for re
ceiving fubferiptions to the said loan be
opened at the Treasury of the United
States, and by a commissioner to be ap
pointed in each of the said States, on the
firft day of October next, to continue
open until the last day of September
following, inclusively ; and that the
sums which shall be fubferibed thereto,
be payable in certificates issued for the
said debt, according to their specie va
lue, and computing the interest upon
such as bear interest to the last day'df
December next, inclusively ; which said
certificates shall be of these several des
criptions, to wit :
Those issued by the Register of the
Treasury. ~
Those issued by the commissioners of
loans in the several States, including
certificates given pursuant to the ad of
Congress of the second January, one
thousand seven hundred and feventy
nine, for bills of credit of the several
emissions of the twentieth of May, one
thousand seven hundred and feventy
feven, and the eleventh of April, one
thousand seven hundred and seventy
eight.
Those issued by the commissioners
for the adjustment of the accounts of the
quarter-master, commissary, hospital,
clothing and marine departments.
Those issued by the commissioners for
the adjustment of accounts in the re
fpedive States.
Those issued by the late and present
paymaster-general, or commissioner of
army accounts.
Those issued for the payment of
interest, commonly called indents of in
terest.
Be it further enabled, That nothing in
this ad contained shall be construed in
any wife to alter, abridge or impair the
rights of those creditors of the United
States, who shall not subscribe to the
And be it further enabled, That the in
terest upon the said stock as the fame
shall become due, shall be payable quar
ter yearly, that is to fay, one fourth
part thereof on the last day of March ;
one other fourth part thereof on the
last day of June; one other fourth part
thereof on the last day of September ;
and the remaining fourth part thereof
on the last day of December in each
year, beginning on the last day of
March next ensuing, and payment shall
be made wheresoever the credit for the
said stock fhallexift at the time such inte
rest shall become due,that is to fay,at the
Treasury, if the credit for the fame
shall then exist on the books of the
Treasury, or at the office of the com
missioner upon whose books such credit
shall then exist. But if the interest for
one quarter shall not be demanded be
fore the expiration of a third quarter,
the fame shall be afterwards demanda
ble only at the Treasury.
And as it may happen that some of
the creditors of the United States may
not think fit to become subscribers to
the said loan.
debt, computed to the said last day of
.December next, or in the said certifi
cates issued in payment of interest, com
monly called indents of interest, the
fubferiber or subscribers shall be enti
tled to a certificate purporting that the
United States owe to the holder or
holders thereof, his, her or their assigns,
a sum to be fpecified therein, equal to
that by him, her or them so paid, bear
ing an interest of three per centum, per
annum, payable quarter yearly, and
fubjed to redemption by payment of
the sum fpecified therein, whenever
pr^ ifion flail be made by law for that
purpose.
And be it further enabled, That a com
missioner be appointed for each State,
to reside therein, whole duty it shall be
to superintend the fubferiptions to the
said loan ; to open books for the fame ;
to receive the certificates which shall be
presented in payment thereof; to li
quidate the specie value of such of them
as shall not have been before liquida
ted ; to issue the certificates above men
tioned in lieu thereof, according to the
terms of each fubfeription ; to enter in
books to be by him kept for that pur
pose, credits to the refpedive subscri
bers to the said loan for the sums to
which they shall be refpedively enti
tled ; to transfer the said credits upon
the said books from time to time as
shall be requisite ; to pay the interest
thereupon as the fame flhall become
due, and generally to observe and per
form such directions and regulations as
shall be prescribed to him by the Se
cretary of the Treasury, touching the
execution of his office.
And be it further enabled, That the
stock which shall be created pursuant to
this aft, shall be transferable only on
the books of the Treasury, or of the
said commissioners refpedively, upon
which the credit for the fame shall exist
at the time of transfer, by the proprie
tor or proprietors of such ftock,his, her
or their attorney : But it shall be law
ful for the Secretary of the Treasury,
by fyecial warrant under his hand and
the leal of the Treasury, countersigned
by the comptroller, and Registered bv
the Register, at the request of the re
fpeftive proprietors, to authorize the
transfer of such stock, from the books
of one commissioner to those ofanother
commissioner, or to those of the Trea
sury, and from those of the Treasury
to those of a commissioner.
The House appointed a committee
of three, Messrs. Ames, Jackson and
Sedgwick, to bring in a bill for the
purpose of assenting to certain laws of
Rhode-lfland, Georgia, and Maryland,
refpeding, the navigation of the' rivers
Providence, Savannah and Patuxet.
The report of the Treasurer of the
United States, refpeding the expendi
tures, &c. of the public monies, was
referred to a committee of four, viz.
Messrs. Alhe, Smith, Parker and Hunt
ington.
The report on the petition of Col.
Litterlow, underwent a discussion, and
the petition was withdrawn.
Several other petitions and reports
were read and the House adjourned un
til to-morrow.
TUESDAY, AUGUST g.
Mr. Parker's motion for leave so
bring in a bill authorizing the States
of Virginia and North-Carolinato op
en an inland navigation between those
States, was taken into confidefation.
Considerable debate ensued refped
ing the propriety of Congrefs' interfer
ing in a business ofthiskind ; a commit
tee was finally appointed to bring in a
said loan, or the contrasts upon which
their refpe&ive claims are founded, but
the said contrasts and rights shall re
anain in full force and virtue.
(do be continued.)
Mr. Sedgwigk moved that a law of
the United States be passed, to give ef
fed to alaw ofthe State of Rhode-Ifland
and Providence Plantations, refpeding
the tonnfoe on vessels coming into the
river, \f ch was in part appropriated to
pay off a debt due by that state to an as
sociation of persons who had expended
money in improving the navigation of
the laid river. This motion was or
dered to lie on the table until to-mor
row. /
Mr. Sedgwick called up a motion,
which he had formerly made, for mak
ing provision for the officers of the judi
ciary courts of the United States, and
for jurors, &c. After some debate, a
committee of three were appointed to
report, viz, Messrs. Benson, Smith,
(S. C.) and Vining.
A motion was made to refer the pa
pers which accompanied the petition
to the Secretary of the Treasury—some
conversation ensued on this motion ;
Mr. Stone said he thought it more
proper to refer them to the Auditor-
General ; Mr. Gerry called for the
reading the papers—which was done.
The motion for referring to the
Secretary of the Treasury was adopted.
A message was received from the Se
nate informing that they have palled a
bill for the relief of John Stuart and
John Davidson, and a bill for the tem
porary establishment of the Poft-Office.
In committee of the whole on the re
port ofthe Secretary of the Treasury
refpeding a plan for the disposition of
the lands in the Western Territory—
fome progress was made in the dis
cussion.
FRIDAY, JULY JO.
SUNDRY petitions and memorials
were read and referred to the heads;
of departments.
The report on the petition of Catha
rine Greene, widow of the late General
Greene, was read the second time ; this
report was in favor of the prayer of
the petition, so far as to indemnify the
the heirs of General Greene, from
demands arising from engagements and
centrads made by him on account of
the United States.
HOUSE of REPRESENTATIVES
of the UNITE D S TATES.
MONDAY, AUGUST'z.
129