National gazette. — Philadelphia [Pa.], 1793-04-13 00:00:00, page 2

a Aim of j million of dollars will come into
the treasury by the firll of April, on ac
coii it of the revenue of the car rent year ;
viiile rlie probability is, that the sum re
ceived m'.y not exceed ten thousand dol
'ar3—this presumption of a million is evi
dently founded upon two miltakes.—ill.
It proceeds on the balls of an annual reve
nue »t four millions of t;ol!ars, and fu-p
---pofes this luin equally distributed between
the different quarters of the year, a milli
on to each quarter, when infacl there ane
two fe ifonsof the year incomparably more
productive than the other parts of it, viz.
Those portions of th» spring and fall which
are embr iced by the second and third quar
ters—the firll and fourth lef; pro
ductive. 2d. It supposes all the duties
which accrue are immediately paid ;
whereas the cases of prompt payment are
confined to those in which the duties on
particular articles imported in one veii'el,
by oneperfon or co-partner(hip, do not ex
ceed 50 dollars; in all other inllances, a
credit not less than 4 months is allowed,
which carries the payment on the impor
tations. upon the very fir.t day of the quar
ter, a month beyond the expiration of it.
If the whole amount of the duties,
which accrucd during the firft quarter ol
179 A in caih and bo ids, was no more than
307 r63 dollars and 84 cents, adding 1-7
for the additional duties, it ought bv ana
logy to be the firft quarter of the prefenl
ye ir. 32.1,472 doll irs and 94 cents ; in
totality, than the sum which it has beei
computed would be a£tually in money ir
the treafiiry, by 677,527 dollars and fi>
cent 1 * ; and lefsby the whole million, near
ly, than will probably be in money in thf
treasury on tiat account.
With perfect refpeft,
I have the honor to be
S I R,
Your moll obedient
And molt humble servant,
ALEXANDER HAMILTON,
Secretary of the Trtajury
The h'tn or able the Speaker of
the Honje of Reprejeutati'ves.
Feb. 19.1793-
FOREIGN INTELLIGENCE
LONDON, Feb. 14.
The French fyltem of war is offenfivi
in the northern parts of the republic, when
their force will be greatest. The change
introduced inco their fyltem threaten Ei.g
land with an invalion—Lalt year Germa
ny u lited ag linlt France an army of Too
000 men : this army has been greatly di
minilhed, but will be augmented this yea
to 180 000 m;n. To the southward th
fyltem of France will be defenlive ; Spu'u
cannot put quite 50,00 c men on foot,Sardi
nia nearlv the fame number.
The French force is to confilt of upward
of five hundred thousand men, to be divi
ded into eight arm.es, three in the north
/three in the south, and two in the foutl
ea.t. B lides this immense force there i
to be an army of reserve at Chalons, am
an ar ,iy of observation on the coast oppo
lite to England.
Tne i-larfeiiles forces left Paris the 71!
of Jam iry lall ; having previously and in
dividual!/ aken a f >lem 1 oath to aveng<
the bioo 1 us the French Ihed inltaly,evei
in the midlt of Rome, thf mother of abo
initiations—•• We are going to Rome
(said they) .m l we will not return till \\t
can walk 111 proteffion with the head o
th ? holy father, the pope, npoiftjpike !
1 n the prefeut fever of loyalty, whei
every Engljlhmao is under inqu litoria
juriftticti >n, one or two fiich resolution
as the following <vould not be amiss to bt
adopted —-- Resolved that the care of oui
foifi> iball be lefr to theprieih, and of oui
liberties and properties to the statesmen ;
and that We w.ll pay our tythes and taxes,
and put our implicit trust in them—Resol
ved. that we will carefully avoid all wri
tings md meetings, and conversations aboul
articles of belief or the rights of man,
linca they are heretical and Seditious. —
Resolved, that the means of knowledge
ai)d .improvement are the contrivances of
allien s and republicans—wrenhes who
despise the holy doctrine of infallibility in
church and llate t"
Wiiat 11 strange species of monster mud
t|iis ''lomas Paine be. that all the rules ol
equity leaf., to be rules the moment he is
th? f.ifljeit of aniinadverlioii 1 , Ait ihat were
pr-.fent at his trial know by w hat means a
verd it agaiml him was procured ; by re
peated proclamations, by all the force, and
all the fears of the kingdom being artlul
ly turned againlt one man. Those who
came out of court saw hand bills in tin
molt vulgar and illiberal style distributed,
entitled, The confeffion of Thomas Paine.
Not three fqtlares could be walked before
we were encountered by ballad-lingers
roaring in cademe rude a set of fturrilous
ftanz,as upon his private life. An infatuated
people may for the present applaud fucli
proceedings, but will in the end regret
them, as giving the last fatal flroke to the
liberties of Englilhmen.
The courts of England and Spain have at
last come to a settlement about the Noot-
Jia found balinefs. The court of Spain
Glides restoring the several vefi'els captur
ed, pays an indemnity of 210,000 dollars.
It ii expetted a decree c>f banifliment
will fuon be pafi'ed Uy the convention
against every individual of the Bourbon
race now in France, .uul death in cafe they
return. M. F.galite (late duke of Orleans)
to evade the sentence is endeavouring t"
make itappearthat h* is of illegitimatede
fcent, being in reality the fun of a coach
man. This however, if it prevents his ba
nilhment, will not feci'.re his inheritance,
vvhich if the bailardy is proved, will bt
considered as national property.
For the National Gazette-
No 11.
To the FREEMEN of the UNITED
STATES.
Fellow-Citizens,
THE proofs of the misapplication of the
_ public monies by the Secretary of tin
7 reafury are abundantly concltilive, anr
flow out of the defence made by hiinfelf.
now before the public. Every paee of thai
defence, whilst teeming with apologies fo>
his mifco idu£t, contains.an acknowledg
ment of guilt. "V ou, my fellow citizens,
at large, have been the AilVerers—the ba;il<
of the United Statesand its favourites, the
frincijal if not the only gainers. I pro
ceed tntrefore to (hew,
Firji, The a£tu ;1 loss to the peopled
the United States by the mifapplicatioii ol
public monies
Secondly. The actual gain to the bank bj
an illegal use of the public monies.
Thirdly. The poflible and probable gaii
to the favourites of the bank, by the n.Jlru
me'itcdity of difce-unts on the illegal rWpo-
of the public mollies.
And firft. as to the actual loss to the peo
ple of the United States by the misapplica
tion of the public monies. On this poini
:he acknowledgments made by the Secrc-ta
ry are, lit, 1 hat be drew over from Hoi
and 2.304.769 dollars, including therei
the sum of 445,263, dollars, supplied foi
the rel'et ot St. Domingo, on account o'
the debt due to France.—2dly, That the
everal banks were the agents he employee
:o fell the bills drawn for the said money
$dly, That not one (hilling of the money f<
Irawn from Holland was ever advaneee
>r paid on account of the linking fund ; bu
hat all the purchases of the public deb
ivhich have yet taken place, were mad<
nut of a furpltf, of revenue at the end o
:he year 1-90, and no part of them out o
iny of the foreign monies.—And 4thly
1 hat 011 tlie firll day of January lalt, then
oras 011 hand, as Hated in my firll number
-xclufive of the aforrfaid payment to St
Domingo, the sum of 2,333,7 0 dollars o
'üblic money, in cash, belides the very lafg<
■ mount of 2,854.195 dollars iq bonded du
ies, which principally fall due in 1-93.—
F rom which acknowledgments the eleeluc
j an is felfei ident,that no part ofthe afore
aid f.im of 2 304.769 dollars, drawn ovei
from Holland lias been apple-d to any pur-
T>fe or demand of government whatever
or appears ever to have bee n neceflary so
my ftich purpofr or demand ; but that tlx
whole of it has been mala fide, appl ed ane
a fed to the sole and exclulive profit ofthe
everal banks employed by the Secretary a'
'lis agents, in the sale of the bills, from tin
ime the monies were paid in Holland un
il the present time. Hence it refills, tha
lie Secretary of the Treasury is accounta
ble to the public for a loss of interest o
he entire sum drawn for in the year 1791
it fix per centum per annum, from the
imes refpe£ti"ely that the payments of tin
ame were made in Holland," until the i(
lay of January 1793, when by his owi
hewing the said money was laying 011 hint
n cash, untouched, and not even pretendce
o have been used —This loss. as will b<
een bv the following ftr.tement, amount
:o 76,354 dollars—tn wit i
On 110,591 dollars paid in Amfterdan
28th Feb. 1791 —Intert fl at 6 per cent, te
ft January 1793 —12,166 dollars.
On 41 543 dollars, 22d March—intercl!
0 f me time, loft 4,389.
On 135.914 ditto, 30th April—interest
o fame time, loft 13.580.
011 77,600 ditto, 31ft May—interest tc
'fine time, loft 7.572.
On 129,336 ditto, 27th July—interest tc
ame loft 11,628.
On 74.400ditt0, 44th Augurt—intereft tc
ame lime, loft 5,951.
011 16 382 ditto, 26th September—inte
rest to fame time, loft 1,415.
On 18,000 ditto, 31ft Oftober—intereft
10 fame tune, loft 1,260,
011 15,816 ditto, 28th December—inte
rest to fame time, loft 948.
On 316,966 ditto, 31ft January 1798 —in-
terest to fan-e t'rlie, loft 17,424.
On 13 or o ditto, 20th February»-intereft
to fame time, loft 650.
Total loss to the public upon the monies
drawn tor in 1791—76,354 dollars.
T he Secret 'ty is also accountable to the
public for a loss in thepayment ot interest o
so much of the debt to France ag is equal in
amount to the aforefaid several films drawn
over to this country during the fame period
of time, (ince it is now well understood and
admitted, that the diversion cl the money
here produced a defalcation ;n the pay-
ments to France in equal ratio. 1..
computed at 5 p:r cc.it. is equal to 6:9
lolljrs, and added to the aforefaid si.li) of
6-354 dollars makes tile total loss w hie ji
he public fultaine'd upon the money drawn
>vcr in ihe year 1791, one hundred and
hijrty-nins thcufand, nine hundred and
■ighty-three dollars.
The lof> upon the monies drawn over in
i "92. ought to be computed upon the fame
jrinciples; the amount drawn for being
ibont r,200,000 dollars, but the Secreta
ry's reports refpefling it have been so dark
u d ambiguou no dale or amount being
;:ven to a ii;-gle payment made either in
urope Or this country, that no precipe
fateinent of it can yet be made. It is,
lowever. leaving-littie to conje&ure, if thi:
ols be eflimatect as at ieaft equal to 50,00 c
loilars, making the aggregate loss to the
)üblic upon the whole of what has beer
ailed iujlrummtality, or the <t>ill draft/tug
infinejs, 189,983 dollars, it will be re~
lien.bfned, too, that during the year 1-92,
Hid W'hilft the bank w as poilefled of a mucl
arger sum of publicmoney, the Secretar)
übjefted the public to a further loss ot ;
)er cent, interift. on the sum of 4CO,OCC
loilars ,J'aid to be borrowed of the bank ai
he fame time-
No exception will, it is prefnmef!,be ta
<e:i to t-ffi:l ating the public loss general!)
1. equal to eleven percent, altho'the Se
retary in his report of the 19th of Febru
ry last, page 11, fee:ns tp infer that th<
01? could not be extended beyond ten pei
'ent. His words are. "If tlie fuppolitior
a hicli appears to have bet n made, had bee
rue, it was fiill impoflible that 17 per cen
:ould have been paid. By no conjlruciiot
an the rate Le extended Oeyond ten." Fo.
lie Secretary a| pears to have forgottci
hit whilfl we were paying j percent, to Hoi
a: d for the money borrowed and draw i
>vei- here, and another 5 per cent, on tht
lebt due to France, one of which was;
.'ear loss to the United States, there wh
noreover an actual loft of fix per cent, in
urrcd at home by the non-inveifiture o
he money in flock, his own ffatement
;xhibiting tnat,until Augull 1 791, the mar
'.et prhe oi' lix per cents had not reachei
SOS. in the pound, and that purchases in th<
; per <ent-. aid deferred debt could ha\i
leen made confider.bly later, and at ;
nuch greater profit to the public.
Haviag thus exhibited the aggregate a
nount of Icfsfuiiaincd by the people ot tin
Jnited States, in the misapplication of thi
public monies, it occurs to ihew.
Secondly, The aiiual gain to the bank
jy an illegal u 'e O the public m<*iier.
Upon this pniilt, after the acknowledp;
lient made by the secretary, to wit, Tha
m the ill of January 'aft,' there waj 01
land a greater amount in cafii of the pub
ie money than the whqlefmp 0f2.304.-Y-K
loilars originally drawn over iron) Hoi
a id, it would be fuperilnous to exami.ii
mnutely \\ hen the monies so drawn ove
ivere palled into the treasury, or receive*
it bank, since it mull be admitted as untie
liably jnff, that if the secretary and tin
)anks can charge the public with the/?/
irumentatity ot that money for public pur
jofes, when it is acknowledged never t*
lave been expended, the public have a tw<
old claim to ch rge the secretary and the
- inks, in whose hands the money aftualb
vas, with the inftrnmentality of the fa mi
noney for bank purpofes.up'to the said fii I
lay of January lad. In this view, thegai,
o :Ue banks is clearjaid obvious. By°thi
barter and conflitution of the refpectiva
xmks, they are ed to discount at ;
ate not exceeding fix per centum per an
"ins, upon twice the amount of the monie:
hey may at any time have in deposit; am
r is a well known principle of banking thai
lepolits of money do not lay unemployed
Hence, elfimating at the fix per cent, rate
ifintereft, the loss to the public upon the
monies drawn over in 1-91, at 76.354 dol
lars, and upon the monies drawn over ii
1792, at 50,000 dollars, making togethe:
1 -26,354 dollars, it results that the ac.ua
lain 10 tiie banks may be computed ai
dollars.
It now remains to Ihew, Thirdly, Th.
joffibie and probable gain to the favourite;
at the bank by the injhumentality of d f
counts on the illegal depofitsof the public
monies.
The report of the Secretary lart referred
:o. page 14, throws some light 011 this point.
Hellas there given a certificate ligned bv
Vlatthew M Connell, one of the broker.-
at Philadelphia, Hating " the marketpri;e
ifpublic flocks, taken from actual purchase
and sales during the years 1791 and 1792.''
From this certificate it will appear to the
(lighted observer, that the brckeraec rntt
if interest tor money during those periods,
and which it is well known was never lef
upon the average than two per cent, pei
month, did not reach or exceed the atlual
prefit 1 o the buyers and fellers of flock,
uhich its fluctuations of price yield; d
Hence, those favourites o tl c bank, win.
ilelired to profit by the' Huftnarions in th,
pijcei of stock, and were always at bane
to» receive its discounts, could place the
money thus obtained to a dear profit ol
1? per centum per annum, that bring the
difference between he before mentiont c'
brokerage rateo!' interest, or monthly pro
fit of money during the periods I have re
termed to, and the lix per centum p;r a.i
uuiii, paid to th." ba. i; for its diUouiits.
If tlien, as linsbeen fhcwn, rhe bank at it
legal rate of" iix per ceit. interelt.mighr
E ;< ' e . *5-i.708 dollars, it follows that The
profit to its favourites, eftimatid upon the?
foregoing principle at 18 per ccnt. would
be equal to ihe sum of 758,124 dollars, be
ing thrice the amount of the legal pro.lt to
ch» !> ink. But could there exist ~'d lu i>t as to
thepirffible 1 ain here dated to the favourites
"1 the bank, it would be removed by cal
ling to mind the progress of tilings dtirint
t!ie period of the Scrip-mania,which com
menced 011 the 4th of July i 7yi , when the
inscription to the bank of the United
S tales took efiect, and continued until some
Lime iij Maccli 1792, w hen the bubble burlt
by the failure and imprisonment of its prime
mover William Duer, late afirtant to the
Secretary ol the Treasury. How many
favourites made their fortunes within that
period, or how many, for lack of prudence,
I ailed to dofo, it may not be materia! r.o-jj
to panic ul.rize. It will be fufficient to
glance at a few of the co,liberations which
lU.tiiy the probability that the pojfible gain
Oi 753,124 dollars before stated has been
realized to the favourites of the bank.
Eveiy one has seen, that fincethe eftab
iiihment of the bank and funding system
men have come from each extremity of
the Union, who,st the ci mmenceinent of
iliofe inltitmions were notorioufiy known
not to be monied men, and who have since
Itarted up bank-directors and flock-holders
to large amount. p6ffeffii, E the mofiexten
live mon,id credit and influence.
La.ge as the sum I have stated appears
tii ,;e. divide it among some twenty of the
favouritesMiSJtipporters o:certain tyft em ,,
■•I'd it c iininiii.e- to Icfs than forty thou
a«.d dollars each.
And are there not among the difliJgui",.-
'■d feij, enough who now ajpea>- ni cir
. uinltances to juilifv every fufpuio.-i? Has
not the information wh ch ofi cial and lc
;ifl.itive lituation afforded, been violated
i t. abuftd by the Reprtfcnt. the to prey
-poii the ignorance ot his ConUitnent ?
Haie not pilot-boats been dispatched from
r/ o1 s< veln, " en t during the ftfiions
ongreio, uro 1 the nefaiious bnfintfs of
inn haling np ccit.fiiate in dilhuit state
he value of v hichdept mi. d upon the votes
'■thtmemltrnfj.ctnm, body,w|mh mem
bers by thedifpo;ition oftheirvotescould ob
:ainc!if.ou s6o a lyamoun;? Are iot atJecfi
uelve ot the members of the House of
ftepre eiitative- of the United States,floik
lolders in the ba k of the United States,
ind five of th< in bank-dirctfors ? Are not
en or twelve more of" the members of the
.tine hotife large stockholders in the funds
» f the t 11, ted States? Did not every mem
ber Whether bank -director, stockholder
II the bank, or stockholder in the funds.
'°te for the acquittal of the Secretary of
he Treasury on the late enquiry ? 'i t | »
nigle man interested ill the bank, or in the
public debt vote against the secretary ?
Were not those votes his principal and al
i.oft only support ? Were not three of the
xink-direftors his principal champions and
defenders? Takeaw ay the votes of bank
:lire£>ors and flockholders, and is the Se
.retary fairly acquitted or condemned >
Is not the bank, its direflors and ftockhol
:!ers as much a party defendant in the late
■"TO" rhe secretary of the treasury
Flluifeir . \\ a~, nol tile enquiry (imply
ivhether the secretary and hir agents, the
nan'cs, had illegally and improperly'ufed
and applied two millions of the public mo.
1-y drawn over from Holland in an unau
ihorized manner ? Were not bank-d:rec
:or.i and Oockholder,- interested in the quef
: on, and if so, partial and improper judges*
Such, my fellow c tizens, is the nature
jf those reflections and enquiries which
:Ins important fubjea presents. On a fu
:ure occasion, another, and equally inter
ring view of it w iil be taken, tending to
Jrove that die public debt is encreainjr,
*as encreafecl. and will be yet more cod
iderably eiiireafvd, under the present ad
ninillratioii of its finances.
, ~ , TIMON.
April 2d, 1-93.
Co the EDITOR of the NATIONAL
GAZETTE.
S I R.
\ GERMAN society has been eOablin,.
Ed in this city, for .republican ptirpo
es. and as a hue and cry has lieen raised
igainft it by some who are both iglioraiu
• I its principles and its objects, and as a
liifreprefentation may excite prejudice in
he minds of even candid a"d ren,jki; aK
nen, you are requeued to give thp enclo
<l circular letter a place in your nfeful
,> per—As the objects of the society are
ntficiently designated in the letter, it will
be nnneceflsry to enter into any'further
explanation, either tofatisfy the well dis
posed, or to Ihut the mouths of [narlert ■
.t would be to the advantage of Pennf v ]l
ama and oftheU lion if political fociet'ies
•vere eftabliflied throughout the United
States, as thev would prove powerful in
.truments in support of the present fyflem
or equality, and formidable enemies to
ariltocracy in whatever (hape it miirht ore
f-r.i itfelf — May-the example of the Ger
man Republican Society prove a spur to
the friends of equality throughout the U.
niteu States I
A CUSTOMER.