The Newhampshire gazetteer — Exeter, N.H., 1793-01-02 00:00:00, page 2

lathe meantime however, and an
ti che reftoratiOA of peace, the enpiy
ment of that resource, in this way,
mutt of necessity be fafpended — and
either the business of redemption mutt
be deferred, or resource must be had
to other expedients.
Bat did no such temporary necessity
for reaforting to other expedients cx
ift, the doing of it would Rill be re
commended by weighty considerations.
It would appear, in the abftraift, ad
vifeable, to leave the surplus of the
present revenues free, to be applied
to foch casual exigencies as ma, from
time to time occur—to occasional
porchafes ofthe debt when not exhaust
ed by foch exigencies, to the payment
of interest on any balances, which may
be found due to particular states, up
on the general settlement of accounts,
and finally to the payment of interest
on the deferred part of the debt, when
the period for such payment arrives.
There is a reasonable profpea, that if
not diverted, it will be found adequate
to the two last important purposes.
Relinquilhing then the idea of an
immediate application of the present
revenue, to the object in view—it re
mains to examine what other mo.
des are in the option of the Legi
slature.
Loans from time to time,equal to the
sums annually redeemable & bottomed
on the fame revenues, which are now
appropriated to pay the interest upon
those sums, offer themselves as one
expedient, which may be employed
with a degree of advantage. As there
is a probability of borrowing at a
lower rate of interest, a material sav
ing would result and even this resource,
if none better could be devised, ought
not to be negle&ed.
But it is obvious, that to rely upon
this resource alone would be to do
little towards the final exoneration of
the nation. To flop et that point
would confequendy be neither provi
dent nor fatisfadory. The interest,
as well as expectations of the Union
require something more effectual.
The establishment of additional re
venues h the remaining resource.
This, if the business is to be under
taken in earned, is unavoidable. And
a full confidence may reasonably be
entertained that the community will
fee with fatisfaftion the employment
of those means, which alone can be
effectual, for accomplishing an end,
ii itfelf To important, and so much
an object of general desire, It can.
not fail to be uoiverlally felt, that if
the end is to be attained, the necessa
ry means must beemploybd.
It can only be expected that care
be taken to choose such as are liable
tofeweft objections, and that if in the
modification of the business in other
reseeds, due regard be had to the
present and progreflive circumstances
of the country. , , , ,
Aiming it as the basis of a plan
of redemption, that additional rev,,
ties are to be provided, the further in
quiry divides itfclfinto the following
branches;'.
I Shall a revenue be immediately
confuted, equal to the full sum
which may at present be redeemed,
according to the terms of the con.
"ft Shall a revenue be constituted
. from year to year, equal only to the
interest of ,be fam to be redeemed in
each year, coupling with this opera
tion an annual loan, dommenfarate
with such sum ?-—Or,
111. Shall a revenue be constitut
ed each year, so much exceeding the
interest of the fam to be redeemed, as
to be fafficient, within a fhorc definite
term of time, to difeharge the princi
pal itfelf ;c^pttu_g With thp ^
iion also, an annual loan, equal to the
fom to be tn^Y re&m ^rt%;
propriatieg the ref crewed ^
freharge, within ,e term which
mail have been predetermined ?
The firft P^ betide being %
nletelv affeauah would be eventually
:^ ^ffi
; h al a magnitude the revenue, of the
The second plan, though much more
efficacious than that of annual loans,
bottomed on the revenues now appro
priated for the payment of interest on
the sums to be redeemed, docs not
appear to be {efficiently efficacious.
The schedule A, will ffiew the effed
of it to the firft of January ißpz, when
the deferred debt will become re
deemable in the proportions ftipulat
cd. Suppofiag the investment ofrhe
interest which is each year liberated,
together with that, which has been,
and will be released by purchases,
pursuant to provisions heretofore made,
in the purchase of 6 per cent, stock,
a sum of principal equal to 2,043,837
dollars and 7 cents would be funk,
and a clear annuity, equal to 459,212
dollars and 82 cents would be created,™
towards further redemptions ; but the
fund, then necessary for the future
progressive redemption of the debt,
according to the right referred, would
be 1,126,616 dollars and 44 cents,
exceeding by 667,403 dollars and 62
cents, the amount ofthe redeeming
fund. Something more effectual than
this is certainly desirable, and appears
to be practicable.
The last of the three plans best ac
cords with the most accurate view,
which the Secretary has been able to
take of the publick interest.
In its application, it is of material
coafequence to endeavour to accom
plish these two points : ift. The com
plete difeharge of the sums annually
redeemable within the period prefix
ed, and the reimburse ment, within
the fame period, of all auxiliary loans,
which may have bed made for that
purpofe.—zdiy. The conflicting,
b, the expiration of that period, a
clear annual fund competent to the
future redemption of the debt to the
extent of the right referred.
The period,to which it is conceived
the plan ought to refer, is the ift day
of January 1802 ; because then the
firft payment, on account of the prin
cipal of the deferred debt, may right
fully be made.
In conformity to these ideas, the
following plan is most refpeafully
submitted; premising, that the sum
redeemable for the firft year of the 6
per cent, flock, bearing a present in
'tereft, is computed at 550,000 dol
lars.
Let an annual fund be conflicted
during the prefect feffioh, equal to
103,199 dollars and 6 cents, to begin
to accrue from the firft of January
1793. Let the sum of 550,000 dol
lars be borrowed upon the credit of
ithis annuity, reimbursable within
five years, that is, by the ift of Jan
uary 1'799 The sum borrowed to be
appjied, on the ift of January 179,
to the firft payment on account of the
principal of the debt. , .
The proposed annuity will reimburse
the sum borrowed with interest, by the
firft of January 179% and will thence
forth, be free for any further applica
-1 The sum redeemable the second
year, that is,, on the iff of January
1795; is computed at 583,000 dol
'lai’S® I J
Let an annual fund be constituted.
during tfe second session after the pre
sent, equal to 109,391 dollars and 60
United States hive grown in a foort
period, it is nut ecty to pronounce
how far the faculty of paying might
not be ftraioed by any fuJden contt
derable augmentation, wherefaever
immediately placed; While the rapid
progress of the country in population
and resource seems to afford a moral
certainty, chat the necessary augment
ation may be made with convenience,
by successive Reps, within a moderate
term of time—and invites to temp
orary and partial fafpeafions, as ca
pable of conciliating the reasona
ble accommodation of the community
with the vigorous prosecution ofthe
main defigri. For th<le, and for other,
reasons which will readily occur, the
course of providing immediately the
intire fam to be redeemed, is conceiv
ed not to be the most eligible.
Let an annual fund be constituted,
during the fifth session after the pre
sent, equal to 152,743 dollars and 12
cents, to begin to accrue from the firft
of January 1797. Let the sum of
694,362 dollars and 33 cents, be bor
rowed upon the credit of this annuity,
reimbursable within four years, that
is hy the rft of January 1802. The
sum borrowed to be applied on the ift
of January 1798, to the fifth payment
on account of the principal of the
debt.
The fam redeemable the seventh
year, that is -on the ift of January
1800, is computed,at 780,185 dollars
and 52 cents.
Let art annual fund be constituted
during the seventh session after the
present, equal to 272,848 dollars and
38 cents, to begin to accrue from the
iff of January 1799. Let the sum of
yßb^lSj dollars and 52 cents, be bor
rowed upon the credit of this annuity,
reimbursable within two years, that
The proposed annuity will reim.
burfe the sum borrowed with interest,
by the rft of January 1802.
The sum redeemable the sixth year,
that is, on the id of January 1799,
is computed at 736,024 dollars and 7
cents.
Let an annual fund be constituted
during the sixth session after the pre
sent, equal to 197,680 dollars and 20
cents, to begin to accrue from the ift
of January 1798. Let the sum bf
736,024 dollars and 7 cents, be bor.
rowed upon the credit of this annuity,
reimburfeable within three years, that
is, by the firft of January 1803. The
sum borrowed to be applied, 00 the
Ift. of January 1799, to the sixth pay
ment on account of the principal of
the debt.
The proposed annuity will reim
burse the sum borrowed with interest,
by the lit of January 1802.
Let an annual fund be constituted
during the fourth session after the
present, equal to 122,912 dollars and
48 cents, to begin to accrue from the
Ift of January 1796. Let the sum of
655,058 dollars and 80 cents, be bor
rowed upon the credit of this annuity,
reimbursable within five years, that
is, by the ift of January 1802. The
sum borrowed, to be applied on the
Ift of January 1797, to the fourth
payment on account of the principal
of the debt.
The proposed annuity will reim
burse the sum borrowed with interest,
by the firft of January 1802.
The sum redeemable the fifth year,
that is, on the ill of January 1798,
is computed at 694,362 dollars and 33
cents.
Let an annual fund be constituted,
during the third session, after the pre
sent, equal co 115,955 dollars and 17
cents, to begin to accrue from the firrt
of January 179;. Let the sum of
617,980 dollars be borrowed upon the
credit of this annuity, reimbursable
within five years, that is, by the firft
of January 1801. The sum borrowed
to be applied, on the ift of January
1796, to the third payment on account
of the principal of the debt.
The propofedannuity will reimburse
the sum borrowed with interest, by the
ill of January 1801.
The sum redeemable the fourth year,
that is, on the firft of January 1797,
is computed at 655,058 dollars and 80
cents.
The proposed annuity will reimburse
the sum borrowed with interest, by
the iftof January 1800, and will be
thenceforth free for any further appli
cation.
The sum redeemable the third year,
that is, on the firft of January 1796,
is computed at 617,980 dollars.
c-rt, to begin to accrue from the firft
of January 1794. Lee the sum of
£83,000 dollars, be borrowed upon
the credit of this annuity, reimburfea
ble within five years, that is, by the
firH of January 1800. The sum bor
rowed to be applied, on the ift of Jan
uary 1795, to the second payment
on account of the principal of the
debt.
HARTFORD, Dec. 17.,
An Albany paper of the 3d inst.
contains the following Intelli
gence.
"The Hon. Judge Hofmer
of Ontario County, arrived in
this city on Saturday last, from
the Genefee- Country, and has
been so obliging as to commu
nicate to us the important and
highly interesting intelligence of
a truce having been concluded
between the bcftile Indians ,nd
the United States, on which we
take the liberty of felicitating
our countrymen^
^ He fays, the Chiefs of the
Six Nations, lately deputed and
commissioned by the President
GEORGIA.
AUGUSTA, N^.l7.
WE are informed that a party of
white men from the frontier, of
this flare, has of late made an incursion
ta the Cherokee nation^ burnt one of
their towns, and killed three of their
people :—That two of the seven Indians
of rhe aforefaid Nation, who bad been
invited into the fettiemenrs co hold a
friendly talk concerning the late mur
ders by Indians, were killed at Ward's
mills in Franklin county, and a squaw
at the fame time wounded. Thefts
tranfadions are, no doubt, considered by
the doers of them as striking the balance
on savage account ; it is however affum
i°g a great deal, ( 0 leave humanity and
policy out of the question) for individu
als to take upon themfelvcs to judge (and
carry into execution that judgment) on
matters which involve the general tran
quility,
RICHMOND, Nov. 16.
On Saturday the l oth. Gen
eral Seveir pursued his route
from Knoxville, escorted by a
troop of horfe,raifed in Greene
county & commanded by Cap
tain James Richardson, to take
the command of the frontier ar
my, now amounting to from 12
to 15 hundred men.
Our informant mentions that
this troop of horse, though b^t
recently embodied, we're at leaii:
equal in manly and martial ap
pearance, as well as in their uni
form, horses and other appoint
ments, to any corps of horse he
ever saw in the regular Conti
nental or European armies.
PHILADELPHIA,/)^. 15.
Tuefday last the beautiful
fliip America, commanded by
Capt. William Howel, failed
from New-York for Bombay
and China. It is said near one
hundred thousand fpeice dollars
have taken,their departure in
this ship.
The proposed annuity will reim
burfethe sum borrowed with intere^,
by the ift of January jßc2.
The sum redeemable the eighth
year, that is on the' ift of January
1801, ic computed at 826,996 dollars
and 65 cents.
(Concluded in our next.)
is, by the ift of January rSoz. The
fain borrowed to be applied, on the
lit of January 1800, to tiie ievewh
payment on account of the principal
of the debt.
American Intelligence.
By Yesterday's Mail.