National gazette. (Philadelphia [Pa.]), 1792-02-13 00:00:00

National Gazette.
By P. FRENEAU: Published MONDAYS and THURSDAYS, at THREE DOLLARS per annum.
VOL. I.
MONDAY, FEBRUARY 13, 1792.
NUMB. 31.
Read in the House of Representatives, Feb. 7, 1792.
Treasury Department, Feb. 6th 1792.
SIR,
I HAVE the honor to send herewith a Report on the subject of the Public Debt, pursuant to the order of the House of Representatives of the 1st of November, 1791, and to subsequent references therein mentioned; and to be, with perfect respect, Sir, your most obedient,
And most humble servant,
ALEXANDER HAMILTON, Secretary of the Treasury.
To the honorable the SPEAKER of the House of Representatives.
Treasury Department, Jan. 23d, 1792.
PURSUANT to the Order of the House of Representatives of the first of November, 1791, directing the Secretary of the Treasury, "to report to the House the amount of the SUBSCRIPTIONS to the LOANS proposed by the Act making Provision for the Public Debt, as well in the debts of the respective States as in the Domestic Debt of the United States, and of the Parts which remain unsubscribed, together with such Measures as are, in his Opinion, expedient to be taken on the Subject: the said Secretary respectfully submits the following
REPORT.
THE whole amount of the domestic debt of the United States, principal and interest, which has been subscribed to the loan proposed concerning that debt, by the act intituled, "An act making provision for the debt of the United States," according to the statement herewith transmitted, marked A. and subject to the observations accompanying that statement, is
Dollars 31,797,481. 22
which pursuant to the terms of that act has been converted into stock, bearing an immediate interest of 6 per cent. per annum - 14,177,450. 43 Stock bearing the like interest from the 1st of Jan. 1801 - 7,088,727. 79 Stock bearing an immediate interest of 3 per cent. per annum - 10,531,303
Making together - dols. 31,797,481. 22
Of which there stands to the credit of the Trustees of the sinking fund, in consequence of purchases of the public debt, made under their direction, the sum of dols. 1,131,364. 76
The unsubscribed residue of the said debt, according to the statements herewith transmitted, marked B. and C. and subject to the observations accompanying the statement C. appears to amount to dols. 10,616,604. 65
Consisting of registered debt, principal and interest - 6,795,815. 26
Unsubscribed stock on the books of the commissioners of loans for New-Jersey, Pennsylvania and Maryland, principal and interest - 15,674. 62
Credits on the books of the Treasury, for which no certificates have issued, principal and interest - 107,648. 63
Outstanding or floating evidences of debt, estimated per statement C. at - 3,697,466. 14
Making together - dols. 10,616,604. 65
Concerning which some farther arrangement is necessary.
The greatest part of the registered debt, hitherto unsubscribed, is owned by the citizens of foreign countries, most, if not all of whom appear now disposed to embrace the terms held out by the act above mentioned; extensive orders having been received from those creditors, to subscribe to the loan, after the time for receiving subscriptions had elapsed.
A considerable part of the outstanding or floating debt, consists of loan-office certificates issued between the first of September, 1777, and the first of March, 1778, bearing interest on the nominal sum. Many of the holders of this species of debt have come in upon the terms of the act, but others have hitherto declined it; alleging, that the special nature of their contract gives a peculiarity to their case, and renders the commutation proposed not so fair an equivalent to them, as in other instances. They also complain, that the act has had, towards them, a compulsory aspect, by refusing the temporary payment of interest, unless they should exchange their old for new certificates, essentially varying the nature of their contract.
A resolution of Congress of the tenth of September, 1777, stipulates in favor of this class of creditors, interest upon the nominal, instead of the real principal of their debt, until that principal be discharged. This certainly renders their contract of a nature more beneficial than that of other creditors; but they are at the same time liable to be divested of the extra-benefit it gives them, by a payment of their specie-dues; and it may be ob-
served, that they have actually enjoyed, and by accepting the terms offered to them, were enabled to realise, advantages superior to other creditors. They have been paid interest by bills on France from the tenth September, 1777, to the first of March, 1778, while other creditors received their interest in depreciated bills of the old emissions; and the terms of the loan proposed put it in their power to realise the benefit of interest on the nominal amount of their respective debts, at rates from 6. 20-100ths. nearly to 10. 47-100ths. per cent. on their real or specie capital down to the last of December, 1790.
It does not therefore appear to have been an unreasonable expectation, that they, as readily as any other description of public creditors, would have acquiesced in a measure, calculated for the accommodation of the government, under circumstances, in respect to which, it has been demonstrated by subsequent events that the accommodation desired was consistent with the best interest of the public creditors. A large proportion of the parties interested have indeed viewed the matter in this light, and have embraced the proposition. It is probable, that the progress of things will satisfy the remainder, that it is equally their interest to concur; if a farther opportunity be afforded. But it is, nevertheless, for themselves only to judge, how far the equivalent proposed is, in their case, a reasonable and fair one; how far any circumstances in their claim may suggest reasons for moderation on their part; or how far any other motives, public or private, ought to induce an acceptance. And the principles of good faith require, that their election should be free.
On this ground, the complaint which regards the withholding of a temporary payment of interest, except on the condition of a surrender of the old certificates for new ones importing a contract substantially different, appears to the Secretary not destitute of foundation. He presumes, that the operation of that provision, in the particular case was not adverted to; or, that an exception would have been introduced as most consonant with the general spirit and design of the act. Accordingly the farther measures which will be submitted, will contemplate a method of obviating the objection in question.
From the consideration, that an extension of the time for receiving subscriptions upon the terms of the act making provision for the debt of the United States, is desired by a large proportion of the non-subscribing creditors; and from the farther consideration, that sufficient experience has not yet been had of the productiveness of a considerable branch of the revenues which have been established, to afford the light necessary to a final arrangement—it is, in the judgment of the Secretary, advisable, to renew the proposition for a loan in the domestic debt, on the same terms with the one which has been closed, and to allow time for receiving subscriptions to it until the last day of September next, inclusively; making provision for the temporary payment of interest to such who may not think fit to subscribe, for the year 1792, of the like nature with that which was made in the same case for the year 1791—except as to the holders of loan-office certificates, issued between the first of September, 1777, and the first of March, 1778; in respect to whom it is submitted as proper to dispense with the obligation of exchanging their old certificates for new, as the condition of their receiving interest in capacity of non-subscribers; and to allow them, without such exchange, to receive the same interest, both for the years 1791 and 1792, as if they had subscribed to the first loan. It will not be materially difficult, so to regulate the operation at the treasury as to avoid in the particular case, that danger of imposition by counterfeits, which was the motive to the general provision for an exchange of certificates.
II. The amount of the subscriptions in the debts of the respective states, within the limits of the sum assumed in each, appears by the statement marked D. to be dollars 17,072,334. 39-100ths, subject to the observations accompanying that statement. Consequently the difference between the aggregate of the sums subscribed and the aggregate of the sums assumed, is dollars 4,427,665. 61-100ths.
This difference is to be attributed to several causes, the principal of which are the following. First. That the sums assumed in respect to certain states exceeded the actual amount of their existing debts. Second, That in various instances, a part of the existing debt was in a form which excluded it from being received, without contravening particular provisions of the law; as in the case of certificates issued after the first day of January, 1790, in lieu of certificates which had been issued prior to that period, which was reported upon by the Secretary on the twenty-fifth day of February last. Third, Ignorance of, or inattention to the limitation of time for receiving subscriptions. It appears, that a number of persons lost the opportunity of subscribing from the one or the other of these causes.
A strong desire that a farther opportunity may be afforded for subscriptions in the debts of the states, has been manifested by the individuals interested. And the states of Rhode-Island and New-Hampshire, have by the public acts referred to the Secretary, indicated a similar desire. The affording of such farther opportunity, may either be restricted within the limit, as to amount, which is contemplated by the act itself, or may receive an extension which will embrace the residual debts of the states.
The first may be considered as nothing more than a giving full effect to a measure already adopted.
The last appears to have in its favour all the leading inducements to what has been already done. The embarrassments which might arise from conflicting systems of finance are not entirely obviated. The efficacious command of the national resources for national exigencies, is not unequivocally secured. The equalizing of the condition of the citizens of every state, and exonerating those of the states most indebted, from partial burthens which would press upon them in consequence of exertions in a common cause, is not completely fulfilled, until the entire debt of every state, contracted in relation to the war, is embraced to one general and comprehensive plan. The inconvenience to the United States, of diminishing the states, which are still encumbered with considerable debts, would bear no proportion to the inconvenience which they would feel, if left to struggle with those debts, unaided.
More general contentment, therefore, in the public mind, may be expected to attend such an exoneration, than the reverse; in proportion as the experience of actual inconvenience would be greater, though only applicable to parts, in the one than in the other case.
With regard to states, parts only of the debts which have been assumed, and in proportions not of those, which have prevailed, in favor of other states, and short also of what would have resulted from a due apportionment of the entire sum assumed; the claim to a further assumption is founded on considerations of equal justice, as relative to the measure itself, considered in a separate and independent light.
But there is a farther reason of material weight for an immediate general assumption. Monied men, as well foreigners as citizens, through the expectation of an eventual assumption, or that in some shape or other a substantial provision will be made for the unassumed residue of the state debts, will be induced to speculate in the purchase of them. In proportion as the event is unsettled, or uncertain, the price of the article will be low, and the present proprietors will be under disadvantage in the sale. The loss to them in favor of the purchasers is to be regarded as an evil; and so far as it is connected with a transfer to foreigners, at an under value, it will be a national evil. By whatever authority an ultimate provision may be made, there will be an absolute loss to the community equal to the total amount of such under-value.
It may appear an objection to the measure, that it will require an establishment of additional funds by the government of the United States. But this does not seem to be a necessary consequence. The probability is, that without a supplemental assumption, an equal, or very nearly equal augmentation of funds will be requisite to provide for greater balances in favor of certain states, which would be proportionally diminished by such assumption. The destination, not the quantum of the fund, will therefore be the chief distinction between the two cases.
It may also appear an objection to a total assumption, that the magnitude of the object is not ascertained with precision. It is not certainly known, what sum is due in each state; nor has it been possible to acquire the information, owing to different causes. But though precise data are deficient, there are materials which will serve as guides. From the returns received at the treasury, assisted by information in other ways, it may be stated without danger of material error—That the remaining debts of the states over and above the sums already subscribed will not exceed the amounts specified in the statement D. accompanying this report—And that, including the sums already subscribed, the total amount to be ultimately provided for, in the event of a general assumption, will not exceed dols. 25,403,362. 71 which would constitute an addition of dols. 3,903,362. 71 to the sum of 21,500,000 dollars already assumed.
Should a total assumption be deemed eligible, it may still be advisable to assign a determinate sum for each state, that the utmost limit of the operation may be pre-established; and it is necessary in order to the certainty of a due provision in proper time, that interest should not begin to be payable, on the additional sums assumed, till after the year 1792.
It will occur, that provision has been made, for paying to each state, in trust for its non-subscribing creditors, an interest upon the difference between the sum assumed for such state, and that actually subscribed, equal to what would have been payable, if it had been subscribed.
In the event of a farther assumption, either within the limits already established, or commensurate with the remaining debts of the states; it is conceived, that it will not be incompatible with the provision just mentioned, to retain, at the end of each quarter, during the progress of the farther subscription, out of the money directed to be paid to each state, the sum corresponding with the interest upon so much of its debts as shall have been subscribed to that period, paying the overplus, if any, to the state. An absolute suspension of that payment does not appear consistent with the nature of the stipulation, included in that provision; for though the money to be paid to a state be expressly a trust for the non-subscribing creditors; yet as it cannot be certain beforehand, that they will elect to change their condition, the possibility of it will not justify a sus-
pension of payment to the state, which might operate as a suspension of payment to the creditors themselves.
A farther objection to such a suspension results from the idea, that the provision in question appears to have a secondary object; namely, as a pledge for securing a provision for whatever balance may be found due to a state on the general settlement of accounts. The payment directed to be made to a state, is "to continue until there shall be a settlement of accounts between the United States and the individual states; and in case a balance should then appear in favor of a state, until provision shall be made for the said balance."
This secondary operation as a pledge or security (consistently with the intent of the funding act) can only be superadded in favor of the primary object, a provision for the creditors; and as far as may be necessary to admit them to an effectual participation of it. But as whatever money may be paid to a state, is to be paid over to its creditors, proportional deductions may, with propriety, be made from the debts of those creditors who may hereafter subscribe; so as that the United States may not have to pay twice for the same purpose.
If it shall be judged expedient, either to open again, or extend the assumption, it will be necessary to vary the description of the debts, which may be subscribed, so as to comprehend all those, which have relation to services or supplies during the war, under such restrictions as are requisite to guard against abuse.
In the original proposition for an assumption of the state debts, and in the suggestions now made on the same subject, the Secretary has contemplated, and still contemplates, as a material part of the plan, an effectual provision, for the sale of the vacant lands of the United States. He has considered this resource, as an important means of sinking a part of the debt, and facilitating ultimate arrangements concerning the residue. If supplementary funds shall be rendered necessary, by an additional assumption, the provision will most conveniently be made, at the next session of Congress, when the productiveness of the existing revenues, and the extent of the sum to be provided for, will be better ascertained.
There is a part of the public debt of the United States, which is a cause of some perplexity to the treasury. It is not comprehended within the existing provision for the foreign debt which is confined to loans made abroad; and it is questionable, whether it is to be regarded as a portion of the domestic debt. It is not only due to foreigners, but the interest upon it is payable, by express stipulation, in a foreign country, whence it becomes a matter of doubt, whether it be at all contemplated by the act making provision for the debt of the United States. The part alluded to is that, which is due to certain foreign officers, who served the United States during the late war. In consequence of a resolution of Congress, directing their interest to be paid to them in France, the certificates which were issued to them specify, that "in pursuance of and compliance with a certain resolution of Congress of the third day of February, 1784, the said interest is to be paid, annually, at the house of Mons. le Grand, banker in Paris." Interest has accordingly been paid to them at Paris, down to the 31st of December, 1788, by virtue of a special resolution of Congress of the 20th of August in that year, since which period, no payment has been made.
It has been heretofore suggested as the opinion of the Secretary, that it would be expedient to cause the whole of this description of debt to be paid off; among other reasons, because it bears an interest at six per centum per annum, payable abroad, and can be discharged with a saving. The other reasons alluded to are of a nature both weighty and delicate, and too obvious, it is presumed, to need a specification. Some recent circumstances have served to strengthen the inducements to the measure. But if it should, finally, be deemed inadvisable, it is necessary at least, that provision should be made for the interest, which is now suspended, under the doubt that has been stated, and from the want of authority to remit it pursuant to the contract.
The amount of this debt, with the arrears of interest to the end of the year 1791, is dollars 220,646. 81.
IV. The act making provision for the debt of the United States has appropriated the proceeds of the western lands as a fund for the discharge of the public debt. And the act making provision for the reduction of the public debt, has appropriated all the surplus of the duties on imports and tonnage, to the end of the year 1790, to the purpose of purchasing the debt at the market price, and has authorised the President to borrow the further sum of two millions of dollars for the same object.
These measures serve to indicate the intention of the legislature, as early and as fast as possible, to provide for the extinguishment of the existing debt.
In pursuance of that intention, it appears advisable, that a systematic plan should be begun for the creation and establishment of a sinking fund.
An obvious basis of this establishment, which may be immediately contemplated, is the amount of the interest on so much of the debt as has been
(See last page.)

CONGRESS.
HOUSE OF REPRESENTATIVES.
WEDNESDAY, Feb. 6.
The Speaker laid before the House a letter from the Secretary at War, accompanying certain communications with the executive of Virginia, relative to the existing temporary defensive protection of the exposed frontiers of that state, pursuant to the orders of the President of the United States—which was read; and ordered to lie on the table.
A message was received from the President of the United States, with a statement of certain articles of expense that had occurred in the department of foreign affairs, for which no provision had been made by law; with a letter from the Secretary of State explanatory thereof. [The expense referred to, was incurred for the relief of a number of American sailors, impressed in England to serve on board the British navy] The message and letter being read, were referred to a select committee.
A bill for an apportionment of Representatives among the several States, according to the first enumeration, and making provision for another enumeration, and an apportionment of Representatives thereon, to compose the House of Representatives after the third day of March, 1797, was read the second time, and ordered to be committed to a committee of the whole House on Monday next.
Mr. White, from the committee, presented a bill for the settlement of the claims under particular circumstances barred by the limitations heretofore established—which was received and read a first and second time and referred to a committee of the whole House on next Wednesday.
Mr. Benson, from the committee, to whom was referred the report of the Secretary of the Treasury on the petition of Comfort Sands, and others, made a report, which was read and ordered to lie on the table.
Mr. W. Smith laid on the table a resolution, that the Secretary of State be directed to lay before the House copies of such laws as have been adopted and published by the Governor and Judges of the territory north-west of the Ohio.
Mr. Gerry gave notice, that if the Post-office bill is, by the approbation of the President of the United States, passed into a law in its present form, he will move for bringing in a bill to amend it, by reducing the postage of newspapers.
The House then, in committee of the whole, resumed the consideration of the Fishery bill, which, having gone through and several amendments made, the same were agreed to by the House; and the bill and amendments ordered to be read the third time to-morrow.
THURSDAY, Feb. 9.
The House proceeded to the third reading of the bill for the encouragement of the Bank and other Cod-fisheries, and for the regulation and government of the fishermen employed therein—The bill was then passed, yeas 38, nays 21.
Yeas—Messieurs Ames, Barnwell, Ben- son, Boudinot, B. Bourne, S. Bourne, Clarke, Dayton, Fitzsimons, Gerry, Gil- man, Goodhue, Gordon, Gregg, Griffin, Hartley, Hillhouse, Huger, Kittera, Lau- rance, Learned, Lee, Livermore, Madison, Muhlenberg, Niles, Schoonmaker, J. Smith, I. Smith, W. Smith, Sterrett, Sturges, Syl- vester, Thatcher, Tredwell, Vining, Wadsworth, Wayne—38. Nays—Messieurs Ashe, Baldwin, Browne, Giles, Grove, Heister, Key, Macon, Mercer, Moore, Murray, Page, Parker, Seney, Steele, Sump- ter, Tucker, Venable, White, Williamson, Willis—21.
The House then resolved itself into a committee of the whole—(Mr. W. Smith in the chair)—on a bill (received from the Senate) relative to the election of a President and Vice-President of the United States, and declaring the officer who shall act as President in case of vacancies in the offices both of President and Vice-President.
The ninth section was struck out, in which the President of the Senate pro tempore was designated to act as President, in case of vacancies in both of the above mentioned offices.
A motion was then made to add a new section to the bill, appointing the Senior Associate Judge as the person to fill the vacancy:—a motion was made to amend this proposition, by substituting the Secretary of State, instead of the Senior Associate Judge: a short debate ensued, after which, the committee rose without taking the question, reported progress, and obtained leave to sit again.
Mr. Laurence presented a petition from the tanners and curriers of the city of New-York, praying relief from the hardships they labour under, in consequence of the exportation of tanner's bark.—Referred to the same committee, to whom a similar petition was referred yesterday.
Mr. S. Bourne, from the committee of enrollment, presented to the Speaker the
post-office bill duly enrolled; who accordingly signed it.
FRIDAY, Feb. 10.
Sundry petitions were read and referred to the heads of departments.
Mr. Muhlenberg presented a petition from the tanners of Philadelphia, similar to the petitions from the tanners of New-Jersey and New-York; a motion to refer this petition to the committee on the two last petitions, occasioned some debate—the motion was agreed to.
On Motion of Mr. Fitzsimons, the petition of C. and C. Marshall was referred to the committee of the whole House on the subject of Manufactures.
Mr. Wayne moved the following resolution in substance: That the sitting member for the lower district of Georgia, and James Jackson, the petitioner against the validity of the election of said member—should be furnished respectively on application, with copies of such depositions and documents relative to said election, as may be received by the Speaker; this resolution was agreed to.
The resolution, that the Secretary of State lay before the House copies of the acts and resolves, passed by the Governor and Judiciary of the Western territory—was agreed to.
In committee of the whole on the bill relative to the election of a President and Vice-President of the United States, &c.
Mr. Benson's motion to insert the Senior Associate Judge, as the officer to fill the vacancy in the office of President and Vice-President, was negatived.
Mr. Giles's motion to insert the Secretary of State, was then discussed, and, after some debate, adopted—28 to 21.
The committee rose and reported the bill, with the amendments, to the House, which took the same into consideration: The last amendment was to strike out the 9th section, which provided that the President of the Senate pro tempore, should act as President in case of vacancy—this amendment was agreed to—yeas 32—nays 24.
The substitute which provides that the vacancy shall be filled by the Secretary of State for the time being, was also adopted; 33 members rising in the affirmative.
Several amendments in addition were proposed; some of which were disagreed to—One moved by Mr. Hillhouse, to determine the number of electors, was discussed till an adjournment was called for, and no decision took place.
A message from the Senate informed the House that they have agreed to their amendments to the fishery bill.
Adjourned till Monday.
On the disposal of the lands of the Western Territory.
By H. H. BRACKENRIDGE, of Pittsburg.
IT is a great check to the public mind in exertions for the peaceable possession of this territory, that so little seems to have arisen from the sales made; and tho' this property was held out at the commencement of the war with Great-Britain, as a fund from which a great part or the whole of the debt might be finally discharged; yet it has hitherto produced but little; nor does there seem to be a prospect of much being produced at any future time. It may be worth while to consider whether this may be unavoidable; or owing to bad management. I consider it as a great error that on sales, immediate payment was not made the condition and obtained: the quid pro quo instantly paid down; so that it might be precisely known what was alienated: and the remainder free for market: but to the Muskungum, and Scioto, and Simme's company, a great extent was sold; but a partial payment made, very small indeed, and the public lies out of what was to be paid, and must resume the grant or lie out still. This ought to be brought to a point and settled speedily that the idea of such grants made, may not lie in the way of absolute sale to others: moreover these companies having failed in their contracts, and the public in the mean time having suffered loss, these extensive purchasers, but partial payers, having sold more than they have paid for, at double price to those who have purchased under them, this loss ought to be made up by these companies. In the mean time they ought to be brought forward and the public do itself justice, that the mass of the people may not be precluded from individual purchases by such nominal and extensive grants.
But the most contemptible error of which our councils have been guilty, was the surveying ranges, as they are called, for the purpose of a sale; by which there is a great expense, which the sale will not defray. It is true, the expense was more than it might have been. The late geographer general, appointed for this business, was an amiable man, but not of prompt mind and decisive execution; more calculated to make the delineations of a map, than to go into a wilderness and execute surveys. The artisans employed under him, the greater part, were totally incompetent; under the necessity to learn the first rudiments of art after their appointment; a member of Congress, or other person of a temporary influence, recommending his connexions, without the least science, and, in some instances, without capacity to acquire it. I have seen young men at Pittsburg learning the first principles, setting a compass or calculating pace; and what was more ridiculous, affecting
to ascertain a meridian or take an observation that three weeks before would not have known a compass from a cow's horn, had it been presented to them. Hence, delay and imperfect execution of the service; for when executed can any line be traced so as to give possession to the purchaser:
But suppose it so, the system was radically wrong, the true principle being that of opening an office and the issuing warrants. Let the warrantee find his land, and survey it; with this restriction only, and instruction to the surveyor, that on any water, be laid out a certain extent, one third at most, in proportion to the depth.
It will be said, the best soil will be taken, and the unsaleable left. I say, that where the best is taken and occupied the inferior becomes valuable, the improvement of a country always raising the inferior to the value of what the best originally was.
The issuing warrants is a plain direct mode, of no expense to the public and pleasing to the people, and it ought to be pursued. The interest that individuals immediately acquire fixes them to the spot and secures a cultivator, producing an advancing column of inhabitants, the source of wealth and revenue, to sustain the immense and unnatural load of debt that is now upon us. Unnatural, I say; for it grows not out of plain and uncontroverted right, but on certificates issued liberally at a time when they were thought to be of little worth, and oftentimes on collusive vouching and consideration, in a great degree groundless. But I say unnatural more especially, because this debt grows out of catching-bargain contracts in the alienation of certificates: a great evil, but not now to be remedied; the only question being what shall be our ways and means to sustain the burthen. The sale of the western lands is a great object, and under proper management may be made productive. The people look forward to the use of this property, and will not heartily acquiesce in taxes direct or indirect, until it shall be seen what can be made of this fund. The idea of surveys at the public expense is pernicious; and what I have had in view to expose and reprobate. It originated in the theories of visionary men in Congress, who knew nothing of matter of fact and real business. I hope better things for the future.
But the people are discouraged at what they hear of the accumulation of the public debt; the assumption to discharge farther claims. It is true no man who has rendered real and substantial service to the public should have reason to complain that he has not his due. Nevertheless it is a great Serbonian bog on which we ought to tread lightly. When there is too much to pay, an individual loses hope to pay at all. The public mind is of the same character being the aggregate of that of individuals and should account swell beyond the hope of redemption, the first thing that strikes the mind is to suffer bankruptcy and begin on a new ground.
PHILADELPHIA.
FEBRUARY 13, 1792.
AUTHENTIC Extract of a letter from a gentleman of the best information at Havre, dated October 15.
"Our harvest has not turned out quite so well as last year. We shall be in want, not here; but at Nantes, Bourdeaux, and Bayonne. Those provinces must depend upon strangers for supplies, for the more fertile parts of France have not yet an idea of succouring those of a contrary description, and if they had, the means of transmitting their produce are obstructed. About fifteen days since the English opened their sea ports to us; notwithstanding which I have reason to think that the inhabitants of the United States will not be disappointed of a good market in sending their grain to the above mentioned ports."
Another letter from the same gentleman, dated Octob. 27, mentions as follows: "Virginia tobacco is selling from 34 to 40 livres per cwt. This is reckoned a good price."
The committee of the society for promoting useful manufactures were to meet at New Brunswick on Friday last, for the purpose of examining and fixing upon the most eligible position for the principal seat of the grand manufactory—we hear further that a number of patriotic gentlemen in and about Elizabeth Town have it in contemplation to establish a company for the prosecution of a valuable manufactory at Springfield, whose local advantages give it the preference to most places in the state.
"The immense utility of a bank in this city (says an Albany paper) becomes more and more evident every hour." Among other advantages expected to accrue from an Albany bank, is the prospect of its operating as a barrier against the grasping monopoly of the city of New-York: and that, after a short period, the paper issued from this bank will be received current in that city as specie. One hundred thousand dollars, is supposed, will be a sufficient capital; (if calculated to embrace Albany, Hudson, New City, Schenectady, and Troy,) the capital to be paid in by installments.—It appears there is but one objection of consequence urged against the establishment of this bank, viz. it ought not to be attempted, because there never has been a
bank in Albany; which as the same paper justly observes "ought not to weigh a feather in the scale against the probable advantages."
The Pittsburgh paper of February 4. mentions that by the arrival of a gentleman at that place immediately from Kentucky, the following intelligence is received
That just before he left the falls of Ohio an express had passed along on his way to Fort Washington, with dispatches from the commandant at Post Vincennes for the Governor, the purport of which was, that he had sent a French man and an Indian across the country to the Miami towns, with some dispatches, in hopes of finding our army there; that on their arrival they found the towns deserted, except by a few women; that for fear of being discovered they buried their dispatches, and then proceeded to meet our army, but had not gone more than five or six miles before they met a party of 30 Indians returning with their share of the plunder, one of them had 127 scalps strung on a pole, the rest were heavily loaded with different articles, and they had three pack-horses loaded with kegs of wine, &c. The Indians immediately accused them of being spies, but on making enquiry and examining them very minutely, belied them friends, they were then obliged to return with them to the towns, and the Indians gave them a full account of the battle, (which agrees with the account heretofore published) except, that only 1200 Indians were in the engagement, and that these were Miamies and Indians from the lakes; that 600 arrived the day after the battle, and 300 were out hunting to supply the rest, which was their whole force; that a dispute arose about dividing the plunder between them and the lake Indians, the latter wishing to have that of the smallest bulk and easiest carriage, as they had a great way to go, but the former refused: this greatly enraged the lake Indians who began to use the tomahawk, but did not do much damage, however, they went off very much dissatisfied, determined never again to come to the assistance of the Miamies, let the consequences be what they would; and that only 56 Indians were killed.—After giving them this information they were permitted to proceed homewards with a promise of sending them a trader, (which was the business the Frenchman said they were upon) as they had as much plunder as would amply do them all winter.
We are also informed, that an expedition consisting of 500 men, on horseback, was to go from Kentucky the beginning of January, against the Miami towns, and from the prize spirit the Kentuckians, we flatter ourselves those towns are laid in ashes before now. There is no doubt but this expedition has taken place, as our informant had the information from a person that may be depended on.
Extract of a letter from an officer in the English army, in the East-Indies, under Lord Cornwallis, dated July 15.
"I will give an outline of our situation, but must caution you against crediting one syllable in the Courier, filled as it is, with party opinions, and panegyrics. The complete conquest of all Tippoo's Southern Countries, left us not only secure from any mischief in that quarter, but afforded us great supplies of grain and cattle, and a revenue of 12 lacks beside. Lord Cornwallis joined the army early in February. He and Meadows have united in every opinion (as yet); they moved forward and made a glorious conquest of Bangalore.—It was really a great action to take it in so short a time—but alas! the days since have been not so fair. The delays in joining Col. Oldham's detachment, from Trichinopoly, near Amboor (a force not wanted) and the little attention paid to the loss of time in slow marches, and long halts, brought the Monsoon from the West Coast to the relief of Seringapatam. Upon coming in sight of that place, Lord Cornwallis and general Meadows, finding Tippoo's whole army posted too strong to be attacked in front, made a silent and long march round in the night with all the army (except the baggage guard) on the 14th of May, leaving all their tents standing; but the night proving tempestuous with thunderstorms and violent rains, instead of coming to their wished-for place at day break, they did not arrive till eight o'clock the 15th.
This gave Tippoo time to form to receive them, and the attack was made in two bodies by our two commanders with all our infantry and guns; Tippoo in person stood the charge for several hours, and his troops fell pushing the bayonet; our army never had an idea of his troops standing so long and so resolutely. At length the Sultan retreated over the river, which was sufficiently high to be a very considerable impediment, but such was the order and judgment of his retreat, his troops fighting nobly as they went, that he got upwards of 80 guns over the river, and all his baggage, in spite of the efforts and exertions of our whole army. We could get but four nine pounders, and the honor of occupying all his posts on this side the river. We lost 500 men killed and wounded, and several officers, but his loss must have been

very great. Such a retreat convinced Lord Cornwallis that he had a very able general to contend with.
"Our army remained about Seringapatam till the 25th, when they were obliged (from the destroying our cattle, and forage not being procurable) to burst the carriages and stores, and set out for Bangalore.
The 20th, the Mahrattas under Hurr Pundit and Purseram Boliw, joined Lord Cornwallis without any previous notice, and brought 30,000 horse, 20,000 foot, forage, and provisions. The Mahrattas are gallant soldiers; the Nizams, vile dastardly raggamuffins. Upon this junction, which was a saving event, our army halted, and on the 20th of June, after shifting ground often, they were within forty miles of Seringapatam; sometimes they had been in sight, then off again, for provisions, &c.
"The fact now is, we have lost almost all our bullocks, our guns burst, our shot and battering stores thrown into the river, two-thirds of our cavalry dead, and the troopers on foot, in great distress for grain, forage and provisions—yet the army in spirits, keeping near Bangalore, waiting for bullocks, guns, and stores, and in hopes by the 15th of August, to set forward again with fresh supplies of all kinds for the reduction of the capital; all hands in all parts setting about procuring bullocks, and at last a liberal price is allowed for them by his Lordship's orders; but this should have been done at first.
"General Abercrombie with 8000 fighting men and a good train of artillery, has made a precipitate retreat from Comradin Khan, the favorite friend of Tippoo, detached from Seringapatam to dislodge him: he took four guns and all his baggage, and to Col. Hartley, and Capt. Wahab of our Coast battalion, does the general owe the saving the rest of his train; they and some officers resolved to preserve part of the guns, during the retreat of the army to Tellicherry.
"This tyrant (as he was supposed) Tippoo Sultan, to our amazement is beloved by all his subjects; our army has learned, to their astonishment, that he had kept up the best government in his countries the people ever experienced—the inhabitants were free, protected and affluent, speaking of him as their father—they wished not for a change—and not a real inhabitant would quit or desert him: these are undeniable facts, and not a trace of the smallest oppression seemed to exist. If he had not used our prisoners so ill last war, what a respectable character would he be? To our surprise, no man of rank has come over, nor are there any signs of disaffection to him, only about 300 insignificant rascals altogether have deserted his cause—upon the whole he is a very great man."
Extracts from the proceedings of the House of Representatives of the State of South Carolina.
"THURSDAY, December 15."
"Resolved unanimously. That this House do agree with the following report of the committee to whom was referred the Governor's Message, enclosing a memorial of Monsr. POLONEY, viz. That the Agent for foreign creditors be and is hereby directed to furnish such supplies of provisions and stores as Monsieur POLONEY shall think fit to order for the use of the inhabitants of the French portion of the Island of St. Domingo, to the amount of a sum not exceeding three thousand pounds."
"A motion was made by Mr Hunter, and seconded by Mr. Adam Crain Jones, that the House do enter into the following resolution, viz."
"Resolved, that the Delegates in Congress from this State be requested to use their influence to obtain a repeal or a revival of the act, entitled, An act repealing after the last day of June, next, the duties heretofore laid upon distilled spirits within the United States, and for appropriating the same; so far as relates to a tax upon stills or on spirituous liquors, distilled from the materials of the growth or produce of the United States"—It passed in the negative—Yeas, 45—Nays, 47.
The legislature of South-Carolina, at their last session, passed the following acts: An act to authorize the holders of the foreign debt in France, to redeem the same in Amsterdam?— "An act for incorporating the society of free and accepted Masons" in that State— "An act to incorporate the Grand Lodge of the state of South Carolina Ancient York Masons, and Jurisdictions"— "An act to permit the exhibition of Theatrical Entertainments under certain regulations."
Important observations upon the Shoals of Nantucket, for the benefit of those who sail to New-England.
[Translated from a French manuscript communicated to the Editor for publication.]
FROM my observations on the charts of the North American Seas, and books that treat of this navigation, I find that it is the general opinion that the Nantucket shoals, upon which the sea breaks, are about twenty leagues in extent, and lying in 40 degrees of North latitude. Hence it is that navigators begin to be alarmed and take needless precautions while yet a great distance
off, which is frequently the occasion of retarding the voyage considerably.
M. Dourville, an officer of long experience in the French navy, and who, in the time of the late war, was upon the New-England coasts, in quality of lieutenant of one of the ships belonging to the United States, and is of the order of the Cincinnati; made a discovery in 1787, which rectifies the mistakes of former navigators.
Being master of the brigantine Two-Sisters, and on his passage from St. Pierre, and Miquelon, to the French American islands, and finding himself near these famous shoals, which, like other navigators, he much dreaded; he sounded, examined, and repeated his operations at his leisure, sailing round them several times, and making the necessary observations, with due regard to the safety of his vessel and crew; and coming as near as was consistent with prudence.—The following is the result of his examination: 1. The shoals are of a conical form, and where they are really dangerous, not more in extent than twenty fathoms, so that there is little more danger of a vessel running accidentally upon them, than there is of her running foul of another vessel in the common route between France and America. 2. With regard to the soundings; M. Dourville found four fathoms a league distant from the point of the breakers; at the distance of two ships lengths from the same breakers there were two and an half fathoms. 3. By several observations of the latitude of this shoal, taken with the most scrupulous exactness, at different times, it was found that the breakers lie in latitude 40 degrees, 35 minutes, and bearing about south-east of Nantucket island.
The above is conformable to the report of M. Dourville, certified by him at Baltimore July 12, 1791.
DELAMOTTE, Consul for the United States at Havre de Grace.
Translated extracts from the Leyden Gazette (received by the British packet,) to the 2d December.
Brussels, Nov. 27. The disputes are at length terminated, relative to the refusal of the states of Brabant to recognize the sovereignty of the Emperor's council in this province, as actually constituted. The States have acknowledged the legal authority of the council, so that there is now every appearance of a good understanding taking place, and the publication of a general amnesty is looked for every day. We have had numberless false reports scattered through these provinces of the King of France and his family having again quitted the capital and retired to Valenciennes. It is discovered that this story was fabricated by the French emigrants, first, with a view to prevent their deluded countrymen from returning home, upon hearing of the decree against the emigrants, and the letters of Louis 16th to his brothers; and, secondly, to encourage their party to invade France without further delay, for which purpose the greatest part of them were assembled at Coblenze and Worms.
Paris, Nov. 11. The decree, so long expected, relative to the emigrants, was at last definitively concluded in the session of the 9th inst. A decree of this nature cannot be satisfactorily analysed or abridged; we therefore give it entire, as follows:
"The Assembly of the nation, considering that the tranquility and security of the kingdom demand the most prompt measures against such of the French as have fled out of the kingdom, and are preparing to act against the nation, &c. do issue and make known the following DECREE. 1. The French assembled beyond the frontiers of the kingdom, are, from this moment declared suspected of conspiracy against France. 2. If, on the first day of January next they still continue assembled, they shall be declared guilty of treason; shall be prosecuted as traitors, and punished with death. 3. As to the French Princes, and public officers, civil and military (who were so invested at the time of their quitting their country) if still absent on the 1st of January, 1792, they shall be declared guilty of the crime of Treason against France, and punished as in the preceding article. 4. During the first 15 days in January the supreme court of the nation shall be assembled, if necessary. 5. The property of the outlawed traitors, shall, during their lives, be appropriated to the service of the nation, reserving however the rights of women, children and legal creditors. 6. All the revenues of the absent French Princes are at this moment sequestrated. No intercourse can be had, directly or indirectly with, or remittance made to the said Princes, or their representatives, under pain of responsibility, and two years imprisonment, until otherwise ordered by the National Assembly. [We omit the following six articles as less important] 13. Every Frenchman, out of the kingdom, who shall enlist soldiers to join the assembled forces, mentioned in the two first articles of this decree, shall be punished with death. The same punishment to be awarded against perpetrators of the same crime in France. 14. The Assembly enjoins its diplomatic committee to propose measures to be taken by the king, in the name of the nation, with regard to such of the neighbouring powers, as countenance the Assembly of French fugitives in their territories—the committee to make their report in three days.
Nov. 11. The Decree of the Assembly relative to the clergy, altho' a long time under consideration, and debated paragraph by paragraph, is far from being universally approved. It is by many thought too severe and oppressive towards
those who act from motives purely conscientious, but perfectly just with regard to counterfeit religionists—By the 5th article of the decree the nonjuring clergy are pronounced suspected of treason against the law, and of evil designs against their country , and are recommended to the particular observance of the magistracy in every district—the 8th enjoins, that every ecclesiastical who shall be convicted of disturbing the public peace by words, writings, or actions, shall be punished with two years imprisonment.
Several departments of the capital have proceeded to the nomination of a Mayor. The minds of the people, however, are divided on the proper choice. Those who are for a government purely republican have fixed upon the ex-deputy de Chartres as possessing all the requisites for Mayor of Paris.—Those, on the contrary, who recollect the noble part the Marquis de la Fayette acted in the cause of liberty in America, and the courage he afterwards manifested in placing her upon the sure basis of the Constitution in France—those also who remember the good order which was maintained in Paris, amidst all the convulsions of government, while he was at the head of the military, his intelligence, his activity, which alone prevented Paris from experiencing those horrid scenes which have since been exhibited at Avignon—all those who keep those things in mind, are for the HERO OF THE TWO WORLDS. What seems still further to designate the Marquis as the fittest man for this post at present, is, the fear that, party spirit, which now lies dormant, may be roused into action at the nomination of a man who is devoted to the republican faction.
Warshaw, Nov. 11. Of all European sovereigns, none seems so much intent upon restoring the French monarchy as the Empress of Russia. This is proved from the vast attention shown to the French ex-Princes and the emigrants of every description, for whom she claims the fulfilment of the declaration at Pilnitz. The kings of Sweden and Spain seem to have the same opinion as Catharine, with regard to France. But with the Emperor of Germany the case is widely different; he insists that Louis's acceptance of the constitution was a voluntary act, and that therefore the interference of foreign powers is highly absurd. England, it is said, has positively refused intermeddling in the affairs of France, excusing herself on the grounds of insular situation and commercial character.
Avignon, Nov. 8. The emigrations from Avignon, since the gates have been thrown open, are really astonishing. Of 30,000 people, which Avignon contained, there scarcely remain 6000, including women and children. Yesterday the troops of the national assembly marched into the city, under M. de Choisy.
PARIS, Dec. 2.
The court seems to feel the most lively sensations on account of the report of the king's escape; and so anxious has the king been to do away the impression of this rumour, that he has ordered the minister of the home department to write the following letter to the mayor of Paris:
"SIR."
"The king has been informed that reports are spread abroad, and that they are endeavored to be forced upon the citizens, tending to alarm and disturb the public tranquility. The king has been told, that perhaps to-morrow some pretended couriers are to enter upon all sides of Paris, with the news of the princes having entered France, sword in hand; and at the same time a second report, that the king has quitted Paris. This information, given by serious and experienced persons, merits the more attention, as some anterior facts manifest a marked intention to excite a commotion in Paris. You are not ignorant, that a non-commissioned officer, a fortnight back, confined his majesty, under the pretext of a pretended project of escape. The same pretext has been since employed to disturb the reserve of the Hotel de Ville. Yesterday they proclaimed in one of the suburbs, that the king was no longer in Paris: in short, certain public prints collect and propagate those rumours with an uncommon industry.
"The king has charged me, sir, to inform you of these culpable manœuvres, not doubting but you will take suitable measures to preserve the capital from the disorders that may otherwise be the consequence. The minister of the home department, B. C. CAHIER."
Nov. 30, at night.
It is remarkable, that on the same day accounts were received from Germany, Holland, and Flanders, of the king's escape; at Cologne the report went so far as to say, that the king and queen had arrived safe at the castle of Bonn, where he waited the arrival of the elector from Vienna. That Madame Elizabeth, and the dauphin, had taken another route, and had arrived near Mannheim. The council of the elector gave orders to have 40 horses at each post from the frontiers, ready harnessed. The Count d'Artois was expected the day this letter was wrote (the 24th of November). It also mentions that Liege seems to be determined on as the place for the general cantonment. The marquis de la Vilette is marshal general of the camp and forage
and within these eight days he has made preparations for the quartering of 10,000 men, all cavalry, with their baggage, and a quantity of flying artillery: 6,000 Hessian cavalry are already hired. These united to the troops at Coblenz, and in the Palatinate, will form a most formidable army of cavalry.
It seems clearly that the intention of the emigrants is, to keep up a frontier war, and by constantly changing situation, to harass the patriots, until their plots in the internal parts of the kingdom may give them more opportunities of penetrating the country.
The levies made by individuals affected to the Aristocratic party are incredible; Count Wergenstein, a colonel in the Russian service, has raised a regiment of two battalions in the Principalities of Issembourg and Budiaguen, another under the name of Royal-Rohan, is forming above Coblenz; a third, in the same electorate, raised by M. Sinclair, is just complete; they are full of money—who furnishes it God knows; for the most inviolable secrecy and perfect unanimity, exists amongst them, and has kept all their plans impervious to every essay upon the part of the patriots to discover.
These accounts add to the general disquiet at Paris: yesterday was a day of confusion. About one o'clock the gardens of the Thuilleries were, as in the first days of the revolution, full of orators and little mobs; some railed against the Jacobines, others against the King, for refusing to hang all the Ex-nobles. Thus the day was passed, and in the evening the Palais Royal began a renewal of its old scenes; the Café de Fai was the place of action: an Abbe, indiscreet enough to rail against the edict just passed, was ordered to leave the coffee-house, if he did not wish to be hanged. This raised the spirits, which continuing in that state all the evening, broke out at length into a quarrel by nine o'clock, which required the intervention of the National guard to suppress: several persons have been bruised, and some severely wounded.
Copy of the Declaration of the Court of Vienna, to the Powers of Europe.
HIS Imperial Majesty makes known to all the Courts, to whom he sent the first circular letter, dated Padua, the 6th July (now adding to the number, Sweden, Denmark, Holland and Portugal) that the situation of the King of the French, which occasioned the said circular letter, being changed, he thinks it his duty to manifest to the said Powers his present manner of thinking.
His Imperial Majesty thinks, that the King of the French, should be considered as free; and, in consequence, his acceptance and all the subsequent acts, as valid. He hopes, that the effect of the said acceptance will restore good order in France, and that the moderate party may prevail according to the view of his Most Christian Majesty. But as the hopes of the King may, contrary to all appearance, be abortive, and as all the disorders of riot, and excess of violence, in regard to the King, may be renewed, his Imperial Majesty thinks, that all the Powers to whom this is addressed, ought not, yet to desist from the measures concerted between them, but continue vigilant; and that they ought to declare, by their respective Ministers at Paris that their coalition subsists, and they are ready to support in concert, on every occasion, the rights of the King, and of the French Monarchy.
Vienna, Nov. 19, 1791.
The above state paper is of considerable importance; we must, however, observe, that so late as the 23d November, it had not been officially published at Vienna.
ERRATUM.—In our last, page 3----- Under the head of WESTERN DISCOVERIES, the third line from the end, for antiquity, read, antipathy.
PRICE OF STOCKS.
 Six per cents, per £. 24 3/4—24 1/2.  Three per cents, - - - 14 3/4—14 1/8.  Deferred six per cents, - - - 14 1/10.  Final Settlements - - - 22 1/6.  Indents, - - - 14 3/8.  Bank Stock 1-2 Shares 101, pr. ct. prem.  Canal prizes 70 dol. advance. 
METEOROLOGICAL OBSERVATIONS.
  February, 1792.  D. H. Bar. Ther. Wind. Weath.    Monday, 6. 7 30. 05 31 N.W. Fair.  2 30. 1 43 do. ditto.  Tuesday, 7. 7 30. 2 26 N.E. Cloudy.  2 30. 5 28 do. Snow.  Wednesday, 8. 7 29. 7 26 N.E. Cloudy.  2 29. 75 34 do. Snow.  Thursday, 9. 7 29. 8 29 N.W. Fair.  2 29. 85 38 do. ditto.  Friday, 10. 7 29. 9 30 calm. Cloudy.  2 29. 85 40 do. ditto.  Saturday, 11. 7 30. 25 27 N.E. Cloudy.  2 30. 2 31 do. ditto.  Sunday, 12. 7 30. 1 25 N.E. Cloudy.  2 30. 1 28 do. ditto.  

or shall be, from time to time, purchased, or paid off, or received in discharge of any debt or demand of the United States, made payable in public securities—over and above the interest of any new debt, which may be created, in order to such purchase or payment.
The purchases of the debt already made have left a sum of interest in the Treasury, which will be increased by future purchases—certain sums payable to the United States in their own securities, will, when received, have a similar effect. 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 Western Lands, when provision shall be made for it, may be expected to produce a material addition to such a fund.
It is therefore submitted, that it be adopted as a principle, that all interest which shall have ceased to be payable, by any of the means above specified, shall be set apart and appropriated in the most firm and inviolable manner, as a fund for sinking the public debt, by purchase or payment; and that the said fund be placed under the direction of the officers named in the second section of the act making provision for the reduction of the public debt, to be by them applied towards the purchase of the said debt, until the annual produce of the said fund shall amount to two per cent. of the entire portion of the debt which bears a present interest of six per centum, and thenceforth to be applied, towards the redemption of that portion of the debt, according to the right which has been reserved to the government.
It will deserve the consideration of the legislature, whether this fund ought not to be so vested, as to acquire the nature and quality of a proprietary trust, incapable of being diverted, without a violation of the principles and functions of property.
A rapid accumulation of this fund would arise from its own operation; but it is not doubted, that the progressive development of the resources of the country, and a reduction of the rate of interest, by the progress of public credit, already exemplified in a considerable degree, will speedily enable the government to make important additions to it, in various ways. With due attention to preserve order and cultivate peace, a strong expectation may be indulged, that a reduction of the debt of the country will keep pace with the reasonable hopes of its citizens.
All which is humbly submitted.
ALEXANDER HAMILTON, Secretary of the Treasury.
   STATEMENT of the DEBT of the UNITED STATES,   Funded agreeably to the Act of Congress of the 4th of August, 1790, at the Treasury and the several Loan-Offices, from the 1st of October, 1790, to the 30th of September, 1791.   Treasury Funded 6 per cent. Deferred 6 per cent. Funded 3 per cent. Total amount.   Dollars. Cts. Dollars. Cts. Dollars. Cts.     New-Hampshire 5,184,041.41 2,592,018.72 3,973,865.10 11,749,925.23   Massachusetts 191,322.44 95,661.22 147,423.35 434,407.11   Rhode-Island 2,126,062.40 1,063,034.94 1,984,457.41 5,173,554.75   Connecticut 279,609.72 139,803.55 179,577.71 598,990.98   New-York 461,644.31 230,823.38 342,760.99 1,035,228.68   New-Jersey 2,204,016.71 1,102,012.12 1,643,224.96 4,949,253.15   Pennsylvania 472,728.51 236,358.96 271,749.71 980,837.18   Delaware 1,871,455.80 935,730.39 865,216.21 3,672,402.40   Maryland 26,191.19 13,095.64 16,242.75 55,529.58   Virginia 717,818.71 358,903.15 621,188.48 1,697,910.34   North-Carolina 453,979.69 226,996.35 343,128.22 1,024,104.26   South-Carolina 13,064.33 6,531.77 9,398.35 28,994.75   Georgia 135,366.33 67,682.68 96,060.87 299,109.88   40,149.82 20,074.92 37,008.29 97,233.03   Totals 14,177,450.43 7,088,727.79 10,531,303 31,797,481.22  
The amount of Stock funded at the Treasury to 30th September, 1791, has been ascertained with accuracy, but at that time many subscriptions had been made which have not yet been adjusted—settlement of all the loans the amount will be found somewhat different from what is now represented.
The sums funded at the several loan-offices, it is presumed, are ascertained with accuracy; but as the loans had not been adjusted in all instances when the returns were made, some immaterial differences will probably hereafter appear.
TREASURY DEPARTMENT, Register's Office, September 30, 1791.
JOSEPH NOURSE, Register.
STATEMENT of the REGISTERED and UNSUBSCRIBED DEBT of the United States, which remained unfunded upon the close of the Loan on the 30th of September 1791.
REGISTERED or UNFUNDED DEBT.
   Dols. Cts. Dols. Cts.     The amount of this debt as stated to Congress on the 3d. March 1789, was 4,598,462. 78   There were Treasury certificates issued in exchange for Loan-Office and Final Settlement Certificates, cancelled by the Auditor of the Treasury, from 3d March 1789, to 30th June, 1791 4,716,376. 45   There have been certificates issued to invalid pensioners and others, entitled thereunto, on final settlement in pursuance of acts of Congress of the present and late government, 134,883. 18   Of the said debt there has been loaned as follows, viz, 9,449,722. 41   From the opening of the loan to 31st of March 1791, 1,371,978. 37   1st April to 30th June, 1791, 1,088,466. 60   1st July to 30th September, 1,611,194. 82   Which being deducted leaves a balance, 4,071,639. 79   Principal sum due to the several creditors on the treasury books 5,378,082. 62   The interest due on said debt to 31st December, 1790, is as follows, viz.   Arrearages to 31st December 1787, 449,677. 88   Three years interest from 1st January, 1788, to 31st December, 1790 968,054. 76   1,417,732. 64   Registered debt principal and interest 6,795,815. 26   UNSUBSCRIBED DEBT.   The debt unsubscribed upon the books. New-Jersey, Pennsylvania and Maryland, amounts to 12,539. 76   Interest 3,134. 92   15,674. 62   Credits on the treasury books to invalid pensioners, and several corps for which certificates of registered debt are yet to be issued.   INVALID PENSIONERS,   For the amount due to them, under the act of Congress, providing for the payment of their arrearages 56,152. 76   Carried Forward, 56,152. 76 6,811,489. 88  
   Dols. Cts. Dols. Cts.     Brought forward. 56,152. 76 6,811,489. 88   The following corps have credit on the treasury books, being for certain certificates of final settlement, returned to the treasury and cancelled, and which certificates had issued to the non-commissioned officers and soldiers of said corps, respectively for their pay.   4th regiment Pennsylvania artillery 846. 37   Corps of light dragoons 1,009. 83   Invalid regiment 3,803. 35   Artillery artificers 386. 28   Willet's regiment 2,565. 42   Hazen's regiment 11,267. 49   Baldwin's do. of artificers 281. 28   Corps of sappers and miners 416. 93   Armand's legion 834. 17   Lee's legion 593. 17   4th PENNSYLVANIA REGIMENT.   Capt. North's company 487. 67   Lacy's, 1,062. 97   Franklin's company of militia 1,550. 64   Individual creditors of the states of Pennsylvania and Maryland, have credit on the treasury books, being for certificates of final settlement returned to the treasury, and cancelled, and which certificates had issued to them respectively. 280. 67   By Benjamin Stelle, commissioner of Pennsylvania 5436. 66   John White, Maryland 693. 89   6,130. 55   Interest upon the foregoing credits 86,118. 91   21,529. 72   107,648. 63   Dollars, 6,919,138. 51  
   ESTIMATE of the OUTSTANDING DEBT, on the 30th September, 1791, viz.     The amount of the Domestic Debt of the United States, as stated by the Secretary of the Treasury in his report of the 9th January, 1790, to the House of Representatives, relative to a provision for the support of the Public Credit, is as follows, viz.   Dols. Cts.   Liquidated and loan-office debt as per schedule C. 27,383,917. 67   Interest thereon to the 31st December, 1790, as per do. D. 13,030,168. 20   Additional sum for sinking the continental bills of credit, and for the discharge of the other parts of the unliquidated debt, 2,000,000.   42,414,085. 87   From which deduct amount, as per statement A. 31,797,481. 22   Amount of the registered debt and credit with interest, per do. B. 6,919,138. 51   33,716,619. 73   Balance outstanding, 3,697,466. 14  
NOTE.—The balance above stated to be outstanding probably exceeds the real sum. In the original estimate the old emission bills were computed at 40 for 1, but they have been provided for at 100 for 1. There are also loan-office certificates which were sent to public officers to be applied to the public service, and which were supposed to have been to applied, but which have since, upon settlement of their accounts at the Treasury, been returned and cancelled.
   STATEMENT of SUBSCRIPTIONS to the LOAN, payable in Certificates or Notes issued by the respective States, in the several Loan-Offices, from the first of October, 1790, to the 30th of September, 1791, agreeably to the Act passed the 4th of August, 1790.   STATES. Amount assumed by the act. Amount subscribed. Remaining unsubscribed to complete the amount assumed. Subscribed beyond the amount assumed.   Dollars. Dollars. Cts. Dollars. Cts. Dollars. Cts.     N. Hampshire 300,000 242,501. 25 57,498. 75   Massachusetts 4,000,000 4,477,013. 81 477,013. 81   Rhode-Island 200,000 344,259. 49 144,259. 49   Connecticut 1,600,000 1,455,331. 81 144,668. 19   New-York 1,200,000 1,028,238. 75 171,761. 25   New-Jersey 800,000 599,703. 56 200,296. 44   Pennsylvania 2,200,000 675,101. 33 1,524,898. 67   Delaware 200,000 53,305. 84 146,694. 16   Maryland 800,000 299,225. 40 500,774. 60   Virginia 3,500,000 2,552,570. 88 947,429. 12   N.-Carolina 2,400,000 1,666,355. 57 733,644. 43   S.-Carolina 4,000,000 4,634,578. 52 634,578. 52   Georgia 300,000 300,000.   21,500,000 18,328,186. 21 4,427,665. 61 1,255,851. 82  
   NOTES.     I. The sums marked (a) in the column of remaining debts are inserted upon recent official communications.   II. Those marked (b) are founded upon official statements some time since received, and reported to the House of Representatives on the 9th of January, 1790, adding interest for the subsequent period.   III. Those marked (c) are founded on informal information, but such as is deemed substantially authentic and accurate. The estimate for Rhode-Island includes a sum not ascertained, which has been cancelled in consequence of former laws of the state, enjoining the creditors to bring in their certificates and receive payment in paper-money, but has been revived by a late law of the State, directing the sums paid to be liquidated according to a certain scale, and deducted from the original amount.   IV. That marked (d) is founded on a report of a committee of the eleventh November, 1791, to the House of Delegates of Virginia, compared with a former return to the Treasury and other information.   V. That marked (e) is founded upon a statement of the Comptroller of North-Carolina, of May 20th, 1790.   VI. That marked (f) is founded on a statement of the Treasurer of Georgia of the 30th of April, 1790, compared with other information.   VII. The sums expressed in round numbers are not meant to be understood as precisely accurate but as very near the truth.   VIII. The foreign as well as the domestic debt of the States is included.  
TREASURY DEPARTMENT, January 23d, 1792. ALEXANDER HAMILTON, Secretary of the Treasury.
WANTED immediately, a JOURNEYMAN BOOK-BINDER, CHILD'S AND SWAIN'S, to go to Lancaster. Enquire of Francis AT THEIR OFFICE, NO. 239, HIGH-STREET, Bailey, printer, No. 116, High-Street, NEAR SIXTH-STREET, PHILADELPHIA.