Gazette of the United-States. (New-York [N.Y.]), 1792-12-12 00:00:00

Gazette of the United States.
A NATIONAL PAPER, PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FENNO, No. 34, NORTH FIFTH-STREET, PHILADELPHIA.
[No. 56 of Vol. IV.]
WEDNESDAY, DECEMBER 12, 1792.
[Whole No. 378.]
PHILADELPHIA, DECEMBER 12.
REPORT
OF THE
SECRETARY of the TREASURY,
Respecting the Redemption of the Public Debt and the Reimbursement of the Loan made of the Bank of the United States.
Treasury Department, Nov. 30, 1792.
SIR,
I have the honor to transmit herewith a Report, pursuant to two resolutions of the House of Representatives, one of the 21st instant, respecting the Redemption of the Public Debt; the other of the 22d instant, respecting the Reimbursement of the Loan made of the Bank of the United States, pursuant to the eleventh section of the act by which it is incorporated; and to be, with the most perfect respect,
SIR,
Your most obedient, and most humble servant,
ALEXANDER HAMILTON,
Secretary of the Treasury, The Honorable the SPEAKER of the House of Representatives.
In obedience to two Resolutions of the House of Representatives, one of the 21st instant, directing the Secretary of the Treasury to report a Plan for the Redemption of so much of the Public Debt as by the Act entitled "An Act making Provision for the Debt of the United States," the United States have reserved the right to redeem; the other of the 22d instant, directing him to report the Plan of a Provision for the Reimbursement of the Loan made of the Bank of the United States, pursuant to the XIth section of the Act entitled "An Act to Incorporate the Subscribers to the Bank of the United States;" the said Secretary respectfully submits the following
REPORT.
THE expediency of taking measures for the regular redemption of the public debt, according to the right which has been reserved to the government, being wisely predetermined by the resolution of the House of Representatives referring the subject to the Secretary, nothing remains for him but to endeavour to select and submit the most eligible means of providing for the execution of that important object.
With this view, the first enquiry, which naturally presents itself, is, whether the existing revenues are or are not adequate to the purpose?
The estimates which accompany the report of the Secretary of the 14th instant, will shew, that during the continuance of the present Indian war, the appropriations for interest and the demands for the current service, are likely to exhaust the product of the existing revenues; though they afford a valuable surplus beyond the permanent objects of expenditure, which it is hoped may, ere long, be advantageously applied to accelerate the extinguishment of the debt.
In the mean time, however, and until the restoration of peace, the employment of that resource in this way, must of necessity be suspended; and either the business of redemption must be deferred, or recourse must be had to other expedients.
But did no such temporary necessity for resorting to other expedients exist, the doing of it would still be recommended by weighty considerations. It would appear, in the abstract, advisable to leave the surplus of the present revenues free, to be applied to such casual exigencies as may, from time to time occur; to occasional purchases of the debt when not exhausted by such exigencies, to the payment of interest on any balances which may be found due to particular states upon 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 prospect, that if not diverted, it will be found adequate to the two last important purposes.
Relinquishing, then, the idea of an immediate application of the present revenues to the object in view, it remains to examine what other modes are in the option of the Legislature.
Loans, from time to time, equal to the sums annually redeemable, and bottomed on the same 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 saving would result; and even this resource, if none better could be devised, ought not to be neglected.
But it is obvious, that to rely upon this resource alone would be to do little towards the final exoneration of the nation. To stop at that point would consequently be neither provident nor satisfactory. The interests as well as the expectations of the Union require something more effectual.
The establishment of additional revenues is the remaining resource. This, if the business is to be undertaken in earnest, is unavoidable: and a full confidence may reasonably be entertained, that the community will see with satisfaction the employment of those means, which alone can be effectual, for accomplishing an end, in itself so important, and so much an object of general desire. It cannot fail to be universally felt, that if the end is to be attained, the necessary means must be employed.
It can only be expected that care be taken to choose such as are liable to fewest objections, and that in the modifications of the business in other respects, due regard be had to the present and progressive circumstances of the country.
Assuming it as the basis of a plan of redemption, that additional revenues are to be provided, the further enquiry divides itself into the following branches:
I. Shall a revenue by immediately constituted, equal to the full sum, which may at present be redeemed, according to the terms of the contract?
II. Shall a revenue be constituted, from year to year, equal only to the interest of the sum, to be redeemed in each year—coupling with this operation an annual loan, commensurate with such sum? Or,
III. Shall a revenue be constituted each year, so much exceeding the interest of the sum to be redeemed as to be sufficient, within a short definite term of time, to discharge the principal itself; coupling with this operation also, an annual loan, equal to the sum to be annually redeemed, and appropriating the revenue created to its discharge, within the term which shall have been predetermined?
The first plan, besides being completely effectual, would be eventually most economical; but considering to what a magnitude the revenues of the United States have grown in a short period, it is not easy to pronounce how far the faculty of paying might not be strained by any sudden considerable augmentation, wherefore immediately placed; while the rapid progress of the country in population and resource seems to afford a moral certainty, that the necessary augmentation may be made with conveniences by successive steps, within a moderate term of time, and invites to temporary and partial suspensions, as capable of conciliating the reasonable accommodation of the community with the vigorous prosecution of the main design. For these and for other reasons which will readily occur, the course of providing immediately the entire sum to be redeemed, is conceived not to be the most eligible.
The second plan, though much more efficacious than that of annual loans, bottomed on the revenues now appropriated for the payment of interest on the sums to be redeemed, does not appear to be
sufficiently efficacious. The schedule A. will shew the effect of it to the 1st of January 1802, when the deferred debt will become redeemable in the proportions stipulated. Supposing the investment of the 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 sunk, 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 reserved, would be 1,126,616 dollars and 44 cents, exceeding by 667,403 dollars and 62 cents, the amount of the redeeming fund—Something more effectual than this is certainly desirable, and appears to be practicable.
The last of the three plans best accords with the most accurate view which the Secretary has been able to take of the public interest.
In its application it is of material consequence to endeavour to accomplish these two points: I. The complete discharge of the sums annually redeemable within the period prefixed, and the reimbursement within the same period of all auxiliary loans which may have been made for that purpose. II. The constituting by the expiration of that period, a clear annual fund competent to the future redemption of the debt to the extent of the right reserved.
The period to which it is conceived the plan ought to refer, is the first day of January, 1802; because then, the first payment, on account of the principal of the deferred debt, may rightfully be made.
In conformity to these ideas, the following plan is most respectfully submitted: Premising that the sum redeemable for the first year of the 6 per cent stock, bearing a present interest, is computed at 550,000 dollars.
Let an annual fund be constituted, during the present session, equal to 103,199 dollars and 6 cents, to begin to accrue from the first of January, 1793.—Let the sum of 550,000 dollars be borrowed upon the credit of this annuity, reimburseable within five years, that is by the first of January 1799. The sum borrowed to be applied on the first of January 1794, to the first payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest by the first of January 1799, and will be thenceforth free for any further application.
The sum redeemable the second year, that is on the first of January 1795, is computed at 583,000 dollars.
Let an annual fund be constituted during the second session after the present, equal to 109,391 dollars and 60 cents, to begin to accrue from the first of January 1794. Let the sum of 583,000 dollars be borrowed upon the credit of this annuity reimburseable within five years, that is, by the first of January 1800; the sum borrowed to be applied on the first of January 1795, to the second payment on account of the principal of the debt. The proposed annuity will reimburse the sum borrowed with interest by the first of January 1800, and will be thenceforth free for any further application.
The sum redeemable the third year, that is, on the first of January 1796, is computed at 617,980 dollars.
Let an annual fund be constituted during the third session, after the present, equal to 115,955 dollars and 17 cents, to begin to accrue from the first of January 1795. Let the sum of 617,980 dollars be borrowed upon the credit of this annuity, reimburseable within five years, that is, by the first of January 1801.
The sum borrowed to be applied on the first of January 1796, to the third payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest by the 1st of January, 1801.
The sum redeemable the fourth year, that is on the 1st of January 1797, is computed at 655,058 dollars and 80 cents.
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 1st of January, 1796. Let the sum of 655,058 dollars and 80 cents, be borrowed upon the credit of this annuity, reimburseable within five years; that is by the 1st of January 1802. The sum borrowed to be applied on the 1st of January 1797, to the fourth payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest by the 1st of January 1802.
The sum redeemable the fifth year, that is on the 1st of January 1798, is computed at 694,362 dollars and 33 cents.
Let an annual fund be constituted during the fifth session, after the present, equal to 152,743 dollars and 12 cents, to begin to accrue from the 1st of January 1797. Let the sum of 694,362 dollars and 33 cents be borrowed upon the credit of this annuity, reimburseable within four years, that is by the 1st of January 1802. The sum borrowed to be applied on the 1st of January 1798 to the fifth payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest by the 1st of January 1802.
The sum redeemable the sixth year, that is on the first of January 1799 is computed at 736,024 dollars and 7 cents.
Let an annual fund be constituted during the sixth session, after the present, equal to 197,680 dollars and 20 cents, to begin to accrue from the 1st January 1798. Let the sum of 736,024 dollars and 7 cents, be borrowed upon the credit of this annuity, reimburseable within three years, that is by the 1st of January 1802. The sum borrowed to be applied on the 1st of January 1799 to the sixth payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest by the 1st of January 1802.
The sum redeemable the seventh year, that is, on the 1st of January 1800, is computed at 780,185 dollars and 52 cents.
Let an 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 1st of January 1799. Let the sum of 780,185 dollars and 52 cents be borrowed upon the credit of this annuity, reimburseable within two years, that is, by the 1st of January 1802. The sum borrowed to be applied on the first of January 1800 to the seventh payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest, by the 1st of January 1802.
The sum redeemable the eighth year, that is, on the 1st of January 1801, is computed at 826,996 dollars and 65 cents.
Let an annual fund be constituted during the eighth session, after the present, equal to 423,583 dollars and 64 cents, to begin to accrue from the 1st of January 1800. Let the sum of 826,996 dollars and 65 cents be borrowed upon the credit of this annuity, reimburseable within one year, that is, on the 1st of January 1802. The sum borrowed to be applied on the 1st of January 1801 to the eighth payment on account of the principal of the debt.
The proposed annuity will reimburse the sum borrowed with interest on the 1st of January 1802.
The sum redeemable the ninth year, that is, on the 1st of January 1802, is computed at 1,126,616 dollars and 44 cents. The then existing means for the discharge of this sum, arising from the operation of the plan, will be
[See last page.]

Foreign Affairs.
LUXEMBURG, August 9.
THE day before yesterday, monseigneur brother to the King of France, returned from Longwy to rejoin the army of our grants in our province.
Previous to entering the French territory, he delivered the following discourse to the royal army of the princes:
"Sirs, to-morrow, the 29th of August, we enter France. The success of the operations which are entrusted to us is connected with the events of that day, and our conduct may decide the fate of France."
"You are not ignorant of the calumnies which our enemies are incessantly loading us with, and the care they take to insinuate that our motives for returning to our country, is to glut our private revenge."
"It is by your conduct, Sirs, it is by your cordiality with which we receive the wanderers who fly to our protection, that we shall prove to Europe that the Noblesse of France, more illustrious than ever from their misfortunes and constancy, can not only conquer their enemies, but pardon the errors of their fellow countrymen."
"The powers with which we are entrusted enable us to make those demands which our interest and glory may inspire us to; but we address ourselves to French Chevaliers, and their hearts, filled with real honor, will never forget the duty which that noble sentiment inspires in them."
This city has become the perfect asylum of death, a day does not pass in which carriages, loaded with dead bodies, are not brought in; and if reports may be credited, Thionville has not cost the enemy less than 3000 men. The blockade of Montmedy is still continued by General Clairfait. The King of Prussia's agents are ordered to buy up provisions at any price whatever; but notwithstanding this, the many numerous bodies cannot fail of producing a speedy and inevitable scarcity.
FRANKFORT, Sept. 24.
Assassination of the King of Prussia.
A circumstance has occurred here, which has occasioned much alarm. On application from the Prince of Coude, a person of the name of l'Eveque, who is by profession a dentist, and is established at Strasbourg, has been apprehended in consequence of a discovery having been made that he was engaged to assassinate the King of Prussia.
This person has been employed professionally, in the family of the Duke of Wurtemberg, and attended the Dutchess in her late visit to the Princess Ferdinand of Prussia. After he was taken into custody, he confessed the truth of the charge—and added, that he had already received fifty thousand livres, in part of the reward which had been promised him for the perpetration of this horrid crime.
From the measures which are now taking, it is probable that many additional particulars of this business will soon be known. It may in the mean time be considered as an additional evidence of the principles by which those abandoned persons are actuated, who have usurped the conduct of affairs in France.
PARIS, September 17.
The deformity of vice, as somewhere observed, is sufficient to procure admirers to virtue. From this principle, our modern philosophers are intent on representing their new liberty under all the deformity of savage licentiousness, in order that their disciples may hereafter be brought to a due admiration of real liberty, as consistent with the happiness of society. This is the only apology we can make for their suffering, not to say encouraging those horrid cruelties which are daily disgracing every part of France.
Every day brings accounts that the new mode of summary justice has taken place in many parts of the Kingdom. At Lyons all the prisons were opened on the 8th and 10th, as they had been at Paris in the beginning of the month, and the unfortunate prisoners executed in the same manner; a confirmation that this general massacre has been the effect of a concerted plan, and not of a momentary madness of the people. But what is very extraordinary is, that since this universal jail-delivery at Paris, not above ten days ago, there are more than 500 persons arrested and put in prison without any legal act of justice. Some are put in by the assembly of the common council, others by the sections, and others by private citizens.
M. Roland, who we must do him the justice to say, seems very attentive to the justice of the kingdom, has represented these illegal proceedings to the Assembly, and warmly demanded that proper measures may be taken for preventing them.
The rage of enlisting is almost over at Paris; for the fact is, there are scarce left any subjects to work. Many of our taverns, coffee-houses, shops, and manufactories, are shut up, partly for want of custom, and partly from a want of servants and workmen to attend them.
The trenches round Paris are making a very rapid progress, though we think there will be scarce any occasion to make use of them, at least before next summer. One of our patriots has, indeed, taken effectual means to frighten his Prussian Majesty from any further hostile designs: he has deposited with the Assembly twenty-five livres, to be paid to any man that will bring one of the King's cars, and promised twenty-five Louis d'ors for his whole head.
There has certainly been some engagement between the armies; but we confess we cannot find out from any of the accounts received, which party have been the conquerors. All we see is, that either Providence has been very kind to the French, or their army is superior in skill to that of the enemy; for whenever four or five are killed in the former, there are as many hundreds slain in the latter.
"As the detail of those dreadful events which have happened in Paris the last week, can gratify no mind that deserves to be gratified, I shall lay aside the intention I had formed of giving their history, and spare both you
and myself the recital of scenes which are so shocking to humanity. Even to those who see in the deed nothing but victims of ordinary justice, whose crimes the verdict of no jury could more fully substantiate, and whose punishment ought not to be lamented from its informality; to those the continuance of such a process appears somewhat too strong, and they agree that the sword of vengeance should now be sheathed. Whatever may be the hearts of those who have conducted this proscriptive, they have the sense to see that some other feelings than the love of public justice may be excited, since, in the murder of de la Rochefoucault, they lament a man, wandering a little through error from the true road of patriotism, but a sincere friend of the revolution and of liberty. The hand of some malignant assassin has taken advantage of this havoc to gratify private revenge; the proscripters glorying in every other deed, but lamenting and disavowing this. Every precaution is taken to hinder the repetition of such outrages; the sections have formed a general confederation among themselves, and each citizen makes himself responsible for the loss and property of his neighbour; from the manner in which this is arranged, together with the patrolos who watch over its execution, the tranquillity of the city is not likely again to be disturbed, and the seditious are certain of being apprehended, before any mischievous designs can be carried into effect."
"Rousseau has asserted, that a revolution is gained at too high a price, if it costs the loss of one citizen. This axiom is contemptible, because it induces abject submission to the vilest despotism. Liberty may, however, be purchased at too dear a rate, when honor and justice are made the sacrifice. The general abhorrence of the late massacres, are the clearest proofs that both the national honor and justice remain unimpeached, since every exertion was made by the constituted powers to hinder the violation of either. Every friend to freedom must lament, that its traitors should suffer any other punishment than those inflicted by the law, which has, or ought to have sufficiently avenging powers, whilst tyrants only are left to assassinations and proscriptive."
"Let these who heap undistinguished infamy on the nation for this act, if they are willing to believe it the act of the nation, reflect, that since the revolution of 1789, thousands have fallen in defence of those principles which the treason of the court have now made the principles of any man who has any attachment to liberty. Let him recollect, on the one side, the massacres at Nantz, Nismes, Montauban, Avignon, Carpentras, and the Champ de Mars, where the purest blood was spilt by the Court and the aristocracy; whilst, previous to this event, only one man had been condemned, and very few had suffered from the rage of the people."
"It should be remembered also, that with the concurrence, nay, with even the invitation of this court and the aristocracy at home, one hundred and thirty thousand Prussians, Austrians, Russians, and emigrants, had entered France; that the Duke of Brunswick had threatened death to the slightest resistance, and his followers had given serious specimens of the modes in which they would inflict it, by cutting off the noses and ears of the men, and nailing the last to their heads; and besides the ordinary and allowed cruelties to women, cutting off their breasts, and murdering the infants, &c. that this army was on its march to the capital, and had already taken the only two forts that lay directly on its way; that at this moment, the exultation of the aristocracy in Paris, became as unbounded, as its discovery at this time was imprudent, that to repel those invaders, not only the federates who were in Paris, but considerable detachments of the citizens were preparing to march, leaving to the mercy of internal foes, the fate of their wives and children; under these repeated provocations, and influenced by fears which appeared so well founded, it is not to be wondered at that so little resistance was made at first, to those whose resolution had been fixed for some days to make so terrible an example, and in punishing the guilty now, furnish motives to others not again to provoke so dreadful a vengeance."
LONDON, September 17.
The counts Horn, De Ribbing, Liljenhorn, and Earenfchwartz, who were accomplices with Ankerstroem, in killing the King of Sweden, have passed through Copenhagen in their way to Italy. Notwithstanding their endeavors to remain unknown, Count Horn was recognized at Helsingborg, and the people assailed him with stones, by which, however, he was only slightly wounded in the foot.
A Lady who excels in what Fielding calls the flip-flop language, in a letter to a friend from Margate, says, "that, though the place is upon the whole vast agreeable, the sea-air has given her a tendency to a little impudent fever."
So determined is Lord Macartney to give the Emperor of China every information relative to the state of the Arts and Sciences in this country, that the last sheet of the Philosophical Transactions, not printed when his Lordship left London, was on Saturday sent after him to Portsmouth!
In the time of Lewis XIVth one hundred thousand Frenchmen took refuge in this country. Query are there more or less now?
We cannot help thinking that the factious Peter Pindar has been frequently unfortunate in his selection of objects for the sport of his muse; as an instance in point, we mention his doughty attack on the embassy of China. A measure dictated by such liberal and enlightened policy, and which in its effects may be productive of so great national advantages—that Peter's Odes on this subject appear to be more the ebullitions of a crabbed temper, than the productions of genius.
AUGUSTA, (Georgia) Nov. 17. On Monday last the Circuit Court of the United States for this district, was opened by the Hon. Thomas Johnson, one of the Associate Justices of the Supreme Court of the United States, and the Hon. Nathaniel Pendleton, District Judge of this district.
Four persons, who sailed from Boston to the Island of Martinique, and from thence to Savannah in May last, were indicted and tried for stealing on the high seas, near the Island of Martinique, a number of negroes, belonging to inhabitants of that Island; Samuel Skinner, of Boston, who was supercargo of the vessel, and who appeared to be the principal, was found guilty by the jury, on his own confession, upon the 16th section of the law for the punishment of certain crimes against the United States, and was sentenced to receive thirty-nine lashes, to pay a fine of one hundred dollars, all lawful charges of the prosecution, and to stand committed till the sentence was complied with. The other three prisoners, to wit: Nathaniel Hickman, Robert Watts, and Nathaniel Ridgeway, were acquitted.
Samuel Skinner, pursuant to the above-mentioned sentence, was, on Wednesday last, publicly whipped at the Market-house in this town.
We are informed that a party of white men from the frontiers of this state, has of late made an incursion on the Cherokee nation, burnt one of their towns, and killed three of their people—That two of seven Indians of the aforesaid nation, who had been invited into the settlements to hold a friendly talk concerning the late murders by Indians, were killed at Ward's mill, in Franklin county, and a squaw at the same time wounded. These transactions are, no doubt, considered by the doers of them, as striking the balance on savege account —it is however assuming a great deal, (to leave humanity and policy out of the question) for individuals to take upon themselves to judge (and carry into execution that judgment) on matters which involve the general tranquillity.
HARTFORD, December 3.
A correspondent remarks that nothing exhibits the human character in a more degrading view, than the violent attacks made upon the Vice-President and the Secretary of the Treasury. That men so bold and distinguished in the cause of America during the late revolution, so upright, ingenious, able, and indefatigable in establishing a system of government and finance for the United States, and so much esteemed and respected by the great body of enlightened Americans, that such men should be continually abused, censured and vilified by a little faction of wrongheads , and avowed enemies to the present constitution of the United States, which has, in three years time, raised us from a wretched state of discord, and rescued our national character from infamy, is a fact no less surprising than degrading to human nature.
But why abuse the Vice-President, that profound statesman—that steady patriot? Why abuse the Secretary of the Treasury, that discerning, upright and persevering financier? Does not America rest easy and satisfied with his administration? Let the enemies of our peace be assured that if the wisest of their leaders were placed at the head of the Treasury department, he would not dare to change the present system of finance . No man who knows the attachment which the mass of substantial Americans have for that system, and their determination as well as their power to support it, would venture upon the hazardous experiment. The man or men, who shake public credit or overthrow the system that supports it, will be crushed in its ruins.
For the GAZETTE of the UNITED STATES.
TO THE LADIES OF PHILADELPHIA.
NOTHING has tended more to abate the influence of the fair sex on the manners of men, than the prevailing practice of card-playing. Formerly, the character of the age was principally conformed to the nature of their favorite occupations, war and hunting. The softness, and fine polish of French manners, is confessedly owing to the women.—But cards have stopped the progress of this gentle power, and it is doubtful whether we are not going backward rather than forward. Talents are cultivated in proportion as they are valued. If a Lady has any thing to say, it would interrupt Whist to say it. If she has nothing to say, the vacancy of her mind may be concealed at the card-table. Wit and sentiment are babbling intruders there. They are unheard, or heard only to disturb the vacant solemnity of that pantomime scene. The powers of conversation rust for want of use—cards level the distinctions of understanding and education. A common plea for cards is, they relax the mind when it is overstrained by attention to business. This is true enough, for a game or two, played for amusement and not for money. But to play for money, is straining the mind again—it brings up unfriendly and mean passions—it makes beauty and wit feeble by raising up a set of rival emotions—the fear of losing and the hope of gain. The queen of trumps seems to the gambler more sparkling than the queen of hearts—and in fact we see that a man tired of business, rests himself by getting more tired of cards. He plays till midnight, till his head akes, his temper is soured, his patience and his money gone, and an itch for play is contracted, which brings him every night to the gaming-table to lose more money, till he has neither money nor merit left.
It depends on the Ladies, and the Ladies only, to keep this vice, the rival of their charms, out of polite company. Those who have sense and beauty, are interested to do it; and they are the persons to prescribe the regulations of manners with the most undoubted authority.
Soon will be published, THE SYSTEM OF Short-Hand, Used by Mr. LLOYD, in taking down the Debates of Congress. A system so easy, that any man, of ordinary capacity, may clearly comprehend it in half an hour, and soon practise it, in its fullest extent, without any further instruction, than what will be conveyed in a few pages,—the whole ART being comprised in eighteen simple characters , without any of those perplexing, arbitrary marks, with which the learners of other systems are obliged to burden their memory, and embarrass their practice. Price, to Subscribers, One Dollar—to Non-Subscribers, a Dollar and half. Subscriptions received by Messrs. Rice, Booksellers, Market-street, and by JOHN CAREY, No. 26, Pear-Street. Half a Dollar to be paid at the time of subscribing.
ADVERTISEMENT.
Between William Shipley Complainant, John Meng and others Defendants. December 1st, 1792. In the high Court of Chancery of the State of New Jersey. Present, His Excellency the Chancellor.
THE Complainant having filed his bill of Complaint against the Defendants in the month of September, seventeen hundred and ninety-one, and in the said Bill of Complaint did among other things set forth that the said Complainant being seized in his Demaine as of fee of and in a certain Tract of Land, said to contain nine hundred and thirty acres, situate, lying and being in the township of Hardwick in the county of Sussex in the State of New Jersey, did on the first of March seventeen hundred and eighty-five, bargain sell and convey the same in fee simple unto John Meng and John Henderson of the city of Philadelphia, William Goodwin and John Town, for the consideration of One Thousand Six Hundred Pounds in Gold or Silver—That on the fifth day of the same month of March the said Seisces above named did execute unto the said William Shipley a Deed of Mortgage in fee simple of the said Tract of Land to secure the payment of the said sixteen hundred pounds, with the lawful interest which might thereon accrue—That in the year seventeen hundred and eighty-six the said John Meng and William Goodwin did become Bankrupts within the intent and meaning of the acts of the Legislature of the Commonwealth of Pennsylvania, and such proceedings were had against them that in the same month they were duly declared Bankrupts; and that they the said John Meng and William Goodwin did in some short time afterwards convey and transfer all their estate both real and personal, and particularly all their right and title to the premises above mentioned to John Field, Curtis Clay, James C. Fisher, Isaac Wharton, John Kaighn and Arthur Collins all of the city of Philadelphia, subject to the Mortgage so as aforesaid given to the said Complainant.—That the said John Field, Curtis Clay, James C. Fisher, Isaac Wharton, John Kaighn and Arthur Collins soon after bargained, sold and conveyed all their Right and Title of and in the said Tract of Land unto Benjamin Town of the city of Philadelphia, and John Town, subject to the Mortgage aforesaid—That on the eighteenth day of October seventeen hundred and eighty-five, the said John Town and Benjamin Town did execute another Mortgage to the said William Shipley for securing the payment of twelve hundred pounds in certain installments—That in the month of January seventeen hundred and eighty-six, John Town did bargain and sell in fee simple all his Right and Title to the said premises, to the said Benjamin Town, subject to the Mortgages aforesaid—That in the month of February seventeen hundred and eighty-eight, the said Benjamin Town did convey all his Right and Title to the said premises, to John Field and Curtis Clay of the city of Philadelphia, upon certain Trusts unknown to the Complainant—That the said Benjamin Town soon after became Bankrupt, and in pursuance of the bankrupt laws of the State of Pennsylvania, did convey all his estate real and personal to a certain Robert Ralston—That John Henderson did also in the month of September seventeen hundred and eighty-seven become a Bankrupt, and under the bankrupt laws of the State of Pennsylvania, did assign and convey all his estate real and personal to David Lenox, George Hughes, Matthew Clarkson, Peter Baynton and Richard Bache—And the Complainant doth in and by his said Bill, pray that those having Right to the said Estate may be decreed to pay him what is due on the said Mortgages, or that the equity of Redemption be foreclosed by the Decree of this Court.
And now upon opening this matter this day by Richard Stockton, Esquire, being of the complainants counsel—it appearing to the Court that the said defendants do reside in the State of Pennsylvania, without the jurisdiction of this Court; and it appearing further to this Court that writs of subpoena have been taken out according to the course of this Court, that the said writs of subpoena have been duly served upon the said several Defendants upwards of one year from this day; and that none of the said Defendants have caused his or their appearance to be entered in this Court to the suit of the said Complainant: It is therefore ordered by his Excellency the Chancellor, that the said Defendants do cause their appearance to be entered to the suit of the above Complainant according to the rules of this Court in two months from this day, or that the Plaintiffs bill be taken pro confesso agreeably to the directions of the act of the Legislature in such case made and provided.—The Complainant giving notice and making publication of this rule as in and by the said act of the Legislature is provided.
WILLIAM PATERSON, Chancellor. December 1st, 1792. (Copy)
TO BE SOLD BY THE EDITOR, A TABLE for receiving and paying Gold—graduated according to Law—Blank Manifests—And Blanks for the various Powers of Attorney necessary in transacting Business at the Treasury or at the Bank of the United States.

CONGRESS.
HOUSE OF REPRESENTATIVES.
MONDAY, December 10.
The petition of Isaac Potts was read, stating that his premises were occupied on account of the public during the late war, and considerable damage sustained, for which he has not received any compensation, and praying relief—laid on the table.
Mr. Williamson of the committee appointed for the purpose, reported a bill to amend the act entitled "an act to promote the progress of the useful arts," was read twice, and referred to a committee of the whole house on Monday next, —100 copies to be printed.
Mr. W. Smith of the committee appointed for the purpose, reported a bill to establish a uniform system of bankruptcy throughout the United States; read a first and second time, and referred to a committee of the whole on the second Monday of January next—400 copies were ordered to be printed.
A letter was read from the Secretary of War, enclosing sundry communications relative to Indian affairs from the Governor of Georgia. Some of these were documents respecting certain violences and murders committed by some of the white people on the friendly Indians of the Cherokee nation; a proclamation by the Governor for bringing the delinquents to justice; a friendly talk from the Governor to the Cherokees; and a copy of his orders to march a body of men to protect those Indians which have been wantonly attacked. These were read and laid on the table.
A motion being made, and agreed to, to take into consideration the confidential message of the President of the United States, received by the House on Friday last—it was ordered that the galleries should be cleared.
TUESDAY, December 11.
After reading a report from the Secretary of the Treasury, on a private petition. A motion being made and agreed to for going into a committee of the whole on the Message from the President of the United States—the doors of the gallery were shut, and so continued during the day.
Philadelphia, Dec. 12.
Extract of a letter dated Dunkirk, October 2, to a Mercantile house in this city.
"The war has approached so near us, as to be within the sound of cannon in a still night, the city of Lisle, about 48 miles from us, being besieged. Lisle, it is said, can sustain a siege of six months—that is the last strong barrier near us in Flanders."
The ingenious Mr. Pierce, of Paterson, (N. J.) has invented a gin-crack, for extracting the seed of Carolina cotton from the wool, by which much manual labor is saved. With this machine, it is said, one man will clean seven hundred weight per day.
A New-York paper says, "A gentleman of respectability, who is an inhabitant of, and lately from Kingston, formerly Caterqua, in Upper Canada, assures us, that the people of that territory are very desirous of having the prohibition on trade with the United States taken off; and that their request being made known to Governor Simcoe, he readily complied with it. Their trade will be by the Western Lakes and the Mohawk."
A Humming Bird is now living in Mr. Peale's Museum.
The Electors of President and Vice-President of the United States, who met at Harrisburgh, Pennsylvania: were unanimous in their choice for GEORGE WASHINGTON, and all but one for JOHN ADAMS.
The Electors of Maryland, we are told, have been unanimous in choosing GEORGE WASHINGTON and JOHN ADAMS, President and Vice-President of the United States.
The Electors of President and Vice-President for the State of Connecticut, have voted unanimously for the Gentlemen who now sustain those offices.
The Electors of New-York have given an unanimous vote for GEORGE WASHINGTON and GEORGE CLINTON, as President and Vice-President of the United States.
The stems of common field nettles, prepared in the same manner as flax, will yield a thread capable of being wrought into durable cloth.
Thionville is another Gibraltar; the Austrians constructed four large floating-batteries, which they set fall down the Moselle; when opposite the town, they were received by a hot fire, so well directed, that in a few minutes they were sent all to the bottom, and every man on board perished. It has cost the Austrians about 500 men to get possession of a hill which commands the town. On this place they erected eight batteries, which the garrison sallied forth and destroyed.
General Vandermerch, who bore so conspicuous a part in the war of the Brabant Patriots, in the year 1790, died at his seat near Menin, in Flanders, on the 14th Sept.
Extract of a letter from an American gentleman in Dunkirk, to his friend in New Bedford, dated October the 5th, received by the brig Mary.
"As to public matters, some things are too horrible to relate, particularly the dreadful massacre in Paris. The abominable instrument that set this on foot, is a member of the national convention; and I am rejoiced to find that almost the whole assembly are disgusted at his being one of their body:—Great severity has been poured out upon him there, and many call for a decree of accusation against him; but others I apprehend fearing it will make too great a bustle, have put it by for the present. The desolations of war approach us! Lisle is besieged by 34,000 Austrians. It is a strong city, 48 miles from this: in still weather, the report of their cannon are heard here. It is supposed, if no treachery takes place, to be able to withstand a siege of many months, opposed to an army of 60,000 men. The 1st inst. 6,000 women and children were sent out of the town. The enemy have thrown into Lisle 500,000 lb. of iron—have erected 9 batteries of 6 guns each, carrying balls from 15 to 32 lb. Lisle has sent them in return 57,000 cannon balls—have lost 130 men, and 100 houses burnt. The most horrid part of this siege is out of the common line of war. The Austrians oblige the neighboring peasants to work on their trenches and fortifications, erecting in the front and most exposed part of the army, where many of the poor creatures are killed by their own friends and fellow subjects. On the night of the 2d, 6,000 fresh troops were thrown into the town; and in two days many more will be in its neighborhood."
"All the fire engines are sent off from this town for that city, to assist in extinguishing the fire kindled by the hot red balls. It is daily expected that Spain and all Germany will declare war against France. The diet of Ratisbon is supposed to have concluded on this measure. Russia is marching her forces from Poland."
"Switzerland, it is feared, will be added to the number on account of the late inhuman massacre of a great many of their officers; and France has declared against the King of Sardinia, and has marched an army into his dominions: His army has fled before them, and many of the towns have opened their gates, and desired to be under the French government: But as they have declared against "War for Conquest," they propose only setting the people free from their king, and for themselves to form a republic, or any other government, except a monarchy, they may choose. The answer of the municipality of Lisle to the Duke Albert of Saxony, when summoned to surrender the town, deserves to be preserved: "We have sworn a few hours ago, to remain faithful to the republic; to defend with all our force and powers, Freedom and Equality, or to die at our post—We are not perjurers."—Spartans could not have answered better."
EXTRACT from the Governor's Speech, delivered to both Houses of the Legislature on Friday last.
"I announce to you, Gentlemen, with peculiar pleasure, the execution of the law which provided for the redemption and extinguishment of the state debts. As soon as overtures were made for purchasing the requisite amount of the 3 per cent. stock of the United States, belonging to Pennsylvania, at the rate stipulated by the act of assembly, I issued the regular notification to the public creditors, and you will perceive, from a particular report of the transaction, which is prepared for your information, that the sales, for this object, have amounted to 936,000 dollars; which, at the average price of 12 1-16 in the pound, has produced the specie sum of 593,201 dollars & 1 cent; that the aggregate of the debts already redeemed amounts to the sum of 548,988 dollars and 13 cents; and that there remains (allowing for certain contingencies) in the Treasury, the sum of 72,201 dollars and 50 cents, to answer the further operation of the redemption law, and such new appropriations as you shall be pleased to direct. I have found it impracticable, however, on the terms prescribed, to vest any part of this surplus in the stock of the bank of North America, according to the view and disposition of the Legislature."
"Thus honorably disencumbered from the pecuniary obligations, that were incurred in consequence of the late war; the honest price of our independence; I cannot conceive (as I have before suggested) any situation of political prosperity and affluence, surpassing that which the citizens of Pennsylvania are invited to enjoy. From that part of the wealth of the community, which consists in the debt of the United States, there will, notwithstanding the recent diminutions of the capital (reducing it to the estimated amount of about 167,000 dollars in six per cents, 187,000 dollars in three per cents, and 218,000 dollars in deferred stock) arise an income, which, together with the product of the ordinary and permanent revenues, will be sufficient to defray the expenses of government, and to prosecute any rational objects of public convenience. Our unliquidated demand against the Union, may, at the same time be considered, as promising an accession of productive property; for, although nothing can be precisely ascertained in this respect, until the final settlement of all claims of the sister states, the agent, on behalf of Pennsylvania, assures me, that our accounts bear a favorable aspect, and that he has reason to believe, that the principal charges which they exhibit, stand, at present, in a state of appropriation. In addition to these funds, the arrearages of taxes (amounting, exclusively of the known exonerations, to the sum of about 537,000 dollars) form a considerable, though, from the nature of the subject, a temporary resource; and the operations of the land-office (which, since the
first day of November, 1791, have brought, of specie and certificates, a sum exceeding 210,000 dollars into the treasury) may be regarded with the most sanguine expectation of benefit and emolument."
"Soon, very soon, the list of patriots that now adorn the theatre of American politics, and have a claim to the confidence of their fellow citizens, by the hazards they encountered in achieving their Independence, will be buried with the dust—and if we can readily believe that such characters are regardless of the public interest; those, who succeed them, may increasingly be considered as mere panders for their own baunds—a dissatisfaction with the present, would not probably be followed by a truer government, but by one that might sacrifice the liberty and property of the many to the few."
"That the funding system and national bank will eventually involve the country in almost irretrievable calamity," must be considered as a prophecy, the fulfillment of which no good citizen can wish, and of which no evidence is adduced, or appears—At present, the constant employ of every mechanic—the plenty of our market, and the increased demand for our shipping; the cultivation of our lands in the country, and the improved appearance of our houses in the city, loudly proclaim that our situation is prosperous.—And if there be any thing that discovers this to be a delusion, or the phantom of a dream, they ought to offer good evidence before our assent is demanded against the conviction of our senses." [Columb. Centinel.]
"God hath done great things for us" Peace within our walls—Health in every breeze—The earth yielding abundant supplies—Pastures clothed with flocks—Valleys covered over with corn—The sea refiguring its treasures—Commerce unfolding her stores—Civil freedom securing political happiness—Religious toleration pointing to universal concord—Manufactures daily increasing—Arts spreading themselves abroad—Science greatly encouraged—Unitedly all the ascriptions of gratitude to GOD: And the bosom that swells not with Praise, must be insensible to all the feelings, which adorn human nature.
COMMUNICATIONS.
It should seem by the unceasing murmurings of some people, that the affairs of the public cannot be well managed, so long as their individual prosperity is not particularly promoted. The general prosperity of the country is, with such persons, no indication of wisdom in its public councils.
Four years are nearly closed since the meeting of the first Congress under the New Constitution—from that time to the present, the world has been perpetually amused with dark and dismal descriptions of "woes in embryo ripening into life," for this devoted country. These predictions have been nearly complicated thro' the Union—and, alas, alas, for the anti-federal spirit of prophecy, its credit must be in a most pitiable case. The people are so uncomplaisant, they are so honest and plain-hearted—and so true to their own federal feelings, that the croakings, forebodings, insinuations, lies and slanders of those, who declared that they would have "a change of men at least, if not a change of measures," appear to be totally disregarded.
What can more fully evince the general approbation of the people of public measures, than repeated re-elections of their representatives, the great deliberative council of the nation?
But perfect peace is no more to be expected than perfect wisdom. Hence the scythe of time, which lops off the rank shoots of the weeds, which are occasionally seen in the luxuriant American soil—leaves many bitter roots, which will be springing up at all times and seasons—and biennially we may expect they will assume a front and importance deceiving and alarming for a time—but so long as the people are just, wise and steady, Party in the United States will ever be "portentous to itself alone."
The men influenced by political and avaricious views disgraceful to the American name and character, took advantage of the sleep into which the people were lulled by the quiet and orderly establishment of our new government, to sow the tares of monarchical principles and predatory speculations in the fields where public justice and public happiness were to be reaped. Hence have sprung up the fashionable doctrines, that the people are not the proper keepers of their own liberties, that mankind cannot govern themselves, that hereditary dignities, pecuniary influence, and military force only, are the only means whereby they can be kept in necessary discipline and obedience; that public debts are public blessings, &c. with many other exotics not less poisonous to the spirit of our republican constitutions, and the manly independent character of American citizens. Time with his scythe is mowing down these noxious weeds, and the occasion calls upon all who love liberty and the public good to unite in rooting them out of our country.
As an enlightened people will seldom or never be governed or controuled in their political affairs, by mere professing patriots, without personal honor and probity—so, on the other hand, artful and unprincipled seekers will praise the public virtue and intelligence in exact proportion to that want of discernment and ignorance which they realize to be the only tenure on which they hold the public favor. Hence you may observe that simple, feasible plans of diffusing knowledge among the great body of the people, are generally lost, by being overshadowed by plans totally impracticable from their magnitude. This
impracticability constitutes their excellence with those whose interest it is to perpetuate ignorance.
"Corruption of the best is always worst;" this remark applies to many modern refinements on some of the most important principles of freedom and civil policy.—The reason is obvious; those refinements are either the varnish of superficial minds, or the false deductions of unprincipled sophists, who profane the sacred name of Liberty by prostituting it to the purposes of individual ambition, and lust of power.
As education alone creates the greatest difference and inequality in the relative circumstances of mankind, when partially enjoyed—so the general diffusion of knowledge among the people is the only adequate foundation on which the fabric of equal rights can be reared.
The materials of happiness are perhaps within the reach of every country—but if, like the United States previous to the operation of the general government, those materials either lie dormant, or are converted into instruments of discision, fraud and injustice—reflection embitters public misery, while it tantalizes the people for their want of wisdom to improve the means of happiness, obviously within their power.
Philadelphia, Dec. 10, 1792.
At a meeting of the INSURANCE COMPANY OF NORTH AMERICA, held this day at the State-House, the following gentlemen were elected Directors, viz.
  Joseph Ball,  Thomas L. Moore,    Magnus Miller,  John Ross,    Michael Prager,  William Cramond,    John M. Nesbitt,  Walter Stewart,    Sam. Blodgett, jun.  John Leamy,    Matt. McConnell,  John Swanwick,    Jasper Molyan,  John Barclay,    Charles Pettit.   
EBENEZER HAZARD, Sec'y.
M. de la Fayette appears to be equally the aversion of the Aristocrats and Levelers, both of the old world and the new—It is well known that the French Aristocrats in America, as well as in Europe have always considered him as the enemy of every species of tyranny—whether of the one, the few or the many—There have not been wanting those in this country who have attempted to blast his reputation as the friend of man—and a foreign paper informs us that the emigrants at Luxemburg, attempted to force his apartments in that city—which were at that time not in a castle, but in a private house—they were however prevented.
EXTRACT.
"Ignorance is equally the friend of a despot and the enemy of a free government; when vested with power it is the most dangerous foe that can attack our liberties. Yet how often may it be seen entwining the laurel of fancied merit around the brow of commissioned honor, and trampling under its feet the most sacred rights of man."
[3] The Tables referred to in the Report of the Secretary of the Treasury shall appear in our next.
SHIP NEWS.
ARRIVED at the PORT of PHILADELPHIA.
  Ship Robert, Jacobs, London   Nellor, Basket, Jamaica   Brig Mercury, Gardner, St. Croix   Lydia, Vanlie, Cape-Francis   Sch'r Friendship, Caver, Boston   Sloop Lark, Burrows, St. Martins   Chance, Babcock, N. Carolina 
PRICE OF STOCKS.
  6 per Cents, 20/3   3 per Cents, 12/   Deferred, 12/3   Full shares Bank U. S. 40 per cent. prem.   1/2 shares, 50 
A GREAT BARGAIN.
FOR Sale, a beautiful situation on the Potomack, adjoining the town of Alexandria and in a line of direction towards the Federal City and George Town, in full view of each place, commanding a prospect of the river and adjacent country of Maryland and Virginia, for many miles; about 45 or 50 acres of Land, lying directly on the river, will be sold, with the improvements, which are, a two-story framed dwelling-house, neatly finished, a kitchen, office, brick smoke-house and dairy, two-story framed barn, a well of excellent water, and an ice-house, a yard and garden, neatly railed and highly improved, with a number of other necessary improvements; the whole of the land enclosed with posts and rails, ten or fifteen acres laid down, with different kinds of grass. Its contiguity to those three towns must render it an object worthy the attention of any person who wishes to invest money in a property that must enhance in value, in proportion to the rapid increase of the Federal City, Alexandria and George-Town. This property lies nearly in a central situation to each place. The Potomack at this spot has a fine deep shore and harbour, capable of receiving vessels of any burden. It may not be improper to observe, that men of judgment think, a profitable and convenient Ferry might be erected here to the City of Washington and the Maryland shores leading to Baltimore and Philadelphia.—Also to sell, 215 acres of Wood-Land, about three miles distant, which will suit well to supply the above in wood and timber. The title may be seen to the above property, which is indisputable, and terms known by application to the subscriber, living on the premises.
BALDWIN DADE.

1st. The amount of the annuity constituted the third year, which will have been liberated by reimbursement of the third loan.
2d. The arrears of interest not previously appropriated, and which are computed at 200,000 dollars. There will consequently be a deficiency this year of 810,661 dollars and 27 cents, which will require to be supplied by a temporary loan to be reimbursed out of the surplus of the fund which on the 1st day of January 1802 will exist for future redemptions, and which surplus will be sufficient to reimburse this temporary loan in about thirteen years and an half.
It may be proper to remark, that this deficiency upon one year, is suffered to exist to avoid an unnecessary augmentation of revenue, materially beyond the sum permanently requisite. No inconvenience ensues, because this temporary deficiency is made up by the surplus of the permanent fund, within the period mentioned. And that fund, from the 1st January 1802, is adequate to all future redemptions, in the full proportion permitted by the contract.
The table in the schedule B, herewith submitted, will shew in one view the principles and operation of this plan.
The schedule C will exhibit the means of constituting the several annuities proposed to be established. From it, will be seen, that the proposed annuities are to be composed, partly of taxes to be successively laid, at the respective periods of creating them, partly of the surplus dividend to be expected on the stock belonging to the government, in the bank of the United States, beyond the interest to be paid on account of it, and partly of the funds heretofore pledged for the payment of interest, which will have been liberated upon so much of the debt, as will have been extinguished.
The respective amounts of the taxes to be severally laid, will be:—In the first year 43,199 dollars and 6 cents; in the second year 109,391 dollars and 60 cents; in the third year 115,955 dollars and 17 cents; in the fourth year 102,912 dollars and 48 cents; in the fifth year 102,743 dollars and 12 cents; in the sixth year 107,680 dollars and 20 cents; in the seventh year 109,649 dollars and 32 cents; making together 691,530 dollars and 95 cents.
The sum which will have been redeemed prior to the first day of January 1802, will be 5,443,607 dollars and 37 cents. The sum redeemable on the first of January 1802, will be 1,126,616 dollars and 44 cents; and the fund which will thenceforth exist for the purpose of future redemption, (as is particularly shewn by the schedule D.) will be 1,210,744 dollars and 34 cents, exceeding the sum strictly necessary by 84,127 dollars and 90 cents—a fund, which, including the interest from year to year liberated, will, as already intimated, be completely adequate to the final redemption of the whole amount of the 6 per cent. stock, (as well the deferred as that bearing a present interest) according to the right which has been reserved for that purpose.
In the mean time, a further impression will be made upon the debt by the investment of the residue of the funds heretofore established, in the purchase of it; and it is hoped, that the restoration of peace with the Indians will enable the application of the surplus of the existing revenues, together with the proceeds of the ceded lands in our Western Territory, to the same object. These, whenever they can be brought into action, will be important aids, materially accelerating the ultimate redemption of the entire debt. The employment of these resources, when it can be done by increasing the interest-fund, will proportionably lessen the necessity of using the resource of taxation for creating the proposed annuities, if the government shall judge it advisable to avail itself of the substitute, which may accrue from that circumstance.
Having now given a general view of the plan, which has appeared upon the whole the most eligible, it is necessary in the next place, to present to the consideration of the House the requisite funds for commencing the execution of it. These will embrace a provision for the first annuity only; that alone requiring, by the plan, immediate provision. With regard to a provision for the subsequent annuities, which is proposed to be successive, the Secretary will content himself with this general observation, that he discerns no intrinsic difficulty in making provision for
them, as fast as shall be necessary, with due convenience to the people, and consistently with the idea of abstaining from taxing lands and buildings (with the stock and implements of farms) reserving them as a resource for those great emergencies, which call for a full exertion of all the contributive faculties of a country.
The following means for constituting the first annuity, are respectfully submitted, viz.
Annual surplus of the dividend on the stock of government in the bank of the United States, beyond the interest to be paid out of the said dividend, estimated at Dollars 60,000
Tax on horses, kept or used for the purpose of riding or of drawing any coach, chariot, phaeton, chaise, chair, sulkey, or other carriage for conveyance of persons—
Excepting and exempting all horses which are usually and chiefly employed for the purposes of husbandry, or in drawing waggons, wains, drays, carts, or other carriages for the transportation of produce, goods, merchandise, commodities, or in carrying burthens in the course of the trade or occupation of the persons to whom they respectively belong, and the horses of persons in the military service of the United States, viz.
For every horse not above excepted or exempted, at the rate of one dollar per annum, where only one is used or kept by the same person; with an addition of fifty cents per annum, per horse, where more than one and not more than two horses are kept or used by the same person—with an addition of one dollar per annum, per horse, where more than two, and not more than four, are kept or used by the same person—and with an addition of one dollar and a half dollar, per horse; per annum, where more than four are kept or used by the same person.
Provided, that this addition shall not be made in respect to horses usually employed in public stages, for the conveyance of passengers.
This progressive increase of rates on the higher numbers, has reference to the presumption of greater wealth which arises from the possession of such higher numbers.
The product of this tax will probably be about equal to the residue of the proposed annuity, which is 43,199 dollars and 6 cents. How near the truth this estimate may prove, experiment alone can, in so untried a case, decide. An aid to this fund may be derived from the surplus dividend on the bank stock, for the half year ending the last of December next, which, it is presumed, will not be less than 20,000 dollars. Should a deficiency appear, upon trial, it can be supplied by a future provision. Proper regulations for the collection of this tax, will, it is believed be found not difficult, if the tax itself shall be deemed eligible. Its simplicity has been a considerable recommendation of it. Qualified, as it is, it is not likely to fall on any but such who can afford to pay it. The exemption from the tax, in regard to horses which are appropriated to the purposes of husbandry, or of any trade or occupation, seems to obviate all reasonable objection.
If, however, there should appear to the legislature, reasons for preferring a tax on carriages for pleasure, which, it may be observed, will operate on nearly the same description of persons, the sum required may, it is believed, be produced from the following arrangement of rates, viz. Upon every coach, the annual sum of four dollars—Upon every chariot, the annual sum of three dollars—Upon every other carriage for the conveyance of persons, having four wheels, the annual sum of two dollars—and upon every chair, sulkey, or other carriage for the conveyance of persons, having less than four wheels, the annual sum of one dollar.
The collection of this tax will be as simple and easy, and perhaps more certain, than that which has been primarily submitted.
With regard to the second object referred to the Secretary, namely the plan of a provision for the reimbursement of the loan made of the bank of the United States, pursuant to the XIth section of the act by which it is incorporated, the following is respectfully submitted, to wit, That power be given by law to borrow the sum due, to be applied to that reimbursement; and that so much of the dividend on the stock of the government in the bank as may be necessary, be appropriated for paying the interest of the sum to be borrowed.
From this operation, it is obvious, that a saving to the government will result, equal to the difference between the interest which will be payable on the new loan and that which is payable on the sum now due to the bank.
If the proposed loan can be effected, at the rate of those last made in Holland, the nett saving to the government may be computed at the annual sum of 35,000 dollars; which saving, whatever it may be, is contemplated as part of the means for constituting the proposed annuities.
The benefit of this arrangement will be accelerated, if provision be made for the application of the proceeds of any loans heretofore obtained to the payment suggested, on the condition of replacing
the sums which may be so applied, out of the proceeds of the loan or loans, which shall be made pursuant to the power above proposed to be given.
It will also conduce to the general end in view, if the Legislature shall think proper to authorise the investment of the funds destined for purchases of the debt, in purchases of 6 per cent. stock, at the market price, though above par. The comparative prices of the several kinds of stock have been and frequently may be such, as to render it more profitable to make investments in the 6 per cents, than in any other species of stock.
All which is humbly submitted, ALEXANDER HAMILTON, SECRETARY of the TREASURY.
Treasury Department, Nov. 30, 1792.
PRICE CURRENT. TABLE with columns for item, quantity, and price in Dls., Cts., and Dls. Cts. Items include Molasses, Muffard, Oil, Anchors, Allum, Ashes, Arrack, Brandy, Brazilletto, Bricks, Bread, Beer, Boards, Bristlestone, Beef, Butter, Candles, Cheese, Chocolate, Cinnamon, Cloves, Cocoa, Coffee, Coal, Copperas, Cordage, Cotton, Currants, Duck, Feathers, Flax, Flour, Ginseng, Grain, Hemp, Hides, Indigo, Irons, Junk, Lard, Lead, Leather, Lignum vitae, Mace, Mackarel, Maddar, Marble, Salt, Shot, Steel, Sugar, etc.
COURSE OF EXCHANGE. TABLE with columns for location and exchange rate. Locations include London, Amsterdam, etc.