Gazette of the United-States. (New-York [N.Y.]), 1790-02-17 00:00:00

Gazette of the United States.
PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FENNO, No. 9, MAIDEN-LANE, NEW-YORK.
[No. LXXXIX.]
WEDNESDAY, FEBRUARY 17, 1790.
PRICE THREE DOLLARS PR. ANN.
THE TABLET.
No. LXXXIX.
"All human virtue to its latest breath, Finds envy never conquer'd but by death; The great ALCIDES, every labor past, Had still this monster to subdue at last."
I NEVER was acquainted with a person who would confess that any of his actions were prompted by envy. From this I infer, that every man deems it one of the most hateful qualities of human nature. The mind of man is so constituted that several emotions may be kindled at the same moment; and it may be difficult, in any given instance, to distinguish the component parts of a motive with so much precision, as to determine which preponderates. A person may be stimulated by envy, when he supposes himself free from it; and he may be suspected of it, when he is, in fact, free from it. We should not therefore too hastily acquit ourselves, or charge others, of being under the control of this detestable passion.
There is perhaps no occasion where the symptoms of envy are more striking, than in the opposition that is frequently made to conspicuous characters. This restless agent of the soul darts its venomous arrows only against objects of distinguished merit. When a bad man is attacked, the assailant may justly be impelled by indignation; when a weak man is hunted down, the persecutor may have no feelings but those of contempt. But when a good and great character meets with opposition and reproach, envy is generally at the bottom. It may be concluded, without much risque of error, that an envious disposition gives rise to a considerable part of the censure and calumny that are aimed against men in eminent stations. The propriety of such a conclusion is obvious from the difficulty, in many instances, of assigning any other adequate cause or motive to induce slander and opposition. Besides, it will generally hold true, that men in elevated employments have inducements to promote the public good, in proportion to their elevation. A man promoted to a dignified office should consider himself as a mark, exposed to the sneers of ignorance, the aspersions of envy, and the reproaches of ill-nature. Some illustrious men however escape the effects of all the evil propensities of their fellow men.
Mankind seem, as it were by common consent, to hush all the turbulent passions of the soul, in their treatment of those few characters, to whom all men are too much endeared, to render it safe for any man to oppose or calumniate. Such favored individuals are extremely few. Most men who engage in public life must not expect to combine the affections of the whole community in their favor. And however eminent may be the knowledge or rectitude of a man, these excellent attributes afford no infallible security against the intrigues of mysterious competitors, or the invectives of avowed opponents. How great a portion of envy is intermingled in the motives which prevail on those occasions, let those who observe the actions of men determine.
If I have been intimately acquainted with a man for years; if during this time, I have been often heard to applaud his abilities and honesty, and ever lived on the most affectionate terms of friendship and good humor with him; and if on his being suddenly elevated to a station far above me, I endeavor to raise a party against him by insinuations and reproaches, do I not authorise a supposition that I feel an envious temper towards him? Why else do I suffer my friendship to become cold and distant; and my confidence to assume the appearance of distrust and mystery?—Why else do I check the tribute of applause, I have been accustomed to pay my friend and companion; and even depreciate those qualifications which once I could not fail to admire?
If the government of the United States should not be established on such a firm and honorable basis, as to promote the prosperity of its citizens, and procure the respect of mankind, it will be owing to the prevalence of this same passion of envy, more than to any other cause. Rival characters cannot bear the idea of superiority. No government can be respectable and prosperous in which eminent men do not take the lead, in their different departments. When the people of this country are convinced of the truth of this remark, they will not, I hope, lose their circumspection, but they will be less perplexed by the suggestions of envy and suspicion.
THE OBSERVER.
No. XVIII.
THE report of the Secretary of the Treasury, being now before the public, contains information which must remove the reluctance of some, who doubted the propriety of funding the debt, and re-establishing public credit. Insidious means have been used to lead the people into an opinion, that a great part of the domestic national debt, has been purchased by foreigners at its lowest price.
In Boston, it has been published, and said to be under the sanction of a member of Congress, that "the national debt is five eighths owned by foreigners, and is thus registered in the treasury of the United States." I much question whether any member of Congress ever gave such information, and suppose it rather a fabrication of design; but if it be true he is corrected by the treasury report.
Many insinuations of the same nature circulate, and cause a fear in some minds, that their country will be sacrificed to the emolument of a few rich foreigners. The Secretary's report furnishes means to detect these misrepresentations—any person holding national securities or bonds, may have their amount registered in the treasury books, the original bonds are given up, and an account opened between the United States and the creditor, to whom is given a new certificate of the amount due to him. The debt thus modelled is called the registered debt. Many of our citizens have registered their national paper, and it is well known that all purchased for foreigners or to send abroad on adventure, hath been entered on the treasury books in this manner.
By the Secretary's report we find that the whole domestic debt of the United States, is
Dollars. Cents.
42,414,085 94
4,598,462 78
The whole registered debt is, 47,012,548 72
The registered debt is not one ninth part of the whole, and only a part of this is owned by foreigners.
Several gentlemen of veracity, who are professionally acquainted with the circulation of paper, and the manner of its negotiation, inform me that by enquiry at the register office, three months past, considerable less than 3,000,000 dollars had been registered on account of foreigners; but suppose three millions of dollars is the sum, this is but one fourteenth part of the national debt. The debt of the particular States hath not to my knowledge, unless it be within a few weeks past, ever been purchased for foreign adventure, and if this be considered as part of the national debt, which it ought to be both in justice and policy, not more than one twenty seventh part of the whole is vested in foreign owners, and a considerable proportion of this was taken by them, either in payment of debts due, or at a price of purchase much higher than it has been in the country.
Some persons have laboriously circulated an idea, of a prodigious foreign sale of paper, to prejudice the minds of the people against a funding system; but I think such attempts base and dishonest; even allow the facts, such as they wish to represent, it would be unfortunate for the country, but is no substantial argument against funding the debt. Justice stands on fixed principles, not on a man's complexion, the tone of his voice, or the country in which he was born. Other things being alike, that which is justice to a native citizen is also justice to a foreigner.
The quantity of registered debt, is also some guide to determine the sum, which hath been alienated by the original holders at a low price. The brokers and great speculators in paper, in the middle States; where most of this traffic hath been managed, have registered in the treasury much the larger part of the sums purchased by them, and the whole of this we see to be a sum, comparatively small.
The alienations which have taken place between citizens removed from the course of speculation, have generally been at a price much nearer the original value. Continued examination of this subject gives me new conviction, that the alienations which have happened are far less than many suppose. I do not mention this as supposing it a matter which ought to influence in the provision of funds, but if ease can be given, in consistency with truth, to those persons whose opinion is different from mine, they ought to receive it.
In the Secretary's report there is an argument for the re-establishment of national credit, which I do not remember to have before seen publicly noticed—he says, "The effect, which the funding of the public debt, on right principles, would have upon landed property, is one of the circumstances attending such an arrangement, which has been least attended to, tho' it deserves the most particular attention. The present depreciated state of that species of property is a serious calamity. The value of cultivated lands in most of the States has fallen since the revolution from 35 to 50 per cent. In those farthest south the decrease is still more considerable. Indeed if the representations continually received from that quarter, may be credited, lands there will command no price, which may not be deemed an almost total sacrifice. This decrease in the value of lands, ought, in a great measure, to be attributed to the scarcity of money. Consequently whatever produces an augmentation of the monied capital of the country, must have a proportional effect in raising that value. The beneficial tendency of a funded debt, in this respect has been manifested by the most decisive experience in Great Britain. The evil here mentioned is most sensibly felt, and has come near ruining many thousands of our small planters, and if a remedy be not possible it ought to be immediately applied. The opening of an immense new territory is the cause which hath been commonly assigned; this may have its influence, but is not proportioned to so great an effect. The scarcity of money is a cause greater and more immediately operating. To give a value to fixed or landed property, there must be a certain proportion of property, in its nature negotiable, such is money, and the principle in public funds, which by its credit, is received as money. The distribution of negotiable property, instantly lowers the value of landed property. When business stagnated by the commencement of war, the whole negotiable property of the people was thrown into the hands of the public, and has in effect been annihilated by the failure of credit. At the return of peace, habit, and other causes, for a short season, preserved a decent price, but the depreciation of lands soon took place, and is now become extreme. Unless a remedy can be in part effected, by the measures recommended, the saleable value of the farmers property is half destroyed. The argument adds effect itself strongly to the policy and interest of all our planters who feel the evil. If a small number of people were to be benefited, it would be less material; but the class of citizens whose case we are now considering, contains nine parts, in ten, of the whole people."
CONGRESS.
HOUSE OF REPRESENTATIVES.
THURSDAY, FEB. 11, 1790.
MR. BURKE having withdrawn his motion for discrimination.
Mr. Madison rose and observed, that no person had expressed more strongly than he felt the importance and difficulty of the subject. That although he had endeavoured to view it under all its aspects, and analyze it in all its principles, yet he had kept his mind open for the light to be expected from the gentlemen who had en-
tered into the discussions. That he would gladly have remained still longer a hearer; not a speaker, upon the subject; but that the turn which the arguments had taken made it requisite for him then, if at all, to trouble the committee with his reflections, and the opinion in which they had terminated.
In order to understand fully the debt due to domestic creditors, he thought it proper to look back to the circumstances under which it was contracted. He remarked that it was the debt, not of the government, but of the nation; that the United States contracted the debt; the government was the agent, or organ, only. That for the purpose of this contract, the United States had then a national capacity. That although, by the revolution just effected, other national capacities had been added, and a material change had taken place in the government; yet that the national identity of the United States, relative to the debt, was not affected; nor was the present government any thing more than the agent or organ of its constituents. That the political as well as moral obligation, therefore, to discharge the debt, had undergone no variation whatever. That this was the language of the constitution, which expressly declares, that all debts shall have the same validity against the United States, under their new, as under their old form of government.
A question had been started, as to the just amount of the debt due from the United States. This, he thought, admitted of a ready answer: the United States owed the value which they had received, which they had acknowledged, and which they had promised. No logic, no magic, could dissolve this obligation.
The true question to be decided was, to whom the payment was really due. He divided those connected with the liquidated debt into four classes:
1. Original creditors who have never alienated their securities. 2. Original creditors who have alienated. 3. Present holders of alienated securities. 4. Intermediate holders, through whose hands securities have circulated.
The only principles that could govern the decision on their respective pretensions, he stated to be, 1. Public justice; 2. Public faith; 3. Public credit; 4. Public opinion.
With respect to the first class, there could be no difficulty. Justice was in their favor, for they had advanced the value which they claimed; public faith was in their favour, for the written promise was in their hands; respect for public credit was in their favour, for if claims so sacred were violated, all confidence must be at an end; public opinion was in their favor, for every honest citizen could not but be their advocate.
With respect to the last class, the intermediate holders, their pretensions, if they had any, would lead into a labyrinth for which it was impossible to find a clue. This would be the less complained of, because this class were perfectly free, both in becoming and ceasing to be creditors; and because, in general, they must have gained by their speculations.
The only rival pretensions then, are those of the original creditors who have assigned, and of the present holders of the assignments.
The former may appeal to justice, because the value of the money, the service, or the property, advanced by them, has never been really paid to them—
They may appeal to good faith, because the value stipulated and expected was not satisfied by the steps taken by the government. The certificates put into the hands of the creditors, on closing their settlements with the public, were of less real value than was acknowledged to be due; they may be considered as having been forced, in fact, on the receivers. They cannot, therefore, be fairly adjudged an extinguishment of the debt. They may appeal to the motives for establishing public credit, for which justice and public faith form the natural foundation. They may appeal to the precedent furnished by the compensation allowed to the army during the war, for the depreciation of bills which nominally discharged the debts. They may appeal to humanity, for the sufferings of the military part of the creditors can never be forgotten, while sympathy is an American virtue. To say nothing of the singular hardship, in so many mouths, of requiring those who have lost four fifths or seven-eighths of their due, to contribute the remainder in favor of those who have gained in the contrary proportion.
On the other hand, the holders by assignment have claims which he by no means wished to depreciate. They will say, that whatever preten-

fions others may have against the public, these cannot affect the validity of theirs; that if they gain by the risk taken upon themselves, it is but the just reward of the risk; that as they hold the public promise, they have an undeniable demand on the public faith: that the best foundation of public credit is that adherence to literal engagements on which it has been erected by the most flourishing nations: that if the new government should swerve from so essential a principle, it will be regarded by all the world as inheriting the infirmities of the old.—Such being the interfering claims on the public, one of three things must be done; either pay both, reject wholly one or other, or make a composition between them on some principle of equity; To pay both is perhaps beyond the public faculties; and as it would far exceed the value received by the public, will not be expected by the world, nor even by the creditors themselves. To reject wholly the claims of either is equally inadmissible. Such a sacrifice of those who possess the written engagements, would be fatal to the proposed establishment of public credit. It would moreover punish those who had put their trust in the public promises and resources. To make the other class the sole victims, was an idea at which human nature recoiled.
A composition is the only expedient that remains; let it be a liberal one in favor of the present holders; let them have the highest price which has prevailed in the market; and let the residue belong to the original sufferers. This will not do perfect justice; but it will do more real justice, and perform more of the public faith, than any other expedient proposed. The present holders, where they have purchased at the lowest price of the securities, will have a profit that cannot reasonably be complained of; where they have purchased at a higher price, the profit will be considerable; and even the few who have purchased at the highest price, cannot well be losers with a well-funded interest of six per cent. The original sufferers will not be fully indemnified; but they will receive from their country a tribute due to their merits, which, if it does not entirely heal their wounds, will assuage the pain of them. He was aware, that many plausible objections would lie against what he suggested; some, which he foresaw, he would take some notice of. It would be said, that the plan was impracticable: should this be demonstrated he was ready to renounce it; but it did not appear to him in that light. He acknowledged that such a scale as had often been a subject of conversation, was impracticable.
The discrimination proposed by him, required nothing more than a knowledge of the present holders, which would be shown by the certificates; and of the original holders, which the office documents would show. It may be objected, that if the government is to go beyond the literal to the equitable claims against the United States, it ought to go back to every case where injustice had been done. To this the answer was obvious: The case in question is not only different from others in point of magnitude and of practicability, but forces itself on the attention of the committee as necessarily involved in the business before them. It may be objected, that public credit will suffer, especially abroad: He thought this danger would be effectually obviated by the honesty and disinterestedness of the government displayed in the measure, by a continuance of the punctilious discharge of foreign interest, by the full provision to be made for the whole foreign debt, and the equal punctuality he hoped to see in the future payments on the domestic debts. He trusted also, that all future loans would be founded on a previous establishment of adequate funds; and that a situation like the present would be thereby rendered impossible.
He could not but regard the present case as so extraordinary, in many respects, that the ordinary maxims were not strictly applicable to it. The fluctuations of stock in Europe, so often referred to, bore no comparison with those in the United States. The former never exceeded 50, 60, or 70 per cent: can it be said, that because a government thought this evil insufficient to justify an interference, it would view in the same light a fluctuation amounting to 7 or 800 per cent.?
He was of opinion, that were Great Britain, Holland, or any other country, to fund its debt precisely in the situation of the American debt, some equitable interference of the government would take place. The South Sea scheme, in which a change amounting to 1000 per cent. happened in the value of stock, is well known to have produced an interference, and without any injury whatever to the subsequent credit of the nation. It was true that, in many respects, the case differed from that of the United States; but, in other respects there was a degree of similitude which warranted the conjecture. It may be objected, that such a provision as he proposed would exceed the public ability: He did not think the public unable to discharge honorably all its engagements, or that it would be unwilling, if the appropriations should be satisfactory. He regretted, as much as any member, the unavoidable weight and duration of the burthens to be imposed; having never been a proselyte to the doctrine that public debts are public benefits. He considered them, on the contrary, as evils which ought to be removed as fast as honor and justice would permit, and should heartily join in the means necessary for that purpose. He concluded with declaring his opinion, that if any case were to happen among individuals, bearing an analogy to that of the public, a court of equity would interpose for its redress; or that if a tribunal existed on earth, by which nations could be compelled to do right, the United States would be compelled to do something not dissimilar in its principles to what he contended for.
FRIDAY, FEBRUARY 12.
Sketch of the Debate on the question for committing the Memorials on the Slave Trade.
Mr. TUCKER said, that he was sorry there appeared to be so great a majority of the House in favor of giving the Memorial a second reading, as he conceived it to be so glaring an interference with the Constitution; that he had hoped the House would not have given so much countenance to a request so improper in itself.—He was sorry that the society had discovered so little prudence in their memorial, as to wish that Congress should intermeddle in the internal regulations of the particular States. He was sorry that another Memorial on the subject, signed by a person who ought to have known the Constitution better, had been offered to the House. He hoped the petition would not be committed, as it would operate directly against the interest of those it was designed to benefit: This is a business that may be attended with the most serious consequences: It may end in a subversion of the government, being a direct attack on the rights and property of the Southern States.—He then enquired what satisfaction was to be made to the proprietors of Slaves: He believed it was not in the power of the States, to make indemnification for the loss that would attend their emancipation: He reprobated the interposition of the society, and denied that they possessed any more humanity than other denominations.
Mr. Sney replied to Mr. Tucker, and desired the gentleman to point out any part of the memorial which proposed that the legislature should infringe the Constitution. For his part he heard nothing read that had such a tendency: Its only object was, that Congress should exert their constitutional authority to abate the horrors of slavery so far as they could. He hoped the petition would be committed—indeed he considered that all altercation on the subject of commitment was at an end, as the House had essentially determined, that it should be committed.
Mr. Burke reprobated the commitment, as subversive of the Constitution, as founding an alarm, and blowing the trumpet of sedition in the Southern States. He should oppose the business totally, and if chosen on the committee he should decline serving.
Mr. Scott was in favor of the commitment.
Mr. Jackson was opposed to it, and painted in strong colors the alarming consequences to be apprehended from taking up the business—revolt, insurrection, and devaluation—and concluded by an observation similar to Mr. Burke's.
Mr. Sherman could see no difficulty in committing the memorial: The committee may bring in such a report as may prove satisfactory to gentlemen on all sides.
Mr. Baldwin referred to the principles of accommodation which prevailed at the time of forming the government. Those mutual concessions which then took place gave us a constitution which was to ensure the peace and the equal rights and properties of the various States: And to prevent all infraction of their rights in this particular instance, they precluded themselves by an express stipulation from all interposition in the slave trade. Congress are not called upon to declare their sentiments upon this occasion; they cannot constitutionally interfere in the business. He deprecated the consequences of such a measure in very forcible terms; and hoped the House would proceed no further in the investigation of the subject.
Mr. Sylvester said, that he always had been in the habit of respecting the society called Quakers; he respected them for their exertions in the cause of humanity; but he thought the present was not the proper time to enter into a consideration of the subject.
Mr. Lawrence observed that the subject would undoubtedly come under the consideration of the House, and he thought that as it was now before them, the present time was as proper as any; he hoped therefore that the memorial would be committed for the purpose of examination; when this examination has taken place, Congress may determine how far they may constitutionally interfere; and surely there is no danger of our exceeding our powers, we know what they are, and shall undoubtedly keep within their limits in all our deliberations and decisions.
Mr. Smith (S. C.) recurring to the memorials, observed that Congress could not constitutionally interfere in the business upon the prayer of the memorialists, as that went to an entire abolition of slavery: It could not therefore with propriety be referred to a committee.
In the southern States, difficulties on this account, had arisen in respect to the ratification of the constitution, and except their apprehensions on this head had been dissipated by their property's being secured and guaranteed to them by the constitution itself, they never would have adopted it. He then depicted the miseries that would result from the interference of Congress, in the southern governments—he asserted as his opinion that if there were no slaves in the southern States they would be entirely depopulated—that from the nature of the country it could not be cultivated without them—that their proprietors are persons of as much humanity as the inhabitants of any part of the Continent—they are as conspicuous for their morals as any of their neighbors. He then asserted that the Quakers are a society not known to the laws; they stand in exactly the same situation with other religious societies; their memorial relates to a matter in which they are no more interested than any other sect whatever; and it must therefore be considered in the light of advice; and is it customary to refer a piece of advice to a committee? He then contrasted this memorial with one which might be presented from the sect called Shaking Quakers, whose principles and practices are represented in a very exceptionable point of light, and asked, whether Congress would pay any attention to such a memorial.—He hoped that the memorial would not be committed.
Mr. Page was in favor of the commitment—he hoped that the benevolent designs of the respectable memorialists would not be frustrated at the threshold, so far as to preclude a fair discussion of the prayer of their memorial—he observed that they do not apply for a total abolition of slavery—they only request that such measures may be taken consistent with the constitution as may finally issue in the total abolition of the slave trade—he could not conceive that the apprehensions entertained by the gentlemen from Georgia and South-Carolina, were well founded, as they respected the proposed interference of Congress.—He observed that he was interested perhaps as much as any person in the consequences of the measures which may be adopted, but still he had no apprehensions of any disagreeable effects—on the contrary he thought it probable that the reverse would be the case—for if he was a slave he should think his condition much altered for the better in the prospect of a future liberation.—Mr. Page spoke low, we did not hear all his observations—they were extended much further.
Mr. Madison observed, that it was his opinion yesterday, that the best way to proceed in the business was to commit the memorial without any debate on the subject, from what has taken place he was more convinced of the propriety of the idea—but as the business has engaged the attention of many members, and much has been said by gentlemen, he would offer a few observations for the consideration of the House—he then entered into a critical review of the circumstances respecting the adoption of the constitution, the ideas upon the limitation of the powers of Congress to interfere in the regulation of the commerce in slaves—and shewed that they undoubtedly were not precluded from interposing in their importation—and generally to regulate the mode in which every species of business shall be transacted.—He adverted to the western country—and the section of Georgia in which Congress have certainly the power to regulate the subject of slavery, which shews that the gentlemen are mistaken in supposing that Congress cannot constitutionally interfere in the business in any degree whatever.—He was in favor of committing the petition, and justified the measure by repeated precedents in the proceedings of the House.
Mr. Gerry entered into a justification of the interference of Congress—as being fully compatible with the constitution—he descended on the miseries to which the Africans are subjected by this traffic, and said that he never contemplated the subject, without reflecting what his own feelings would be in case himself, his children, or friends were placed in the same deplorable circumstances—he then adverted to the flagrant acts of cruelty which are committed in carrying on that traffic, and asked whether it can be supposed that Congress has no power to prevent such transactions as far as possible.—He then referred to the constitution and pointed out the restrictions laid on the general government respecting the importation of slaves—it is not, he presumed, in the contemplation of any gentleman in this House to violate that part of the constitution—but that we have a right to regulate this business is as clear as that we have any rights whatever—nor has the contrary been shown by any person who has spoke on the occasion—Congress can agreeable to the constitution, lay a duty of ten dollars a head on slaves—they may do this immediately—he supposed they might be worth about 10 millions of dollars, —Congress have a right if they see proper to make a proposal to the southern States to purchase the whole of them, and their resources in the western territory may furnish them with the means—he did mean to suggest a measure of this kind—he only instance these particulars to shew that Congress certainly have a right to intermeddle in this business—he thought that no objection had been offered of any force to prevent the committing of the memorial.
Mr. Boudinot was in favor of the commitment and enlarged on the idea suggested by Mr. Gerry, and observed that the memorial contained only a request, that Congress would interfere their authority in the cause of humanity and mercy.
Mr. Gerry and Mr. Stone, severally spoke again on the subject, the latter gentleman in opposition to the commitment said, that this memorial was a thing of course—for there never was a society of any considerable extent which did not interfere with the concerns of other people, and this interference has at one time or other deluged the world in blood—on this principle he was opposed to the commitment.
ERRATUM. In Mr. Gerry's Speech, in our last, for "ultima regum," read ultima lex regum.
MONDAY, FEBRUARY 15.
Mr. Goodhue presented the petition of Hannah Treat, which was read and laid on the table.
Mr. Thatcher presented the petition of John Stone, stating that he had invented an improved method of driving Piles, by which the erecting bridges over rivers may be greatly facilitated—laid on the table.
On motion of Mr. Benson, the memorial of Brigadier General Donald Campbell was read a second time, and referred to a committee, consisting of Mr. Bland, Mr. Cadwallader and Benson.
On motion of Mr. Wadsworth, the petition of Isaac Trowbridge, was read a second time, and referred to the Post Master General.
In committee of the whole on the Report of the Secretary of the Treasury.
Mr. Madison's motion for a discrimination under consideration.
Mr. Sedgwick observed, that the proposition contained a question of the utmost importance: That the committee must be obliged to the gentleman who brought it forward, for his very ingenious discussion of the subject of the Domestic Debt.
With respect to the question now before the Committee, so much has been said, he thought it would not be necessary to consume much of their time in the investigation.
On the subject of Contracts he observed. When ever a voluntary engagement is made for a valuable consideration, for property advanced, or services rendered, and the terms of the contract are understood, if no fraud or imposition is practiced, the party engaging is bound to performance according to the literal meaning of the words in which it is expressed.
That such contract, whether of a government or an individual, might be either transferable, or not transferable.
That the latter species of contract received an additional value from its capacity of being transferred, if the circumstances of the possessor should render a sale of it necessary or convenient to him.
That to render the transferable quality of such evidences of contract, in any degree advantageous to the possessor it was necessary to consider the assignee possessed, in case of sale, of all the property of the original holder; and indeed that it was highly absurd, and even contradictory to say, that such evidences of debt were transferable, at the same time to say, that there was in them a kind of property that the holder could not convey by bona fide contract.
That this was the construction which had invariably been given to these contracts whether formed by government or by individuals.
That to deprive the citizen of the power of binding himself by his own voluntary contract, or to prevent a disposition of property in its nature alienable, would be a violent and unjustifiable invasion of one of those rights of which man as a citizen is the most tenacious, and would indeed break one of the strongest bonds by which society is holden together.
That in the transfers which had been made, the contracts were fairly made; the whole rights had been transferred; that it was not pretended any fraud or imposition had been practiced: the risk was calculated by the parties, and it was observed, that the risk contemplated a revolution in the government.
From the foregoing deduction of particulars, it was presumed to have been proved that a property was vested in the transferees. That if this property was divested by the government, the law for that purpose would have a retrospective operation, and that no ex post facto law could be more alarming than that by which the right of private property was violently invaded.
Having considered the nature of the contract, and of the obligations which resulted from it, the attention of the committee was called to advert to those circumstances by which that obligation might be destroyed, impaired or suspended. They were stated to be
 1. Performance.  2. Voluntary discharge.  3. Composition.  4. Inability. 
And gentlemen were called upon to give information of any other causes which could produce either of those effects.
With regard more particularly to the proposition before the committee, it was observed, that with regard to these contracts, there had existed a depreciation in consequence of the failure of government regularly to pay the interest: That in this depreciated state the securities had been alienated; that of course the original holders had sustained a loss; that if the loss resulted from the fault, and not the misfortune of the government, the creditor had undeniably a demand against the government for compensation; that this demand however well founded could never authorise the government to invade the honestly acquired property of the present possessors, a property warranted by the terms of the contract itself, and sanctioned by the Act of Congress of April 1783, and the validity of it recognized by the Constitution we had sworn to support.
With regard to the claims of the original holders it was, however, observed, that the domestic creditor at the time the contract was formed, well knew the nature of the constitution of the government administered by the other contracting party, Congress; that its power of performance depended on the ability and good will of the States; that Congress had always performed its duty, had made the necessary requisitions; that this was its utmost power; that the failure had arisen wholly from the neglect of the States. He therefore submitted to the committee, whether, if the original holder had a just or equitable demand, he should not resort to the state of which he is a member?
It was admitted that the case of an original holder was indeed a hard one; that the speaker had a respect for his misfortunes and for his pretensions: That if satisfaction was discovered to be just and practicable, he would not hesitate to go to the utmost ability of the government for that purpose. But it was asked, what merit would the government possess, if it stripped one class of citizens who had acquired by the known and established rules of law, property, of that property, under the specious pretence of doing justice to another class of citizens.
It was observed, that it was implicitly agreed, that 80 per cent. depreciation would not authorize the interference proposed by the motion. It was asked that some point of depreciation should be pointed out which would authorise such interference.
It was observed that the side of the question for which he contended, had received the universal approbation of mankind; that there was no instances of interference contended for, and that this general sense of mankind afforded some evidence of truth.
It was said, that this contract was founded on a valuable consideration. It was the price of our liberty and independence. That the possessor claimed according to the very terms of the contract. That it was not pretended that the engagement of government had been performed. No composition with the creditor was proposed; nor was the proposition founded on any pretended inability of the government; for to comply with the intention of it, 1,600,000 dollars annually more, was necessary than was proposed by the report of the Secretary.
It was observed that by reason of the circumstances which had taken place Mr. Madison supposed that if the whole amount of a security shall be paid to the present possessor, he will have a sum of money to which the original holder is equitably entitled. If this is true then no interposition is necessary, it being a well known rule of law, that an action will always lie to recover money out of the hands of another to which the plaintiff from the principles of equity and good conscience is entitled.
With regard to the effects which would probably result from this measure, it was observed that it would be destructive to our national character: That the world was now willing charitably to impute our former miscarriages to events we could not control. But should our first measures in regard to public faith be a violent infraction of our contracts, it would sanction all our bitterest enemies have said to our disadvantage.
With regard to its effects on credit, it was observed, that little dependence would be placed on the plighted faith of a government which under the pretence of doing equity, had exercised a power of dispensing with its contracts, and had thereby formed for itself a precedent of like future violations both with respect to its funds and contracts.
That with regard to discovering who was the original holder, except so far as respected the army debt, it was declared that there were no documents by which the necessary facts could be discovered.
It was stated as a fact that with regard to much the greater part of the debt, any fictitious name was inserted. That with regard

to the army debt the soldiers generally, who were in service at the conclusion of the war, had received ample satisfaction for their services at the time of their enlistment, having been paid more, on an average, than 250 dollars per man.
It was further declared, that the proposed system would lay a foundation for infinite frauds and perjuries, and that it would, beyond all powers of calculation, multiply the evils of speculation. (To be continued.)
TUESDAY, FEB. 16.
A message was received from the President of the United States, with a letter from his Excel. President Sullivan enclosing the act of the Legislature of the State of New-Hampshire, for adopting the amendments proposed by Congress to the Constitution—except the second.
Mr. Livermore of the committee to whom was recommitted the bill for establishing a uniform system of naturalization, brought in a report, which was read and laid on the table.
Mr. Burke of the committee appointed for the purpose, bro't in a bill for the encouragement of useful arts.
This bill is lengthy—and is designed to comprehend a provision for every subject of invention and discovery that may be thought worthy of public patronage—read and laid on the table.—The order of the day was then called for, and the House went into a committee of the whole on the report of the Secretary of the Treasury; Mr. Madison's proposition under discussion.—The debate was continued till near three o'clock this day—Mr. Jackson, Mr. White and Mr. Moore spoke in favor of the motion—Mr. Benion, Mr. Hartley, Mr. Wadsworth and Mr. Goodhue in opposition to it. The committee rose without coming to a vote—and the House adjourned.
F R A N C E. NATIONAL ASSEMBLY.
Saturday, November 14.
A Proposition was read from the province of Anjou, offering a commutation in lieu of the Gabelle, the full amount of that tax.
This gave rise to a debate on a general commutation of the Gabelle, which was interrupted by the arrival of M. Necker.
He read a memorial, stating that, notwithstanding the sacrifices which had been made, there would be occasion for ninety millions over and above the produce of the taxes for the service of the year 1790; and for eighty millions, to make good the sums due to the Caisse d'Escompte, without which that bank could not fulfil its engagements.
To provide for these sums, he proposed establishing a national bank, and incorporating the Caisse d'Escompte, with it; that 150 millions should be subscribed by the new company; on which capital, added to that of the capital of the Caisse d'Escompte, notes, not exceeding 240 millions, should be issued; that the national faith should be solemnly pledged for the credit of this bank; and six Commissioners appointed, by the National Assembly, to take care that the fundamental rules of it are never departed from.
He concluded with requesting, that the Assembly, in discussing this plan, would not be influenced by confidence in the proposer, but by such lights and information as vigorous enquiry, and the wisdom of the National Representatives, could not fail to afford.
Tuesday, November 17.
It was this day decreed, that the number of Deputies sent to the National Assembly by each district, shall be in proportion to the population, territory and taxes jointly considered.
Thursday, Nov. 19.
A report was read from the Committee of War, the beginning of which deserves to be noticed. "Although it be neither the interest of France, nor the wish of Frenchmen to make conquests, we must nevertheless have an army always on foot, and ready for action, to resist the attacks, of powerful and armed neighbors, &c."
Friday, Nov. 20.
A deputation was admitted from the city of Issondein, with a patriotic offering of all the silver buckles of the inhabitants, to the value of 115 marks.
M. Daily moved, that all the members of the Assembly should make a similar sacrifice, which was instantly agreed to.
This vote indecorous as it may seem, will probably produce effects of considerable importance. It is expected to be followed by the voluntary sacrifice of all the silver buckles in the kingdom, computed to be worth above three millions of livres.
Wednesday, November 25.
The Address of Congratulation from the Revolution Society was read; and the Assembly decreed, on the motion of the Duke de Liancourt, that the President should write a letter of thanks to Lord Stanhope, as Chairman of the Society; and that the address and the letter should be printed.
L O N D O N, December 5.
It now turns out, on proof, exactly as we expected, that the mighty and dreadful stories of tumults in Paris—of the streets running in blood,—of 12000 being slaughtered,—of the King and Queen being beset, &c. &c. &c.—are mere fabrications. Yesterday the mails arrived,—and our letters came down to Monday last; we have also the journals and newspapers of Paris, and to that time, not the smallest tumult had been seen. It is not easy for the plain sincerity of a Briton to account for the sinister motives that can thus induce men, time after time, to frame and propagate these atrocious fables. They can impose on the most credulous natures but for a day or two, and what benefit or triumph they can derive from such silly machinations, we are utterly unable to divine.
It was yesterday confidently asserted, that O-stend, Bruges, Ghent, Oudenarde and in short all the Austrian Netherlands, except Luxembourg, Antwerp, and Brussels, had avowedly quite thrown off the Emperor's authority, and are in the hands of the patriots. The imperial troops have marched out of Brussels, and are encamped in its vicinity.
The Emperor, in order to recover the minds of his late subjects, has disgraced Count d'Alton, and removed him from the command of the troops, which are now to obey Trautmanisdorf.
Schroeder, who commanded at Tournhout, though mortally wounded, has been dismissed the service, and declared incapable of ever serving the Emperor again.
Peace, pardon, and compromise, have been likewise offered, in the Emperor's name to the patriots under any guarantee they may chuse, and an armistice proposed till the terms of accommodation can be settled. All these proposals have been unanimously rejected by the people, who will not suffer the Emperor's name to be any more henceforward mentioned in the country.
FOR THE GAZETTE OF THE UNITED STATES.
MR. FENNO,
Please to insert the following Remarks in your paper.
M. M. asserts that we were forced to receive certificates in payment of our demands against the public. There is great fallacy in the idea itself, and still greater in his mode of applying it. He insinuates that the certificates were of less real value than the sum acknowledged to be due; and therefore they should not extinguish the debt. Who ever supposed that a transferable note given for the balance due on account, was considered as payment of the debt? It only alters the form of the demand, and places it on a more convenient footing for the creditor. The demand still exists, and payment still remains to be made, either to the original claimant or his assignee. The certificate is the legal evidence of the debt, and the holder of it is the only person to whom it is justly due. Tho' it is true a time was limited for the liquidation of our claims; and if we did not offer them within that period, we must forfeit them, we still supposed this no hardship. This regulation was not for the purpose of payment, but for the purpose of settlement. We always thought it was an accommodation and not an injury.
Delays in settling accounts are detrimental to all parties, but more especially to the creditor. By a delay, the facts may be forgot, and the papers lost, which relate to a claim. The certificates we took on the liquidation of our accounts, we viewed as an evidence that a settlement was effected and a balance ascertained. We believed no new liquidation was to take place; but in point of payment, we were exactly in the same situation as if the account never had been settled. We could, and in many instances, did assign our claims previous to a liquidation; and in such cases the assignees attended to the settlement. Now in what respect have we suffered by the mode of conducting this business? It was unfortunate that the public could not pay our demands when they became due; but we never considered it a grievance that our accounts were permitted to be liquidated. Had no certificates been given, we should have transferred our claims notwithstanding. Every body knows that soldiers never keep any thing on hand, that they can sell. Whether our claims had been liquidated or not, we should soon have transferred the property, in them, to other hands.
There seems to be a great clamor against speculators. Those who raise this outcry are very weak or very dishonest men. Had there been no speculators in the time of the war, the army must have disbanded. It was not an evil that we had some speculators; but it was a great evil that we had not more of them. If there had been a greater number of men who had confidence in the government, we should probably have obtained an higher price for our claims; if there had been fewer such men, we should have obtained a less price. Consequently our advantages were great or small, in proportion as speculators were few or many. We seriously mistrust that the advocates for discrimination, have other objects in view than to help us.
S O L D I E R S.
New-York, Feb. 16, 1789.
HARTFORD, Feb. 11.
A correspondent asks, why certain gentlemen in a great assembly would postpone the consideration of the Secretary's Report, until they can know the minds of their constituents. Do they suppose that Deputies in legislatures are bound to submit to the opinions of their constituents? There are men who do not or seem not to know, that delegates from all parts of a state or republic meet together, not merely to bring but to acquire the information necessary to be the basis of laws. A delegate is bound to state facts respecting the situation and interests of his constituents—this is all he is bound to do—the opinions of constituents ought to have little or no influence in legislation; for a reason that every body may understand, viz. that the opinions of constituents are formed on
local or personal views; whereas, a general view of all the country to be governed, of all the circumstances and interests of the whole body, should be the basis of laws. Representatives should not carry opinions to Congress; they should carry facts, throw them into a general view, and form opinions on this view. It is laughable to hear the venerable dissentient members of the Senate in the old dominion, insisting on a right in constituents to instruct representatives; that is, the constituents have a right to legislate for their Representatives in legislature.
SPEC.
S AYS A to B "why look so sad?" Says B to A "I'm almost mad, To hear an orator of reason, Advancing things so out of season; Sure if I buy certificates They're mine in spite of all their paces— Why should'n't I be paid that hold'em As much as those poor Dogs that sold'em? To hear these people talk and prate so! D— it—there's nothing that I hate so— Making confusion of a case, As plain as nose upon my face Or spectacles upon that nose:— Why sure the secretary shows What should be done; as clear as day light: And he you know does always say right.— I in the Gall'ry have been sitting— Between ourselves—I've had a sweating— But if ye do'n't adopt this plan, Why—Get a better if ye can. W.N.D.
NEW-YORK, FEBRUARY 17.
Extract of a letter from an American in London, December 2.
"The prohibition laid last year on the importation of American Wheat, from an apprehension that the Hessian Fly or Weevil might be propagated from it, in this country, has within a few days been taken off: it being now acknowledged that there was no grounds for such an opinion. They have been further induced to this measure from the prospect of a scarcity the ensuing spring."
"It must give satisfaction to every American to see the new government get on so well: I trust our country will become respectable and happy under its superintendence. You cannot conceive how much more respectable the government and people appear in the eyes of Europe, than before the united government was put on its present footing."
This country seems anxious to have a commercial treaty with us, and I think an advantageous one may be had.
"Will not Congress think it reasonable that the Packets between Falmouth and New-York should be alternately British and American? If there were two in each Month commerce would feel the advantage."
The PRESIDENT of the UNITED STATES, by and with the advice and consent of the Senate, has been pleased to appoint the following persons to office:
SAMUEL SHAW, Consul of the United States of America, at Canton, in China.
JAMES IREDELL, to be one of the Associate Justices of the Supreme Court, in the room of Robert H. Harrison, who declined.
WILLIAM PACA, to be District Judge of Maryland, in the room of Thomas Johnson, who declined.
CYRUS GRIFFIN, to be District Judge of Virginia, in the room of Edward Pendleton, who declined.
WILLIAM NELSON, jun. Attorney for the District of Virginia, in the room of John Marshall, who declined acceptance.
WILLIAM DRAYTON, District Judge of South-Carolina, in the place of Thomas Pinckney, who declined acceptance.
CHRISTOPHER HILLARY, Collector of Brunswick, in Georgia.
RICHARD TAYLOR, Collector of Louisville, Kentucky.
COMFORT SAGE, surveyor of the port of Middletown, state of Connecticut
A Correspondent wishes the gentlemen who patronize the idea of a discrimination between the original and purchasing holders of certificates, to consider whether, in case of even a total loss, they would think the purchaser had an equitable claim upon the original holder for the whole, or any part of the money he paid for the certificate: It is a bad rule that will not work both ways."
That those who advocate a discrimination are perfect volunteers, is evident from this consideration. That there is in fact less unconsens upon solid principle, existing among the people on account of the settlement of the late war, than there is respecting the settlement of the war in the year 1745.
The Birth-Day of the President of the United States, was celebrated at Philadelphia, the 11th inst. under the direction of his Excellency the President, and Supreme Executive Council of Pennsylvania.
By the Boston Gazette of last week, it appears that preparations were making to celebrate the auspicious anniversary in that place.
A Correspondent observes that he always was puzzled to account for the outcry against the salaries under the National Government. If we are to judge from facts, the clamor has been unreasonable—resignations, and declinings to serve, form frequent paragraphs in those papers that have founded the highest note on this key.
DIED, the 7th inst. at Charlestown, Massachusetts, RICHARD CAREY, Esq. aged 73.
Wanted by the Editor of this paper, a House that will accommodate a large family, and the printing business—from the first of May next.

EULOGIUM ON RUM.
ARISE! ye pimples, tipling race, arise! From every town and village tavern come! Shew your red noses, and o'erflowing eyes, And help your poet chant the praise of Rum . The cordial drop, the morning dram, I sing, The mid-day toddy, and the evening fling. Hail, mighty Rum ! and by this general name I call each species— Whisky, Gin, or Brandy : [The kinds are various—but the effect the same; And so I chuse a name that's short and handy: For reader, know, it takes a deal of time, To make a crooked word lie smooth in rhyme.] Hail, mighty Rum ! thy long-inspiring merit Is known to many a bard in these our days: Apollo's drink, they find, is void of spirit— Mere chicken broth—inipid as their lays: And pleas'd, they'd give a riv'let—aye, a fea Of tuneful water, for one quart of thee! Hail mighty Rum ! how wondrous is thy power! Unwarm'd by thee, how would our spirits fail! When dark December comes with aspect sour, And, sharp as razor, blows the northern gale! And yet thou'rt grateful in that sultry day, When raging Sirius darts his servid ray. Hail mighty Rum ! to thee the wretched fly, And find a sweet oblivion of their woes: Lock'd in thy arms, as in the grave, they lie— Forget their kindred—and forgive their foes: And Lethe's stream [so much extoll'd by some In ancient times] I shrewdly guess w.s Rum . Hail, mighty rum ! what can thy power withstand! E'en lordly Reason flies thy dreadful face; And Health and Joy, and all the lovely band Of social virtues, shun thy dwelling place, For in whatever breast it rears its throne; Like Turkish monarchs, Rum must rule alone.— When our bold fathers cross'd the Atlantic wave, And here arriv'd—a weak defenceless band, Pray what became of all the tribe so brave— The savage owners of this happy land? Were they lent headlong to the realms below, "By doom of battle?" friend, I answer no. Our Fathers were too wise to think of war: They knew the woodlands were not quickly past: They might have met with many an ugly fear— Lost many a fore-top—and been beat at last. But Rum , assisted by his son Disease, Perform'd the business with surprising ease. And would our western brethren be less proud, or, In other words, throw by the gun and drum— For ducks and squirrels save their lead and powder, And send the tawny rogues some pipes of Rum — I dare predict, they all would gladly buck it, And every mother's son soon kick the bucket . But, lo! the ingratitude of Adam's race! Tho' all these clever things to Rum we owe— Gallons of ink are squirted in his face, And his bruised back is bang'd with many a blow: Some hounds of note have rung his funeral knell, And every puppy joins the general yell. So have I seen (the simile is fine, And wonderfully pat, tho' rather old) When rising Phœbus shot his rays benign, A flock of sheep come skipping from the fold: Some restless sheep cries baa—and all the throng, Ewes, rams, lambs, wethers, bellowing pour along. But fear not, Rum , tho' fiercely they assail, And none but I, the hard, thy cause defend, Think not thy foes, tho' num'rous, shall prevail, Thy power diminish, or thy being end: Tho' spurn'd from table, and the public eye, In the snug closet safely shalt thou lie. And oft, when Sol's proud chariot quits the sky, And humbler Cynthia mounts her one-horse chair, To that snug closet shall thy vot'ry fly, And, wrapt in darkness, keep his orgies there— Lift the full bottle joyous to his head, Then, great as Cæsar, reel sublime to bed.  Burlington, Dec. 1789.
NASSAU (N. Providence) December 30.
THE Sloop two brothers, belonging to Capt. Christ. Fisher, of this place, taken by Juan Gregorio, at Heneaga, in April last, arrived here, from the Havannah this morning. By her we have the following intelligence:—That the above named pirate was under sentence of death, and the sloop ordered to be restored to the owners, together with full compensation for the injuries sustained by her capture;—That a suit had been commenced against the Intendant, in whose employ Gregorio was, and the governor of Baraca had been broke with disgrace for being concerned in that infamous transaction:—That all the guarda costas had been called in, and the captains broke for capturing vessels without any just pretence, which had involved his Catholic Majesty in unnecessary lawsuits; and that the soldiers mentioned in a former Herald to have been put on board an English Guineaman had been removed, and permission given to the captain to dispose of his Negroes, agreeable to the express terms of his Catholic Majesty's proclamation.
CHARLESTON, January 28.
The legislature of this State adjourned on Wednesday last, sine die , after a short session of fifteen days.
The amendments to the constitution of the United States, recommended by Congress to the several state legislatures were discussed and adopted; and a resolution agreed to, that the delegates from this State be instructed to use every possible exertion to obtain the alteration which was recommended by the State convention in May, 1788, respecting the interference of Congress in regulating elections to the federal legislature.
REPORT
of the SECRETARY of the TREASURY to the HOUSE OF REPRESENTATIVES.
TREASURY DEPARTMENT, Jan. 9, 1790.
[CONTINUATION.]
THE Secretary thinks it advisable, to hold out various propositions, all of them compatible with the public interest, because it is, in his opinion, of the greatest consequence, that the debt should, with the consent of the creditors, be remoulded into such a shape, as will bring the expenditure of the nation to a level with its income. Till this shall be accomplished, the finances of the United States will never wear a proper countenance. Arrears of interest, continually accruing, will be as a continual monument, either of inability, or of ill faith; and will not cease to have an evil influence on public credit. In nothing are appearances of greater moment, than in whatever regards credit. Opinion is the soul of it, and this is affected by appearances, as well as realities. By offering an option to the creditors, between a number of plans, the change mediated will be more likely to be accomplished. Different tempers will be governed by different views of the subject.
But while the Secretary would endeavor to effect a change in the form of the debt, by new loans, in order to render it more susceptible of an adequate provision; he would not think it proper to aim at procuring the concurrence of the creditors by operating upon their necessities.
Hence whatever surplus of revenue might remain, after satisfying the interest of the new loans, and the demand for the current service, ought to be divided among those creditors, if any, who may not think fit to subscribe to them. But for this purpose, under the circumstance of depending propositions, a temporary appropriation will be most advisable, and the sum must be limited to four per cent. as the revenues will only be calculated to produce, in that proportion, to the entire debt.
The Secretary confides for the success of the propositions, to be made, on the goodness of the reasons upon which they rest; on the fairness of the equivalent to be offered in each case; on the discernment of the creditors of their true interest; and on their disposition to facilitate the arrangements of the government, and to render them satisfactory to the community.
The remaining part of the talk to be performed is, to take a view of the means of providing for the debt, according to the modification of it, which is proposed.
On this point the Secretary premises, that, in his opinion, the funds to be established, ought, for the present, to be confined to the existing debt of the United States; as well, because a progressive augmentation of the revenue will be most convenient, as because the consent of the State creditors is necessary, to the assumption contemplated; and though the obtaining of that consent may be inferred with great assurance, from their obvious interest to give it; yet still it shall be obtained, an actual provision for the debt, would be premature. Taxes could not, with propriety, be laid for an object, which depended on such a contingency.
All that ought now to be done, respecting it, is, to put the matter in an effectual train for a future provision. For which purpose, the Secretary will, in the course of this report, submit such propositions, as appear to him advisable.
The Secretary now proceeds to a consideration of the necessary funds.
It has been stated that the debt of the United States consists of     Dollars. Cents.     The foreign debt, amounting, with arrears of interest, to 11,710,378 62   And the domestic debt amounting, with like arrears, computing to the end of the year 1790, to 42,414,085 94   Making together, 54,124,464 56   The interest on the domestic debt is computed to the end of this year, because the details of carrying any plan into execution, will exhaust the year. 542,599 66   The annual interest of the foreign debt has been Stated at 1,696,563 43   And the interest on the domestic debt at four per cent. would amount to 2,239,163 09  
Making together, dollars, 2,239,163 09 Thus to pay the interest of the foreign debt, and to pay four per cent. on the whole of the domestic debt, principal and interest, forming a new capital,
will require a yearly income of 2,239,163 dollars, 9 cents. The sum which, in the opinion of the Secretary, ought now to be provided in addition to what the current service will require.
For, though the rate of interest, proposed by the third plan, exceeds four per cent. on the whole debt, and the annuities on the routine will also exceed four per cent. on the sums which may be subscribed; yet, as the actual provision for a part is, in the former case, suspended; as measures for reducing the debt, by purchases, may be advantageously pursued, and as the payment of the deferred annuities will of course be postponed, four per cent. on the whole, will be a sufficient provision.
With regard to the instalments of the foreign debt, these, in the opinion of the Secretary, ought to be paid by new loans abroad. Could funds be conveniently spared, from other exigencies, for paying them, the United States could ill bear the drain of cash, at the present juncture, which the measure would be likely to occasion.
But to the sum which has been stated for payment of the interest, must be added a provision for the current service. This the Secretary estimates at six hundred thousand dollars; making, with the amount of the interest, two millions, eight hundred and thirty-nine thousand, one hundred and sixty-three dollars, and nine cents.
This sum may, in the opinion of the Secretary, be obtained from the present duties on imports and tonnage, with the additions, which, without any possible disadvantage either to trade, or agriculture, may be made on wines, spirits, including those distilled within the United States, teas and coffee.
The Secretary conceives, that it will be found policy, to carry the duties upon articles of this kind, as high as will be consistent with the practicability of a safe collection. This will lessen the necessity, both of having recourse to direct taxation, and of accumulating duties where they would be more inconvenient to trade, and upon objects, which are more to be regarded as necessities of life.
That the articles which have been enumerated, will, better than most others, bear high duties, can hardly be a question. They are all of them, in reality—luxuries—the greatest part of them foreign luxuries; some of them, in the excess in which they are used, pernicious luxuries. And there is, perhaps, none of them, which is not consumed in so great abundance, as may, justly, denominate it, a source of national extravagance and impoverishment. The consumption of ardent spirits particularly, no doubt very much on account of their cheapness, is carried to an extreme, which is truly to be regretted, as well in regard to the health and the morals, as to the economy of the community.
Should the increase of duties tend to a decrease of the consumption of those articles, the effect would be, in every respect desirable. The saving which it would occasion, would leave individuals more at their ease, and promote a more favorable balance of trade. As far as this decrease might be applicable to distilled spirits, it would encourage the substitution of cyder and malt liquors, benefit agriculture, and open a new and productive source of revenue.
It is not however, probable, that this decrease would be in a degree, which would frustrate the expected benefit to the revenue from raising the duties. Experience has shewn, that luxuries of every kind, lay the strongest hold on the attachments of mankind, which, especially when confirmed by habit, are not easily alienated from them.
BALTIMORE, January 29.
At the Anniversary Meeting of the REVOLUTION SOCIETY, held in London, (at the London Tavern) on the 4th of November last (the Right Honorable Earl STANHOPE in the Chair) the following Resolution was moved by the Reverend Doctor PRICE, and unanimously approved, viz.
The Society for commemorating the Revolution in Great-Britain, disdaining National Partialities, and rejoicing in every Triumph of Liberty and Justice over Arbitrary Power, offer to the NATIONAL ASSEMBLY of FRANCE, their Congratulations on the Revolution in that Country, and on the Prospect it gives to the two first Kingdoms in the World, of a common Participation in the Blessings of Civil and Religious Liberty; they cannot help adding their ardent Wishes for a happy Settlement of so important a Revolution, and at the same time expressing the particular satisfaction with which they reflect on the tendency of the glorious example given in France, to assert the unalienable Reformation in the Government of Europe, and to make the World FREE and HAPPY."
On the same Occasion, it was also unanimously resolved, "That the said Resolution be signed by the Chairman, in the Name of the Meeting, and that it be transmitted by him to the National Assembly of France."
PORTLAND, January 25.
TO FARMERS.
"Experience has proved, that smoking your Seed Corn, thoroughly, before planting, will effectually prevent the worms or any other insect from touching it whilst growing. Care must be taken that it is not heated in the smoking lest it should destroy the vegetation. It will therefore be best to hang it where the smoke may gradually impregnate the kernel during the winter season.
"Probably the smoking of other seeds may have the same happy effect. Should this be the case, it would save much labor and care in raising Squashes, Mellons, Cucumbers, &c.
A Friend to Agriculture."
BOSTON, Feb. 4.
AMENDMENTS.
The Amendments recommended by the Legislature of the United States, were adopted, except the first and second articles, by the Senate of this Commonwealth, on Friday last.
Tuesday the above Amendments were taken into consideration in the House of Representatives, and after mature discussion, were adopted, except the 1st, 2d and 12th.
The Senate afterwards concurred with the House in rejecting 12th article.
Mr. Thatcher, Mr. Austin, Mr. Fowler, of the Senate—Mr. Hill, Mr. Goodman, Mr. Sewall and Mr. Bacon, of the House, are appointed a joint committee, to take into consideration what further Amendments to the Federal Constitution are necessary to be proposed to Congress, and report.
NEW-YORK, Feb. 17.
Extract of a letter from Boston, Feb. 2.
"The Secretary's Report I think a most masterly performance—it must have cost him an immensity of study and application—I believe it will be generally acceptable when it is rightly understood—His reasoning upon the subject in general I think is incontestible, and should Congress adopt his plans, I think the time is not far distant, when the credit of this country will eclipse all the boasted powers of Europe."
A NEW MAGAZINE.
THE Public are respectfully informed, that the first Number of this Magazine will be published as soon as a number of subscribers sufficient to defray the expence shall be obtained: and not on the first day of February, 1790, as was formerly proposed.
This Work will be entitled,
THE PHILADELPHIA MAGAZINE, AND UNIVERSAL ASYLUM.
By a Society of Gentlemen.
PLAN AND CONDITIONS.
1st. THE objects of the Philadelphia Magazine and Universal Asylum, are to enlarge the understanding, to rectify the heart, and to please the fancy, by such means as may be best adapted to the state of society and manners in this confederated republic.
2d. Interesting and entertaining essays, in prose and verse, on philosophy, politics, commerce, agriculture, manufactures, polite learning, wit and humour (uncontaminated with ribaldry or licentiousness) and in a word, on all other subjects which may be deemed worthy of public attention, shall be inserted in this Universal Asylum of Literature.
3d. This miscellany shall contain much original matter; but a rage for originality shall not prevent the insertion of valuable extracts from other publications.
4th. A comprehensive and impartial abstract of the Debates and Proceedings of the Congress of the United States of America, shall regularly be given, beginning with the first session under the present government.
5th. Foreign and domestic occurrences shall be faithfully recorded.
6th. The Philadelphia Magazine shall be published, punctually, on the first day of every month.
7th. Each number shall contain eighty pages, octavo, on an elegant new letter, and fine paper.
8th. The price to subscribers will be two dollars and two-thirds per annum; one dollar and one third to be paid upon the delivery of the first number, and the same sum at the commencement of every succeeding half year.
Subscriptions are received by most of the Printers and Booksellers in the United States, and in other parts of the continent of America, in the West-Indies and in Europe, who are requested to forward the names of subscribers, with their titles, and places of residence.
The usual allowance will be made to all who favor this work by collecting subscriptions for it.
PHILADELPHIA, January 1, 1790.