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v'V" if - NORTH-CAK.OIilN'A .(BASETTJEi , ' v ; ' "Onntr.thf cU of fair, cllfhtf! Peace, -'' ' v ' 4- - ' ' : J "hU i " y I T ' Uawarp'd fey party fe, tyHvcUke Brethw.' . . .. - - ' ; , : : . ' ;' " - ' XVI ' FB1DAY,:ANU4RY 26, 1816. ' -:.f.':- -;:L85; r ANNUAL'-TREASURY REPORT.. 5(Uj. Proposition rtktin-totht&a. tional Circulating Medium. The delicacj of thit subject is only cntinz it, therefore, to the considera tion of congress, there is occasion for an implicit reliance upon the legisla tire indulgence. 0i . Br the constitution of the U. States confess is expressly vested with the povTer to coin money, to regulate the value of domestic and foreign coins in circulation, and (as a necessary im plication from positive provisions) to Jmit bills of credit i while it is declar ed br the same instrument, that " no state" shall coin money, or emit bills of credit." Under this constitutional authority, the money - of the United States has been established by law, consisting of coins made with gold, silter and copper. All foreign gold and silver coins, .at specified rates, vere placed, in the first instance, upn the same footing wiUthe coins of the United States, but they ceased (widi the exception of Spanishmilled dol lars, and parts of kuch dollars,) to be aleiil tender for the payment of debts i.i4nAa In ik vrar 1809. The constitionai authority to emit bills of credit, has alsd been exercised .,.i;ti anil limited manner. Durin- the existence of the bank of the United States, me uius ur of tiie corporation were declared by law. to be receivable in alt payments to the U. States; and the treasury -k;-Ii li.TfWn since issued lor the services of the late war, have been endowed with he same quality. ..But rAM:a nivir rrfrvmzed bvlaw uigiv-iJ i o . ! the notes of any . other corporation ? f : -m ttitnrtTr'fl fln'iSitlfi Oil bills of credit to sene as a legal cuf rencv. The acceptance, of the notes of banks which are not established by th.- federal authoritr, inpayments to irn;A,i Qt' (m been nrcnerlv left to the vigilance and discretion ot circulation of the treasury notes em-j i t . rrnc-rr' tr i discharge debts, depends entirely Jas it ought to depend) upon the option! of the lenders and Creditors to receive, them. t 'Hie constitutional and legal foun dation of the monetary -system of tht; I1. Mates is tnus uisiincnj cc , aim ire CirCUiaung uicuium cujimsw ui wum or of bills of credit, must in its general po'.icv, as well as the terms of its in- vctuieit, be ueemea an exclusive power. It is true that a system de pending upon the aencv of the pre cious metals, will 6e alTected by thd various circumstances which diminish their quantity or deteriorate their cjuaV litv. The coin of a state sometimes var.ihes under the influence of politi ca! .ilarms ; sometimes in consequence o! !.p cxnlosion of mercantile specu- and sometimes by the dram cf an unfavorable course of trade. But wiinever the emergency occurs that that ftft autho- lt-cv-jii J ritv which was alone competent to cs tabliuh the national coin, is alone conv petent to create a nauonai suusuiuic. It has happened, however, mat tne com ot the u. states nas ccasea 10 uo yc circulating medium cf exchange j and that no substitute has hitherto been provided by the national authority banks -established south and west. of - - - - . ... ... V ' t I. England, resolved that tbejwouiu m longer .issue , coin in payment . of their notes? or of the drafts of their customers, for money received upon deposite. ' In this act the government of the United States had no participa tion? and yet the immediate effect x)f the act was to supercede the only le gal currency of the nafion. By this act, although no state can constitution ally emit bills of credit, corporations erected by the several states have been enabled to circulate a paper medium i.u'fn mitnv nf thrt nracrical incon- renienccs of the prohibited bills oil credit. " - t It is not intended, upon this occa sion, to condemn, generally, the. sus pension of specie payments ; for ap pearances indicated an approaching crisis which would probably have im posed it as a measure of necessity, if ft hadnot'btrcn adopted as a measure of precaution. But the danger which originally induced and perhaps justifi ed the conduct of the banks, has pass ed away ; and the continuance of the suspension of specie paymentssjaust be ascribed to a new series of causes.- The public credit and resources aread longer impaired br the doubts and-a-gitations excited during the war.; :by the practices of the enemy ; or by the inroads of an illicit commerce: yet the resumption of specie payments is still prevented, either by the reduced state of the national stock of the pre cious metals or bv the apprehension of a further reduction to meet the ba lances of k foreign trade 5 or by the redundant issues of bank paper. The probable direction and duration of the latter causes, constitute, therefore, the existing subject for deliberation. While they continue to operate singly or combined, the authority of the states individually, or the agents of the state institutions, cannot afford a remedy commensurate with the evil; and a recurrence to the national authority is indispensable, for the restoration of a national currency. In the selection of the means for the accomplishment of this important ob ject, it may he asked 1st. Whether it be practicable td renewthe circula tion of the gold and silver! coins 2dly. Whether the state banks can be successfully employed to furnish an uniform currency? Sdly. Whether a national bank can De empioyea more Advantageously than the state banks for the same nuroose ? And 4thly. Whether the government can uscn supply and maintain a paper meuium of exchange, of permanent and uniforoi value, throughout tne u. ataies r 1st.4 As the United States do not possess mines of gold or silver, the supplies of those metals must, in a time of scarcity, be derived from fo reign commerce. If the balance of fo reign commerce be unfavorable, the supply will not be obtained inciden tally, as in the case'of the returns for a surplus of American exports, but must be the object of a direct purchase. The purchase of bullion is, however, a common operation of commerce j;and depends, like other operations, upon the inducements to import the article. The inducements to import .bullion arise, a in other cases, from its being .cheap abroad, or from its being dear at home. Notwithstanding me com .Motions in South America, as well as ia Euronc. there is no reason to be lieve, that the quantity of the precious metals is now (more than at any tor- Trterneriod'. insufficientfor the demand ' youghout the commercial and civili xd world. The price may be higher in some countries than in otners; ana it mav be different in the same coun try at different times ; but generally, the Kurooean stock of goftt and silver 1 ha been abundant, even during: the protracted war, which has afflicted the itions of Eurone. The purchase of bullion, in foreign markets, unon reasonable terms, is -then deemed practicable ; nor can its cvenfuallv to be profitable'. The ac tual price of the gold and silver in the American market would in itself afford for some time an nmnle rjfemium r al though the fall in the price must of T 'aZ a. 4L' L ' course upui iiuiiauic iu uiu mui case of the quantity. But ifris within the scope of a wise policy, to create addi tional demands for coin, and in that way to. multiply the inducements to imnort and retain the metals of which it is composed. For instance, the ex- tussive issue 01 DanK paper nas usurp and under such circumstances gold & silver win always oe rreatea as an ar ticle of-merchandise but It is hoped that the issue of bank paper will soon hrn. to its iust shareln the cir- consenu ly that the coin of the'U- nited St will resumejts legitimate- capacuy 1 carat;r. xvgo.iu , jluc treasury ; ung irom. necessity; 10 theffenenit 1 "Ne, has hrtherto x;6a- sented to rcc Vank paper ;m pay minf nf.dutir '.taxes s: but the no- riod approaches -n.it yiU probably becoaae a, duty to . xact.the pay ment eiiner in treasury 1; u iu Aim ilver coin, of the Ui States. A- o-sin s the institutions dch shall be deemed proper in order 1 i Vemove ex ist! mr inconteniences,': Kto retore die national currency, ra. so or- ganited as to engage the i: ,lsts and the means in establisli them. And, fi nalljr, siich regulations may be impos ed upon the exporj-ion x)f gold and silver): as will iervefuture to fix & retain the quantitylrrequired for do- mesticuses. VV But it is furthert believed, that the national stock of jprecious metals is not so reduced as to render tlje o peration of reinstating their agency in the national "currency either difficult or protracted. The quantity actually possessed by the country is considera hl 2 and the resuscitation of public confidence in bank paper, or in other substitutes for coiny seems alone to be wanting to fender it cflual to the ac customed contribution for a circulat ing mediunu In other countries, as well as in the United States, the effect of an excessive issue of paper money to banish the precious metalshas been seen, and under circumstances much more disadt aiitageous jthan the present; the effect of public confidence in na tional institutions, to recaVthe precious metals to their uses in exchange, has also been experienced. Even, howe ver, if it were practicable, it has some times been questioned, whether it would be politic agairi to employ gold and silver for the purpose of a nation al currencv. It was Ions and univer sally supposed, that to maintain a pa per meaium wunouc depreciation, uic certainty 01 oeing aoie 10 convert it in to coin, was indispensable ; nor can the experience which has given rise to a contrary doctrine De cjeemeu complete or conclusive. But whatever may be the issue of tat experiment elsewhere, a difference in the structure of the go vernment, in the physical as well as the political situation, of the country, and in the various departments of in dustry, seems to deprive it of any im portant influence ast a precedent for he imiiation 01 uie yuueu owies. In offering these general remarks to he consideration of Congress, it is not intended to 'convey an opinion, that the circulation of the' jrokl and silver coins can at once be renewed. Upon m ' motives ornuDiic convenience, uic eia- dual attainment of that object is alone contempiatea ; Dut a strong,, tnoup respectful, solicitude is felt, that the measures adopted, by the legislature should invariably tend to its attain ment. 2rb Of the services rendered to the nf iho state hanks during the late war :l and of the Hbe- - - -i rality by which some of them are ac- - "i .. . . il jl f'ifttPri an their intercourse Wltn tne treasury ; justice requires an explicit acknowledgement. It is a iact,1 now- ever, incotftestibly proved,' that those 1 . . ,l 1L !. aZ institutions cannot aj. tma umc uc ouu cfifllv nmnlnved in furnish an UHl frenrv. The failure of one attemnt to associate them with that view, has already Deeo: statea.--Another attempt, by their a'gency in . . . . . . .1 1 circulating treasury notes, to overcome the inequalities of the exchange, has nnlv N.en nartiallv successful. ; And a plan recently propbsed, with the de- r -i Sac . r'.m fk-i, nna Sign to curtail tne isbue ui uaiia. uuica, tn fir the Dublic confidence in the ad ministration of the affairs ofthebahks, nnH in mve each bank a legitimate share in the circulation, is not likely 4t rpreivw' fhe sanction of the . banks. The truth is,' that the ; charter resiric finna of sbme of the banks : th mu tual relation and dependence of the banks ot the same state, anu cycu ui the banks of different states ; and the rif each bank l iiulv wiUL.li lulj uuva." w KV . . ' if J imm. conceive tnat.tnev owe to weir iimuc- T - T ... V iiiate consutuenis upou -uwhw w nrv or emolument : interpose iusu perablc obstacle to any voluntary ar rangement, upon , national considera- tions aione, ior me csutuiisumcm. national medium through the agency of fKW state banks. ' It isi nevertheless, with the State banks! that the measures gold and silver mixst originate) for un- be reduced : their specie, capital? be reinstated ;- ana tneir specie opcrauou c v"u menced r there wilj: be neither room ubt empIoyment,Jior 'afet forjthein troductio dfjmhi precious metals.. The policy and interest of.: the s State "ban must thewfore.beiragfeedu the great i fiscal work, tof&M .theineans whicli the treasury can employer; the legislative wisdom shall provide". , ,3d. The'establisneirtbfaNatton al Bank is regarded asthe best and perhaps the only, adfrauate resource tq rejieve- the" country ; and the govern ment from thepresejatembarnrssmentsi Authorized toissue notes which will be received in all payments vto the Uni ted States, the circulation of its issues will be co-extensiye witlj the Union ; and there will exist a constant demand, bearing a just proportion to . the annu; al amount of the duties and. taxes to be collected, independent of the gene ral circulation for commercial and so cial purposes. A National Bank will therefore possess the means and the onnnrtunitv nf sunnlvinff a circulating: medium of equal use and value in eve- ry otate, ana in cvry uibuiui.iu ve ry State. Established by the authori ty of the government of tne U. Statesj accredited by the government to the whole amount of its notes in circula tion; and entrusted as the depository of the government with all the accu mulations of the public treasure ; the National Bank, independent of its im mediate' capital, will enjoy ever v re commendation which can merit and se cure the confidence of the public. urganizeu upon principles oi icsjjuuai-; bility, but of independence, the nation- j al bank will be retained within its le- gitimate sphere of action without justj apprehension from the misconduct of j its directors or iiom the encroaenments :of the government. Eminent in its ( resources, and in its exampie, tne tional Bank will conciliate, aid, ana lead, the State banks in all that iTe - cessary ior tne restoration 01 creuit,;! public and private. And, acting upon j a compound capital, partly, of stock & , nartlv of ro!d and silver, the National , Bank will be the ready instrument to j enhance the value ot the puoiic secu- rities anil w re&iorc uic uuncuoj the national com. 4. The powers of the government to supply and maintain a paper medium nf a Yrlmno-P will not' be Questioned : but for the introduction of thai me dium there must be an adequate mo tive. The sole motive for issuing trea sury notes has hitherto been to rai?le money in anticipation of the revenue. The revenue, however, will probably become, in the conrse of the year 1816, & continue afterwards.suifieient to dis charge all the debts & to defray all the j Aona nrti,'.nvarnm(int Rr rnncp. quently there will exist no motive to ;( the Treaty and of course have so far issue the paper of the government obtained an advantage to jour own over an instrument of credit. ! ! foreign navigatiori.; It will not be deemed an adequate - . " ' ' ,. object for an issue of he paper of the : GRAMMAR SCHOOL. "overnment, merely that it may be ex- ' fWiHE iibscriher takes this method of in changed fpr tlie paper of the banks, 1 Jl TornSng :.the Public, that he intends, on, since the treasury will be abundantly . the third dat otJUARY next, to cojr suplihed with bank paper by the col- NIEt NoBF Ws New School House,, eight lectipn of the revenue, and the govern- miles we8t .ot'xFewon . Qourtlkose, .where he ment cannot be expected to render it- will .teacb rou.'-Bnglipiruae, gramr i r w nvl .lahfnp 5r inyAow in Ka ?mntip.11v. Reading. "Wri-tiftr. - Arithmetic. -Al- come the special creditor of the State r " t . an.HS. , p t ;j with the national bank, in the intro - duction of a national currency may however be advantageously empioyea by issues ot treasury notes as long as tney snail ue requireu iur uic puuno service. $ , , . Unon the whole, the state of the aa- a. tional currency and, other important considerations connected with the o peratipns of the Treasury, render it:ia duty respectiully to propose, That a National Bank be establish ed at the city of Philadelphia, having power to erect Drancnes eiscwucic. owi Vif l,L rnnihl of the bank fbein? of a competent amount) consist of three fourths' of the publicT stock, and one fourth of gold and silver. , ' , , All which is respectfully submitted. A. J.DALLAS, Secretary pf the Treasury. Treasury Department Dec: 6, 1815. t IXOM THE BTATSOSAI. iKTXUUOBKCSB. THE BRITISH TREATY. J Whilst this subject was under con sideration in the Senate, there-were several points on which ? information was required from the .Treasurye partment.bytheCommUteeVnForejgn Relations, as being ihtimateljconnec tedwith the merits and beanns, of the Treaty. r Not having xpom to publish the documents on this subject at length we- must endeavor to generalizethem. U As to therauahtity ported to tke BnfisH.doinJnions JfrTSu rope, durng ftc ycarlfbf onricomm r aal wdsneritT; Ion whicli ardcle, be it bdrne iri ntiptf,; k largescrimihatinff auty waspaiu iu vrrcai, AJnmui,; iv ap peared that the - quantity (ported to those rfominionsv incluainar England, Stland; In4?Man andJJertvick, was, : x -.. -.rr From lit Oct.1806 to aOuYSppteniher 180r From do. ;814to, ilo V i"815 The last line? though nominally 4 vear. of course only embraced the time irom the 17th-?ebrukry to th6 l3Ist Sept. ; aunng wnicii sii,:mouwi wo export was enormous, c v ; As to the tonnage of the United States employed in forfeign coasting & fishing trades, it appeared theref were employed in the. A yj Year Foreign Tradd Qoastihg . Fishing 1805 922,598 284,863 , . 5944i 1806 1,044,005 . 286,9"Q9 ' 66,357 1807 1,11641 . ,; 285,090 75,744r No later estimate was furnished. 3. As to the exportatiphs from the). U. Spates to the West India Islands, it appeared there was exported, to the following amount, in the. years ending 30th September1 1807 1815 British W: Indies - Domestic 5,322,276 4,571,490 20,979 7,204,993- -) Foreia 630,361 " All otter IV. I IsUinds . Domestic 9,025,497 Foreign 16,004,300 1,263,556 4. As to the value of goods import ed in American and foreign vessels, , il. r,or.o n Kces beyondthame the s there-. j! on? fvom which an idea of the amount aod value of trade may be formed jjwere reported as fellows : V ;t ini805 , 5,370,055 In 1806 No estimate given of the last years duties could afford any criterion;' of the trade, and none therefore is; given. 5. As toithe oVtities nimportatiohi frdmthe West India Islands, it appear ed that thy yre ' t L ioa i6st: 1 ort ! Brit. W.Indiit,8i4,li9 2,36065 148,672. There itas also repprtedto the Seri ate ari abstract of " Duties of Customs paid in Great Britian in 1807 & 1815," distinguishing between the importa tionji frombreiguntries and froni British Colonies, and in ntish. or fo-r reisn shins i rwhereby it clearly ap pears that the United States have gain- i ed to the merchants very srreatly bv ; gebra and vanoaaer Brakes ofthe.M ( thematics. A kfew Beginners jn the Latin ! Language will also be taken. Board,, In good ii.be hadonTBT ASTTtitSis. The situation aa j'h'ealtliy as anpn the State - vhich,' Mpref sinner!. wilL recommend the Sclfool to the at tention of all who wish to educate their Chil dren on easy terms. - B. W. MILNEK. - . "Wi . m r f x em rerson upenty, u ec. otn, ibio. oxox. - NOTICE Is hereby given to all tivhom it ; . " may concerti, VV4' Y' OU are hereby WifieclvThattblirRECT TA of the United : States for 1815. has I becomedue and payable, and thai attendance Will OC glVCIl IU IvvvURt 1449. 3UU,V llv iWl? ' lwoMna- tlms bnd nlar.ea: viz s vW t. 1 At the house of, Rankin M'jvee 0 te fcdun- . ll:of Orange oti tht l5th, Jolyi Carrinton'a stoh'S I8m2achdon'sT-lh,' ancl " Chapel HilL20thUt8l5;. . v At the House ot won. ueane, on tjie wa, 39th, Wai. -Gants - store 30th, "and" 1 Jaihes CookSfst January, 816. ;!f :Q;ir. At the house otCot. James Moore oa the ist (Gannon's. Old MdlgSd JiwleVsstor .' Sdndi-ew MroomSth, ancf Hillsborough 9th 3hjary;J816:? : county ofPerson oa rme.l5th, Maj. Edward'-' store on the I6U1.' James Hollowav's - 17th. ' Cochran!s store22dand atN. NdrHeet's store 23d January, 1810: , remain with the t Principal Assessor of thi9 collection distrI, open t6 tlie inspection of any.persdniWho ;mayJ?2ippIy to inspect the ! Yon arfr fhrther' notified. That the DUTIES hn TTfltlSKHOKn FURNITUnE, &Oii trOLtf raiJ SlLVjER ATATCHE hnVeIso become doe i and thaTrttendance wai ue given at tne egbing times and placesto receive. same. -' p.:. . w , JOHN VA JIOOK. Jan- v Collector of the 8th Collection District in the State of Nonh Carolina, January 1st, 1816. ' - 50 John Newlm' 23cl Jonn; Long's w4th," uer rgc Albright's 55tK Michael Holts6 h, Mr thvs store27th. Alexander lVtasb slorfc PeiuilfiwKeafet Dav"ya (far Vlirer,l i9th. IJrViaris' store "20di. Simeon 1 -. f ft
The Weekly Raleigh Register (Raleigh, N.C.)
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Jan. 26, 1816, edition 1
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