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H. OF R.

Domestic Manufactures. f-c.

JANUARY, 1804.


that metal from impost, was thought a sufficient encour- ourselves that, by reason of the ease of gaining a subagement for the incipient type manufacture. The paper sistence and the bigh price of wages, our fellow-citimanufacture seemed to be sufficiently provided for, if zens born to happier destinies are not doomed to the rags were permitted to be brought into the country wretchedness of a strict discipline in such manufacwithout being dutied. Though saltpetre and sulphur tories. both abound in the United States, yet as their prepara- Our citizens are distinguished for their ingenuity and tion is still in a backward state, it was thought that the skill, they have invented many expedients by machinemanufacture of gunpowder would receive due patron- ry to shorten and cheapen labor. The machine for age by exempting them both from the payment of im- making wool and cotton cards, the machines for ginning post on their importation from Italy and India. Some cotton, the machines for cutting and heading nails, the think indigo ought to come free ; as also the bark of machinery for elevating wheat, and for raising and the cork tree.

stirring meal in mills, and the improvements in the Second, Encouragement by laying, higher or pro- manufactures of muskets, class with the most useful hibiting duties on manufactured articles imported. It inventions with which the age has been adorned. has been urged that a duty of twenty-five per centum It is, perhaps, to be regretted by the petitioners that ad valorem on fur hats, brushes, stoneware, saddles, Congress is deprived of the power to encourage manucannon ball, glass bottles, and glassware of all kinds ; factures by imposing duties on certain domestic raw and fifty cents on umbrellas; three cents per pound on materials if exported ; if this, however, had not been starch; and four cents on hair powder would have an withheld by the Constitution, an export duty upon operation favorable to the domestic enterprise of hatters, horns and bones of oxen and deer, might operate in brushmakers, potters, saddlers, iron masters, glass, um- favor of the comb, knife, lantern, &c., manufacture; brella, and starch manufacturers.

and an export duty upon green myrtle wax, might faIn like manner, it has been considered by a former vor the bleaching of that choice vegetable production committee, that if five cents the pound was laid upon and the formation of white candles from it; so, perhaps, imported gunpowder; three cents per pound upon glue; the laying an export duty upon furs, would be a ready two cents upon tarred cordage; two-and-a-half cents method of aiding the hat manufacture. Or, to take a upon untarred cordage or yarns; on printed calicoes an

stronger case, an export duty on provisions, by making additional duty of two and a half per cent.; on all bread, meal, and other articles of food, cheap at home, plated ware, an additional duty of five per cent.; on might be viewed by some of the petitioners as a capital soap, three cents the pound; on candles of tallow three method of lowering labor, and encouraging domestic cents the pound; on anchors, two cents per pound; on manufactures. But none of this latter class of expedispikes or bolts of iron, two cents per pound; on cut, ents is under the control of the Government. slitted or rolled iron, one cent per pound; on foreign The committee observe, in the Journals of the pickled fish, one dollar the barrel; and on all dried fish, House, that on the 21st of February, 1803, a resolve one dollar the quintal; there would be an adequate was passed, directing the Secretary of the Treasury to Governmental aid extended to the manufactures of gunprepare and lay before Congress a plan for levying new powder, glue, cordage, soap, and candles, anchors, and more specific duties on goods, wares, and merspikes, slit iron, and to the cod fishery.

chandise imported into the United States, so that the Thirdly, Encouragement by withholding drawback same shall, as near as may be, neither increase nor from articles of foreign manufacture exported again. diminish the present revenue collected from imports. This is done already in the case of loaf and refined From this plan, lately presented to Congress, additional sugar, and might easily be extended to other articles. light has been thrown on this subject.

Fourthly, Encouragement by allowing drawback of In the meantime it ought to be considered that there duties paid on domestic manufactures equal to what is great scope for agriculture, tillage, and rural employe was paid for the raw materials on their importation. ment in the United States. Agriculture is the great This has generally been allowed on the exportation of occupation which sets in motion all kinds of manufacsugar refined from foreign materials, and on rum dis- tures. It furnishes both the raw materials, and the tilled from foreign molasses, though under our present articles of subsistence, to those who are engaged in law neither is entitled to the drawback. It has been manufacturing employments. The cultivation of the supposed that plain cottons which undergo the opera- earth is, therefore, absolutely necessary to provide the tion of staining and printing within the country might ingredients for artisans to work upon, and the food for be permitted to receive drawback on exportation in the enabling them to live, while they are engaged in labor. form of calicoes.

This being the fact, the great question arises, whether Fifthly. By direct bounties. This mode of encour- we shall furnish raw materials and food to manufactuagement has been thought to have been employed par- rers in our own country, or in foreign lands? tially in the curing and exporting of codfish; and could Political economists will instantly see that the good be extended to other branches of business if sound pol of the revenue, and the happiness of the people, are best icy required it.

promoted by offering a part of our unwrought materials, From this view of the proceedings of Congress it will and of our surplus provisions, to domestic manufacappear that much has been done already to encourage turers, and, at the same time, to export the other part of the domestic industry of our citizens.

what we can spare, in exchange for the wrought proThat industry, under such aids as the Government ductions of foreign manufactories. by these means has given at a time when population is In a country devoted to agriculture, the cluster of so rapidly increasing, has caused useful arts and manu- arts and trades which minister to its wants spring up, factures to up and thrive in almost every part of of course, and almost from necessity. The plainer, the country; our works in wood, copper, hemp, leather, coarser, and more useful fabrics in wool, leather, iron, and iron, are already excellent and extensive. And if fax, cotton, and stone, are manufactured with tolerable we do not excel in the manufacture of the finer articles skill; while the more fine, costly, and high wrought of cotton, silk, wool, and the metals, we may felicitate articles of those several kinds can be procured more


JANUARY, 1804.

Louisiana Territory.

H. OF R.

conveniently from foreign parts. And while the coun- examine and report their opinion thereupon to the try consumer pays for the former with one part of his House. spare produce, he barters away the other part to pro

LOUISIANA TERRITORY. cure a proportion of the latter. There may be some danger in refusing to admit the

The House again resolved itself into a Commanufactures of foreign countries; for, by the adoption mittee of the Whole on the report of the Comof such a measure, we should have no market abroad mittee of Ways and Means, of the twenty fourth for our produce, and industry would lose one of its instant, to whom were referred the amendments chief incentives at home.

proposed by the Senate to the bill, entitled "An In addition to the wise calculations and estimates of act giving effect to the laws of the United States our predecessors in Congress, who devised the existing within the territories ceded to the United States, system of imposts, there may probably be something by the treaty of the 30th of April, 1803, between done. And the following plan appears to the commit- the United States and the French Republic, and tee as well adapted as anything that has occurred, to for other purposes ;” and, after some time spent suit the wishes of the petitioners as far as seems rea- therein, the Committee rose and reported to the sonable, and as far as actual circumstances warrant:

House their agreement to some, and their disaResolved, That rags of linen, cotton, woollen, and greement to others, of the said amendments. hempen cloths ; bristles of swine; regulus of antimony;

The House then proceeded to consider the said unwrought burr stones; saltpetre; and the bark of the

report and amendments: Whereupon, cork tree, (which pay at present twelve-and-a-half


Resolved, That this House doth disagree to the cent. ad valorem,) be admitted free of duties.

first and thirteenth amendments. Resolved, That brushes and black bottles, (now paying twelve-and-a-half per cent.,) be henceforward charg

Resolved, That this House doth agree to the ed with a duty of twenty-five per cent.

second, third, and fourth amendments. Resolved, That fur hats, and plated ware, (which Resolved, That this House doth agree to the now pay fifteen per cent.,) shall be raised to a duty of fifth amendment to the said bill, for striking out, twenty per cent.

in the eighth line of the third section, the words, Resolved, That stoneware, window glass, and can- “ Natchez and.non ball, (which now pay fifteen per cent.,) be hereafter The question was taken that the House do agree charged with a duty of twenty-five per cent.

to the resolutions, and decided in the affirmative Resolved, That foreign pickled and dried fish, (which -yeas 84, nays 40, as follows: now pay twelve-and-a-half per cent. ad valorem,) be subjected to a duty of $1 50 the barrel for the former, cher, Simeon Baldwin, David Bard, George Michael

YEAS—Willis Alston, jr., Isaac Anderson, John Arond of one hundred cents the quintal for the latter.

Resolved, That a duty of three cents the pound be Bedinger, Silas Betton, Phanuel Bishop, Walter Bowie, laid upon starch, of four cents the pound upon hair William Chamberlin, Martin Chittenden, Clifton Clag

Adam Boyd, George W. Campbell, John Campbell, powder, and four cents upon glue, on their importation, in lieu of the present duties of fifteen per cent. ad | Frederick Conrad, Manasseh Cutler, Richard Cutts,

gett, Thomas Claiborne, Matthew Clay, John Clopton, valorem. Resolved, That printed calicoes, and gunpowder, John Dennis, William Dickson, Thomas Dwight, James

Samuel W. Dana, John Davenport, John Dawson, (now paying twelve-and-a-half per cent.,) be hencefor- Elliot, Ebenezer Elmer, John Fowler, Peterson Goodward charged with a duty of fifteen per cent. Resolved, That tarred cordage and cables, (now Wold, Roger Griswold, Samuel Hammond, Seth Has

wyn, Edwin Gray, Andrew Gregg, Gaylord Grispaying 110 cents the cwt.), be subjected to a duty tings, William Helms, William Hoge, James Holland, of two cents the pound; and that untarred cordage, David Hough, Benjamin Huger, John G. Jackson, (now paying two hundred and twenty-five cents the William Kennedy, Nehemiah Knight, John B. C Lucwt.,) be made to pay two-and-a-half cents the pound. Resolved, That a duty of fifty cents a piece be laid cas, Matthew Lyon, David Meriwether, Nahum Mitch

ell, Jeremiah Morrow, James Mott, Anthony New, Gidupon umbrellas ; of three cents per pound upon soap ; eon Olin, Beriah Palmer, John Patterson, Oliver of three cents the pound upon tallow candles; of two Phelps, Thomas Plater, Thomas M. Randolph, John cents the pound upon anchors; of two-and-a-half cents Rhea of Tennessee, Cæsar A. Rodney, Erastus Root, upon spikes, and bolts of iron.

Thomas Sandford, Ebenezer Seaver, Thompson J. The report was referred to a Committee of the Skinner, James Sloan, John Cotton Smith, John Smith Whole on Monday next.

of Virginia, Henry Southard, William Stedman, James Stephenson, John Stewart, Samuel Taggart, Samuel

Tenney, Samuel Thatcher, David Thomas, Philip R. THURSDAY, January 26.

Thompson, Abram Trigg, John Trigg, Killian K. Van A petition of William Dunbar, of the Missis-Rensselaer, Daniel Verplanck, Matthew Walton, Lemsippi Territory of the United States

, was present- uel Williams, Marmaduke Williams, and Richard Winn. ed to the House and read, praying that the title to John Boyle, Robert Brown, Joseph Bryan, Joseph Clay,

Nays—Nathaniel Alexander, William Blackledge, a certain lot of land containing about twenty- Jacob Crowninshield, John B. Earle, Peter Early, Wilthree acres, within the limits of the city of Natchez, liam Eustis, William Findley, James Gillespie, Thomas which was granted by the Spanish Government, Griffin, Josiah Hasbrouck, Joseph Heister, David in consideration of services rendered by the peti- Holmes, Samuel Hunt, Walter Jones, Michael Leib, tioner, may be confirmed to him, in fee simple, Andrew McCord, William McCreery, Samuel L, Mitch

Ordered, That the said petition be referred to ill, Nicholas R. Moore, Thomas Moore, Thomas NewMr. LATTIMORE, Mr. Alston, Mr. STEDMAN, Mr. ton, jr., Joseph H Nicholson, Samuel D. Purviance, Thomas, Mr. RANDOLPH, and Mr. HAMPTON; 10 John Randolph, John Rea of Pennsylvania, Jacob


H. OF R.
Commissioner of Loans.

JANUARY, 1804. Richards, Thomas Sammons, Joshua Sands, John draw their said petition and memorial, together Smilie, John Smith of New York, Richard Stanford, Jo- with the documents accompanying the same. seph Stanton, Philip Van Cortlandt, Joseph B. Var- Mr. Dana, from the Committee of Commerce num, John Whitehill, and Thomas Wynns.

and Manufactures, presented, according to order, Resolved, That this House do agree to the sixth, a bill for the relief of Samuel Corp; which was seventh, eighth, ninth, tenth, eleventh, and twelfth read twice, and committed to a Committee of the amendments to the said bill.

whole House to morrow. The House then proceeded in the farther co A message from the Senate informed the House sideration of the said amendments of the Sen- that the Senate desire a conference with this ate: When an adjournment was called for, and House on the subject matter of the amendments carried.

depending between the two Houses to the bill,

entitled "An act making appropriations for the FRIDAY, January 27.

support of the Military Establishment of the UniMr. Nicholson, from the committee appointed and four;" to which conference the Senate have

ted States, in the year one thousand eight hundred on the twenty-second of November last, who were directed by a resolution of this House, of the appointed managers on their part.

The House proceeded to consider the foregoing twenty-fourth of the same month, “to inquire into the expediency of amending the several acts message of the Senate: Whereupon, providing for the sale of the public lands of the

Resolved. That this House do agree to the said United States," made a farther report in part Griswold, and Rodney, be appointed managers

conference; and that Messrs. J. RANDOLPH, R. thereupon; which was read, and referred to a Committee of the whole House on Monday next. at the same, on the part of this House.

The House resolved itself into a Committee of The House resumed the consideration of the amendments proposed by the Senate to the bill, the Whole on the report of the committee, of the entitled “An act giving effect to the laws of the !wenty-sixth ultimo, on the expediency of grantUnited States within the territories ceded to the ing further time to the proprietors of military United States by the treaty of the 30th of April; after some time spent therein, the Committee rose

land warrants to obtain and locate the same; and, 1803, between the United States and the French Republic, and for other purposes:" Whereupon and reported several resolutions thereupon ; which the House agreed to the fourteenth, fifteenth, and

were twice read, and agreed to by the House, as

follow: sixteenth amendments; and disagreed to the seventeenth amendment of the Senate to the said claimants of military land warrants to obtain and locate

1. Resolved, That further time ought to be given to bill.

the same. The Housc resolved itself into a Committee of the Whole on the report of the Committee of the holders of military land warrants to locate the

2. Resolved, That further time ought to be given to Commerce and Manufactures, of the twenty-third instant, on the petition of Samuel Corp, of the 3. Resolved, That all locations hereafter to be made, city and State of New York; and, after some shall be on the unlocated parts of the fifty quarter towntime spent therein, the Committee rose and re- ships and fractional parts of townships, appropriated for ported to the House their agreement to the same. satisfying the claims of individuals for military services, The House then proceeded to consider the said by a law of the first day of January, one thousand eight report; and so inuch as is contained in the last hundred. clause thereof, being twice read, in the words fol- Ordered, That a bill or bills be brought in, purlowing, to wit: “ That the request of the peli- suant to the said resolutions; and that Messrs. tioner is reasonable, and that he ought to be re- Van Horne, ARCHER, JOHN TRIGG, SAMMONS, lieved :" the question was taken that the House and Tenney, do prepare and bring in the same. do concur with the Committee of the whole House

COMMISSIONER OF LOANS. therein, and resolved in the affirmative. Ordered, That a bill or bills be brought in tion of Mr. Eppes, for the appointment of a com.

The House took into consideration the resolupursuant thereto ; and that the Committee of mittee to bring in a bill for the discontinuance of Commerce and Manufactures do prepare and bring in the same.

the office of Commissioner of Loans in the several States,

Mr. Eppes observed, that after the discussion MONDAY, January 30.

which this subject had already received, he should Mr. John Cotton Smith, from the Committee not think it necessary to trouble the House with of Claims, to whom was referred, on the 28th of any further remarks, but that he believed more November last, the petition of sundry citizens and evil and more inconvenience had been apprehendinhabitants of the counties of Washington and ed from this measure than it was calculated to Allegany, in the State of Pennsylvania, presented produce. If the office of Commissioner of Loans the 22d of March, 1796, and the memorial of sun shall be discontinued, it is not contemplated by dry in habitants of the four western counties of the the friends of this measure to make any change in said State of Pennsylvania, presented the 30th of the payment of the interest of the public debia January, 1798, made a repori thereon; which was that will still be paid within the individual read and considered; whereupon, the petitioners States—the only change that will take place will and memorialists, respectively, had leave to with. be this, that stock of the United States, instead of



JANUARY, 1804.

Commissioner of Loans.

H. OF R.

being transferred parıly on the books of the Treas-petual register of its debt. The individual gained ury, and partly on the books of the Commission- nothing; and I cannot suppose that a provision ers of Loans, will be transferrable on the books of which abridged considerably the right of the pubthe Treasury only. He should confine his obser-elic creditor as to transfer could have been designvations, therefore, to the right of Congress to regu- ed exclusively for his benefit. The regulation late the transfer in the way proposed, and to the was evidently adopted for the public convenience, expediency of exercising this right. By the act and intended principally to facilitate the different passed on the 4th day of August 1790, making operations of ihe Government in the payment of provision for the public debt, the then creditors of her debt. That this limitation or transfer was deihe United States were invited to come forward signed solely for the convenience of the Governand exchange the certificates or evidence of their ment, and not for the benefit of the individual, is debt for other certificates. At this time no com- evident from the 10th section of the law. This plete register of the debt of the United States ex- section applies to persons who shall not come isted, many of the outstanding certificates had forward to subscribe to the new loannever been liquidated at their specie value, and “Such of the creditors of the United States as may having been issued by various persons in various not subscribe to the said loan, shall nevertheless resituations were liable to counterfeit and the public ceive, during the year 1791, a rate per centum on the and individuals to imposition. In providing for respective amounts of their respective demands, includthe payment of the debt it was necessary for the ing interest to the last day of December next, equal to Government to ascertain its amount. This could the interest payable to subscribing creditors, to be paid only be done by calling in the outstanding cer- at the same times, at the same places, and by the same tificates for liquidation, and for register or ex- persons as is hereinbefore directed, concerning the inchange. To have compelled every holder of a pub- terest on the stock which may be created in virtue of lic certificate in this extensive country, to have re- said proposed loan. But as some of the certificates sorted to the seat of Government for the purpose now in circulation have not heretofore been liquidated of registering or exchanging his certificate, would to specie value, as most of them are greatly subject to have been oppressive and unjust. Hence it was in numerous instances, and as embarrassment and im.

counterfeit, and counterfeits have actually taken place found necessary to make provision for receiving position might, for these reasons, attend the payment the old and issuing the new certificates within of interest on those certificates in their present form, the individual States. Under the old Confedera- it shall, therefore, be necessary to entitle the said tion, persons, under the denomination of Commis- creditors to this benefit of the said payment, that those sioners of Loans, had been employed in the differ- of them who do not possess certificates issued by the ent States in borrowing money, and issuing what Register of the Treasury, for the registered debt, should were called indents of interest. This establish- produce, previous to the first day of June next, their ment was adopted by the framers of this law, and respective certificates, either at the Treasury of the as this Government had experienced the incon- United States, or to some one of the Commissioners to venience of wanting a register of her debt, a new be appointed as aforesaid, to the end that the same may duty was assigned to Commissioners of Loans. be cancelled, and other certificates issued in lieu thereand the register of the debt rendered perpetual, of; which new certificates shall specify the specie by confining transfer to certain Government books, amount of those in exchange for which they are given, partly under the care of these Commissioners, and and shall be otherwise of the like tenor with those partly under the control of the Secretary of the heretofore issued by the said Register of the Treasury, Treasury. By the 7th section of the act it is de for the said registered debt, and shall be transferable clared that the stock which shall be created pur- on the like principles with those directed to be issued şuant to this act shall be transferable only on the on account of the subscriptions to the loan hereby books of the Treasury, or of the said Commission

proposed.” ers respectively." This provision as to transfer, From this section it appears that individuals it was on a former occasion contended, was a part who did not come forward to subscribe to this of the contract between the public and the indi-| loan, who had no share in this pretended contract, vidual, and ought to be considered as one of the were nevertheless compelled to produce their cerconditions on which the public creditor came for- tificates at the Treasury, or before some one of the ward to exchange the evidence of his debt. So far, Commissioners, to lose their right of transferring however, from being a contract between the pub their certificates by delivery, to receive other cerlic and the individual, it is certainly nothing tificates in exchange, transferable only on the more than an ordinary legislative limitation of Government books. Not for the benefit of the inthe right which the individual before possessed as dividual certainly, who merely exchanged his to transfer. Previous to the passing of this law, paper, but for the convenience of the Government, certificates were payable to bearer, and, like a

to whom it is always important to know its credbank note or other negotiable paper, were trans

itors. ferable from individual to individual by delivery. In ordinary transactions between man and man, By this clause in the law the individual was de- the mode of transferring a debt is not a part of prived of this facility of transfer, and compelled, in the contract. A. gives his bond to B. The stead of transferring his stock by delivery, to go in transfer of the bond is subject to the local regulaperson, or by power of attorney, to a particular place, tions of the country where it is given, and, howand a particular book, to make his transfer. The ever these regulations may vary, it never has Government secured, by this arrangement, a per-I been .or will be contended that they affect the

H. OF R.

Commissioner of Loans.

JANUARY, 1804.

original obligation of transfer. The regulation of lina and Delaware greatly exceed the sum for
transfer is a mere ordinary act of legislation- -a which the Commissioners give security. The pub-
legislative provision, therefore, as to transfer, is lic will gain further, as appears from ihe letter of
like every other legislative provision, subjeci to the Secretary of the Treasury, an annual saving
legislative change. It would be necessary, there of $20,000. The States of Ohio, Keniucky, and
fore, to show that the faith of the United States Tennessee, will be released from this proportion,
was pledged expressly, as to the transfer of her a tax from which they receive no earthly benefit,
debt, or this regulation may certainly be varied not even a Commissioner.
as the public convenience shall direct. In the He hoped that gentlemen who were not decided-
21st section of the act, the faith of the United ly of opinion, that the transfer of stock was a part
States is pledged for the payment of the principal of the contract with the public creditor, would
and interest, according to ihe tenor of the certifi- suffer a bill to be brought in, and the provisions
cates. I know of no part of the act in which rendered as unexceptionable as possible; if, after
the faith of the United States is pledged as to the the subject is placed in its best form, ioconve-
transfer of the debt. The certificate is the evin pience to the public creditor shall still be appre-
dence of debt against the public in the hands of hended, the bill may be finally rejected.
the public creditors. If the public discharges its Mr. Elliot said he had voted on a former oc-
debi, agreeable to the tenor of the certificate, casion in favor of concurring with the report of the
it complies with the whole of its obligation; the Committee of the Whole in their disagreement
certificate does not include any obligation as to to the report of the Committee of Ways and
transfer, it only promises the payment of the prin- Means, who had declared it inexpedient to discon-
cipal and interest, nor is the faith of the United linue the offices of Commissioners of Loans. In
States pledged for more. While we make pro- so voting he did not mean to pledge himself for
vision for paying the interest regularly, and for the ultimate vote he should give on this subject.
the discharge of the principal within the limited Not having then maturely considered it, his judg-
time, no charge of violated faith can be made ment was not fully made up. He was then of
against the Government.

opinion that Congress possessed the power of sub-
The question, therefore, resolves itself, in my stituting such arrangements in lieu of the Com-
mind, into a mere question of expediency-when- missioners of Loans as would afford an equal se-
ever ihe interest of the public and of individuals curity to the rights of the public creditors; and he
shall come in contact, I shall be willing fairly to was iben inclined to believe that such arrange-
examine what is due to the public, and what is ments could be devised. From subsequent im-
due to the individual. If the office of the Compressions, he was of opinion that the public cred-
missioner of Loans is discontinued, it will not af- ivor would, whether justly or not he would not
fect the value of the stock in the hands of the pub- say, consider the measure as invasive of his rights.
lic creditors, because, it is a fact which will not Under this impression be considered the small sar-
be denied, that stock on the books of the Treasury ing contemplated by this measure as inadequate to
is as valuable as stock on the books of the Com the injury, real or imaginary, which it might do
missioners; it will not affect the facility or cer- to that description of men. On examining the
tainly with which the public creditor will receive law, he was inclined to think that the public cred-
his interest, because that will still be paid within itor had a right to give it such a construction as
the different States. It will add nothing to the would make the mode of transfer prescribed a part
expense of transfer; because it is contemplated to of the contract. By the act of August, 1790, it is
make it the duty of an officer, residing at the seat provided, that
of Government, to make the transfer free from “A Commissioner shall be appointed for each State,
expense. It will produce no inconvenience to the to reside therein, whose duty it shall be to superintend
individual but this—at present during fourteen the subscriptions to the said loan; to open books for
days in each quarter no transfer can be made, as the same; to receive the certificates which shall be
during that period the officers prepare the divi- presented in payment thereof; to liquidate the specie
dend books; if the office of Commissioner is abol-value of such of them as shall not have been before
ished, the books will probably be closed against liquidated; to issue the certificates above-mentioned in
transfer during twenty-one or perhaps twenty- tion ; to enter in books to be by him kept for that pur,

lieu thereof, according to the terms of each subscripeight days in each quarter instead of fourteen. The public will gain the advantage of having loan for the sums to which they shall be respectively

pose, credits to the respective subscribers to the said all the operations relating to the debt under the entitled; to transfer the said credits upon the said books immediale control of the Secretary of the Treas- from time to time, as shall be requisite; to pay the inury. The public will be released from the dan- terest thereupon as the same shall become due, and gerous responsibility of officers who make heavy generally to observe and perform such directions and disbursements, and give but little security. The regulations as shall be prescribed to him by the SecreCommissioner of Loans disburses annually in tary of the Treasury, touching the execution of his Massachusetts $785,036; in Connecticut $113 484; office.” in New York $770,150; in Pennsylvania $848 665; It is not denied that the payment of interest in South Carolina $188.618. Notwithstanding within the several States is part of the contract these heavy disbursements, no Commissioner gives between the public and the creditor. By the same security in a larger sum than $10,000. The dis- section that provides for the payment of the inbursements in all the States except North Caro- terest, it is also enacted that the Commissioner of

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