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afford for some time an ample premium; although, however, incontestibly proved, that those institur. the fall in the price must of course be proportiona- tions cannot at this time be successfully employed to ble to the increase of the quantity, But it is within || furnish an uniform national currency. The failure of the scope of a wise policy to create additional de. one attempt to associate them with that view has almands for coin, and in that way to multiply the in-ready been stated. Another attempt, by their agency ducements to import and retain the metals of which in circulating treasury notes, to overcome the inequait is composed For instance, the excessive issue of lities of the exchange, has only been partially successbank paper has usurped the place of the national mo- ful. And a plan recently proposed, with the design to curtail the issue of bank notes, to fix the public conney; and under such circumstances gold and silver will always be treated as an article of merchandise; fidence in the administration of the affairs of the banks, but it is hoped that the issue of bank paper will and to give each bank a legitimate share in the circusoon be reduced to its just share in the circulating lation, is not likely to receive the sanction of the banks. medium of the country; and consequently that the The truth is, that the charter restrictions of some of coin of the U. States will resume its legitimate ca- the banks; the mutual relation and dependence of the pacity and character. Again, the treasury, yielding | banks of the same state, and even of the banks of diffrom necessity to the general impulse, has hitherto ferent states; and the duty which the directors of each consented to receive bank paper in payment of du- | bank conceive that they owe to their immediate conties and taxes; but the period approaches when it stituents upon points of security or emolument; interwill probably become a duty to exact the payment pose an insuperable obstacle to any volun ary arraigeeither in treasury notes or in gold or silver coin of ment, upon national considerations alone, for the establishment of a national medium through the agency the U. States. Again, the institutions which shall be deemed proper in order to remove existing inconve- of the state banks. It is, nevertheless, with the state banks that the measures for restoring the national curniences, and to restore the national currency, may be so organized, as to engage the interests and en- rency of gold and silver must originate; for until their terprise of individuals in providing the means to esissues of paper be reduced; their specie capitals be retablish them. And finally, such regulations may be instated; and their specie operations be commenced; there will be neither room, nor employment, nor safety imposed upon the exportation of gold and silver, as will serve in future to fix and retain the quantity for the introduction of the precious metals. The policy & interest of the state banks must therefore be engaged required for domestic uses. on the great fiscal work,by all the means which the reasury can employ, or the legislative wisdom provide.

But it is further believed, that the national stock of the precious metals is not so reduced as to render the operation of reinstating their agency in the national currency either difficult or protracted. The quantity actually possessed by the country is considerable; and the resusciation of public confidence in bank paper, or in other substitutes for coins seems alone to be wanting to render it equal to the accustomed contribution for a circulating medium. In other countries as well as in the U. States, the effect of an excessive issue of paper money to banish the precious metals has been seen, and under circumstances much more disadvantageous than the pre-sitory of the government with all the accumulations of the publie sent; the effect of public confidence in national institutions, to recal the precious metals to their uses in exchange, has also been experienced. Even, however, if it were practicable, it has sometimes been questioned, whether it would be politic again to employ gold and silver for the purpose of a na the national bank will conciliate, aid, and lead the state banks in tional currency. It was long and universally suppo- all that is necessary for the restoration of credit, public and pri sed, that to maintain a paper medium without de-partly of gold and silver, the national bank will be the ready in vate. And, acting upon a compound capital, partly of stock and preciation, the certainty of being able to convert it into coin was indispensable; nor can the experience which has given rise to a contrary doctrine be deemed complete or conclusive. But whatever may be the issue of that experiment elsewhere, a difference in the structure of the government, in the physical as well as the political situation of the country, and in the various departments of industry, seems to deprive it of any important influence as a precedent for the imitation of the U. States.

3d. The establishment of a national bank is regarded as the best and perhaps the only adequate resource to relieve the country and the government from the present embarrassments. Authorised to issue notes which will be received in all payments to the United States; the circulation of its issues will be co-extensive with the union; and there will exist a constant demand, bearing a just proportion to the annual amount of the duties and taxes to be collected, independent of the general circulation for com mercial and social purposes. A national bank will therefore repossess the means and the opportunity of supplying a circulating medium of equal use and value in every state, and in every district of every state. Established by the authority of the government of the United States; accredited by the government to the whole amount of its notes in circulation; and trusted as the repo

In offering these general remarks to the consideration of congress, it is not intended to convey an opinion that the circulation of gold and silver coins can at once be renewed. Upon motives of public convenience, the gradual attainment of that object is alone contemplated; but a strong though respectful solicitude is felt, that the measures adopted by the legislature should invariably tend to its attainmen.. 2d. Of the services rendered to the government by some of the state banks during the late war; and of the liberality by which some of them are actua ted in their intercourse with the treasury; justice requires an explicit acknowledgement. It is a fact,

treasure; the national bank independent of its immediate capital, I will enjoy every recommendation which can merit and secure the confidence of the public. Organized upon principles of responsibility, but of independence, the national bank will be retained within its legitimate sphere of action without just apprehension from the misconduct of its directors or from the encroachments of the government. Eminent in its resources, and in its example,

strument to enhance the value of the public securities and to res tore the currency of the national coin.

The powers of the government to supply and maintain a paper medium of exchange will not be questioned; but for the introdue tion of that medium there must be an adequate motive. The same motive for issuing treasury notes has hitherto been to raise money in anticipation of the revenue. The revenue, however, will proba bly become in the course of the year 1816, and continue afterwards sufficient to discharge all the debts and to defray all the expenses of the government, and consequently there will exist no motive to issue the paper of the government as an instrument of credit. It will be deemed an adequate object for an issue of the paper of the government, merely that it may be exchanged for the paper of the banks, since the treasury will be abundantly supplied with bauk paper by the collection of the revenue, and the government cannot be expected to render itself a general debtor, in order to become the special creditor of the state banks.

The co-operation of the government with the national banks, in the introduction of a national currency may however be advantageously employed by issues of treasury notes as long as they shall be required for the public service.

Upon the whole, the state of the national currency and other important considerations connected with the operations of the treasury, render it a duty respectfully to propose,

That a national bank be established at the city of Philadelphia, having power to erect branches elsewhere and that the capital of the bank (being of a competent amount) consist of three fourths of the public stock, and one fourth of gold and silver. All which is respectfully submitted

A J. DALLAS, Secretary of the Treasury. Treasury Department, 6th December 1816.

NO. 4. VOL. I.]

WASHINGTON, SATURDAY, MARCH 23, 1816.

[WHOLE NO. 4.

PUBLISHED BY JOEL K. MEAD, AT FIVE DOLLARS PER ANNUM.

CONGRESSIONAL.

all the benefits we have acquired by our late war. This proposition was variously It was cur intention to have given a modified, considered, and re-considered, concise history of the proceedings of the amended, and re-amended, until the bill present congress; but the publication of finally past to establish one additional milthe Register having been protracted soitary academy, to be located at Knoxville, far beyond the time contemplated it is in the state of Tennessee. Next a bill found impracticable: we must, therefore, was brought before the House of Represen content ourselves with giving the reports tatives, to carry into effect the Convention of the committees appointed upon the sev of Commerce lately entered into between eral parts of the president's message, and the United States and England, in which *the official documents laid before congress. almost every article in the treaty was This, we flatter ourselves, will be quite as served up in the shape of congressional acceptable to our patrons; for, notwith-resolutions. The bill thus introduced, was standing the length of time to which the as harmless and inoperative a thing, as session has been spun out, the leading ever occupied the attention of congress. measures may be comprehended in the It would, in all human probability, have compass of a nut shell. There has indeed slid through the several congressional stabeen much eloquent debate, many rhetori-ges allowed for its passage into a law, alcal tropes and figures of speech; many la- most without opposition, if an accidental mentations on the grievances under which turn had not been given to the debate. It the nation labours; many protestations of was found that the constitution had declarthe disinterested patriotism of the mem-ed, that treaties made by the president, bers, made by themselves; many expres- with the consent of the senate, should be-. sions of their entire disposition, zealously come the supreme law of the land. This and heartily to concur in any plan that ground of opposition was made to the pasmay be adopted for the benefit of our sage of the bill, and when this mine was Country: we have had all this in abun. once sprung, it is easy to conceive the dance, but in the mean time we have had wide extent of the explosion. Then the very little law. Very few acts, indeed, House of Representatives, it was said by have been passed to remedy or to mitigate the opponents of the bill, were violating a those evils which have excited so much constitutional provision, they were assumdebate, lamentations, protestations, self-ing to themselves a treaty-making power, congratulations, and metaphors. In the they were invading prerogatives exclusiveearly part of the session, a bill was re-ly guaranteed to the senate, it was at best ported by the committee on military af- but a mere nullity, in declaring that to fairs, to establish three military academies be a law, which the constitution had dein addition to the one already establishedclared was a law already, and, if the bill at West Point, in the state of New-York. upon the table was to have any operation, Here a wide extent of controversy was it went to declare, that a treaty thus sanc to be passed over. The danger of standing tioned, was more than the supreme law of armies to republics, in which the examples the land. On the other hand, it was conafforded by Greece and Rome were not tended that, allowing the above constructo be passed by in silence; the impolicy of tion to be correct, it was in the power of supporting large military establishments the president and senate to reduce the in times of peace, the serious cause of ap- House of Representatives to a merc cyprehension to be entertained on account pher. That they might enter into a treaty of executive patronage and influence, with to bargain and sell off a certain portion of several sly squints (as some suppose) at the United States to a foreign power, or in the ensuing presidential election-all case of extreme emergency, the whole, and these topics were enforced with much spi-that the House of Representatives were rit and eloquence. On the other hand, it constitutionally precluded from considerwas contended that the surest way to avoiding the subject at all. Under this clang, war, was always to be in a state of readi-excited by all the smithery of legislation, ness for such a calamity, that if we now the bill was at length passed by the House suspended our exertions, we should lose of Representatives, and sent to the senate VOL. 1 D

The senate it, and it now awaits the concurrence of the

for their concurrence.
seems took alarm, more from the charac-Senate.
ter of the debate, than from any hostile
provisions in the bill, and returned it to the
House of Representatives, with their ne-
gative. It was then reconsidered, repas-
sed and sent to the Senate; where it was
reconsidered, rejected, and sent to the
House of Representatives. At length
both parties being fatigued by this game
of legislative football, agreed to a confer-
ence, compromised the matter and passed
the bill in the following form:

The House of Representatives finding that they were in future to have so much eloquence, and so little business, if the wages of the members were paid by the day, devised at length a mode better adapted than the previous question, to curtail their debates. They passed a bill that the wages of the speaker should be three thousand dollars per annum, and those of the individual members fifteen hundred, this we confess, is a salutary innovation-every orator who occupies the attention of the

An Act, concerning the Convention to regulate the Commerce between the terri-house, may now be considered in the light of one who is talking away his capital, intories of the United States and his Britannic Majesty. stead of increasing his wages by the length of his speeches.

PUBLIC DOCUMENTS.

REPORT

Be it enacted and declared, by the Senate and House of Represenstatives of the United States of America, in Congress assembled, That so much of any act as imposes a higher duty of tonnage or of imposts on vessels and articles, imported in vessels of Great Britian, than on vessels and articles imported in vessels of the United States, contrary to the provisions of the con- Of the Committee of Commerce and Manvention between the United States and his Britannic Majesty, the ratifications whereof were mutually exchanged the twenty-second day of December, one thousand eight hundred and fifteen, be, from and after the date of the ratification of the said convention, and during the continuance thereof, deemed and taken to be effect or force.

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ufactures.

The committee of commerce and manufactures,
House of Rep. of the U. S. Feb. 13.
to whom were referred the memorials and pe-
titions of the manufacturers of cotton wool,
respectfully submit the following report:

The committee were conscious that they had no ordinary duty to perform, when the House of Representatives referred to their consideration the memorials and petitions of the manufacturers of cotton wool. In obedience to the instructions of the House, they have given great attention to the subject, and beg leave to present the result of their deliberations.

They are not a little apprehensive, that they have not succeeded in doing justice to a subject so intimately connected with the advancement and prosperity of agriculture and commercea subject which enlightened statesmen and philosophers have deemed not unworthy of their attention and consideration.

It is not the intention of the committee to of

probation. From these views, the committee are disposed to state facts, and to make such observations only as shall be intimately connected with, and warranted by them.

The Secretary of the treasury laid a plan before the House of Representatives, under date of the 24th of December last, to establish a national bank, the capital of which was to be thirty-five millions, and with seven millions only of specie. To enter into an analysis of the various grounds of defence and attack, would be to recapit-fer any theoretical opinions of their own, or of ulate what is fresh in the memory of all our others. They are persuaded that a display of readers. The strong ground was the ne-speculative opinions would not meet with apcessity of immediately resorting to some circulating medium-the depreciated state of our bank currency was then confessed and deplored; and then the question was Prior to the years 1806 and 1807, establish considered, whether the bills of a national ments for manufacturing cotton wool had not bauk, with so small a capital of gold and been attempted, but in a few instances, and on a limited scale. Their rise and progress are silver, would remedy the evil, Many attributable to embarrassments to which comspeculations, alike ingenious and unprofit-merce was subjected; which embarrassments able, were made on both sides of the ques-originated in causes not within the control of tion-alterations and amendments were human prudence. made on one day, which on the succeeding were altered and amended back again; at length, not quite in its original state, it was passed by the House of Representatives, ||

had been carried on with the continent of EuWhile commerce flourished, the trade which

rope, with the East Indies, and with the colonies of Spain and France, enriched our enterprizing merchants the benefits of which were

sensibly felt by the agriculturalists, whose || free intercourse, promoted and facilitated by wealth and industry were increased and exten- roads and canals, will ensue; prejudices, which ded. When external commerce was suspended, are generated by distance, and the want of inthe capitalists throughout the Union became ducements to approach each o her and recip solicitous to give activity to their capital. A rocate benefits, will be removed; information portion of it, it is believed, was directed to the will be extended; the union will acquire strength improvement of agriculture, and not an incon- and solidity, and the constitution of the United siderable portion of it, as it appears, was like- States, and that of each state, will be regarded wise employed in erecting establishments for as fountains from which flow numerous streams manufacturing cotton wool. To make this of public and private prosperity. statement as satisfactory as possible—to give it all the certainty that it is susceptible of attain-orbit, performing, with ability, its separate ing, the following facts are respectfully submit || functions, will be endeared to the hearts of a ted to the consideration of the House They good and grateful people. shew the rapid progress which has been made in a few years, and evidently the ability to carry them on with certainty of success, should a just and liberal policy regard them as objects deserving encouragement.

In the year

1800

1805

1810

1815

Bales of cotton manufac

establishments.

Each government, moving in its appropriate

The states that are most disposed to manufactures, as regular occupations, will draw from the agricultural states all the raw materials which they want, and not an inconsiderable portion also of the necessaries of life; while the latter will, in addition to the benefits which tured in manufacturing they at present enjoy, always command, in peace or in war, at moderate prices, every species of manufacture that their wants may require. Should they be inclined to manufacture for themselves, they can do so with success, because they have all the means in their power to erect and to extend at pleasure manufacturing establishments. Our wants being supplied by our own ingenuity and industry, exportation of specie, to pay for foreign manufactures, will

500 1,000

10,000
90,000

This statement the committee have no reason to doubt; nor have they any to question the truth of the following succinct statement of the capital which is employed, of the labor which it commands, and of the products of that labor:

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Wages of one hundred thou-
sand persons, averaging 150
dollars each,

Cotton wool manufactured,
ninety thousand bales, a-
mounting to,
Number of yards of cotton of
various kinds,
Cost per yard, averaging thir-
ty cents,

$40,000,000

10,000 66,000

cease.

The value of American produce at this time exported, will not enable the importers to pay for the foreign manufactures imported. Whenever the two accounts shall be fairly stated, the balance against the United States will be found to be many millions of dollars. Such is the state of things, that the change must be to the 21,000 advantage of the United States. The precious metals will be attracted to them; the diffusion of which, in a regular and uniform current, 15,000,000 through the great arteries and veins of the body politic, will give to each member health and vigor.

lbs. 27,000,000

yds. 81,000,000

$24,000,000 This rise and progress of such establishments ean excite no wonder. The inducements to industry in a free government are numerous and inviting Effects are always in unison with their causes. The inducements consist in the certainty and security which every citizen enjoys of exercising exclusive dominion over the creations of his genius, and the products of his labor: in procuring from his native soil, at all times, with facility, the raw materials that are required, and in the liberal encouragement that will be accorded by agriculturalists to those who, by their labor, keep up a constant and increasing demand for the produce of agricul

ture.

Every state will participate in those advantages. The resources of each will be explored. opened, and enlarged. Different sections of the union will, according to their position, the cli mate, the population, the habits of the people, and the nature of the soil, strike into that line of industry which is best adapted to their interest and the good of the whole; an active and

In proportion as the commerce of the United States depends on agriculture and manufactures, as a common basis, will it increase and become independent of those revolutions and fluctuations, which the ambition and jealousy of foreign governments are too apt to produce. Our navigation will be quickened; and supported as it will be by internal resources never before at the command of any nation, will advance to the extent of those resources.

New channels of trade, to enterprize, no less important than productive, are opening, which can be secured only by a wise and prudent policy appreciating their advantage.

If want of foresight should neglect the cullivation and improvement of them, the opportune moment may be lost, perhaps for centuries, and the energies of this nation be thereby prevented from developing themselves, and from making the boon, which is proffered, our

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The

their features change and enlarge, with such rapidity, that his pencil in vain endeavours to catch their expressions, and to fix their physiognomy.

on the treasures that are embossomed in the due to the genius and taste of the architects; earth, on the genius and ingenuity of our man- but cannot refrain from regretting the waste, ufactures and mechanics, and on the intelli- to no purpose, of superior intellects. gence and enterprize of our merchants. western states prove the fallacy of such theoThe government, possessing the intelligenceries; they appear in their growth and expanand the art of improving the resources of the sion to be in advance of thought; while the ponation, will increase its efficient powers, andlitical economist is drawing their portraits, enjoying the confidence of those whom it has made happy, will oppose to the assailant of the nation's rights, the true, the only invincible ægis, the unity of will and strength. Causes producing war will be few. Should war take place, its calamitous consequences will be mitigated, and the expenses and burdens of such a state of things will fall with a weight less oppressive and injurious, on the nation. The expenditures of the last war were greatly increas-prices. ed by a dependence on foreign supplies. The prices incident to such a dependence will always be high.

It is to their advantage to manufacture, because, by decreasing the bulk of the article, they at the same time increase their value by labor, bring them to market with less expense, and with the certainty of obtaining the best

Those states understanding their interest, will not be diverted from its pursuit. In the encouragement of manufactures, they find a stimulus for agriculture.

Had not our nascent manufacturing establishments increased the quantity of commodities, The manufacturers of cotton in making apat that time in demand, the expenditures would plication to the national government for enhave been much greater, and consequences the couragement, have been induced to do so. for most fatal and disastrous, alarming even in con- many reasons. They know that their estatemplation, would have been the fate of this na- blishments are new and in their infancy, and tion. The experience of the past teaches a les-that they have to encounter a competition with son never to be forgotten, and points emphatically to the remedy. A wise government should heed its admonitions, or the independence of this nation will be exposed to the shafts of fortune."

foreign establishments, that have arrived at maturity, that are supported by a large capital, and that have from the government every protection that can be required.

The American manufacturers expect to meet The committee, keeping in view the inter- with all the embarrassments which a jealous ests of the nation, cannot refrain from stating and monopolizing policy can suggest. The that cotton fabrics imported from India, inter-committee are sensible of the force of such. "fere not less with that encouragement to which || considerations. They are convinced that old agriculture is justly entitled, than they do with || practices and maxims will not he adandoned to that which ought reasonably to be accorded to favor the United States. The foreign manuthe manufacturers of cotton wool. The raw facturers and merchants will put in requisition material of which they are made is the growth all the powers of ingenuity: will practise whatof India, and of a quality inferior to our own. ever art can devise, and capital can accomplish, The fabrics themselves, in point of duration to prevent the American manufacturing estaband use, are likewise inferior to the substan-lishments from taking root and flourishing in tial fabrics of American manufacture. Although the India cotton fabrics can be sold for a lower price than the American, yet the difference in the texture is so much in favor of the American, that the latter may be safely considered as the cheapest.

their rich and native soil. By the allowance of bounties and drawbacks, the foreign manufacturers and merchants will be furnished with additional means of carrying on the conflict, and of ensuring success.

The American manufacturers have good reason for their apprehensions; they have much at stake. They have a large capital employed, and are feelingly alive for its fate. Should the

tion the dangers which invest and threaten them, will destroy all their hopes, and will close their prospects of utility to their country. A reasonable encouragement will sustain and keep them erect; but if they fall, they fall never to rise again.

The distance of most of the western states from the ocean, the exuberant richness of the soil, and the variety of its products, forcibly impress the mind of the committee, with a be-national government not afford them protec. lief, that all these causes conspire to encourage manufactures, and to give an impetus and di rection to such a disposition. Although the western states may be said to be in the gristle, in contemplation of that destiny, to which they are hastening, yet the products of manufactures in these states are beyond every calculation that could reasonably be made; contrary to the opinion of many enlightened and virtuous men, who have supposed that the inducements of agriculture, and the superior advantages of that life, would suppress any disposition to that sort of industry. But theories, how ingeniously soever they may be constructed, how much soever they may be made to conform to the laws of symmetry and beauty, are no sooner brought into conflict with facts, than they fall into ruins. In viewing their fragments, the wind is irresistibly led to render the homage

The foreign manufacturers and merchants know this; and will redouble with renovated zeal the stroke to prostrate them. They also know, that should the American manufacturing establishments fall, their mouldering piles, the visible ruins of a legislative breath, will warn all who shall tread in the same footsteps, of the doom, the inevitable destiny of their establishments.

The national government, in viewing the disastrous effects of a short sighted policy, may relent; but what can relenting avail? Can it raise the dead to life? Can it give for injų

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