Board, viz. The Manhatten Company offer | to remit the whole, at the rate of fortythree cents. per guilder. Alexander Baring offers to remit guilders 3,140,488 16 1-2 payable in Amsterdam, at the fol. lowing dates, viz.-1st January 1803, 605,000 guilders.-1st February, 685,000 ditto.-1st March, 425,000 ditto.-1st And at June, 1,425,487 16 1-2 ditto

The measures which have been autherisei by the Board subsequent to their report i the 19th of December 1801, as far as same have been completed, are fully de tailed in the report of the Secretary of te Treasury to this board, dated the 3d dar the present month, and in the proccedir the officers of the Treasury therein rekend to, which are herewith transmitted, a

All which is respectfully submitted A. BURR, Vice President of the U States, and President of the Senate-J MADDISON, Secretary of State-ALI GALLATIN, Secretary of the TreasurLEVI LINCOLN, Attorney General United States.

Washington, Feb. 5, 1803.

a rate of forty-one cents per guilder, pro.prayed to be received as part of this re vided, however, that the United States shall sell to him the two thousand two hundred and twenty shares of the Bank of the United States, owned by the United States, at forty-five per cent. advance, or at the rate of five hundred and eighty dollars per share; which last proposition is recommended by the Secretary of the Treasury, as the most eligible; as exclusively of the advantageous rate of exchange, thereby secured, the transaction will not have any unfavourable effect on the rate of exchange generally, and by so considerably diminishing the demand, will enable the United States to obtain what is still wanted at a reasonable rate; and hecause in his opinion, the price obtained for

the Bank shares is more than could be obtained, were they thrown in the market for sale, and more than their intrinsic value.

Whereupon it was resolved, by the board, "That the Secretary of the Treasury be

authorised to sell the shares of the stock of the Bank of the United States, belonging to the United States; and that the proceeds thereof be applied to the payment of the capital or principal of any part of the debt of the United States, which had become due to the Bank of the United States, before or during the course of the year 1796, and which remains still unpaid, in conformity to the provisions of the act entituled "An act making provision for the payment of cer. tain debts of the United States," passed on the 31st day of May 1796.”

(Signed)

JAMES MADDISON, Secretary of State.
ALB. GALLATIN, Sec. of the Treasury.
LEVI LINCOLN, Attorney General.
Attest. EDWARD JONES, Secretary to the
Board of Commissioners of the Sinking-
Fund.

REPORT LAID BEFORE THE HOUSE OF RE-
PRESENTATIVES, BY THE COMMISSIONERS
OF THE SINKING FUND, ON THE 7TH

FEBRUARY 1803.

The commissioners of the sinking fund respectfully report to Congress as follows:

Report of the Secretary of the Treauni the Commissioners of the Sinking in for 1801 and 1802.

The Secretary of the Treasury res fully reports to the Commissioners Sinking Fund,

That since the date of the last repot” Congress of the 16th Dec. 1891, and the 1st Jan. 1802, the following parts the principal of the public debt have bee discharge:

1. In the payment of instalments of six per stock, viz.

Seventh instalment of the 6 per cent stock, which, pursuant to the Act making further provision for the support of public credit, and for the redemption of the public debt," passed the 3d March 1795, and the act in addition thereto, passed the 28th April 1796, became payable for the year 1801,

First instalment of the deferred 6 per cent. stock, which, pursuant to the acts above recited, also became payable in the year 1801,

2. In payment of the tenth and last instalment of the subscription loan for bank stock due on the last day of December 1801,

805.844

272,416 2 1,078,262 34

200,000 4

3. The fund arising from dividends on the capital stock which belonged to the United States in the bank of said States, from 1st January 1800, to 30th June 1801, after deducting the interest on the subscription loan, for the same period,

4. The fund arising from the sale of public lands, being the amount drawn by the agent to the commissioners, pursuant to the act of 3d March, 1795,

5. The proceeds of the duties on goods, wares and merchandize imported; on the tonnage of ships or vessels, and on stills and spirits, distilled in the United States, appropri ated by the 8th section of the act of 3d March, 1795, intituled "an act making further provision for the support of public credit, and for the redemption of the public debt,"

Making in the whole the amount of the reimbursements of 6 per cent. stock, and the 10th and last instalment of the subscription loan for bank stock as above stated,

Making in the whole the annual 709,218 57 appropriation by law for the year

326,449 92

888 79

33,960

179,575 £2

6,759,125 77

785,152 28

1802, under the act aforementioned, 7,300,000 • 2. From the proceeds of goods, wares, and merchandize imported, and on tonnage advanced by the Treasury, in order to enable the com missioners in Holland to make the payments in time, conformably to the 5th section of the "act making provision for the whole of the public debt," and being in part, and on account of the annual appropriation of 7,300,000 dollars for the year 1803, shares of the capital stock of the bank 3. From the proceeds of 2220 of the United States, which have been sold in pursuance of the "act making provision for the payment of certain debts of the United States," the proceeds of which have been That during the year 1802, the follow-placed in the Treasury, ing disbursements were made out of the Treasury, on account of the principal and interest of the public debt :

dolls. 1,278,262 54 That besides the above-mentioned reimbursements, there remained at the close of the year 1801, an unapplied balance of guilders 2,314,846 gst. applicable to the payment of the principal and interest of the Dutch debt for the year 1802, and consisting of remittances purchased and paid for before the 1st day of January, 1802, beyond the sums wanted to meet the demands in Holland during the year 1801.

1. There was paid on account of the reimbursement and interest of the domestic debt, the sum of

1,287,600 0

Dollars, 9,372,752 28

That the above-mentioned disbursements made during the year 1802, and amounting stiv. 4,654,699 61 to dollars 9,372,752, 28, together with the above-mentioned balance of guilders 2,314,846 gst. which remained unexpended on the 1st January, 1802, have been ap plied as follows; that is to say,

2. On account of principal of monies borrowed of the bank of the United States,

3. On account of interest on domestic loans,

4. On account of reimbursement of capital and interest of Dutch debt, exclusive of repayments into the Treasury,

5. On account of debts due to fo

1,290,000

162,205

3,243,065 91

7,994 92 14,966 84

dolls. 9,372,752 28

Which disbursements were made out of

the following funds:

1. From the funds appropriated by the 1st section of the "act for the redemption of the whole of the public debt," viz.

From the fund arising from the in terest on the domestic debt, transferVOL. III.

REPORT laid before the House of Represen tatives, by the Secretary of the Treasury, respecting the Fisheries of the United States, on the 29th of Jan. 1803.

Treasury Department, 29th Jan. 1803. SIR, I have the honour to enclose a statement prepared in obedience to the resolution of the House of Representatives, of the 24th inst.

The duties paid on the importation of foreign fish being laid on the value, and not on the quantities, there are no documents in this department by which those quantities

can be ascertained.

And that besides the above-mentioned reimbursements and payments, there remained at the close of the year 1802, exclusively of the amount of sundry protested bills still outstanding, and of unexpended balances in the hands of agents, an unapplied balance, As the number of seamen employed in the estimated at guilders 5,914,606 10 st. ap. cod fishery could not be ascertained, for plicable to the payment of the principal and each of the ten years embraced in the stateinterest of the Dutch debt for the year 1803, ment, without delaying for a considerable and consisting of remittances purchased and time the report, it was thought best to paid for before the 1st day of January, transmit at present only the number employ1803, beyond the sums wanted to meet theed for the year 1800; which, by a compa. demands in Holland during the year 1802. rison of the tonnage for that year, with that No purchases of the debt of the United for each of the preceding years, will shew, States have been made since the date of the without any material error, the number of last report to Congress, and the accompany-seamen employed during each year. The ing statements exhibit for the years 1801 general result gives an annual average of and 1802 respectively, the operations at the about 33,000 tons, and 5,000 scamen, em. Treasury, in the transfer of stock to the ployed in the cod-fishery. commissioners of the Sinking Fund, in trust for the United States upon the reimbursement of the foreign debt in the years 1800 and The speaker of the House of Representatives.

I have the honour to be, &c. &c.
ALBERT GALLATIN.

Abstract of the quantity of Fish exported from the United States; the amount of bounties and allowances paid; also the tonnage of vessels employed in the Cod and Whale Fisheries, and duties accruing thereon, for the years 1791 to 1800 inclusive.

1800 392,726 50,388 12,403 18,325

652

555

This column includes the payments made for bounties on the exportation of both fish and salted provisions; and from the informality with which several of the collectors returns are made out, the payments in many instances being blended sogether, it is impossible to make a correct discrimination.

The documents in the Treasury do not distinguish the tonnage employed in the whale fishery prior to the year 1794. and those only enrolled vessels.

REPORT LAID BEFORE THE HOUSE OF RE- upon the amount upon which duties were

and manufactures: Secondly, in those of the of a manufacturer of very little importanz positive or relative force of France.

Colonies do not excite interest for their own sake, but only as respects the influence they may have on a nation; and as one man alone is more useful by remaining at home, than two by removing at a distance, a wise nation does not seek to colonize, until she has a superabundance of population, which she cannot usefully employ in any other way.

Though very considerable, the population of France is very far from having reached the term which renders colonies necessary her soil, climate, and local situation give her, as a commercial, and especially as a manufacturing nation, great advantages over all the nations of Europe. The spirit of invention, the taste and industry of its inhabitants, place her in the first rank. But those advantages are wonderfully abridged by the want of capitals sufficient to make use of them. A rival nation, greatly inferior in every one of these particulars, has, by the effect alone of an immense capital, obtained the superiority, not only in com. merce, but also in manufactures; and these advantages, by increasing the national for. tune, furnish it with the means of maintain. ing that very superiority.

in the eyes of a French workman.

Hence when a foreign vessel, especially i owned at a great distance, sells her carga in France, she is ordered to take nothing but wines or brandies, because they are the only articles which the owner is sure to procure in sufficient quantities, in the fixed time.

In England, on the contrary, he wil find all sorts of goods, in one hour, from one manufacturer, the reputation of which would suffer, if the whole supply were not of the same quality with the sample. This consideration will ever induce a foreigner to apply to an English, in preference to a French merchant, for a purchase of goods of the same kind. Hence cargoes are sold in France, and the proceeds carried to England, there to be sold for articles which France might supply, if her manufacturers were rich enough to answer every demand, in a short time, without compelling the purchaser to have recourse to a great num ber of manufactories.

This inconveniency can only be removed by increasing the capitals of manufacturers. It would be too great a deviation from my subject, to point out the means of obtaining those capitals; but it is evident, that they Capitals increase the number of manufac. must be considerably lessened by the formtures, by the introduction of machines, bying of a navy, at the expence of manufac. the regular payment of workmen, by the tures, or by using the capitals of the nation reduction of the interest of money, and in distant countries. It is beyond doubt, especially by the possession of new markets. that capitals open new channels; for nothing None but rich individuals can undertake is more natural for merchants whose capital those slow and expensive speculations, which is small, than to content themselves with often give the superiority to a manufacture.acting the part of brokers or commissionA poor merchant cannot undertake long merchants, to those who can supply them voyages, returns from which are slow; they with goods on credit; and for this very are reserved for the wealthy, who can give reason, England lost nothing by the inde. credits long enough to tempt foreign na-pendence of America. Her immense capitions to give his articles the preference over tals have created a monied dependence, those of other nations, which expect a quick which, in a commercial relation, replaced return for theirs. The want of capitals in the supremacy she had lost in the govern France, is such, that no manufacturer has ment. The increase of capital in America, at his command a quantity of articles suffi- frees it in some degree from that depen cient to answer the demands; and conse-dency, and by furnishing her with the means quently no foreigner can be sure to obtain from his French Correspondent wherewith to make his returns without retarding his vessel in port, or, at least, without being obliged to take a considerable quantity of articles of inferior quality, picked up in a number of different manufactories; so that if he commits any fraud, no one can be charged with it. This renders the character

of extending her commerce, and even to offer capitals to other nations, which know how to calculate the value of the markets which she offers to manufactures and to the luxury of Europe.

It will be readily granted, that colonies beyond the seas add nothing to the force of a nation; these are, on the contrary, weak points, which are guarded at a very great

expence