Reports of the Secretary of the Treasury of the United States, Prepared in Obedience to the Act of the 10th May, 1800: ... to which are Prefixed the Reports of Alexander Hamilton, on Public Credit, on a National Bank, on Manufactures, and on the Establishment of a Mint, Volume 1


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Page 5 - To justify and preserve their confidence to promote the increasing respectability of the American name; to answer the calls of justice; to restore landed property to its due value; to furnish new resources, both to agriculture and commerce; to cement more closely the union of the States; to add to their security against foreign attack; to establish public order on the basis of an upright and liberal policy — These are the great and invaluable ends to be secured by a proper and adequate provision,...
Page 285 - In obedience to the directions of the " Act supplementary to the Act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following report : 1st.
Page 103 - The internal competition which takes place, soon does away every thing like monopoly; and by degrees reduces the price of the article to the minimum of a reasonable profit on the capital employed. This accords with the reason of the thing, and with experience.
Page 55 - Every, loan which a bank makes, is, in its first shape, a credit given to the borrower on its books, the amount of which it stands ready to pay, either in its own notes, or in gold or silver, at his option. But, in a great number of cases, no actual payment is made in either. The borrower, frequently, by a check or order, transfers his credit to some other person, to whom he has a payment to make ; who, in his turn, is as often content with a similar credit, because he is satisfied that he can, whenever...
Page 91 - States are, to a certaia extent, in the situation of a country precluded from foreign commerce. They can, indeed, without difficulty, obtain from abroad the manufactured supplies of which they are in want ; but they experience numerous and very injurious impediments to the emission and vent of their own commodities.
Page 106 - Not only the wealth but the independence and security of a country appear to be materially connected with the prosperity of manufactures. Every nation, with a view to those great objects, ought to endeavor to possess within itself, all the essentials of national supply. These comprise the means of subsistence, habitation, clothing, and defence.
Page 78 - The embarrassments which have obstructed the progress of our external trade, have led to serious reflections on the necessity of enlarging the sphere of our domestic commerce. The restrictive regulations, which, in foreign markets abridge the vent of the increasing surplus of our agricultural produce, serve to beget an earnest desire, that a more extensive demand for that surplus may be created at home...
Page 15 - ... is clearly of opinion, that to make it, would require the extension of taxation to a degree, and to objects, which the true interest of the public creditors forbids. It is therefore to be hoped, and even to be expected, that they will cheerfully concur in such modifications of their claims, on fair and equitable principles, as will facilitate to the government an arrangement substantial, durable, and satisfactory to the community.
Page 79 - Till the latter shall characterize the situation of this country, 'tis vain to hope for the former. " If, contrary to the natural course of things, an unseasonable and premature spring can be given to certain fabrics, by heavy duties, prohibitions, bounties, or by other forced expedients, this will only be to sacrifice the interests of the community to those of particular classes.
Page 55 - The following are among the principal advantages of a bank : — First. The augmentation of the active or productive capital of a country. Gold and silver, where they are employed merely as the instruments of exchange and alienation, have been not improperly, denominated dead stock ; but when deposited in banks, to become the basis of a paper circulation, which takes their character and place, as the signs or representatives of value, they then acquire life, or, in other words, an active and productive...

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