Economica

FEATURES OF AMERICAN HISTORY.

The definitive treaty of peace between the United States and
Britain ratified by congress, January 4th,
The principal powers of Europe enact laws injurious to the
commerce of America; this and a general want of capi-
tal, brings an almost universal distress, which from the
insufficiency of the existing powers of congress under the
simple recommendatory compact, then their only guide, they
are unable to check or to alleviate. In this trying state,
paper money with, tender laws, and other fraudulent
schemes, became the dernier resort, after non-importation
agreements and other plans had failed. State combated state,
by countervailing duties in an irritating and dangerous com-
mercial warfare, that would soon have ended in blood but
for the fortunate call of a convention in consequence of
these increasing evils,

Mr. James Madison, providentially at THIS EVENTFUL CRI-
sis, brings forward a motion in the house of delegates of
Virginia to appoint commissioners who, in concurrence
with others to be appointed by the different states, should
form a system of commercial regulations, to be recom-
mended to the different state legislatures,

1784

1785

1787

1788

An insurrection, naturally occasioned by a disproportion be-
tween the general ability from the low state of commerce, of
agriculture, the consequent scarcity of money, and the heavy
untimely taxes, levied to reduce the state debts, &c. in Mas-
sachusetts. This insurrection was, however, happily sup-
pressed with the loss of only a few lives in December,
The federal convention, providentially assembled at Phila-
delphia, reported the new constitution or present system
of federal government, September 17th,
George Washington was unanimously elected president of
the United States, and John Adams, vice-president,
Congress met at New York, for the first time, under the new
constitution, March 4th. These were days of universal joy! 1789
George Washington publicly invested with the office of pre-
sident of the United States of America, April 30th, and
soon after recommends a noble central university as a nursery
of all useful science and of federal republican principles, favor-
able to the preservation of a lasting union of the states, which
union he foresaw might expire if mere state, county or parish
politicians were often a majority in congress, after the charms
of novelty in our form of government are at an end,
This year the first census was taken,
General Harmer defeated by the Miami Indians,
Miami villages destroyed by the Americans.
The bank of the United States established on a plan by Alex-
ander Hamilton; in this the nation held one-fifth of a capi-
tal of ten millions of dollars, on which, by the extra divi-

1789

1790

dends and by sales, near one million of clear profit was real-
ized to the treasury. This, with the additional active capi-
tal obtained by funding the war debt, produced those asto-
nishing changes, the effects of which are yet in operation;
by these our public and private credit was restored and in-
creased, agriculture, the arts and sciences were every where
encouraged; while commerce, universal industry and en-
terprize, raised, as if by magic, our public and private re-
sources, and our individual and national character, to its
present exalted and increasing state.

The site for a federal city was selected and formally located
on the river Potomac, at the head of its tide waters, in la-
titude 38° 53′′ north, and long. 76 west from London, as
near the centre of North America as the view to a conve-
nient and necessary communication with the sea would per-
mit. This site combines more beautiful, salutary, political
and other rational points than that of any other capital city in
the known world,

The first regular insurance company established with a capi-
tal of 600 thousand dollars, at Philadelphia,
General St. Clair defeated by the Indians near the Miami vil-
lage, with the loss of 640 Americans, his whole baggage
and eight pieces of artillery, November 4th,
Citizen Genet arrived from France at Charleston, and com-
missions armed vessels to cruize against the British,
The serious disputes first occasioned by this conduct of
the French minister, terminate in spoliations on the Ame-
rican shipping by the British, greatly to the injury of a
mutually beneficial commerce between Britain and Ameri-
ća, for which both parties have been much blamed by their
respective partisans,

The king of Britain issues orders to commanders of ships of
war and privateers to bring in for legal adjudication all ves-
sels carrying any supplies to, or any produce from, any
French colony, in consequence of which order many Ame-
rican vessels are piratically captured, November 6th,
An act passed by congress for fitting out a naval armament
against the Algerines, to consist of four 44 gun frigates and
two of 36, March 10th,

A bill passed by congress laying an embargo for 30 days,
which is afterwards continued for 30 more, March 26th,
John Jay, chief justice of the United States, appointed envoy
extraordinary to Britain, April,
Discontents, (owing to a partial scarcity of money in the
frontier counties in Pennsylvania, and hostile to the excise
law,) in the beginning of 1794, break out into an open i
surrection in the month of August of this year, but by the
prudence of the president of the United States and the good
conduct of the militia, who at his call readily stept forth in

1791

1792

1793

1794

support of the violated laws of their country, order is happily restored without bloodshed, General Wayne gains a complete victory over the savages and Canadian militia, near the Rapids of the Miami of the lakes, August 20th,

1794

The treaty of amity and commerce between Great Britain and the United States, signed at London 19th November, ratified by the President of the United States, August 14th, 1795 The dissentions in congress on the subject of financial regulations, and unreasonable jealousies of the influence of the secretary of the treasury, occasion his resignation; an irreparable check to the progress of the United States to immediate wealth, not merely from a change of men, but for the change of those liberal financial measures, that it was the duty of the general government to extend till their country was in a complete state for defence, independent of all further foreign aid,

The President assigns his constitutional reasons for a noncompliance with a call of the house of representatives, for the correspondence relative to the late treaty with Britain, The supplies necessary to carry the British treaty into effect, carried in congress after a long and very serious debate, George Washington retires from office as president of the United States, and presents his fellow citizens with an affectionate and invaluable valedictory, containing the principles essential to be observed for the preservation of their political and social blessings, and for the permanent stability of the union, March 3d,

1795

1796

1797

John Adams elected President, and Thomas Jefferson Vice
President, March 4th,

1797

This year the inestimable law for the sale of the PRIZE OF WAR LANDS, for certificates of the war debt, at a minimum of 2 dollars, obtained in congress,

1797

Messrs. Pinckney, Marshall and Gerry, sail to France in July,
and return without effecting any accommodation of the
differences between France and the United States, in
The British and American governments begin to discover the
importance of their mutually interesting commerce,
The Insurgente, the first frigate ever captured by the Ameri-
can navy, taken from the French by capt. Thomas Trux-
ton,
George Washington appointed and accepted the commission
of commander in chief of the armies of the United States,
July,
Captain Truxton, who in the Constitution, took the French
frigate Insurgente, soon after receives a national medal for
gallantly defeating La Vengeance, a frigate of superior
force,

1798

1799

Congress, by imprudently and peevishly limiting the sum to
be borrowed by the existing secretary of the treasury, force
him, during an alarming rupture with France, to give 8 per
cent. interest, for the necessary loans at that critical period, 1799
George Washington, first in war, first in peace, and first in
the hearts of his countrymen, dies! aged 67, December 14,
leaving in his will, stock equal to 25,000 dollars, for his fa-
vourite national university, and inviting subscribing follow-
ers, and directing the interest to be invested at compound
interest, till this fund, with such subscriptions as he invited
in his will, may be sufficient for the entire object.
Messrs. Murray, Ellsworth, and Davy, conclude a convention
with the French republic, September 3d, by the indepen-
dent direction of the President, and contrary to the opinion
of many of his confidential advisers,

This important era will be ever memorable for the removal of
the government of the United States, to their permanent scat,
John Adams, on this important occasion, thus addressed both
houses, in his first speech in the city of Washington, viz,
.66 I congratulate the people of the United States on the as-
sembling of congress at the permanent seat of government :
a residence not be changed. May this territory be the resi-
dence of virtue and happiness; in this city may that piety
and virtue, that wisdom and magnanimity, that constancy
and self government, which adorned the great character
whose name it bears, be forever held in veneration.

"You will consider this as the capitol of a great nation,
advancing with unexampled rapidity in arts, in commerce,
in wealth, in population; and possessing within itself those
energies and resources, which if not thrown away, or miser-
ably misdirected, will secure to it a long course of prosperity."
It is worthy of remark, that within two years after this excel-
lent caution, a bill passed in congress, directing a positive
sale, and of course an immense sacrifice, of above 1,200
eity lots, by auction; by which, in effect, above a million
of the public resources were thrown away, unless some un-
common circumstance should speedily intervene to restore
a confidence in the remaining city property.
The legislature of Massachusetts present a most affectionate
address to that venerable and thoroughly tried patriot, John
Adams, in consequence of the unaccountable dissentions
and difference of opinion respecting the true line of patriot-
ism at this eventful crisis,

Thomas Jefferson, late Vice President of the United States,
and president of the American philosophical society, and
Aaron Burr, both eminent for their talents and unremit-
ting attention to the interests of their country, on the most
trying occasions, elected President and Vice President of
the United States, March 4th,

1800

1801

We have at this period to note a remarkable error in the
financial affairs of the United States: Congress, without
the usual inquiry in all similar cases, of, 1st. How much
money have we in the treasury? 2d. How much do we re-
quire for domestic use? What is the averaged value or
profit on the use of money in the United States? pass a
law directing, hạp hazard, seven and a half millions to be
paid annually to the public creditors, till the entire debt of
the union is discharged; forgetting that by the law of
1797, which made debt receivable in the land offices, the
whole present and future debts of the union were amply pro-
vided for 50 years to come, unless they, by some such anti-
financial law, should make money so scarce as not to admit
the sales of their public lands, at any rate. The true value
of money was at this time more than 12 per cent. and the
average interest on their foreign loans not half the money:
hence it is obvious, that much injury must accrue from
sending money to Europe, to meet a debt that arrived in
every ship, to sink in the land offices, where it would have
died a natural death in 15 years. The mischievous effect
on the mercantile and agricultural interests, produced by
this law, are now most sensibly felt in the high rate for
specie and low rate of lands every where,
This year forms another epoch in the history of the United
States: by the faithful vigilance of Mr. Livingston, at the
court of France, a public overture was made for the pur-
chase of the entire country of Louisiana, which, though of
no value to France or Spain, was deemed of such import-
ance to the United States, that either this purchase or the
conquest thereof would have obtained it for the American
union, within a few years,

This year commenced throughout the union, the subscription
for a national monument and university, in one magnificent
and yet simply connected pile, on the plan of the Timoleon-
teon of Syracuse; for which the subscribing citizens of the
United States have limited themselves, men, women, and
children, (in conformity to an ancient custom of the original
Americans) to the price of one stone each. The pile to
commence at the discretion either of their trustees, or of
the congress of the United States, at their option, in respect-
ful conformity to the will of Washington,
Commodore Preble and the squadron under his command,
receive the thanks of their country by a vote of congress,
for their gallantry displayed in humbling our piratical foes
under the walls of their capitol, at Tripoli,
The public associations for banking and insurance, for canals
and turnpikes, by being greatly extended every where, and
combining the interests of the states and the people, tend very

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Economica: A Statistical Manual for the United States of America ...