ed, and which have been derived from experience, will have their due weight in influencing their determination. They an ticipate with confidence, in the person who is contemplated by the President as your successor, the possession of those qualities which will lay claim to every facility and support, which an attention to the interests of their constituents, combined with a wish to promote the public service, will enable the President and Directors to afford.

In behalf of the President and Directors of the Bank of the United States.

HAMILTON TO WASHINGTON.

PHILADELPHIA, February 4th, 1795.

SIR:

The circumstance of having offered my late report to Congress to the two Houses, which rendered two copies necessary, and the extreme press of business in the office, in preparing for my resignation, prevented my sending you a manuscript copy of that report.

I have now corrected a printed copy for you, which I have the honor to send herewith.

With true respect and attachment, &c.

HAMILTON TO WASHINGTON.

(PRIVATE.)

PHILADELPHIA, February 12th, 1795.

SIR:

I have maturely reflected on the subject of the within papers. I do not hesitate to give it as my opinion, that if it were not for

very peculiar personal circumstances, the fittest arrangement, upon the whole, would be to consign the temporary execution of the comptroller's office to the commissioner of the revenue. But I could not advise this, because it could not fail, for strong reasons, to be unpleasant to Mr. Wolcott, and because there is real danger that Mr. Coxe would first perplex and embarrass, and afterwards misrepresent and calumniate.

The treasurer would by no means answer; because, as the keeper of the money, it is particularly essential that all the checks upon him should be maintained in full vigor; and the comptroller is the officer who, in the the last resort, settles his accounts as well as concurs, in the first instance, in authorizing, by the warrants which are issued by the secretary, and countersigned by the comptroller, the payments and receipts of the treasurer.

The register is also one of the principal checks of the depart ment; first, upon the secretary and comptroller, whose warrants he must register and sign, before they can take effect; and, secondly, upon the settlements of the comptroller and auditor, by recording their acts, and entering them on the books to the proper accounts.

Of any of the officers of the department, except the commissioner of the revenue, the business can be best managed through the auditor, consistently with the preservation of the most material checks, with the restriction I mentioned this morning, of his not deciding, as comptroller, upon any account he may have settled as auditor. The temporary suspension of the final conclusion of the accounts-all the previous examinations going on-cannot be attended with any serious inconvenience. If the laws admit of it (which I doubt, as they now stand), the appointment of the auditor's first clerk to act as auditor in his stead will be a conveniency. I do not think this would be liable to the same objections as the appointing a clerk to act as comptroller, whose office imports the second trust in the department. In one sense, to appoint the auditor to act as comptroller will comport best with the spirit of the constitution of the department. This is, that the officer who is to settle the accounts, by countersigning the warrants for receipts and payments, shall have an opportunity to

observe their conformity with the course of business, as it appears in the accounts; and shall have notice, in the first instance, of all payments and receipts, in order to the bringing all persons to account for public moneys. This reason operates to make the auditor, who is the coadjutor of the comptroller in settlements, his most fit substitute in this particular view.

On the whole, I am of opinion that it is most advisable to appoint the auditor.

A clerk, for reasons already mutually adverted to, does not appear to me expedient.

I have the honor to be, Sir,

Your affectionate and obedient servant,

A. HAMILTON.

P. S. The restriction above suggested, for greater caution, had best be in writing, in a letter to the Secretary of the Treasury. The instrument appears to me in proper form.

SIR:

BIRD, SAVAGE AND BIRD, TO HAMILTON.

LONDON, February 23d, 1795.

In your retreat from the office of Secretary of the United States, it can be of little moment to you to have any addition to the public and private testimonies you have received of the high opinion your country entertains of your distinguished integrity and abilities, which have been so successfully employed in restoring her public credit, and placing it on the most favorable footing to her future prosperity. We cannot, however, refuse ourselves the gratification of communicating to you the applause that the wisdom of your financial measures has procured from all persons in this country, where the subject is so well. known and understood.

Joining in the general regret at your retreat, we beg leave to

offer you our best services, in whatever future walk of life you may fix on, and, with great respect, Sir,

Your most obedient servants,

BIRD, SAVAGE & BIRD.

COMMERCIAL RELATIONS.

OUTLINE OF SMITH'S SPEECH ON MADISON'S RESOLUTIONS OF JANUARY 3, 1794.

Draft by Hamilton.

January, 1794.

The table which is annexed takes the year 1790 as the proper period to show the commercial policy of France previous to the revolution just terminated. The notes accompanying that table explain the alterations which have since taken place. There is, however, no mention of the expiration of the time limited for the premium on French fish imported into the French colonies, which happened in 1790, because this makes no alteration in the general complexion of the policy of France in this particular. It is usual for greater caution to limit the duration of premiums to a certain period, even where it is supposed that a further continuation may be necessary, and if the premim in question has not been removed, it affords no proof of an intention to relinquish it, as the situation of France at the time of the cessation, and since, may be presumed to have precluded arrangements affecting the trade of the colonies.

If any have been made, it may be inferred from Commères' pamphlet, that though the duty on foreign fish has been reduced from three to five livres, the premium on French fish has been raised from ten to twelve, which makes the aggregate of duty and premium, operating as a bounty on French fish, the same as before, namely, fifteen livres.

General Observations.

1. The commercial system of Great Britain makes no discriminations to the prejudice of the United States as compared with other foreign powers.

There is therefore no ground for a complaint on the part of the United States, that the system of Great Britain is particularly injurious or unfriendly to them.

2. The commercial system of Great Britain makes important discriminations in favor of the United States as compared with other foreign nations. This is exemplified in the instance of tobacco, lumber, pot and pearl ash, tar and pitch, pig and bar iron, which, when carried from the United States to Great Britain, are either exempt from duties, which are paid on the same articles brought from other foreign countries, or pay so much less duty as to give them a clear advantage in the competition for the British market. Our vessels in the direct trade with Great Britain,. are in various instances exempted from duties, which are paid by the ships of other nations, and in general are on the same footing in that trade with the vessels of the British colonies. Admission is also given to a variety of the commodities of the United States in the British West Indies, which is not given to similar commodities of other foreign countries.

There is therefore ground to assert, that the commercial sys-tem of Great Britain is more favorable and friendly to the United States than to other foreign countries.

3. The commercial system of France previous to the revolution, made fewer and less important discriminations in favor of the United States, as compared with other foreign nations, than that of Great Britain. In the West Indies our privileges were the same. The same commodities only, and upon the same terms, might be carried thither, and brought from thence from and to the United States, which might be carried thither and brought from thence from and to other foreign nations. The discriminations in favor of the United States in direct trade with France, are not known to have extended beyond the articles of fish oils.