certificates are thus given, are called stocks. To persons having these certificates, the government pays, quarterly, the interest that accrues on them at the rate expressed in the act. These certificates are often bought by persons to sell again. When they are sold at a price equal to the amount expressed in them, stocks are said to be at par. If their market price is higher or lower than their nominal value, they are said to be above or below par.

During the late war, provision was made for borrowing money, by an act which authorized the issuing of notes by the treasury, bearing interest at six per cent. These notes were receivable by the government in payment for taxes, duties, public lands, &c.

By the purchase of Louisiana, in 1803, and the expenses of the late war, the public debt was increased to more than 127 millions of dollars. One of the means adopted to liquidate the public debt, was the creation, at an early period, of a sinking fund. [Sinking fund signifies that part of the national revenue which is set aside for the national debt.] Additional yearly appropriations were made, from time to time, until, in consequence of the augmentation of the public debt, by the Louisiana stock, it became necessary to increase it to 8,000,000 of dollars.

By the act of 1817, so much of all former acts as related to appropriations for the purchase of the principal, and payment of the interest of the funded debt, was repealed; and a yearly appropriation of 10,000,000 of dollars, arising from duties on imports and tonnage, internal duties, and from sales of public lands, was made, for

borrows money? What are stocks? May stocks be bought and sold? When are stocks said to be at par? In what other manner was money borrowed during the late war? How did these notes answer as money? What was this debt in 1815?

From what es

pecial causes had it been thus increased? What is a sinking famd?

the reduction of the public debt. By the application of this amount every year, together with such other portion of the yearly revenue as remained after paying the expenses of the government, the national debt has at length been entirely liquidated. The following table exhibits the amount of public debt, on the first of January, in each year, from the year 1791, to the period of its extinguish

Only nine years ago, our national debt was $81,000,000. In 1816 the interest alone amounted to $7,000,000. In 1826, to almost $4,000,000. Since the beginning of

What were the provisions of the act of 1817? What was the national debt in 1791? In 1800? In 1812? In 1816? In 1825? In 1835?

that year, we have paid off, including interest, very nearly a hundred millions of dollars, over and above our current expenses, almost without feeling it.

CHAPTER VIII.

Of Commerce.

Commerce signifies a mutual change of goods, productions, or property of any kind, between nations or individuals, either by barter, or by purchase and sale. When we speak of the commerce of a nation, we have reference to its trade with other nations.

Congress has power, by the constitution, "to regulate commerce with foreign nations, and among the several states, and with the Indian tribes."

The propriety of vesting this power in congress is plain its exercise by the several states might have produced a different system in each state, and caused mutual jealousies, rivalries and restrictions, which could be prevented only by a common superior power. The general power of congress to regulate commerce, is not restricted to the mere buying and selling, or exchanging of commodities; but it extends to navigation by vessels propelled by steam or otherwise, by vessels exclusively employed in transporting passengers, and to every species of commercial intercourse with foreign nations, and among the several states, and Indian tribes.

What is commerce? For what objects has congress the power to regulate commerce? Why might not the several states exercise

Navigation is the art or practice of conducting or carrying a ship from one port to another; and implies whatever relates to traversing the sea in ships. In pursuance of the power to regulate commerce, congress has enacted laws conferring privileges upon ships built and owned in the United States, in order to encourage domestic naviga tion. This is done by imposing higher duties of tonnage and impost upon foreign vessels, and goods imported therein, than those required to be paid upon vessels of the United States, and goods imported in them. These duties are called discriminating duties, as the law discriminates, or makes a distinction between foreign and domestic navigation, giving a preference to the latter.

Vessels of the United States, to be entitled to the privi leges enjoyed by such ships or vessels, must be registered pursuant to the laws of the United States; and they must be wholly owned and commanded by citizens of the Uni ted States. After the admeasurement of a vessel by a surveyor to ascertain her tonnage, the collector records or registers in a book kept for that purpose, the names of the vessel and the port to which she belongs, her burthen, the year, and the name of the place in which she was built. A certificate of such record or registry is then given by the collector of the district to the owner or commander of the vessel, who is required to give a bond with sureties, that the certificate of such registry shail be used only for the vessel for which it is granted. The law provides, that if a certificate of registry be fraudulently used for any vessel not entitled to the benefit thereof, such vessel shall be forfeited to the United States. *

this power? What is navigation? By what means does congress encourage domestic navigation? How is this privilege conferred? What are these duties called? Why? What is required of vessels to be entitled to this privilege? How are vessels registered?

The master of a vessel departing from the United States, and bound to a foreign port, is required to deliver to the collector of the district, a manifest of all the cargo on board, and its value, by him subscribed and sworn to be true; upon which the collector grants a clearance for such vessel. A clearance is a certificate stating that the commander has entered and cleared his vessel according to law. Every vessel of the United States going to a foreign country, shall, at the request of the master, be furnished with a passport, the form of which is to be prepared by the secretary of state, and approved by the president; for which passport, the master of the vessel shall pay ten dollars. A passport, as applied to navigation, is a license or writing granted by the proper authority of a country to navigate in some particular sea without hinderance. It contains the name of the vessel and that of the master, her tonnage and the number of her crew, certifying that she belongs to the subjects of a particular state, and requiring all persons at peace with that state to suffer her to proceed on her voyage without interruption. A passport is likewise a license for importing or exporting goods without paying duties.

Passenger vessels are not permitted to carry a greater number of passengers than two for every five tons of their burthen. If the master or other person on board of a vessel of the United States, shall take on board at a foreign place, or bring into the United States; or if he shall transport from the United States to a foreign place, a greater number of passengers than two for every five tons of such vessel, according to the custom house measurement, he shall forfeit and pay one hundred and fifty dollars for

What is a clearance? What must a master of a vessel do to be entitled to a clearance? What is a passport? What does it contain? What restrictions are imposed upon passenger vessels? What pen