scribe, in books opened for that purpose, the sums they will respectively lend; and for the sums so subscribed and lent, certificates are given by the agent of the gov ernment, stating the amount for which the United States are indebted. The debt so contracted, and for which the 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 be higher or lower than their nominal value, they are said to be above or below par.

257. 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.

258. By the purchase of Louisiana, in 1803, and the expenses of the late war, the public debt was increased to more than $127,000,000. 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 them to $8,000,000.

259. 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as related to appropriations for the purchase of the principal, and payment of the interest of the funded debt, was repealed; and a yearly appropriation of $10,000,000, arising from duties on imports and tonnage, internal duties, and from sales of public lands, was made, for the reduc

manner does the government borrow money? What are stocks? 257. What provision was made during the late war for borrowing money? 258. What was the amount of public debt at the close of the late war? What means were adopted for its payment? What is ■ sinking fund? 259. What were the provisions of the act of 1817!

tion 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.

260. 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 extinguishment:

261. 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

260. What was the national debt in 1791? In 1800? In 1812? In 1816? In 1825? In 1835? 261. What amount has been paid within

beginning of that year, we have paid off, including interest, very nearly $100,000,000, over and above the current expenses of the government.

CHAPTER XIII.

Of Commerce.

262. 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.

263. Congress has power, by the constitution, "to regulate commerce with foreign nations, and among the sevstates, 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 reg ulate commerce, is not restricted to the mere buying and selling, or exchanging of commodities; but it extends to navigation by vessels exclusively employed in transporting passengers, and to every species of commercial intercourse with foreign nations, and among the several states, and with the Indian tribes.

264. 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

the last nine years? 262. What is commerce? 263. To what objects does this power of congress extend? Why might not the several states exercise this power? 264. What is navigation? By what means does congress encourage domestic navigation? How is this

enacted laws conferring privileges upon ships built and owned in the United States, in order to encourage domestic navigation. 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.

265. Vessels of the United States, to be entitled to the privileges enjoyed by such ships or vessels, must be registered pursuant to the laws of the United 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 sach 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 shall 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.

266. 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 cleared his vessel according to law.

267. 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

privilege conferred? What are these duties called? Why? 265. How do vessels become entitled to this privilege? How are vessels registered? 266. What must a master of a vessel do to be entitled to a clearance? What is a clearance? 267. What is required of ves

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by the secretary of state, and approved by the president A passport, as applied to navigation, is a license or writing granted by the proper authority of a country to navigato 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. without interruption. A passport is likewise a license for importing or exporting goods without paying duties.

268. Passenger vessels are not permitted to carry & 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 every passenger above the number prescribed. If the number of passengers shall exceed such number by twenty, the vessel shall be forfeited to the United States. The master or captain of a vessel is required to report to the collector a list or manifest of all the passengers, designating their age, sex and occupation; the country to which they belong, and of which they intend to become residents; and the number, if any, that have died on the voyage.

269. None but citizens or persons of color, natives of the United States, may be employed on board a vessel of the United States. If the commander of a vessel employ any other than such persons on board his vessel, he shall forfeit and pay one thousand dollars for each person so employed; and the master of every vessel bound to a

sels departing from the United States? What is a passport? What does it contain? 268. What restrictions are imposed upon passengor vessels? What penalty or forfeiture is annexed? What report is the master required to make? 269. What persons only may be