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States, as far as they could be ascertained, sir per cents. The other certificate announted to $42,000,375, and the annual for the remaining third, which, after 18 interest was computed at $2,415,156. No was to bear interest, and be redeemeprovision had been made for the payment on the terms just mentioned. For s. of the interest, and there was no plan in of the sums subscribed as were paid mh operation to redeem the principal; the interest of the said domestic debt, or in 2 tuith of the government was doubied, and certificates issued in payment of interes the evidences of the public debt were re. the subscriber received a certificate si a duced to about one eighth of their nominal sum equal to that paid in, bearing the value. The estimated amount of the debt, per cent interest, payable quarter-seari, accordiug to the report of the secretary of and redeemable whenever prossa the treasury, in 1790, was $79,124,461. should be made by law for the purpx. $25,000,000 of this were proposed to be This was called deferred sir per cents. T assumed on account of the several states stocks thus created were transferable or $11,710,378 was the annount of the prin- on the books of the treasury, or on the cipal and interest of the foreign debt; of the commissioners of loans, upon w: $10,414,08.7 was the principal and interest the credit of the saine should exist at vof the liquidated part of the domestic time of the transfer, unless by per al debt. The unliquidated part, which con- warrant from the secretary of the traser sisted chiefly of continental bills of credit, The interest was made payable wbere ) was not ascertained, and was estimated ai credit of the stock should ens at the $2,000,000. In 1790, the public debt was time of its becoming due. If not de marifunded. $800,000 were annually reserved ed before the expiration of a third quartre from the duties ou merchandise imported, it was afterwards demandable only at te and the tonnage of vessels, or so much treasury of the U. Sintes. "To proude thereof as might be appropriated from the debts of the respective stairs, a kr time to time for the support of the govern- of $21,500,000 was authorized, to i pe: ment of the U. States, and their common in the evidences of debt which had been detence, and so much of the residue of the issued by the states. For four ninths otare duties aforesaid as might be necessary sum thus subscribed, the subscriber recesswas appropriated to the payment of ed a certificate bearing six per cent inter interest on loans made in foreign coun- and subject to the same conditions as to tries, and also to the payment of interest of the first sort mentioned under der on such further loans as should be obtain- debt; for two pioths, another certir ed for discharging the arrears of interest bearing six per cent. interest after 1 thereupon, and the whole or any part of payable quarterly, and redeemalske u the principal thereof. The appropriations above-mentioned, and for the remain: were to continue until these sums should three ninths, a certiticale bearing three or be fully paid. The president was author- cent. interest

, and redeemable when you ized to borrow $12,000,000 to discharge vision should be made by law for the pics the arrears of interest, and the instalments pose. Various stocks for sinali str. * of the principal of the foreign debt. The were created in 1795, 179, 17.1 Tyre l'. Suates reserved the right to reimburse were reimbursed in 1806, 1-07 and 1* any of the suns so borrowed within titteen with the eaception of $20,000 trans tra Vears after the same should have been to the national debt. In 1863, the 11 lent. To provide for the domestic debt, a jana six per cent. stock was crrated loan to its full amount was directed to be the payınent of the purchase of Lun* proposed. The sums subscribed were from France. Certificatrs for $11.2TR jovable in the certiticates issued for the were issued, bearing an interest of 8,** domestic delt, according to their specie cent. The principal was made primeiro value, and computing the interest upou able in four annual instalments, pavalar such as bore interest to the 31st of Decemn- the first in 1818, the last in 1821. ber, 1790, inclusively. The subscribers re- this sum, claims of American citizens ceived two kinds of certificates, one for the French government, to the amount + two thirds of the sum paid in the certific 8:1,500,000, were also assumed by to cates just mentioned, bearing an interest rional goverument on account ofbelas of six per cent., payable quarter-yearly, isiana purchase, and added to the tata ca and redeemable at pleasure, in payments debt. Feb. 11, 1-07, the govering the not exceeding, in any one year, for princi- the l'. States proposed to the holebensm pral and interest, cigle dollars for each six per ceut. deferred and three met eros hundred mentioned in the certificate. stocks, to exchange the same for KI This first stock was afterwards called old cent. stocks, redeemable at the pasar

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of the government. This was done with so that it stood, in 1822, at $93,546,676. a condition “ that no single certificate In March, 1821, five per cent stocks, reshould issue for a greater amount than deemable after January, 1835, were creat$10,000, and that no reimbursement ed to the amount of $4,735,296. In May, should be made, except for the whole 1824, four and a half per cents to the amount of any such new certificate, nor amount of $1,739,524 were created, retill after six months, at least, previous no- deemable after January, 1832, and, in the tice of such intended reimbursement.” same year, four and a half per cent. exThe holders of three per cent. stock were changed stocks were created to the amount to receive new certificates for sums equal of $4,454,727, redeemable after Decemto sixty-five per cent of the principal of ber, 1832 and 1833. In 1825, the public the stock, bearing an interest of six per debt bad been reduced to $83,788,432; in cent. The amount of unredeemed and 1828, to $67,475,622 ; in 1830, to deferred six per cent. stock subscribed $48,565,405 ; in January, 1832, was $6,294,050, and the stock thus created $24,282,879 funded, and $39,355 unwas called exchanged sir per cents ; the funded. three per cents, subscribed at sixty-five XII. South American Stocks. The new per cent., produced $1,859,850, which was S. American states, as Buenos Ayres, Chile, called converted six per cent. stock. More Colomb several years ago, obtained erchanged stock was created in 1812, by loans in London. These have greatly dethe surrender of nearly 3,000,000 of the preciated, or have merely a nominal value. old and deferred six per cents. In 1812, Fraser's Magazine for January, 1832, additional stock was created by borrowing contains an article entitled the Stock Exmoney to the amount of $8,134,700 at six change, the object of which is to show the per cent., reimbursable after twelve years enormous amount of capital drawn from from Jan. 1, 1813. In 1813, more six per England in nine years, beginning, say, cent. stock, to the amount of $26,607,959, with 1822, in the shape of loans and joint was created by borrowing an additional stock subscriptions. From the facts there amount, reimbursable after twelve years presented, the following table has been from Jan. 1, 1814. In 1814, six per cent. prepared. The first column of figures stock, to the amount of $15,954,619, was shows the amount loaned; the second, the added, reimbursable after twelve years rate per cent. at which the loans were from December, 1814. Under acts of made; the third, the present value per congress of the years 1812, 1813, 1814, cent. and 1815, treasury notes were issued to the amount of $36,680,794, of which Austrian, £2,500,000 there had been paid off, by December, Brazilian, 3,200,000 75 per ct. 43 per ct. 1816, $32,980,794, leaving unpaid in Jan

Buenos Ayres,

1,000,000 Colombian, 2,000,000

13 per ct. uary, 1817, $3,700,000. The whole Colombian (second),4,750,000 88)“ amount of the debt remaining unpaid Jan. Chilian,

1,000,000 1,1817, was estimated at $112,107,862, of Greek,

3,500,000

66% per ct.

800,000 which $75,450,930 was contracted during Greek (second) 2,000,000 56. “ 22 per ct.

1,128,571 the war; the remainder, contracted before Guatemala,

3,200,000

29 per ct. the war, was $36,656,932. In March, Mexican (second), 3.200,000

2,500,000 1817, congress passed an act to provide Neapolitan,

uncertain. 923“

1,500,000 for the redemption of the public debt. By Peruvian, 1,816,000 88, 82 & 78 12 per ct. this, all acts making appropriations for the

5,000,000 70,724 & 75 99 a 100 do. purchase or reimbursement of the princi

Prussian (second), 3,500,000 84 por ct.
Russian (known), 3,500,000

99, a 100 do. jal, or for the payment of the interest of Spanish (about) 6,500,000 the fanded debt, are repealed, and the

or $31,000,000

144 per ct.

14 per ct. annual sum of $10,000,000 is appropriated Spanish (second), 1,500,000'301 per ct. to the sinking fund, and a further sum of Total, · · · £51,394,571 $4,000,000 is appropriated for that year. In addition to the above, the writer enuThe act also provides that, after the year merates twenty-seven joint-stock compa1817, any sum in the treasury above the nies, in behalf of which £6,145,065 were annual appropriations shall be appropriat- “exported from the national treasury to ed to the sinking fund, with the exception distant climes, without the shadow of an of so much as will leave in the treasury at equivalent.” the end of the year the amount of It is impossible to give a complete $2,000,000. The debt now went on dj- view of all public stocks. We can here minishing till 1821, wben it stood at only give a general idea of those of the $29.987,427 ; but the purchase of Florida, larger states, and chiefly of those which in that year, for $5,000,000, increased it, are now important in the commercial

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world. States have always labored to fluctuations to account. (See Stock-jobmake their notes as easy to be obtained bing.) and used in remote countries, as at home; Puck. (See Mab.) so that a capitalist in Prussia may lay out PuddinG STONE. (See Sandstone.) his money not only in all kinds of German Puddling FURNACES. (See Iron, vol stocks, but in those of France, Denmark, vii, p. 72.) England, Spain, and even America; re- PUEBLA, LA, or LA PUEBLA DE LOS ceive the interest of them with the same ANGELES; a state of the Mexican cosease, and sell them again with the same federacy, formed of the Spanish inteoconvenience, as those of his own countrydancy of the same name, lying between In London, Amsterdam, Paris, Frankfort, lat. 16° and 20° 30 N., and lon, 96 40 Berlin and Leipsic, stocks of all descrip- and 99° 30 W.; bounded north by the tions may be obtained, and the interest on states of Vera Cruz and Queretaro, south them all paid. Thus a branch of trade by that of Oaxaca and the Pacific ocean. has arisen, which, fifty years ago, was un- and west by the state of Mexico. It is known; and one of the consequences of 322 miles in length from north to south, this has been, that stocks have come and 140 in breadth ; square miles, 20,000. into competition, like other articles of It is traversed by the cordilleras of Adacommerce, and those of equal goodness huac, and contains the lofty summits of and security can be exchanged at an equal Popocatepetl and Iztaccihuatl

. The northprice; so that a state, whose credit is good, ern part is almost entirely formed of a may at any time create new stocks, or elevated plateau, 6500 feet above the dispose of them whenever a profit can be ocean, and fertile in corn and fruits ; made upon them. Hence, if the stocks cotton and sugar also thrive here. Popuof one state are higher than those of an- lation of the state in 1793, 508,000; in other, it

may usually be attributed to one 1803, 813,300. On the arrival of the of the following causes: 1. that one state Spaniards it was the seat of a powerfu. enjoys greater credit than another; 2. that republic (Tlascala), which had maintainer the loans of one have been negotiated on itself independent of the Mexican empebetter conditions than those of another, as The capital of the state, of the sark regards the prospect of gain, premiums, name, is in lat. 19° N., and is one of tire the payment of the capital at a time speci- handsomest cities of North America: the fied, the facility of obtaining the interest, streets are broad, straight, and well pavedi, &c.; 3. that the buying and selling, or the houses large and well built; and therr procuring the interest of foreign stocks, are numerous large squares. The churca costs a certain per centage, which, in the of Nuestra Señora de Guadalupe is one case of domestic stocks, is saved. Under of the richest and most splendid in the certain circumstances, therefore, the price country. Puebla contains sixty churches of stocks may be viewed as a standard of twenty-two convents, and several literary the comparative credit of different states. seminaries and hospitals; its manufactoIn May, 1823, the five per cent. stocks of ries, particularly its potteries, are essenthe following countries, created with sive ; population, 67,000. The pyramidi similar conditions, sold at the following Cholula is five miles distant from the city.

Puebla was built by the Spaniards in 1571

(See Merico.) 1. the Saxon stocks,

at 140—150 PUFENDORF, Samuel, baron von, one 2. those of England and

of the first and greatest expounders en Hamburg,

« 125—130 natural law, publicists, and historian 3. those of Hanover, Wür

of Germany, was bom in 1632, Det temberg, and other small

Chemnitz, in the Erzgebirge, in a German states,

98—100 lage where his father was a preacher, 4. the Prussian, .

90 After having studied at the school of 5. French, :

86 Grimma, and at the universities of Leifs 6. Norwegian,

85 and Jena, he applied himself to pube 7. Danish,

law, making philosophical or natural la 8. Russian,

80 the foundation of his studies. Being up9. Spanish,

37 &c. able to procure a situation in his native

country, he accepted, in 1658, the place of As the price of stocks is affected by vari. tutor in the house of the Swedish ambas ous circumstances, even though the gov- sador at the Danish court, and repaira ernment punctually fulfils its obligations, with his pupil to Copenhagen ; but a war speculators are in the habit of buying breaking out between Denmark and Swe and selling with a view of turning these den, he was arrested, with the whole far

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ily of the Swedish ambassador. In this counsellor and historiographer. There he situation, which continued for eight wrote, in Latin, the History of Sweden, months, he employed himself in studying from the campaign of Gustavus Adolphus the works of Grotius and Hobbes on law in Germany, to the abdication of queen and government. The result of his labors Christina (De Rebus Suecicis—1676), and appeared at the Hague in 1660 (Elementa the History of Charles Gustavus (De ReJurisprudentiæ universalis). The learned bus a Carolo Gustavo gestis–2 vols., fol., elector of the palatinate, Charles Louis, to 1696), and, in German, bis Einleitung zur whom it was dedicated, was so much Geschichte der vornehmsten Reiche und pleased with this work, that he founded Staaten (1682, 2 vols.), subsequently confor the author, in 1661, a professorship of tinued by Ehlenschläger and travslated the law of nature and nations, the first in by Martinière into French. These works Germany. Here he taught till 1670, when so much increased his reputation, that, in the king of Sweden, Charles XI, offered 1686, he received from Frederic Wilhim the professorship of natural law in the liam, elector of Brandenburg, an invitanew university at Lund. He there wrote tion to Berlin as counsellor, historiographer his work on natural law (De Jure Nature and judge of the supreme court of judie Gentium, Lund, 1672), which superseded cature, with the charge to write the life of the former, and is characterized by perspi- that prince, which he finished under the cuity, method, and sound reasoning; soon reign of his son, Frederic III. In 1690, after appeared the smaller compendium, or he was made privy counsellor of the elecrather abstract of the above work, De Offi- tor of Brandenburg, and, in 1694, was crecio Hominis et Civis (Lund, 1673), which ated baron by Charles XI, king of Swehas passed through innumerable editions, den. He died at Berlin, in 1694. and been translated into several languages. PUFFIN (puffinus). These birds, which Pufendorf, in these works, deviated still also bear the name of petrel, are comfurther than Grotius from the scholastic pletely aquatic, living constantly at sea, method of philosophizing, and, conse- and scarcely ever seen on shore; they, quently, excited violent opposition. How- however, fly well, and keep on the wing ever different opinions may be respecting for a long time; they chiefly seek for their these works ot' Pufendort, it is not to be prey, which is exclusively fish, at twilight denied that he made an epoch in the his- or in stormy days. They breed socially, tory of natural law. 'He had a more dis- forming their nest in the ground, which tinct conception than Grotius of a science, they excavate by means of the sharp nails which, independently of positive law or of their feet. The female lays one egg. theology, should determine the rules of The young, when excluded from the right solely by the laws of reason. His shell, is covered with a long down. They law of nature was a philosophical moral- are found in all the high latitudes, furity, settling the mutual relations of justice nishing the wretched inhabitants of these between men, and which still remained frozen climates with food and clothing. dependent on the Christian morality. Three species are found in America: With Grotius, he laid the foundation of P. cinereus (petrel or puffin); bill more law in the social instinct, which is nearly than two inches long, depressed at base, allied to the Christian precept of love of compressed where the point swells; tail our neighbor, and with Hobbes, he de- cuneiform; tarsus two inches long; color, rived law from the state of fallen nature. light cinereous; wings and tail blackish ash, Pufendorf also made an epoch in the beneath white; common on the banks of Gerinan public law. While professor in Newfoundland, but also found in all parts Heidelberg, he wrote, at the suggestion of of the world : P. anglorum (shear-water the elector, under the name of Severinus petrel); bill an inch and three quarters a Monzambano, the celebrated book, De long, very slender; tail rounded ; wings Statu Reipublicæ Germanicæ, which he reaching beyond its tip; color, glossy sent to bis brother, then Swedish ambas- black, beneath pure white; inbabits the sador in Paris, to be printed. It repre- northern seas of both continents; rare in sents Germany as a republican body, the U. States, but very common in the whose clumsily joined parts formed an Hebrides : P. obscurus (dusky petrel); anomalous whole. This book was vio- bill an inch and a quarter long, very slenlently attacked, and Pufendorf, who de- der; tail rounded ; the wings reaching to fended it with energy, did not think it its tip; tarsus little more than an inch advisable to avow himself as the author. long; color, glossy brownish black, beHe afterwards went to Stockholın, where neath white. This species, which it is by be was appointed secretary of state, royal no means easy to di tinguish from the two VOL. X.

36

others, inhabits the temperate and torrid and there are several pictures from his zones, and is never found to the north; it pencil at Aix, Toulouse, and Marseilles

, is very rare in the U. States.

which are much admired. His design is PUGATSCHEFF, Jemeljan; the son of a correct, and his figures graceful, but lis Cossack, born at Simoweisk, a village on coloring is cold. În 1655, being obliged the Don, in 1726, played, for a short time, by his health to abandon painting, be an important part in Russia. War and thenceforward devoted himself to sculprobbery were the employments of his ture and architecture, in which he reyouth, and he became the leader of a pred- ceived no instruction. His success in atory band. He afterwards entered the these departments of art was complete

. Prussian service during the seven years' He lived some time at Genoa, where he war; then joined the Austrians, served executed numerous works in statuary and against the Turks, and was present at the architecture, and, in 1669, was recalled to siege of Bender (1770). Returning to bis France by Colbert, as director of the ornanative country, he attempted to sow the ments of ships of war, in which capacity seeds of rebellion among his countrymen, he was employed in carving figures, bassbut was soon arrested and confined at reliefs, &c. But he soon returned to labors Kasan. Having muule his escape, he was more worthy of his genius, and produceda joined by some restless spirits, and was great number of works in marble, which encouraged, by his personal resemblance have gained for him the appellation of the to the lately deceased emperor, Peter III, Michael Angelo of France. Puger died as to attempt to pass himself off for that em- Marseilles in 1694. peror. His adherents pretended that the Pugilism. (See Gymnastics.) corpse wbich had been exposed as Peter's Puglia. (See Aprilia.) was in fact that of a soldier resembling PULAWSKI, count Joseph ; a distinguishhim; that the emperor had escaped in dis- ed Pole, who, after attempting in vain to guise, and had at last appeared in the restore the independence of his own counmidst of bis faithful Cossacks, by whose try, entered the American service. Pusupport he expected to be restored to the Inwski had followed the profession of the throne. The insurrection began in the mid- law, and, in 1768, was at the head of the dle of August, 1773, when a manifesto was patriots who formed the confederation of issued in the name of the pseudo-Peter. Bar. Eight noblemen only constituted The number of his followers, which was the first assembly of that confederation

, at first only nine, had increased in Sep- and of these three were the sons and oue tember to 300. Ile was every where the nephew of Pulawski. (See Poland. joined by his countrymen and the peas. In 1771, at the head of a few accomplices, antry, to whom he promised deliverance he seized the person of the king (see Pofrom their oppressions. His force was in- niatowski); but, the latter having procurcreased by 500 deserters from the garrison ed his liberation, Pulawski was condemof Jaizkai, and muny Roskolnicks (9. v.), ed to death, and obliged to save hingelf and he took several fortresses, practising by flight. He soon after came to Amerithe most shocking cruelties. His arıny că, and offered his services to the l' States now amounted to 16,000 men, and was against the mother country. Being apgaining strength by the concourse of Bash- pointed brigadier-general in the America kirs, Watiaks, Tartars, &c. He captured service, he served both in the northern and Kasan, the old capital of the empire, and in the southern army. October 9, 1772 passed the Volga. He was at length defeat- he was mortally wounded in the attack on ed, at the moment that Moscow was threat- Savannah, and died two days afterwards ened, betrayed by his followers to Suwar

Pulci, Luigi, an Italian poet, boru at roff, and, June 10, 1775, executed, together Florence in 1431, was the youngest of with the other rebel leaders, at Moscow, three brothers distinguished for their talthe only instance of capital punishment in ents and learning. Of the circumstances the reign of Catharine. Thus ended this re- of his life we know nothing but that he bellion, which cost more than 100,000 lives. lived in terms of intimacy with Lorenzo

Puget, Pierre, a celebrated French de' Medici and Politian. His epic poen, sculptor, architect, and painter, born at Il Morgante Maggiore, in which he relates Marseilles in 1622, was at an early age the adventures and 'exploits of Rinaldo placed with a ship-builder, but soon after and the giant Morgante, is said to have went to Italy, and displayed such marks been written at the suggestion of Loreto of talents as to attract the notice of Cor- zo's mother, and to have been read, as su tona (9. v.), who instructed him in paint- entertainment, at table. Pulci canne ing. He returned to Marseilles in 1643; bear a comparison with Ariosto and Tas

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