2, p.

468.] Happily for the United States, Mr.Jay, their minister at the court of Madrid, required as the price of the concessions he was instructed to make, that the treaty he was labouring to negotiate should be immediately concluded.
[Sidenote: Recommendations relative to a duty on imported and prize goods.] The establishment of a revenue subject to the exclusive control and direction of the continental government, was connected inseparably with the restoration of credit.

The efforts therefore to negotiate a foreign loan were accompanied by resolutions requesting the respective states to place a fund under the control of congress, which should be both permanent and productive.

A resolution was passed, recommending to the respective states to vest a power in congress to levy for the use of the United States a duty of five _per centum ad valorem_ on all goods imported into any of them; and also on all prizes condemned in any of the American courts of admiralty.
This fund was to be appropriated to the payment of both the principal and interest of all debts contracted in the prosecution of the war; and was to continue until those debts should be completely discharged.
Congress, at that time, contained several members who perceived the advantages which would result from bestowing on the government of the nation the full power of regulating commerce, and, consequently, of increasing the import as circumstances might render adviseable; but state influence predominated, and they were overruled by great majorities.

Even the inadequate plan which they did recommend was never adopted.