First.  That all commercial regulations affecting each other shall be founded in perfect reciprocity.  Spanish merchants shall enjoy all the commercial privileges of native merchants in the United States, and American merchants shall enjoy all the commercial privileges of native merchants in the Kingdom of Spain and in the Canaries and other islands belonging to and adjacent thereto.  The same privileges shall extend to their respective vessels and merchandise consisting of the manufactures and products of their respective countries.

Second.  Each party may establish consuls in the countries of the other (excepting such provinces in Spain into which none have heretofore been admitted, viz, Bilboa and Guipusca), with such powers and privileges as shall be ascertained by a particular convention.

Third.  That the bona fide manufactures and productions of the United States (tobacco only excepted, which shall continue under its present regulation) may be imported in American or Spanish vessels into any parts of His Majesty’s European dominions and islands aforesaid in like manner as if they were the productions of Spain, and, on the other hand, that the bona fide manufactures and productions of His Majesty’s dominions may be imported into the United States in Spanish or American vessels in like manner as if they were the manufactures and productions of the said States.  And further, that all such duties and imposts as may mutually be thought necessary to lay on them by either party shall be ascertained and regulated on principles of exact reciprocity by a tariff, to be formed by a convention for that purpose, to be negotiated and made within one year after the exchange of the ratification of this treaty; and in the meantime that no other duties or imposts shall be exacted from each other’s merchants and ships than such as may be payable by natives in like cases.

Fourth.  That inasmuch as the United States, from not having mines of gold and silver, may often want supplies of specie for a circulating medium, His Catholic Majesty, as a proof of his good will, agrees to order the masts and timber which may from time to time be wanted for his royal navy to be purchased and paid for in specie in the United States, provided the said masts and timber shall be of equal quality and when brought to Spain shall not cost more than the like may there be had for from other countries.

Fifth.  It is agreed that the articles commonly inserted in other treaties of commerce for mutual and reciprocal convenience shall be inserted in this, and that this treaty and every article and stipulation therein shall continue in full force for ----- years, to be computed from the day of the date hereof.

UNITED STATES, March 9, 1792.

Gentlemen of the Senate and of the House of Representatives: 

I now lay before you a general account rendered by the bankers of the United States at Amsterdam of the payments they had made between the 1st of July, 1790 and 1791, from the fund deposited in their hands for the purposes of the act providing the means of intercourse between the United States and foreign nations, and of the balance remaining in their hands, together with a letter from the Secretary of State on the subject.