You mean that machine guns, complete with barrels and triggers, spring into existence when the federal firearms permit is issued?
You mean the warship, complete with cannons and crew, sprang into existence when Madison signed that letter?
Mojave, - inanely:
You mean that machine guns, complete with barrels and triggers, spring into existence when the federal firearms permit is issued?
No virgina, santa does not make guns; - people do, -- and they have a right to do so independent of presidential/congressional approvals.
No, I mean the warship was legally, privately owned PRIOR to Madison's Letter of Marque. The letter was good "during the pleasure of the President" and not after, but the warship would still be legally, privately owned if the letter were revoked. The warship could be operated, it could be sold, it could be possessed by anyone with the money to buy it.
You commented that it carried (for a time) a federal Letter of Marque, but that's pretty irrelevant, unless you can explain the relevance. You didn't need such a letter to own a warship equipped with cannons. You just needed it if your privately owned warship were hired by the US government.