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• . REPORTS : •
OF T H E
-
.v'^
, .
SECRETARY OF- THE TREASURY
OF THE
,
,'
"
"
UNITED STATES,
•^
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,
.
PREPARED
IN OBEDIENGE TO THE ACT OF MAY 10, 1800,
" SUPPLEMENTARY TO THE ACT, ENTITLED ' AN ACT ^ 0 ESTABLISH THE TRjEASURY DEPARTMENT.'."
TO W H I C H ARE
PREFIXED
THE REPORTS OF ALEXANDER HvlMILTON,
PUBLIC CREDIT, A NATIONAL BANK, MANUFACTURES,
THE ESTABLISHMENT OF A MINT.
YOL. II.
WASHINGTON:
PRINTED BY BLAIR & RIVES.
1837.
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J
UL
TABLE O F ' C O N T E N T S .
'
Report by; Mr. Dallas on tlie Finances Eeport by Mr. Crawford on the Finances
Report by Mr! Crawford on the Finances
Report by Mr.'Crawford on the Finances
Report by Mr. Crawford on the Finances
Report by Mr. Crawford on the Finances
.Report by Mr. Crawford on the Finances
Report by Mr-Crawford on the Finances ,
lieport by Mr. Crawford on the Finances
Report by Mr. Crawford on the Finances
Report by Mr. Rush on the Finances Report by Mr. Rush^ on the Finances Report by Mr. Rush on the Finances . Report by Mr. Rush on the Finances Eeport by Mr. Crawford on the state of the
•
Page.
December, 1815
5
D.ecember, 1816
73
-^
,r
December, :i817
88
•
November, . 1818
lio
- ..
. December, 1819, 144
December, 1820
167
,. - .
December,, 1821
198
.December,. 1822 .217
; December,^ 1823
247
•December, 1824276
-^
313
December, 1825
December, • 1826 ^: 353
- ,
-~
December, 1827
. .-< . .
388
December, 1828
->
- . 439
Currency of the United States, in 18*20
481 .
' ^ '^^ w'
8 31
3-i
'g£8
H
,REPORTS .
, OF TIIE
SECRETARY OF THE TREASURY-'OF THE UNITED STATES.
REPORT .ON THE ^.FINANCES»
^
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^ DECEMBER, 1815.
In obedience'to tire acts entitled, respectively, ''An act to establish the
Treasury Department," and "An act supplementary to the act entitled ^All
act to, establish the Ti^easuryi^pMiieW^
tiie Secretary of the Treasury
has the honor to lay before 'Congress the'fpldwihg report;: comprehending,
\ 1 . A cursory; review of the financial operations ofthe Government,, in ^
reference to the recent state of \va^
2. A view of the ffiances fbr i ^
revenue
andexpend:itures%r 181S:;
";
\ ' ^
.
' : 3. Fi^bppsitibns: ifor-the/ improvemSit s^^
of 'the revenue,
aud folrlWsupport^^^
'. ' ^ .
I;, A,i^ns:gr^ review f^ ihe, Jfinanclal operaUo7i$:qf ^he 0overiiment, in^ ^
r^renG^tothdj]ecmt:)stdfe of par.
:^. - V
x:.
, Tn order ;to introduce to the eonsiderationiof ^C^^^
-advantage,
the naeasures which Ayih-bd respiectfully suggested for replacing the finances
..of the tJhited States iipon the hasis of ^:a
establishment, a review .
of the -fihanciar'operations' o' ^^^
in reference to the recent
state of war^ appears to be a.necessary pM^^
. . ' '^
The restrictive system, which commenced in the year 1807, •greatly diminished the product of .the'public'^^^^^
not until the crisis
invoiyel^au: actiiM deiclarationpf %ar, tha^fc:the aiigrrientatioriiri tlie expenses
of li#^6^yernmepj; became obYipus;and important/ v W i t h the occasional
aid of-^ifnipofary loans, the ordinary receipts'of^the Treasury had exceeded
the ordinary expenditares, evei^' during a pjerio'd'q suspended commerce; (1 )•
and a!%:repbrt from= ^his-deparfiieht, pfeseirtrng^ the-^"estimates fbr the
year 1812, seems to/have given the::;first-intimation^t^^
portionof extraordinary expenses f6;be iricurred'for the mihtary an^naval _service, oii:~
account of the then exisitihg state,of tKe, country, w^iildP raise" the demands
upon the Treasury to^a cbhsidefable', arhouiit feydhdf the estiuiated product'
of the current revenue. ;(2) 'The ordinary disbursements for the year end^
ing on the 3Qth Septembers/1811, W:ere:.staMa^
the sum of
$ 13,052,657 73^; and the ordinary -.receipts Br the same year were> stated
° as amountingto 1;he sirni 0^
judependent'-bf a temporary
loan, (rflised: in ISlGj-and repaid in 1811^,) as weH as of the baferice^
t\\Q^ Tireasuf y at the -commencement -tojd the close of the year; , But the'
(1)- See^ the aiinexigcl'table A;. exhibiting'a statemerit of the" gross annual receiptsand-' -.
^ disbiirsements ofthe Treasury,-from.the year 1791, to the year 1812. .
-:. \
-: (2) See the annual report of the Secretary ofthe Treasury, dated the 22d Nov.'1811.
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REPORTS p~t' T H E
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estimatesfor^the year 1812 required, on .account of the current expensej
thesum of 19,400,000— .^
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For the civil and diplomatic departments • - $1,2.60,000 00
,. r
For the military department, (ineiuding the ^ ,
militia, the Indian department, the ^charge
•;
,V
of arsenals, army, and oidnance, &c.)
- . 3,415^^^^
For the naval department - ' -.- 2,500,000 00 v
. "^
And for the interest on the public debt
•• 2,2^5,000 00 , \ " . ^ _
^' •
_
-;. . ;• - •
• • • .. ; ^ . — - _ , _ _ $ 9 , 4 0 0 , 0 0 0 0(l
And^ the; subsisting revenue to meet these expenses was.
estimated at the sunfof $8,200,000; proceeding—
From the customs -^
. - |7,500;000 00 • ' ^-[
From the sale of public lands
/; - • . 600,000 00
; »
And from miscellanedus payments ^
>
T00,000 00
, ^ -••,:.--^V
.,
: .". ••^:,, :•:.,.-T—•..8^200,000:W.
Leaving a deficit, for which it was proposed to provide by a
loan, amountingto the sum of r y
. . • : . . .
$1,200,000 ;00^
« Such were the limited objects of expense, and such the limited mearis of
supply, at the commencement of the year in which war was declared.; An
increaseof the expense, and a diminution of the supply, must have been
anticipated, as the inevitable consequences of that pvent; but the Govern-,
ment reposed with confidence for all the requisite supporf upon tlie untried
resources ofthe nation, in credit, in capital, and in industry, ThBxonfidence was ijustly reposed; yet it may, perhaps,; be considered as avsubject^
for regret, and it certainly furnishes a lesson of practic:al policy, that there,
existed no system by which the intemal respurces of the country could be
brought at once into action, when the resources^ of its external comhierce
became incompete.nt to answer the exigencies of the .time. The existence
of such a system-'would probably have irivigorate the early movements of
the war; might have preserved the public credit unimpaired; and ' would
have rendered the pecuniary contributions of the people mo rb equal as well
as more effective. But, owingotp the -want of such a system, a sudden and
almost exclusive resort to the puhlic. credit was necessarily adopted, ,as the
chief instrument of; finance. - .The::riature of the instrument employ^d:\vas .
soon developed; arid it was Jig^iirid that public credit could only be dtirably
.maintained upon, the broad foundations of public revenue.
, ;
On the opening,of the.session of Congress, in Noyember,. 1811, the legislative,attention was devoted to the organization of the military and naval
departments, upon the enlarged scale of a war establishment; so that the .
appropriations for this purpose far exceeded^ in a short time, the estimates
and the resources of ^ the -Ti^easury, as they have been 1 altetfcdy described.
Ways and means were therefore provided to ;meet the^e:|:traordinary demands thus created ; but they were derived exclusively from the operations
of foreign commerce and of public credit.
.: ,
1.. The Mediterranean fund was ut first continued, unti^^
(
4813,. and. afterwards until March, 1815, (when, it became extinct,) afibrding
j
an additional ditty of 2J per cerit. ad valorem, on d l imported goods payin
/
duties ad valorem; and a discriminating duty of 10 per cent; upon that ad- /
ditioiial duty, in respect to all goods iniported in yessels^ndt of the United
States.(3),
•,-•;, • \- •-,•:.•.•---•:., v • ..-^ ' >\::L. ••'::":':'^"z - / .
(3) See the aet^of the 25tli March,;1804': 7 vol. 133; arid the 3lst January, 1812:, 11 vol.
^ 8 ; and the act of the 27th February, 1813: llTol. 401.
. /
18l5.:i
SECRETARY OF T H E TREASURY.
I
2. There were imposedan additional djity of 100 per cent, upbii the permanent duties on goods, imported into tfe Unit
any foreign
place; adiscriminating duty of 10 .per cent, upon that additional duty, in
respect to all goods imported' in vessels not of the United States; and an
^ addijipnal duty of f l ,50 per ton (the previous- duty being at the rate of 50
centS: per ton) upon, all vessels'belonging wholly or in part to the subjects
of foreign powers. But the cbntiniiance of the aict being limited tQ the expiratipriof;oneyear after the conclusion ofthe p^
additionalduties
wiir.cease on the 17th of Pebruary,T816.^ (4)
V>
. 3. An authority was given tp raise, by loan^ a sum not exceeding 11,0.00,000
dollars, an J to create stock for the amount, ;bearirig interest not exceeding
the ; rate of 6 ^ per ceril. per annum, and reimbursable-at any time after the
expiration of twelve years from the 1st of January, 1813. The payment ofthe
interest, a.nd the redemption pr the purchase of this stock, are charged upon
the sinking fiind. (5)\ - - •; : r.
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[ '4. And an authority \vas:given to ifsue Treasury notes, for a sum not exjceeding $5,00d,000,< bearing interest at the rate ot 5 | per cent, per annum,
and reimbursable at such plaices,'respectively, as shpuld be.(expressed on the
face of the notes, one year after the dayon which the same shall have been
issued. The; notes were declared to be receivable in paynient of all duties
and taxes jlaid^^^^^^b^ the United States, and all public land sold by their authpi^ity-;; ^nd^lhe payment of the interest,^and the redemp|ion or the purcha^se
of tliese notes, w^
like the funded debt, upon the sinking fund.' (^)
c/^^ The;effect;^^o
additional ways jind nieans pro vided by Congress, from
time to-tipe^ diiring the late war, uiaiy readily be traced. > ^ r o m the report
dated;the Istqf D^
1812,:it4ppekrs, that the actual receipts into the
' T^easury(durlng^the year ending, on the.30tLof September, 1812, including
, a portion of tlie loan, andoflhe issue of Treasury notes, ampTO^ to the sum
of $16,782,159 40,'(almost double thev amount of th^ previous estimate,)
arid that the actual disbursements forthe same year amounted to> the sum of
$18j368,325 07, (which \yas almost double the amount of the previous
estimate,) independent of the balances in the treasury at the commencemerit and the close ofthe year. (7) But the estimates for-the year'1813 reqnired, on account df the accumulating expenditures, a surn of. $31,925,000.
.; For the civil and diplomatic departments ]
- , ' $1,500,000,
J-For the military d^^^
• ; ^ ^-.::'.\.' y..^:,-^- ^17,000,000^
, yiFor the naval department :' ., .;';' rv •• - ":
4,925;P0d
And for the interest and reimbursement of the principal of
:;
the;puhlic•(iebt.•'.•;^^^-':;:-; ^ ;. ••;^: ;/-,;../;••-^ ,..; .. •; -, ^:,^;:.- ^^ 8,500,000
•$31,925,00ff
..And the subsistiug. ievenue to meet these- expenditures •
was estimated.at the/Wm of $12,000j006; proceed^
;
V..From-the^|ustorns •j;--^.^-•';;.'•:;--. -..,' •::•:;; •:-:v:-.';•.:. 11,500,000'
' ^>Froni the^sale of puMi
&c. -V ; -\. .•. r500,000
12,000,000
•(4) See the actof the 1st of July, 1812: 11 vol; 26i.' • ; •
' ' : > • . " .'/
(5) See the act ofthe 14th MarchV 1812: 11 vol. 72.. ; " V '.
i f ) . Seethe act of theSOth June,' .1'812.: 11 .vol. 25^. ... :., • . , - - ^ ' ^
u>(?7} A§s the annual report of the Se.cretary of the Tre'asUry, dated'the 1st of Deceinber, 181^.
8,,
.• ^--- ^•' ^••^.^^iKEPORTS OF'THE^.'^^^^^ -^'^'-':-^ '
. 11815. r
Jjcavin^ a. defimt,'ifor w
r :\^.\: ; •;:
•
provide^::'1st, ;byf thej-pntstiriding Q)aiauees of'^the^^'^'^^^^^ " : •: • :v - • '''''^\
authtirized Idait' arid \issue jbf 'Treksury -'riotes| and: ^^ • -^ ^': 2d, by; a hew- authority-to I'^borm
is^e ;
'-'^^: t^ ^ ;-^ ?^: ;;; :
.TrQastiry^-notfes.to-the'^amrt|Ut^^^
^-:,- ;-'-. -' ^-•"^;{y%i9592S^ti&0 •
:DuWrigM:heisession of C6n^
in-NbveimBei^'lSiE^ ^
ted closed en-the; 3d of Marchj^ 1813jffie-^^ppr^
the
nayy^ and the other brancheslof the 'public^e^
mented'; but^^withoiit ^adverlhg to the im|ibsitibh'of a shiall di
ported irbn-wire>-(8) nbime^^^^
iadditional aid-#as'dxtended^to the^
thaappeal to public credit.:;ij : • . . . ' ;...:.: ^; • .. f: v : : . ; :v v .:.y;
1.^ An.authority was given to ri^risei^byldan aisnrb not exce^
of dollars, and to create stock for the amount, bearing interdsf hot'ex^^^
the rate-of 6per cent^^per ihhiM,Qthdt
piration of' 12 years from'the T'Stbf^lFaii^^
T^he=paymerif of;the
interest, and'the redemptiori:^or |)urGhase^ol^this stocky are dharged upon -the
sihking.&rid^''|f9)"''"' '• ^;"-•^''^^ ,;•* ''•^-'''\\'\^-;'r:,.•''..''-•••'^''' • •^'•"•^ '^^''[,:^'" .'^'""•^"••
2; ;0^nd^ari; aMKbrity^w^^
to > Issue^ ^ e k s i ^
sunt 'ifot
exGeeding^^53OOO,0Oj[), ;absGrtit(3ly ;^with a-prpvisional authority'to^i^sstie kix
additiorial.suni'bf $5,000,000, to be^'d
of $i6^0QO-000 authbri:^^
to'bear iriterest a t the Mte'of $S|^p
tpbe^reiiribuiSkble ,
at stich: places res^peetiveilysas ^hbrildbe expressed on the^aCe'of ;^thfem/(m
yeark:ffer"tlie d ^
be issued'; fo be receivkfelje^iu'payirieiit bf <kll duties arid taies'lkid;S£t;he'1iJriitfeid^S
aiM;airp:riblic:lands
spld^^fiy;their authority; -and * the • payinen^t ^bf^ffie-inter est,^krid^ tlfe 'i^dfemp-f
|ibn:^br purcftkse^bf these ;iibtes^%gre^ 01argfed^like^the fuMed^debt^riporif
the-sinking.turici.';'(10)-'' "-'-'^^,;^ ;• •-<~3':v^'; •'••^- r. .;•';, f • ;^^'',.-.• / ^ ' v,:-i;;l"" .
The hecessities bf the Ti'easiiry BecoriiiBg^ h W riidre'urgent, and the
r^liariee ori thc'priblic crpdit h&oriiing^libfe;h^
ait-a special session^-hich bfenim^heed in iSky, '1813^ tb lay the fburidafipri^iDrS
system pjF internal revenue; selectihg^ih^particffiar, thdse s
% h i d i were recommended by thfe'^x^
puting.their general product at the sum of $^,'OOO^0|JO;'^(ll) ^^ Tlhef^oritinu. knee of these taxes being limited, at first, tp pne year after the 'terrpiriktion ^
of thp war, they a?(^quired the-denpffih^^
sequent laws almost all the existing: i:evenues are pledged, with-the faith bf
the UnitedStates, to prdvide for the'^payment of the expenses of Government,
lor the punctual payment of the pubhc debt, principal and interest, aecprding
to the con tracts, arid ;fot creating an adequate 'sirikirigrfuri3,^0
to'reduce, and eventually:to. extinguish, the public debt;" until those purposes
shall be accoriiplishecl'j''br until Congress shall provide"kiidsrips^
for the same purposes,-other duties, which shall^b0 equally: p^^^^^^
In
the sesMon of* May,: 1813^-\
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(8) See-theaetofnhe25thof February,a813:^llvo
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(9)^Seetheactof the8thof.F^braary,;f813: tlYoi.367.- -' , . " " : ' - : ' . ^ : " - : ;' ' \ i
(10) Seetheactof the 25th of February, iSlBr 11 vol; 377.. /
,:'.';:;* ;• : : : / " .
. (.11) See the letter of the Secretary of the Treasury tonhe chairman'of-the Committee'-'of
"W'ays and Means,' dated J'anuary 10. 16I2, andi-the report of the .actinf Secretary oi-t^he y
Treasury, dated June 2d, 1813. '
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SECRETMY-0E:TIIE1-^TMEASURY.^
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CO
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1. A direct :tai-^f $3,000,000 wai*lai^^
United iStates,-and
cipportioried fa thei^^Sta;ties respebtively; jfor'the lyear. 1814; arid it w:as aftpr? ,
Wards subjfetbdtp the^generai pledge kh&ve^tated. (12^ ': • ;„..;•., .i *: '
_2. A duty of four cents per pbund wa;sdaidmpon ail ^suga?: refined withiii
the United~Statfe3'.^ /• The :corifihuaric©.-.of the'duty was* limited to orie year
afterthe war^> arid.a^;the generkl.pl
will-beas«e'd:n^.flfe-T7th-.bf'February,^iB.te
/'''- ^.T--'' -y• i-'^'•.;-..-d".^••-1-• v3i":A dutyt^as^rlaidr lipcp ull icairiages-.for.' the conveyancei of persons^
kept by ariycporsbrf for: his Pwii iise,;ic)r tahe let out 'fbr.hir;e, or for'the .coni
feyance-pf pussehg'erspw^^^
bf thev^arriage,^ ftorii^the^yeai^lyjSuihbf twenty .,d^^
.tw6'di)llars?/;iThb ccffiu^^
was original!^.limited to ;^the
w:ar.; >brittheCgeneral pledge:has:bieena|)plied:to it, with some^niodificatibris "
in th^.iMGKl^ of%ying^:an
the|duty;:-(li4j) ,. > ... . . [ ; 3 ^::
^^^.*^A''dhty:iwa:s imp^6Sed.:.b^ .lieenseslo'^distillers of spirituous'liquorS^;
which v/as graduated according tb the^€apkcity";of 1^
tiirie of ,ejii;
ploying it,, and the materials cohsumed; :v The: cori tinu ari ee of this d
was
originally limited tbith'e Wwc:.; but the general pledge has^been applied tq it,
.with considerable modifications in "'the .pririclpleCarid iprovisions rof the
law. (15)'^-' .. " • ..; ' '' ' \ ..y ' r - r ^ y ••::.::-.:. y ^ , - s z - . '•.•].:: Sy-h -::
5; A duty was laid bri sales at auction, of.merchahdis'e, and of ships -aud
vessels, at the rate bf bne .per cent, of fhe purchase 'rrioney of gbods;:and of
twenty-fiye .cents for evei?.y hundred dollars of the purcliase.mdirey of ships
and^vessers.' The- continuance of this duty was originally limited to the /
war; but the general pledge has been applied to it; with a GOnsiderabiPadr.dition to the amount, and a modificatibn^df the prpviiions of the law.:v(l^^^^
6. A duty was laid on licenses .to rbtailers-ofv'ivines,. spiritup
and foreign mercharidise,'graduated kdcordirig to,the; place of retailirig, and
the nature.of the a rtible retailed. " The^contiriu^ncedf^hisduty^as originally hmited to the wai^^'\but the generahpledgehas-been kpplied to it. (17)
'7.,. Aid uty was laid on notes of banksand barikers, on bonds, ^obligations,
or-promissory notes, discounted by banks or bankers, and on foreign or *
inland bills, of exchange."a;bove fifty dollars, and having one of ^riiore eiidors:^
ers^ graduated according to ithe riorriinalfamouht of the instrumerit.,.: The ^
(ibritiriuance of this duty was .limited,to/one.year.:after f he- war'; and, as the
2:eneral.pledo^e:has not been applied to it, the duty will-cease on the 17th of
Fetomry,Vlll6;-^(i8):-':^'^\/v
• z^::.-}-^.d^-^S j . : ^ ^ '-.^I'.yy-ll.
But besides the direet tax and the internal dufies> thereu Were added'itp
theTesouxces^of the Treasuiy,duririglhe sessions ;of;May, 181
: ^^
y ,8! A! duty of 20 cents per :bushel upon aU salt imported frririi ariyi^fbreigri ^
place iuto lhe" Uriited States, whichj beinglimited'torthe war^ alhd iiot being .
included inlhegeneraipledge; will cease:on the 17th of ,Febhi5aiy^iil816. | i 9 )
, : 9.; And^ri authbrityi.tb:-raise.by loan a sum notexceeding" $7,500^000^; and
toilereafe stock fbrthe^ariiount. reimbursableiit:'any tiriie^kfterlhe^^exp^
of twblve years frpni the lstof^Junuary^l8.14•; The rate of iriterest was not
•, (12) Ses thef acts of the,t2M'of: July,-aiidlthe'-,2d'>^
1813,:and.^i9th.^'January,.1815-^
m i o t 53.i35,-35..;v-':'r-- •. '--%\:--^-"^-- -..-;.• 'v.; .^--••-v^'-"^\-' ••••' ^:\-r--'^^^
• i^(lS);See-the^:acV(if tM2^h^July,lM3^: 't2Wi^ SBf^ ^'- -A .1 :;:V,:o^:!t e-':;-;: ':f:--.\-l • ?'^-:-.^
.,(l4):See the-acts of the 24th-Jctly, 1813, ^nd 45th ]E)ecember,;1814;: 12.vol. i m , i 2 : ' . \ • •
X:C15| .See lhe acta ofthe a4th..Juiy,:l8I3,„and'2M:Depemher,^lai4,: 12 vol..^
.
V(if^3 .^See th;e acLS.:Qf ,'the•24thJuly:, 1813, aud^23d December; 1814:• 12'vol: 1 I t #6.' '•'
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i 17): Se6 tiie'acts of the 2d:of • Aiifuf t,l813'3rid: 23d^Deeember,'18l4^i iSTvoL i84.'26.
fi8) See the act ofthe 2d-ofAugast,l813: 12 vol.,204. 'U ^. :. . l9)/SeeXhe'act.ofthe29th'.ofJuly,-1813: 12^vol::127. • ::";.-^ '^ ••';• •/-^'- ', . : - •
-10 .. " .
... •"\-;-:^'^ilEPOETS;.OF'THE;,.':;: ;,^:•,:,'•
/;[18t5._
limited by;the IkWj butit was provided that no ^certificate .of stbck;.^hpuld
he sold at a ratejess than.8S per cent, or :$881n nipney.fe^
iustocfc.
The payment of the interest, andlhe redemption,or the; gurchase of this
stock^are charged upon the siiikihg fimd. ;(20)> / ; ; .;; ^ ^- ^v - ' • • : The sources of revenue thus opened in 1813' could not,rhowever, be expected to aid the . Treasury until 181?l;^and,Aac,cprdingly, ih; the;annual^^^^^^^
port from this department,* dated the Sth January, 1814,; neither the .direct
tax nor ;the, interrial duties will be found as aja iteni bf :the. .actual receipts
into lhe JTreasury during the year; ending the :30th of September, l g l 3 .
The amount of those receipts was stkted in. the proceeds of the customs, -of
the sales'of. public lands, &c.,,at. $13,568i042 43, and iurthe proceeds of
loans and Treasury notes,: at/ $23,976,912 50, :makirigf:tbgether,
' $375544,954 .93 ; ] and the actual disbursements; of the same., period ;were
stated at $32,928,955 19, independent ofthe balances in; the Treasury at
the commencement and the close of the yeat. (21) Butthe estimates for the
year 1814 requireda sumof $45,350,000^: ^ j : :• : ;.: ' : ] ' r : > : ^,:
For civil, diploniatic, and miscellaneous ex-^'- ::f\.':^:'::-.^-^.''\ ^y^'^^: 'penses \.-: .-:' . .^~ •'.••'^.••-''• •,- ^-.-•: ^ • ::-^ $1,700,000: :-..;'' ' V".'.:••.•:•;••
For the payihent of interest pn lhe old and' '
: j
a:/..; ; . / >
.
new debt, and the instalrnents of the prin.
\"-,y .\::\.
• cipal of the old debt: : , - , . . : : - ::: • - / a2,20Q;qQ0: - -'; .;^ ; '
,For the military establishment K - .: : - . 24,55Q^00ftc] :, t ^ : - / !.<;.:
.For the naval establishment.'.vJ.;:: - V.6,900,000
•$45,350,000.
And the subsisting revenue to meet theseex- : ^ : ,^: ; | :.: \
penditures was> estirnated a t the i sum of ;' :; : ;. .. $14^370,000,: proceeding--^. J l . . / i-.,J:Qr . : ' . -^ ^
From thexustoms, and sales of public lands : f 6)600,000
From the internal duties and direct,tax| ^ -. ; 3,500,000 .
From ahalance of loans and Treasury notes
4j270;000 c
/M^70,D00
Leaving.a deficit,.for whichlt.was proppsed to pio vid^----^:i:.. ; > : ' • > ^:.^,! r
1st: By a part: of :the .balance in :the..Treasury,;:aiJ(l:; . :/; . • - ' _ /
A 2d. By loans andTrbasury notes, amountingto ^^j^^^.'-. -:; $30,980,000
V FoLlhe deficit thus approaching the suni. of $40;,000,060, the; .onlyiprpvision made duringthe session which commenced in Decbraber, .181:3,r:reste^^
again upon thepublic credit.
: • -^ZLI :• :; ty-;:.:/.-. ;: .i;.:. .r;?:
'• 1. An authority was given to. issue Treasury notes', ifora sunrnpt exceed^
ing $5,000,000 absolutely,; with a provisional authority^tp issue a
al .sum of $5,000,000, to. be deemed and held to be a part of any loan which
.might be authorized during.the session.- The notesjwerbjto bear interest^
at the rate of $ 5 | per cent per annum; to be.reimbuisable atsuchtpilaces,. r
spectively, a:s should beexpressed on the face/of them, one yeat-. after: the:
day Jpn which they should be issried ;^ to be receivable in payment of all du-.
ties and taxes laid by the United States, and all public lands sold by their authority; and thepayment of the interest, and the redemption or purchase bf
these notes, were charged, like the funded debt, upon the sinking f^^^^^ (22)
2. And ari authority was given to raise, by4Qah,'a'stim not exceeding
$25,000,000, and tb/createytock for the amou
tirne
after the expiration of twelve'years,;from the last (Jay of Deceriibe):, 1 8 ^
(20) See the act ofthe 2d of August, 1813: 12 Vol. 20b.,
of the"
the"acting
' Treasury, dated 8ih Jan: 1814:
(21) See the annual Report
Reportof
acting Secretary of tlie
(22) See
^ the
" act•of'^ the
' -^th
" March,
"
' 1814: 12
-^vol' 276.
"'''^
i815:|;
•'
:
;SEGRETAJaY,OF :THE'TREASURY. •
ll'
Neither the' rate pf -the .interest, nbr: .the:> price, of lhe; stock,, was limited ;
arid the payment of the interest, and the redemption, or the: purchase of the
stock,'k.re charged uppn the s i u k i n g ^ ^
"(23^ • C ':-.:: " - ;
: :
• T h e emba.rrassriients; of the Treasuryj;after the tad^ournment of Congress;
in the year 1814, became extreme; i It appears (24|:that the disbursements
during the first half of that yeq,r had'amduri.ted t o t h e sum of $19,693,781 27o
/ F o r the civil, diplomatic, arid miscellaneousexpenses ;> :$1,444,762:60
'^ F b r the mihtary department - - / I : . -' ; : • :-.':^. f:. •.; ll-210i238'.0Q
: F o r the riaval department
• ^ T A
- : : . : . - , - ? : - - 4,012,199 90
F o r t h e public debf:-:' - : - ./- \.:, • / ^ ;-..:^ ^.. ,: V - . 3,026,580.77
;• •;•• • ^ '^ •'••;• -^^>i^'-- ••::. N.;^- ^ ;•:: : ..-;^v: :^ .:•;: "^ .;: ...^ ;•. • ..:•'l;;::: :.,19,693,78r, 27
And the balance of the appropriatioris for the .same objects- : ' \
'. ' "
; bf ;expenditure, required diiriiig: the ^otlier"half of the^ :
.: ' ; ; : )
- sariie year, was stated a:tthe'^sum. o f ^ >.-^ .< • : - : . ,K_ ;;-:' 27,576,391^19
•-• y.:-^ ^ - • • - ' : ^ ; - \ : : ^ : \ ' : - - - ' ^ y ' ' - •••:•:'^•'•\':o^^^^^^^^^^
•y.--'^'^.; •$47,270^172^.46
B u t the actual rSMipts I n t o the Trfeasriry^liuring the'. first" ' • - , , 3 ::..;: :
• half ofthe year 1814, ha:d;amoiiriteft t o f 19;2.1:9^^^
. :. ^; \ -k^.
' prbceeding-^:''•:•"• -:.' '^
'.'•-• i.:..-v;.. 'y"::i,r--'-p:i:..:- ^'j'-'z-s'-yi.:.-- '•.; •;:'r; ,.,--^.„
. Frorii tlie'customs ;;•-:-•- ^."•';'..,. •--•:»[.'. - , . , $ 4 p 2 , 0 8 8 ^ 25.; - ' - ' / ' . - y • ' : ; ;^
F r o m t h e ' s a l e o f . p t t M i c lands, (iuclirdihg
- ':' ^y-H >> . : ' . J '
; those i n the MississippiTbrritory, th^^
j':..-;
.";
: : : ;-:-^. :. ;: •
- proceeds of ;whiPh'are payable to;'the
c, : ^ v- . : ; ^ : ^ J • : : s ? ;
State of Georgia) ^ , - ^'
-',";;: i-^:"- ./.: . S40,065;68r:> --. v; :'•
'ly
F r o m l h e internal duties,"and direct tax
2,189,272. 4 0 ; ; ; ; \'.:'^: -:,-•, .
F r b m ^ b s t a g e and incidental receipts.. " • ! - ' , . . .'16^6,744:00;: . ; ' : ' ' ^F:
From-foans''^-- .-' '•'"'•^r ;• \-^--•"-•:::"•->;:-J,679,676''Q0::_-^i^-^
From^Treasury'notes:,^- ..• ; ^ :-^^^.-:- ..-- .. 2,462,100 ^O0•^'• •;,-;/' ' [ F /'
-"•-..:•• ; , ^ ; - :.-,-;•-•.';/;.;-'..:'•; • V,^ ^';?;;-:^^;^r':$19,219,g46^3^
And it \\^as estimated that there w6rild;be'^:J :—: i :.. v :'^ ^'
; received;frorii the same sources :pf reve- •':^ ' - ^ : ^ ;.;•;:'
nue,(includingloansaLndTreksury notesj. :' i : : : ; r?:v:L ^F..
, t o t h e amountof $y;320,00Q,) d u r i n g t h e .\-, ;:::^ ^r; "'^rci:: ::^
other half of the sariie year,' the "sum of •.13.:160,0p0'„ 0.0^ :•:
'/-^^']•••'- F ' :
y - ^ : - - "^•>-:-:-5^r-32j379,94&:33:,:
T o this kmount add the'balance^of the cash 'M ;V . :•;:.
'il •
: i n t h e Treasury, ori the-lst of July, 1814,: p:'4,722,639: 22.
And the estimated,aggregate of the:funds, .;:* :h..:_ ''.-••p:}:
. to meet the demands on the Treasury, to,
^
the close of the year 1814, w a s l h e sum Jbf;\:%;": rl-^ .-e - > 37,102,585 55
• ' • ; • •
^' Leaving a deficit for tMe -iserviee) of 1814,- after .kbsprbirign,? - f - - /:'all the c a s h o f the Treasury, amounting to the^sum of >.r$10,167,586 9 1
•] T o stipply this'deficit of $10,167,586 91, lb'provide an additip^
for the contingencies of the yearj arid t o acfeelexafe the fiscal measures ivhich
vere essentikl to the prosecritiori of the war in .1815, the- interpositi'on; bf
le Legislature was deemed indispeniable^ The'piaii'p^^^
^23) See the act of the 24th of March,'l8.14 r l 2 Vol: 309. ,"^': "' ; -''^'-^'^ . : - . : . ; i-'y
'^4) See the aniiual report of the Secretary of the Treasury, dated 23d September, 1814.
;12/:
^ ~ '.•.^.••:" ..REPORTS^QF T H E , ; . - , . • ; ; . ^
,.[P15.
was predicated upon the .theory of jdefrsiying the extraprdinary expenses of
the war by successive loans, had ;-already becomP iiloperative., The product of the revenues had ceasedta.fufriish an ampunt equallo the expendi-:
lure' of. the former: peace •establishment,:. with an: addi tion of the interest
upon the debt contracted on accouiit.of\the!ivari^ And; the sudden susppnsion of specie ;payments]':at the principal htanks, established, in, the difieient
States, (howieyer it may he:expused;bi:: justified, by the;apparent ^necessity
ofthe case,)liad^exposed the Governmenf, -as welliis-piiyatefcit^^^
all
the inconveniences of a-variable currency, devoid.aiike, .of 4iatipri
ty and .of. riational circulation. The Treasury 'couldinQ;;lpnger transfer;its
funds from place to place, and it-became, of course, impracticable to mainfaiathe accustomed punctuality in the payment of the public engagements.
Under these circuriistances, the: Cougress- was con.vened, by :the ^special
call bf the President,In Septembej, :f814; when the citizens:Qf every occupatibrir;arid "pursuit seeraed eager to :second the v.legislative efforts lo replenish an exhausted Treasury, and to renovate thepublic credit. Commerce cbritiriued to contribute, perhaps, to tfie extent ,of its capacity. Agriculture, though suffering.the'want PiG.avent fprVsome of its^i^
staples,
was everywhere jKeparedfor the requisite>pxe.rtipn.,; Dbmestic manufactures, which had scarcely surmounted the'first struggle for existence, yielded
to the patriotic impulse..;. Arid the capital of indrvidukls;, in.all its variety
of form, offered a ready tribute, to relicive:"; the necessities, of the country.
Thus, duringlhe session which commeucedin September, 1814, and dosed
on the 3d of March, 1,815, the followirig internal duties, were increased in
their ampunt, the dutieS; were rendered'permaneiit, and thergeneral pledge
was applied to them : ' '
:
: ' . ' : . : : : ; J .''. .^^ : r . \
(1) r The direct "tax was raised to ah annual sum of $6,000,000/ (25)
and it was extended to_ the Distdct of Golumbia. (26) .. '
. ;
>;
(2) The duty oUvCarriages was raised, and a-duty on the harness was
-
- a d d e d .
(27)
^•^-^•••F
•,:••
^-^.-^
•
•
.
.
.
•
•
•
•
.
/
^ ^ ^
'•^'
:
{'
(3)-The dufy^oii license's to distillers of spirituous liquors was coii-tini^ed, and k duty on the spirits distilled was added; (2S) '-; '.
f4) The duties-on-sales at auction, and-on hc'enses. to retail \yines,
; and spirituous liquors, and foreign merchandise, i^ere->raised. (29) •.;
^ (5) The rates of postage were raised 50 per cent:.(^
,.;
2. The following new;duties were perinanently^
pledge was.applied to them. "-But it was at the same time declared, that so
long as the duties.iriipbsed ;,onc;the articles of domestic inanufacture should
continue to be laid, the duties theii: payableionlM^hkedbAcriptipn of goods,'
imported into theTUriifed^States, shbul'd ;nbt he ;diseontinued or diminished.;
1. Duties on various articles, manufactured or made for sale within the
' ' United States^ pr iheir Territories^-aslspeeifieiin the:annexedlal^le,^
•
marked B.
..'^
'• -
/ ' ' {T'. ••;Zy^\,'?.V-[K'''y:':.-::'F-:- ^ : > ' o - . :••;,: '
' ••'2.'CDutie3rih articles4n use :• (31).,t0::wit:::,: ;r^;:'l',;; v-;'-:- i:U '.;...^/ :; -f:. •
On household furniture, the value in any one faniily (with certain excep- '
tions.) exceeding !$20Q:irimbney, according toi a scale* graduated- from
-••;^ :•.$!" on^.value bf :$400,lb flQO.bnsa.yalue,pf $9;0Q0.:>•: :.„•'-> -•;:;'••/.: •
(25) See theact of the 9th of Januaryj 1815: 12 vol. 35. v^ -- r . • .,.. :(26J See th^-act of ;thea7th Febraary; 1 8 1 5 r i 2 v o l ; l 19.
.''•.: • ' > . ; '
- .(^7) Sefe'the act-oflKelSth Qf<December/lgl4V12-voi:'12: "' .•:; ' : - ' . : ; • • • • ' •^:.:
;-;r28)\See,theacf of the21stof Deceniber,18r4--12vo]
.;::
, •,(29)-See. the act o-f the 2M of December, 1^
" :
'.
• '(30)'See the acf last; quoted. V - "
• '^:
.••. ^.^ < - • , , ; <^ .,.;v
(31) See the act of the 18th of January, 1815: •l2voL65„- .
^,
'
:
.^ . "•>'
• ' ':'
,..;
. U
•M5.]- •
SECRETARY O F ; THE.. TREASURY.
- .13
On every gold ,watch kept for use, $2.
'
•
. .:
On every silver watch kept for use, $1. :•- ,, .,:;. i:..:.::- ;;.;; ;.
: ^
But, besides estabhshing these sources of revenue, (and others were con^
templated at the period when thetreaty of Ghentv^as,announced;)^C
sought to confer upon the .Treasury the means of anticipating the colleetion
ofthe duties ; of recovering the puncfuahty of its payments'; and of invit-i
ing the co-operation of the moneyed institutions, -and moneyed men of the
United States/ in plaiis for restoring a uniform" natibnal currency.' With
these.vie\vs,:varfoiisnieastires;-we
• ; ... ./ '
1. An aiithority . was given ,to. raise, by loan, a sum not exceeding
$3,000,000, ;(pai:ticnlai^ly destined to: provide-'fpr l h e expenditure^ of the
last quarter of the year 18145^;aridto create'stock'for the amount, reimbursable a t a n y time after trie 31st December, 1814.. 'No'' linittation was prescribed W l o lhe; rate^f'^ ihtbMst,^ br/the price^^ tlie;'stdGk;' iDut itwas declared, thatiri ptipymeht:qf srife^
to loans authbrized
by any; other act of Congress^ it should helawM: to i^cei;ve;Treiasliry notes^
beebmirigi'3uer-bri or hefore.lHe;i^t of January,'1815, at their par yalue,
together with the ihtere^'t^accruM.: • ;- --^^ ^;<^^^^^^ ; v :^ w^;^ : • • J
' >*
The payment of the interest; and the redemption or the purchase ofthe
stbfck;fp;be thu:s;created^ were charg^i^ri^bnlhe-siiiking:fitnd^v but the kct
contained -Ih^se'forthei'assurarices ^l:^t,^ that iri'additiotn;^tblhb;aririua^
bf $8j^0QO,fbOljheJrefbfbfi'^
the-isinkingvfurid^: adequate arid
petoanerif ^fbnds-slprild he p f t ^
of Congress,' for Ihe^payfnent^f Ihe^ interest'and^^lhe teriBbutseffierif^ of thb
, priricipal bf^ the stock ;;^arid':'M^
^ri^ adequate-afid.- perm^
furidj'^ gmdually tri'.redilGe,f arid;'eyerriuMly^^tt>^^
cbrifrabted'during i t e
sibii^ofCongres^i'(32)'':^ :j.c;.:^';':vr:c::^:)...,i:^:.l ..-.^ Ji:j;Ji^--| c:..^^ _ :-:^:',::•...;,
2. An authority was given to anticipate lhe'(^pilectib^^^^^^
diifies^onshcenise's^ta distillei^ •of spiritiious hquors,"?^
- by'bht£(inirig:'a;loan^ripbnthe^;^p^
exceed^;
ihg^^$6j000,00df: ariCiatl a M
ariruiml';^(33')^' And; a^ simlar authority was givbil to raise alike-sumj at'thb;
sam§f^at^,^5/^-th^j|)M
dflhte^xMrect fax:'-(34):''^"'-^-•;^^'V^^•''•'-^
:u:,^-v:. :•;•:
- 3. ;Ari:authdrity \ipaS'givei$; to issue >Ti^Isi;i^
:
^iims aMthbrizeHci?:^^^^^ bprrbwed urid^l^ th^:actfe'^bf lhe^2
'
dbficiericyilhlhef ^PP^Pf^
^xpeiipi§-of-thb • Wa^^ iDepkrthibriti^
Trip ^Tfeasury^L&tes'l^Med^TO
Tespebts^^
similar to the prior issues of Treasury notes ; except tha.t the(payrri^erit%^^^^
thelritbrpstJ::^andUh;e^ reinibursiriierit'of ^the^^
foi^ichfeged upbri "fies^infirigffundfyBtitupbri afi[y^mbnie3ppilh§'TreSs^
n b t b J ^ ^ r ^ ^ ;a|)p0^
0 5 ^ ' ^--^ -•^-. ^Fcqun -n.f .,:,•::! • i::ai Ci^U •..•,!...:.:..:J ^
. • •"• 4i j;An:^uttibi?ily^-'was^ -givepflo^ls^u'b^fau^
Ti^Pasuryiibtbs, 'fbr^&stihl ribt':^xG^ed|n^^f 25,feOO5O0O| • tjptoprriiciil^^esseritiaHy^
the prior issues. "(36)" '••"}- •..• ^'-'-^s i::::::::..; .^..:,:-::ii^x":.5 ,::-'-•• ;.^".(,: '^.•^'•^'^'.•-.'
(32)/See the act ofthe 15th of D&lllllTl3voiv^5.^--^^^^
•;>:-"• ' : ;
r33) See last sec. ofthe act ofthe Slst of Dec. 18ili-I2-vbl.'26f''v.- v'
' -'• ' : - •
(34) See the last sec. of the act of the 9th of Jan. 1815:13 vol. 56.
•' :
' ^"
(35) SeetheactoftheSetiof Dec:M4ii2M/:30ii;'^^^^^
: :, fv v.
Seethe act of the 24th of Feb; 1815: 12 vol, IIS.
Digitized(36)
for FRASER
,14
. ';..-• . E E P O R T S O P T H E • :
- • ^[1815.
(1.) These Treasury notes might beof any denomincxtion., . If they were
. ofa denomination less than $100, they were to he payable to the bearer, to
be transferable by delivery, >nd tp^bear no interest:^ This denomination .
has acquired the designatipii of " small Treasury notes." If they were of
the denomination of $100 or'upwards,they mi ght, conform to the foregoing
description; or they were to. be payable to-order, to be^r an sfer able by endorsement, and to bear iriterbst atthe rate .of 5^' per cent, per annum. This
denominationsof which only notes for $10,0: bearing interest have been
issued) has acquired the designation of ;V'Treasury notes ofthe new emission."'
: •;•
\ •
.',
-•:.;- .^ /•- — r. "^'^ . -• . '^ .• . " •
(2.) The principal and interest of these Treasury notes are not payable
at any particular time ; but the notes are everyw:here receivable in all payments to the United States. •
. / .
' : /
. - '
./
(3.) The holders: of " small Treasury notes" may exchange therii at
pleasure, in sums notless than $100, for eertificates of funded; stock, bear-^
ing interest at 7 per cent.per annum, from the first day^of tlie Calendar month
rie'kt ensuing that in which the notes shall be presentedtp the Treasury of
the United States, or to a commissionpr of loans, for the ;purpbse' pf ex' Change.', :'.,/ . \ •^•-.; ' ' .^, .'•-. . --. • -v . • ".:.-•'•-:!': •:''('[•:: • ':.--.:, -v;':-. '
(4.-):The holders of "Treas.ury tnotes of the new emissipn". inay exchange therii at pleasure, in sums not less than $100, for .certificates p^^
funded stock,, bearing Interest at 6 per cent, per knnum, frpni; the :^^^^^
of the: calendar morith next ensuing that; in;which they sheill bX'presented'
fo the Treasury pf lhe .United States, or a. coriirnissipner of loans. ' • / :
(5,) The stock thus created, by the exchange pf Treasury riptespf pither
denominatipri^ is reitnbursable atany time aftei: the 31st of December,^ 1824,;
and it is chargedoipdu^suchfunds as had heen^ pi* should be,pstablishe(lby
lavv, for the payment and reinibursement of the funded'publicdbbt, co^^
traCted since the declaration of
y ;:;;^ / . - L:;r ; : A-,
5: An anthprity rwas = giyeirl fp^ raise,- by loan j a. sum not^ exceeding
$183452,800, and: to create-stpek;fdr the ahiount, reimbiTrsabie-at anyvtime,
after thp expiration oftw:elye years from the last day of Decemberj. 1^15. (37):
Neither the rate bf interest, • npr the price of the stock, was liriiited;
butit was declared that there might be received, in payment of subscriptions to the loan, such Treasury notes as were actually issued befpre the
passing pfthe act, and which were made, by law, a charge on the sinking
fimd. (38) And the payment of the interest, and the reimbursement or the
purchase of the principal of the stock, are pharged. upon < the sinking
•fimd;. ( 3 9 )
- • • ; ;
^ ••••••.,
•
.;.
'
^
,'-
-,.
.;
'
..,v^.-,:;^'-'.;
6. It was declared tha:t any holder of any Treasury nptes, issued, or
authorized to be issued, under any laws previously passed, might convert
them into certificates of furided debt, bearing an interest,of 6^ per jcent^per
.annum.. (40) '
..... '- '••..::;,.•'-•:). ;.V; v.-'^-; ^••
; 7. And it was declared that it should be law;ful for the; Secretary of the
Treasury to cause to be paid the interest upon Treasury notes which, have
become due and remain unpaid, as well with respect to the fiine.elapsed
before they became due, as with respect to the time that Sihairelkpse-after
they become due, and until funds shall be assigned for the payment of the
said Treasurynotes, and notice thereof shall be given,
; ;
::v
(37)
(38)
(39)
(40)
See the act of the 3d of
ofMarch,
March, 1815: 12vpl. 145.^.
See the act last quoted: sec 6,
Idem, sec. 4.
See the 9th sec, ofthe act ofthe 34th Feb. 1815: 12 vol, 116,
,
- ;,r/
/
1815,] .. -.^ SECRETARY-OFTHE; TREASURY..' •
/• ' 15.
,^ The progress of expenditure and of rbvenue, for the entire peribd of th^
: \yar, is thus developed ;: and, independent of the balance of ;the appropria-^
tions for the year> 1814, which is transfeirbd to the :accounts for the year
1815, the subject;may be reduced to the fbllowing general abstract, ;^ /
'
, \
TIIE ACTUAL RECEIRTS p p THE TREASURy^
In .1812, they amounted to^the sum of; - • - - ' ! ' ' - $22,639,032:76
Fromrevbnue >; v-^ : : ;1 : ; . • $9,801,132 76..
^ .
Fromvloans - ; ' l-^ \ - -; '
- 10,Q02,4Q0 00
;
;;From Treasury notes - ^^^^^^^^:v'- .- 2,835,500 00 .- \ ^ ' ' ;
In 1813, they atnotinted' tb the sum of
Frorii revenue ^^ i/
From loans - - ^ ^:. / ,;>- : ;From Treasurymote^:---^^^
-: •- 14^340,709
- 20,089,635
- 6,094,500
- ' ^ 40,524,844 95
95 •:
00 ;
;:
00
:
„^
In.l814, they amonnted tpthe srim^of -; ,> ^ ..
> ; 34,878j432,25
^Frorii ietenue
- - - .: - 11,500,606 25
Frorii loans - ^t . - : ,, . ^ ^ ^ ..;15,080,546 00 yV :.
^ '
: ;^;From Treasury ^riotes .^ /v/'»_^ •: .';„,,^-;.';8;297,28O-O0;-1^;; • •:-. • ; ; • / '
- The aggregatp amount of the receipts into lhe Treasui^y, ; ;: . ^
for the three years of-vvar, being the sum of ^;
: - $98,04%30ff ;96
"THE ACTUAii:BiSBUkSEMENTS OP T H E ; T R ^ ^
In 1812j they amounted'to-the sum of, - I, '- : \. - • $22^279,121 15
For. the civil, diplomatic^ and miscellaneous expenses ,
of the Government '
/> .: , -, $1,791,360 31 ..;
:
' For the military, service (including the . ; ";; ,' ;'^
: ;:
- I n d i a n department^
-. ;'
- 12,078,773 24;: V ; . ;;
For the naval service - 3,959,365 15 • * ; - , n For the pjiiMic dtebt.: -,
. -^ , ; -: 4,449,62^ 45 . J ^;..
..
In 1813, they airiouut^ the siim of »:
- ; ^ - ;'^ 139,190,520^^
. For the civil,(iiplpmatic,and miscella- /, .
" .
;
neou^ expenses of Government
- 1,833,308 80 .:
V '
• !
For the military service (including the
. ^
.;
Indian departnient)"-:; / ^ / » ^ ^ ^ ^ W ^ ^
; '
/ /
For the naval service - > ;6,446j600 10 • ;;,For-the public^debf..>.;; ;, • .- ,; . r : U j m ^ 2 3 44 .^ _' •.'" • ^•-l"f'
In;1814, they amounted to the sum bf - ; >
V 38,^47,915: 62
For the civil, diplomatic, and niiscella- , '
v .^; . .. ; ^ : ;
neous expense? of Govemment
- 2,337,897 13 ;
:.
For the military serviee (including the
•
..
;:-:
Indian department)- • r"
- 20,510,238 00
"^
For the riaval service-- : ^ : .
: > 7,312,899 90>;
>
-;:
For the public debt . : w ; 8,386,880.59" ^
;:$100,017;557 13
16
.
REPORTS OF T H E
[1815,
^ But as the receipts ofthe Treasury, for, the year 1815; are derived principally from the war revenue and resources, and as its expenditures arise,
also, principally from the arrearages of the war deniands, it is proper to
comprise them,! as far as they are asj^ertained, in the following supplemen-, ^
tal statement:
- '
1. The gross receipts of the Treasury for 1812,^1813, and 1814, amounted,
, as above stated, to the sum of
^ ^ :-^
- ^$98,042,309 96
The receipts of the Treasiiry for 1815, to the 3dth of Sep- ^ \ ^
tember last, cannot be precisely stated, as the accounts
to that time are not yet actually.made up, but they are ,, ^
^ ..
estimated to have ambuntedlo the sum of
39,372,000 00
From revenue
^^-^$12,400,00000
From loans
^^ ^=
-11,034,000 00 . / ,
From Treasury notes, ., - 15,938,000 00 .
». • • ,
Theaggregate ofthe receipts of the Treasury, from the
'«1st of January, 1812, to lhe 30th of ,September, 1815,r
. .^ "^ '
^ 'being the sum of
- . r"
" - $137,414,30^ 96
2, The gross^ disbursements ofthe Treasury, for 1812, " ^ ' .-- \
1813, and 1814, amounted, as above stated, to the sum of "$100,017,557 13
The disbursements ofthe Treasury for^l815, to the 30th
^of September last, ainounted to l h e sum ^'df ' - ^ 'J-^ "33;6863323:i8
For the Civil", diploriiatic, arid miscellaneous ex-'
^
'^
penses I
- $2,537,000 00
" For the mihtary^service, &c.
- 15,190,144^71
For the naval service, &c. - 7,050,000 25
' For the public debt
_\ 8,909,178 22 /
" ^ ^ ' '
The aggregate ofthe disbursements of the Treasury, from '
the 1st of Januarv, 1812, to., the *30th of September, " '
1815, being the sum bf ^ ' - ^
- '' " -'$133,703,880 31
It will be natural here to inquire into the general efiebts ofthe war upon
the public debt of the United States ; and the annexed table (rnarked C)
exhibits a detailed statement ofthe unsatisfied'amount on the Istday of January, annually, from the year 1791 to lhe year 1815, both inclusive.^ ' T h e
subject, however, may be placed distinctly in the following point of view,
upon estimates referring to the date ofthe 30th of September, 1815.
,
'
OP : r ' H E P U B L I C D E B T .
'
' ^ ^~
' .
1. The amount of the funded debt contracted before the late war, which
remained unsatisfied bn"the"30th of September, 1815, may be stated at the
Slim of $39,135,484 96, to wit: " '' ^ F ' ' - ' ' - . [ ^' ^' ' ' ' 'l'^^'' ''
(1.) In old six per. cent, stock,' the nominal aniount'^ * ' '
being
/ .^- " ' l - ' / .
^'v $17,350,87139' :
\
And the amoimt I'eimbursed,being
- 13,467,587 00
Balancedueon thb 30.tfiXSeptember, 1815 - ; ^ ». $3^883,284.39
(2.) In deferred six ;pet cent; stock, the .
^, , -"
nominal amount being ^ _ - „ / .~
- 9,358,320 35
;Andlh,e'amount reimbursed being
- 4,152,543 93
Baiaiice due on the SOth of September, 1815 »
-
5,205,776 42
.1815.]:
' -SECRETARY.OP,THE::TR3SASURY.
'
•(17^^
-.;/(3!)"Iri three per Cerit. ;stbck:'^
^''''.:-V^- -' • ^-.|16,158,177;43
(4.) Inexchanged six per cent. stock,underaheaptof 1812.;: :2,984,746; 72
; • (5.|InsixperGbnt:'stbpk^-bf;i^
^ :' 80,000.00
v': (6.) In--Louisiana:si^'pbr:cerit';^tacfco::
:'->;-;!:;•^''•^::>^U.10,923,500 '00
:,Balarice on Jhe ;30th of September, 1815,'of ; t t e
ofthe public debt :bdritiaetb(f before thejrtrar:-fe
• ' i ' 39,135,484 96,
., 2; The amount of the. funded debt coiriraQted; bri account of the late war,
. bn the 30th of September, 1815, may be statM at the ^ m
50 j
tb-wit:\
•>
.
• •••
. .•'-.;
::.
"
' " • : F ' y ^ T y ' ' ' ' ' \ -•^•[•y-''-'--''': '
".
•• :
• "•
(1,) In sixpei^cent:rstock of I812,^f^^^^
. ^
loan,) authprizedlDy the-act pf
4thof JEai!bhJ1812, pb-.
tained at par, andinot reimbursarileheforfe .the;ybar 1825 - '$7,860,500 00
(2.) In six per cerit stock; o r 1813; t t | e \ | ; i p
loan,) authorized by the act of thV Sth bfFebiii^^^
; ; :
obtained at the, rate of $88 in cash for $100 in-stockj and . ;
not reimbursable before theyear 1826 - - ; ; - ' \ ; - l , : 18,109,37748
( a ) In six per cent stock of l&13,,(the;$7,500,000 Ibari,);;:;:;:;::^^^^
authorized by the act of,the 2d of August, 1813, obtained; .;^^^^
at tlie rate of $88 25 in iiioney foi; $10(} in .stpck;,. and not - - • ;
reimbursable before the year 1826 ! '; -, . ' ,-; , ^ 8,498,581 ;95
(4.) In six per cent stock pf 1814, (which arose from
loans in parts of a sum of $25,000,000, called the ten mil- ',,,'; , ,
lion loan and thpsixmUhpnlpan,)^
by the act
/
of the 24th of March, 1814, obtairied" at'd^
^
•not reimbursable before 1827, t o w i t : "^ ''^'• ; jii'.i ;•.:•' :
•r
.
$12,292,838 90 at 80 per cerit stock-•$15^366vill 21'^
- ;V '
.140.810 00 at 85 per cent stock ; 165,658 82 ;
>
\
y 4^,222 2 2 ' ' a t 9 d | .per cerit.. stock - 4^^^
';:;;- ,;:-:--;;74^590 t5'^at90|^ per.cent. stock ; •82,420;72; ; : . . .,.•;; ' ,;
;-• \^.-12,551,51 l\g7^' ""^ "•" • ;• -' :'.;':.., l^::.:,^yL'./'^^
15>66i;8i8 "M'
l5.) In:six per cent, stock of 181^,- (the.";$i2i0Q0^^^
> ';
loan,) authorized by the act pfthei:3d:of:Mai?ch/^.1815,:obt>^^ • ,;%
tained at different rates,> payable in Treasury notes, br:ih,.
': ]:
cash, and not reimbursable before 1827, to wit: . :: : .
$7,924,219 59 at 95 per cent, stock
$8i341,2S3 :77^"^^^ ^.
/ 1,047,846 30 at 96^ per cent, stock
-IfiS^Ml- D& :' :
32,978 49 at97 per cent stock ' i ;:;;33^99S.44^:. v
.
=
. 275,000 00 a t 9 8 per cerit.:stQck.;; :::280,612:24 ; ;
v' ^^
. 4,000 00 at par,
stock
.:-:>i;b00 60 1 ~rz,l :(6.) In 7 per cent, stock of 1815, created by funding/
Treasury notes;not bearing interest, issued part at pstr and
part upon an advance, under the act of the 24th of February, 1815, and not feimbufsabte until 1825 V -
V:
.
'
,
3,268;,949: Oa
> Esfiinated arribunt of the whole of the :iunded pubhc
d^bt in i:eference tp the: late war - v » V;;: "
" ^ 63^144^972 50
V 3 ; The amoiint of the floatirig debt contracted since the cbmmencement
18^
;
^, •
,::,KEPORTS":OF.THE' ' '
/
'
• [1815..
of the late war, calculated to the 30th September, 1815, may 'be stated at
;thesurn:of $17,355,101';:tb'wit;: .;::::•>;- ;.;
. ' ' • ' • • " ' / ;."-" - :-;*
(1.) The aggregate of Treasury notes issued under the^
authority'of the seyeral acts of Congress, passed prior to
the act of the 24th of February, 1815,-amounted to the
/ ^
suni of $20,201,600.; to witr/ . ' .-:::: '-'
.= : ;^ ; \ \ ~
Payable ih 1814, but unpaid - .,/: ..$2,799,200 00
:: . : ,
, Payablein 1815 '
- - •
. 7,847,280 00
.; Payablein 1816":; r >;• •-,-"••;••.:;-: •:2,772,720-00^ / : •:.:^;;
Payable also in 1816 (issued under the ". ; : : / , >
\ '^
special authority of the act of the 26th of
;December, 1814).- • ' -.
';- , ^F; •^: • 8,318,400 00' •; ":\ . \ ' -
•/•• •. : • -':;•• ['/ • • : • - ; ; • ; : : . ' 2 i , 7 3 f , 6 o o ^ " o o , •/;•.'. • .'•'
Deduct the airiount reimbursed, in jl815; • " ' ; . ';
> ;: *
(at Philadelphia, Baltimore,; Washington,^^^
,
;
'
Charleston, and Sa vannah) •
; ,.- /,li536,000 .00
20,201,600 00
Of this'aggregate there has-been subscribed, in principal and; interest, tp the
loan of 1815, about the sum of - ' - $4,5Sl:,587 06
From which deducting an average esti-;
iriate of near one year's interestjabout the
sumof :-^
. -; ., - v ; 216,587 06
Therewill remain for theamouut of prin-<
'^
cipal subscribed to the loan, about the sum of 4,315,000 00
And it is estimated that there has been ,
.
;
paid on account of duties and taxes, to the
; .
.
collectors of the customs, the interrial du- ;
- :: '
"ties, and the direct t-^x, about the sum o f - . 1,200,000 00;; „.
^ '• '.•'
'
v''';:"^'
;• • ; ; . ;
.y-
;; . .
;;
;-5.515,OQO oo
Outstanduig amount of Treasury notes, bearing interest
at 5.1 per cent" per annum, about the sum of
:-.,. 14,§;86,6pb 00
(2.) The aggregate of ''small Treasury
notes" issued and reissued under the act of
:
. ; ; ( - .
the ,24th of February- 1815,.amounts to
::
:
^ :,':^
aboutthesumof
•-.•?;-;
. - $4,142,850 00
;, ; . : - ;
r Ofthis aggregate there has: >> ;> ; ;
.
; . :: : , . / ,
been funded for 7 percent
^
^; :
stock,, included in the fore- . : : : . / " , • .
goingstatementofthe funded •
: -x
... - ,
,:
public debt, aboutthe sum^of $3,268,949 00 - i - - /
": :And there has been paid,
: '
• ;
on account of duties and ,
.
.
'
taxes, about the sumi of
-- " 50,000 00
/ :
• ..• •.•::..,.-;.--__—~-^;^.318,949 0 0 '
•
.:•*,
: Putstanding ," small Treasury nptes," about the sum of ; 323,901 00 ;
(3.).The aggregate of Treasury notes, of the "new
^j
emission," issued under the act pf the 24th of Februaryj ;
1815^ ampuntslo about the sum of
.- - ;.694,600 00
Lbavingthe amount of floating public debt, in Treasury
notes, on the 1st.of:Oaober, 1815, alDouttife^^^
> 16,205,1.01 T
•1815.]
. SECRETARY OP t H E ' T R E A S U R Y . ; . ' '
• ''•19
But.to this amount of the public flbafing debt, ih Treasu;:
>ry nbtes, there must be added the following temper arv^ ^^^:' '^^^
.loans, to wit: ' :--^ '' •;: ..
';•'';.. :'^ ^ '•:;'•;• '; . ' ''•• y'--'''^ '
,:(1.) A temporary loan made by the State Bank of Bos- ^ ' . ~ ' .
tbn,inl8l2,payablethe]5th and 31stofl3ecerriberj^
' ' :•
but^unpaid' ,
-^'; ; : ' - ! ; • - : $500,0()0 00 /
; ;
(2.) A temporary loan made by-the: Cu ril-" :
; •
;
berlaiid Bank,ln 1812, payable; the 15th of •;
^••November:i817^:/"^; ..;-••;v\-.;^'"/ '.- ' 50,000-00:':•;• ;; :; - .
'(3.) A temporary lban maGle by l h e B
, /
;bf the State of South Carolinay in 1814, pay- •
• W^ •••••'
able the 1st of Deceniber,-1815 ^•'••^:-\. ' -'^ 50^009^^0" -"^;.
^' (4.)^'A temporaryBari^ made l>y the Me- ; •; F^'-'i
• ' ' - ; ' ^' .;' ^;
vehanics'Bank of New Ybrk,;in 1815, paya' . •
' ' ^ ;l
rble when.demanded
: ' ' - - i - V - ; / : ' - ; . 2 0 0 , 0 0 0 00 . - ;-, : '
(5.) "A temporary Ibari maide % the-Skta'-^^
' - :
,"
"of New York, payable in fhe year 1817 . ' - '350,000 00 ' ^ •' • / • • ' - • • ,
• ..: ' : V. ^ ^ ;-' . • - 11,150,000 00'
Making, the aggregate^amount ofthe floating public debt •:
;' .-;
. about the .sum of . .' ': . - . .':, -'.
''''''"''"'•'}::^ ""'' • y-$i'^,355yl01 0-0
'
Z-
• . '
•• •
"'•
' ; . -'^
•'•KECAPITULATION,
-'-^
••
-.
''•.';!•
•',
.'
1. The amount of the tzpsatisfied funded public debt,'contracted before the war, on the 30th of September,'^1815, was
V
. l h e .sumof ^- ' •-"• ,• . - -•' :-:r;; :• ,- :~ r ; - - J - r :-.$39,:135,484^96'
- 2. The :ariiouritof the fiirided publie debt; . ; ;^ ; .;\..
. ;' ',
^contracted in reference to the late war,, bn;.
; "^ .
-thasaraeday,.tbesumof^ ; ; / . - : , : - ; : :-$63,14^^^^
:; : 3 . The:amount of the fioating pubhc - .:
;;; .: •..• •. '
debt, contracted since the war,, was,'on-rthe:: ^ ; J : .' / • , : ; ;' ..
;*'Sameday/the'sum-of ;-;v^:^: ^'';::-::>:-.:^-::.:;'. -17,355-101 00 :. :l ; • •••: %/
Total of theascertained airio lint of lhe public debt :cre- , ^
;
:ated sincethe war^:to;the-30tfe:of Septeriiher, 1815v-:- ;^ ;v $80,500,073 50
.^/ Total amount of the national'debt, cn the;:30th of Sep,:
,. ^tember, 1815: \ f^ •- - ;-•• / ; : ^-;-:-•::; .;>'-o F i - - : ' .'- :-#ll9,635,p58. 46'
;
r
:
:;
It IS proper to. reniark, that the aggregate of the national.de
to the .30th of September,-1815, iS; subject, to considerable: changes; and additions;!^ The floating debt irt Treasury notes is ;coh vertible, at-^lep^
of the 'Creditors, Into funded debt ;oetnd, independent of a direct :?ipplication
of thb; current re venue to discharge the Treasury notes as:well:as the temporaiy Ibans, there must be:a great,lhough:^r;adiial, reduction:.of the floating debt by the;paynierits made in Treasury, nptes for duties, taxes, and
public lands. There are, indeed,-some:claims knowntt;0:exi^t for loans,
supplies,: and services, during the late:war^whichliavei^
or are iiot embraced by existing appropriatioris; and, doiibtlesSj there are
other legal and equitable claims which have not ypt been brought intoview
in any form atthe accounting departments, but which niay eventually re-,
icive the sanction of CongresSc.^ I t is not,howevbr, #ithia the seppe of any
20^
• ' . - . R E P O R T S OP THE-.•-•
•.[1815.
estimate hitherto made, tO' state the probable addition to the funded debt,
under all circumstances, at more than $7,000,000; which: would, consequently place the' aggrpgate;of the-funded debt, created/in conseeiuenGe oi
the war,;at a suiu^not.muclt;exceeding^$7P,QO.O^00,;;B
be import-^
ant to recollect, that the war debt'has not bpen entirely iricurrgd for objects hmited to thpcbritinriarice of the wair; arid that the iiiihtary and naval
[ establishments, in particular, have derived idurabJe: ad vantage
the ex' penditurps''of the-Treasury^.':;;".,.. , dj / S; j : ^ •^^••:j >-K.^V'V :v y'-n^F j : ' - - - : - '
For the payment,of the interest, and the rpihib^
ex- ,
tinguishment bl" the national deht,vthe resources of the Treasuiy are abundant, although trip state of the circiilatiug:riiedumi/(which.wiM^^ be:more particularly conside]^ hereafter),has rendered it impraGficable to;;pbtain, fit all
times, upon reasonable terms, the local currericy of ^ornp pf the: plapes appointed for the discharge of the publfe engagements^
depend upon the ^nkingifrind, cbnriectpd with "the feith x)f l h e United Stat^^
which is ple,(iged to supply frqrn: the.existing/pr from:oth^^^^^
nue the deficiencies pf that: f u i i i " ;
• , -- . ---^ •./.,.-: vl
•'"•>'.'
^' ';;•-••-" '^' •; ' T H E S I N K I N G ' F U N D .
' ' -
-.
:
.,
The public debt^^amounited, qii Ife Ist-of Jariuarvrl^^l, tothe^smuof
; $75,463,476 53; and itcbnsisted ^ '.. 1^ '.''"^"\' >'^;-" '.,• " '^-.^ .;-: •).:.
- / : / O f the foreign debt
; '.
—
• / $i^!,812i821 92
Of the domestic debt
:»,
7V —
- 62,650^654 60
..•$75,4-63,476 52
; /The foreign ^debt experienced various changes in form and in ariiount.
From 1792 to 1795, it rose aboye;lhe amount:stated fbr 1791 ;f.but from that
period.it was gradually ieduced, and.on the 1st of January'.lSOl, itlstood
at thesum of $10,419,000. /Frorn the year 1801^ howeveivthe annual reductiori was more rapid, and in, the/year; 1810 the foreign debt^became bxtinct.
/ The domestic debt has also; experienced^: various:>changes in form and
amount. ^It was originally stipulated Ihat it should be subject tojedemption
by payments npt exceeding,'in one year, on accourit both of principal and
interest, the prop'ortibn of $8 upbri'*$ 100:of:the stbck; (41) arid when the
sirikingfiirid/was constituted arid ;brganizedy provision :was:i^^^^
ing the payments in that proportion, untilthe whole debt should be extinguished by ;diyiderids, payable:on the last day's of March, June, and September, In each ybar, a:t the rate of 1|^ per cent, and on the last day of December, in bach year, at the rate of 3-|- per cent, upon the original capital. (42)
; Buring the first peripdi of about :lO:,years, frorii. 1791 until the ;lst of Janu-^ry,:1801, theamouritbf the domest^^^^^^
:iias been stated, and in ISOlit stpod at about the surii of $72,619,050 80.
^.'The/auginentation created on acGOuntcf the purchaseof Lou
irig tb $15,000,000,)^ raised the' capital pf* the domestic debt, in 1804, to the
sum:of $80,691,120 ;88f but from that period there was a considerable annual dirninution. of the ampunt; until it was reduced on the SOthof iSeptember, 1815,"to the already specified sum of $39,135,484 96. :
:;
.^
The sin^irig fund, by whose operatibns thpse beneficial effects have beeu;^
produced, may be regarded as coeval. w;ith the organization of the present'
Gpvernrnent; but it has undergone many important modifications^
' ^ (41)/'See tKe 4fh feri^^ oflhe.act of the 4th August, 1790: 1 vol 230. •':
(43)See the actor th6^8th of April,! 1^^^^
:^ /
''
1815.]
SECRETARY" OF T H E TREASURY.
21
1. The early appropriations of the revenue were confined to the payment of the interest and instalmenis pf the f^oreign debt, and to the payment of the interest of the domestic:debt;/but so early as-.the 4th of August,
1790, the proceeds of the sales of public lands in the Wbsfern Territory were
permanently and exclusively appropriated and^pledged towards sinking and
discharging the'debfs for which the United Siabs were then holden. (43)
The-annexed" table D Wih exhibit a statement'ofthe q#antity of the pubhc
lands which have been annually sold, and of the proceeds of the sales^ as
far as.can be now ascertained;
2. in the ybar 1792, however, commissioners were designated; and; authorized'to purchase the publicdebtatits markiet price, not exceeding" the
par value; and .the interest of the debt p.urchased, together with the sorpluS'
of certain other appropriations, was- assigned for that purpose. (44) When
the annual amount of the fund thus--created should'be equal to two per
cent.^ 'on the six' per' cent, stock: it was directed' to 'be first applied • to the^
rederiiptipn of that stock, according to the right reserved^ and then, to the'
purchase, .at its market price, of any pther public stock.
3.' Tn" the year 1795, '^Ihe sinking fund" was established by name;.:(45)
its resources- were? vested iri 'the sarrib'comririssibneFS; andv its oper^&tions:
were subjected to their:direc.tiQn; and management.- • Thediiy.^of;the.eoim
missioners, independent of temporary objects, consistedfiiir applying: th<&
sinking-fund^—1st, to the payment of the six per cerit stock, at tbe stipulated fate' of eight" pet cent, per arinum; 2d, to the paynierit of t.h'e ^deferred
stock, after the year 1801, according-to the same stipulation; s^udjSd^j if
any surplus remained, towards the further and final .redbmption/pf the public debt of every denomination. For the accbmplishm'erif of the^^ purposes,\
there were perma:nentiy appropriated and pledged, iri addition ta the other
moneys consUtuting the sinking fund, and the interest of the amaimt of the
purchased or redeemed debt—1st, a sufficient sum arising yearly,,.and every
year, from the duty on imports aud tonnage, and the duty on, domestic
distilled-spirits arid stills, as might be rightfully paid of the pr in cipal, of the
six per cent, stock,.commencing on.the'^Ist of January, 1802; 2d, th^vdivi^dends on the public shares in the Bankof the United States.: but the shares
were said in 1796;and 1802J.under an authority given in 1795; 3d, the?
nett proceedsof the sales :of public lands in the/Westerns Territory; 4th,
moneys received into the Treasury on account of old debts.; 5th,,the. surpluses of revenue beyond the iamount of the apprppriatioris.:
4, Such was the outline, of the sinking fund when, on the;^6th of April,
1802, (46) the internal'duties were repealed; and on-the 29th of April,
1802, a new and'additional provision was made for the redemption of the
public debt. Thus, an annual sum of $7,300,000 was permanently apprppriated and vested in the commissionefs of .the sinking fund, to be produced
—1st, by the moneys (other than, the surpluses of revenue) which then
constituted the fund, or should arise to it by virtue of any previous.provisions; 2d, by the surns annually required to discharge. the interest and
charges of the public debt; and, 3d, by so much of the duties on merchandise and tonnage as would be necessary, together with the preceding resources, to complete the annual investment of $7,300,000. The act not
only placed the reimbursement of the principal, but also the payment pU;
(43)
(44)
(45)
(46)
See the
See the
See the
See the
22d section of the at:t of the 4th of August, 1790: 1 vol.. 239,
act of the Sth of May, 1792: 2 vol; 151.. '
act of the .3d ofMarch, 1795: 3 vol. 22L
'
act ofthe Sth of April, 1602: 6 vol. 58.
22^
REPORTS OF T H E .
[1815.
account of interest and charges of the, public,debt, under the superintendence of the commissioners; making iti^their duty to cause the fund to be
applied in payment—-Ist, of such sums as by virtue of any acts they had
previously been directed to pay; 2d, of such sums ias may be annuaily
wanted to discharge the interest and charges accruing on any other part of
the then debt of the United States; 3d, of such sums as may be annually
required to discharge any instalment pfthe principal ofthe then debt: and,
4th, as to any surphis, to apply it towards the further and final redemption,
by payment or purchase of the then debt (47) T h e act of the 10th November, 1803, having created six per cent, stock to the arnount of $11,250,000,
in pursuance of the convention for the purchase of Louisiana, added an
annual sum of $700,000 to the sinking fund, to be paid out of the duties on
merchandise and tonnage, and to be applied by the commissioners to' the
payment of the public debt, including the Louisiana stock, in the manner
above stated. It may be added that the interest on the Louisiana stock is
payablein Europe; but the principal is reimbursable at the Treasury of
the United States, in four annual instalments,-commencing in 1818. (48)
It is obvious that a.sinking fund of $8,000,000 (independent of the general pledges in. prior laws) was ample for the payment of the interest and
the principal of a public debt amounting only to the sum of $86,000,000,
extinguishing the six per cent, stock in 1818, the deferred stock in 1824,
and the Louisiana stock in 1822, as fast as the terms of the contracts and
the policy of Government would permit. The general operation of the
fund, indeed, has been shown; .but it is proper more particularly to add
that, on the 1st of January, 1815, there had been transferred to the credit
of the commissioners, in the books of the Treasury, an amount of pubhc
debt equaf to the sum of $33,873,463 98, of the following denominations,.
to wit: "
1. FOREIGN DEBT.
3 per cent stock.
4^- per cent, stock
4 per cent, stock
$8,200,000 00
820,000 00
3,180,000 00
' $12,200,000 00
DOMESTIC DEBT.
6 per cent, stock .
3 per cent, stock
Deferred 6 per cent, stock
8 per cent, stock
Exchanged 6 per cent stock
Commuted 6 per cent, stock
4|- per cent, stock ,
5-|- per cent, stock
Navy 6 per cent, stock Louisiana 6 per cent, stock
6 per cent stock of 1812
$1,946,026 92
698,555 41
. 1,005,179 83
, 6,482.500 00
6,294,051 12
1.859,850 -.70
'176,000 00
1,848,900 00
711,700 00
326,500 00
324,200 00
21,673,463 98
$33,873,463 98
But the charges upon the sinking fund have accumulated, in consequence of the late war, to an ambunt which it has not the capacity to defray;
See the act of the 29th of April, 1802: 6 vol. 103.
7 vol. 5.
1815.]
SECRETARY OF ,THE TREASURY.
• 23
while its operations^ in other respects, have been obstructed by the tempo-,
rary failure of the revenue arising from duties on merchandise and tonn,age,
and the protracted embarrassments of the circulating medium :^ thus—
^ 1. The annual appropriation for the sinkingfund amounts to $8,000,0Q0;and consists, at present—
. - (1.) Ofthe inteiest on such parts of the public debt as
havebeen reimbursed or paid off, (which, ho>vever, is itself '
derived from the customs,) estimated oh the 30th of September, 1815, at the sum of
- .
- $1,969,577 64
(2.) Of the nett proceeds of the sales of
the public lands, exclusive of lands sold in
the Mississippi Territory, (which, as yet,
belong to the State of Georgia,) estima.ted
. ' .
annually at the sumof ^- "
- .
800,000 00
(3.) Of the proceeds of duties on imports .
and tonnage, to complete the annual investments, estimated at the sum of.
- 5,230,422 36
• ~^
$8,000,000 00
2. The annual charge upon the sinking fund, estimated for 1816, willamount probably to the sum of
-• 14,524,200 00
, '
• On account of the interest and the instal.
ments ofthe old debt, the sum of- 3,460,000 OO
'
'
.' /
On account of the interest of the new
' ;
debt, computed on a capital of $70,000,000,
about the sum of ,
-. ' , - 4,200,000 00 . '
On account of the principal and interest
,
of Treasury notes, issued urider the acts of
. the SOth of June, 1812, the 25th of February, 1813; and' the 4th of March, 1814,
(after allowing for the ainount reimbursed,
,
^
subscribed to the loan, and paid for duties,) •
about the sum of
- 6,864,200.00
•
— —
14,524,200 00
Deficit in the amount of the sinking fund, compared with
.
the charges upon it, estimated for 18'l6 ^- $5,524,200 00
From this view of the financial operations,of the Government, the Secretary ofthe Treasury, with every sentiment of deference and respect, presents the following g.eneral conclusions for the consideration of Congress.
. 1. That the existing revenue of theUnited States-arises, (1st.) From duties on imported merchandise and the tonnage of vessels ; (2d-.) Internal duties, including the direct tax upon lands, houses, and slaves; and, (3d:) The
proceeds of the sales of public lands. But some of these duties and taxes
are permanently imposed, and some are limited in their duration.
2. That the following duties or taxes are either partially or wholly limited in their duration: (1st) The duties on merchandise and tonnage wih be
reduced one-half on the 17th of February, 1816; except such as are imposed
on goods of the like description with the articles of domestic manufacture
on which duties have been laid, and included in the general pledge. (2d.)
The new duty on salt, the duty pn sugar refined within the United States,
and the stamp duty on bank notes, promissory notes discounted, and on bills
24
.
REPORTS OF T H E
[1815.
of exchange, are not included in the general pledge,, and will wholly cease
on the 17th of February, 1816.
3, That the foUowing duties or taxes are not limited m their duration,
and are includedvin the general pledge : (1st.) l^he" direct tax upon lands,
houses, and slaves ; (2d.)^ The duties upon licenses to distillers of spirituous liquors, and upon the liquors distilled;' (3d..):.The duty upon Meenses to
retailers of wines, spirituous liquors,.and foreign merchandise.; .(4th.) The
duty.upon sales at auction ; (5th!) The duty upon carriages and harness ;,
(6th.) The duties upon • household furniture and watches ; (7th.) The du-"
ties on articles manufactured or made for. s.ale* within the United ^States ;^
(8th.) The rate of postage.
^ :
i . That the faith ofthe United States, and the revenue arising from the
duties.and taxes, which are not limited in iheir duration, are pledged for the
punctual payment of the public debt, principal and interest.raccord.ing to the -*
terms of the contracts, respectively ; and fbr creating an adequate sinking
fund, gradually to reduce, and eventually to extinguish, the debt. But this
pledge" will be satisfied by the substitution of other adequate dutiesor taxes;
and the increase in the proceeds of the duties on merchandise, subsequent
to the pledge,';affords an advantageous = bpporturiity of making such substitution in respect to the more, inconvenient and - burdensome portion of the
internal duties.
'
- .
^
'
5. That the establishment ofa revenue system, which shall not be exclusively dependant uppn the supplies of foreign commerce, appears, at .this
juncture, to claim parricular attention.'
.
-,
...
II. A vieio of the finances o/1815, %oiih estimates of the public revenue;
arid ex'penses for 1816.
At the close cf the last session of Congress, IhP.demands upon the Treasury were interesting in their nature, as well as great in their amount.
Exclusively of the ordinary expenses of the Government, they consisted of
demands for the payment of the army, .preparatory to its reduction to. the
peace establishment, with other very heavy arrearages and disbursenients
in the War and Navy Departments ; for the payment of the dividends on
the funded debt, and of the arrearages, as well as the accruing claims, on
account of the Treasury note, debt; and for the payment .ofthe Louisiana
dividends; with other considerable debts contracted in Europe, in consequence of the late war.
The efficiency of the means which were possessed for the liquidation of
these demands depended upon, circumstances beyond the control of the
Governmeht. The balance of money in the. Treasury consisted of ..bank
credits, lying chiefly, in the southern and western sections of l h e Union.
The revenue proceeding from the provision made prior tb the last session
of Congress was.bomparativ.ely of small ambunt: therevenue proceeding
fromthe provision made during that session could notbe a vailable, for a
great portion of the present year ; and, in both instances, the revenue was
payable in Treasury notes, or it assumed the form of bahlr credits, af the_
respective places; of collection. . The only remaining resources, for immediate use, were an additional issue of Treasury notes, and a loan ; but the
successful employment of these resources was rendered, for some time,
doubtful, by the peculiar situation ofthe credit and currency ofthe nation.
The suspension of specie payments throughout the greater portion ofthe
United States, and the consequent cessation of the interchange bf bank
notes and bank credits between the instilutions of the different "States, had
1815.]
SECRETARY OF T H E TREASURY.
• 25
deprived the Treasury of all the facilities pf transferring its ;funds frorii
place to place; and a proposition, which was made at an early period, to the
principal banks of the commercial cities on. the line of the Atlantic, with
a view, in some degree, to restore thbsb" facilities, could nPt be effected for
the want ofa concurrence in the. requisite number of banks. Hence it has
happened (arid the dui^'afion of the evil is withbut any positive hmitation)'
that, however adequate the pubhc revenue may be, in its general;product,
to discharge the public erigagemerits, it becomes totally inadequate in the
process of its applicatioh;; since the possession of public funds in one part,
no longer, afibrds lhe evidence of a fiscal capacity to discharge a publicdebt in any other part of the Union.
. . . "
\.From the suspension of specie payments, and from various other causes,
real or imaginary, differences in the rate of exchange arpse between the several States, and even between the Several districts in the same State; and the
embarrassments ofthe Treasury were more and more increased, since
Congress had not sanctioned, any allowance on account of the rate of exchange, and the amourit of the legislative appropriations was the same,
wherever the legislative objects "were to be effected! ' Butthe Treasury
notes partook ofthe inequalities ofthe exchange, in the transactions of
individuals, although the Treasury could only issue them at their par value.
The public stock, created in consideration of a loan, also partook ofthe inequalities of the exchange; although to the Government, the value of the
stock created,.and ther obhgation of the-debt to he discharged, were the
same, wherever the subscription to the loan might be made., . Thus, notwithstanding the ample revenue prpvided, and permaneutly pledged fbr
the payment ofthe public creditor; and notwithstanding the auspicious infiuence of peace upon the resources of the nation, the mar ket. price of the
Treasury notes, and of thepublic stpck, was every where far below its par
or true value, for a considerable period after the adjournment of Gongress :
vibrating, however, with a change of place, frbm the rate of 75 to the rate
bf 90 per cent. Payments in bank paper were universally preferred, during
that period, to payments in the paper of l h e Goyernment; and it was anatural consequence that, wherever the Treasury failed in procuring a local
currency, it failed, also, in making a stipulated payme;nt
- ,
.,
Under these extraordinary and perplexing circumstances, the great effoil
of the Treasury was, 1st. T a provide promptly and effectually for all urgent
demands, at the proper place of payment, and to the requisite amount of
funds; 2d. To overcome the difficulties of fhe circulating medium, as far
as it was practicable-; so that no creditor should'receive riiore, andno debtor
pay less, in effective value, on the samp account, than every otJier creditor,
or every other debtor. And, 3d. To avoid any unreasonable sacrifice ofthe
public property, particularly when it must also be attended with a sacrificp
of the public credit. It was not. expected that this effbrt would everywhere
produce the same satisfaction, and the. same results,;, but the belief is entertained, that it .has been successful in the attariinient of its objects, to the
extent of a just anticipation.
OP THE ISSUES OF TREASURY NOTES.
The Treasury notes, which were issued under acts passed prior to the
24th of February, 1815, were, for the most part, of a denomination too high
to serve as a current medium of exchange ; and it was soon ascertained that
the small Treasury notes, funda:ble at an interest of 7 per cent., though of a
convenient denomination for common use, would be converted into stock
26
-
,
REPORTS OF T H E
'
[1815.
almost as soon as. they were issued. . With respect to the first-description,
therefore, the issue has not been restrained; but v/ith respect tb the second
description,;the issue has been, generally, limited to cases of peculiar urgency,;
such as the payment ofthe arniy preparatory to its reduction; thepayment
of the dividends on the public debt, where the local currency could not be.
obtained; arid the payment of an inconsiderable amount of miscellaneous
claims, apparently entitled to distinction. The annexed table (marked E)
contains a statement ofthe amount of the small Treasury notes which had
been issued on the 30th of September, 1815; from which it appears—
1. That there had been issued fbr the paymentof the
. army, the sum of . -'
, - •
-' $1,465,069 00
2. That there had been issued for the payment of the
dividends of the public debt, the sum of - '
- '1,203,100 00
: 3. That there had been issued for sundry miscellaneous
claims^ the sum of
- •
109,681; Op
4. That there has been.sold at an advance, (producing
$32,107 64,) for the purpose of raising funds to meet
' the gerieral engagements, of the Treasury, a sum of
1,365,000 00
^ '
•
^
•\
•'
^
4.142,850 00
OF T H E LOAN.
T h e a;ct of the 3d of March, 1815, authorized a loan for a sum not exceeding $18,452,800; it was made lawful to accept, in payment of subscriptions, such Treasury notes as had been charged on the sinking fund;
and a commission not exceeding one qnarter, of 1 per cent, was allowed
-for selling the certificates of stock, or procuring subscriptions to the loan.
Under this authority, the annexed notice, (marked F,) dated thp 10th of
March,.1815, was published, .opening a- loan fbr the sum of $12,000,000 ;,
with a view, ist, to absorb a portion of the Treasury note debt; 2d, to obtain funds for paying the unsubscribed arrearages of that debt; and, 3d,
to aid the Treasury with a supply of the local currencies of different places,
in some proportion to the probable amount of the local demands.
-The offers to subscribe to the loan, prior to the 19t.h of April, 1815,
placed (asit was proper tp place)'money and Treasury notes upon the same
fboting; but the offers varied essentially in the terms and conditions that
were annexed to them; and, in point of fact, no direct offer was made to
subscribe at a higher rate than 89 per cent., while some'of the offers were
made at a rate even lower than 75 per cent. Upbn this experiment, therefbre, it was seen at once that the new situation of the Treasury required a
new course of proceeding; and that neither the justice due to the equal rights
ofthe public creditor, nor a fair estimate of the.value ofthe public .property,
nor an honorable regard for the public credit, would permit the loan to
assume the shape and character of a scramble, subservient to the speculations which create what is called a market price, and shifting in every town
and village of every State, according to the arbitrary variations of what is
called the difference of exchange.
In this view ofthe subject, all the offers of subscription to the loan, made
in the first instance, were declined ; but itwas declared, at the same time,
that offers at the rate of 95 per cent, would be accepted. The rate thus proposed was adopted upon a consideration of the value of the stock, of the
equitable as well as legal claim of the holders of Treasury notes, and of the
1815.1
SECRETARY OF T H E TREASURY.
27
real condition of the public credit. The objects'of the loan being (as alrea.dy stated) to absorb a portion of the Treasury note debt, and to acquire a
sufficiency of local currency for local purposes, the price ofthe stock, at the
Treasur]^, was, of course, independent,of the daily up-and-down prices of
the various stock markets in'the Union, and could only be affected by the,
progress towards, the attainment of those objects. Thus, while the wants of
the Treasury were insufficiently supplied, offers to subscribe were freely accepted ; and the parties were sometimes authorized and invited to increase
the amount of their offers; but where local funds had so accumulated as to
approach the probable amount of the local demands, the price ofthe stock
was raised' at the Treasury; and where the'accumulation was deemed
adequate to the whole amount ofthe local demands, the loan was closed.
The policy of the course pursued at the Treasury was soon demonstrated.
Offers, of subscription to the loan, atthe rate of 95 per cent, payable in
Treasury notes, or in money, were presented to a large ambunt, soon after
the rule ofthe Treasury was declared ; and the annexed table, marked G,
will exhibit the progressive and actual state of ah the subscriptions, to the
30th of September last.
/ In the District of Columbia, the money subscriptions (including the subscription of certain liquidated claims upon the Treasury) were successive^
]y at 95, 96-|, 97, and 98.per cent, and finaUyat par. In the city of Baltimore, the money subscriptions have been at 95 and 96-|- per cent. In the
city of Philadelphia, the money subscriptipns have been (entirely at 95
per cent. The price was raised at the Treasury, from 95 to 98 per cent,
on the 18th of June, (subject, of course, to all unexecuted subscriptions
previously accepted or authorized ;) and since that time considerable offers
have been received at 95 and 96 per .cent., but none have been received.at
the increased rate of 98 per cent. The subscriptions, payable in Treasury
notes, have been rnade, in all places, at the same rate of 95 per cent. A
general abstract of the state ofthe loan may. therefore be reduced tb the
fbllowing form:
.
; .
In the District ofColumbia, the subscriptions have amounted1. In money, lo the sum of
-. $2;2S2,037 38
.\ . ^
2. In Treasury notes, to the sum of
, 257,276 65
$2,539,314 03
In Baltin;]ore, the suljtscriptions have '
amounted—
1. In nioneyj to the sum of
- • i;994,818 50
2. In Treasury notes, to the surn of
60.8,661 902,603,480 40
In Philadelphia, the subscriptions have
amounted^—
1. In money, to the sum of
1,845,000 00'2. In Treasury notes, to the sum of ' - 1,260,568 69
3,105,568 69
In New York, the subscriptions have
amounted—
1. In money, to the sum of . . • 601 44
2. In Treasury nbtes, to the sum of
658,371 61
658,973 05
In Rhode Island, the subscriptions have amounted, in
Treasury notes, to the sum of
- •
132,020 69
28-
'.'
^ REPORTS OF T H E
In Massachusetts,' the subscriptions have amounted, in
' Treasury notes, to the sum of . . In New Hampshire,lhe .subscriptions have amounted, in
Treasury notes, to the sum-of
''' -•
In North Ca;rolina, the subscriptipns havp amounted, in
Treasury notes, to the sum of ' •- •
' ^- '
— :
^W.'
$97,301 32'
52,386 20^
95,000 00^
^,284,044 38-
Having thus absorbed a portion of the Treasury note debt, and deeming
the Treasury to be possessed of a' sufficient supply of the local currency of
the places at which theTreasury notes, unsubscribed, and in,arrears, were
payable by law, except in the. cities of New York and.Boston, the Secretary of the Treasur.y proceeded lo assign funds for the paymerit of l h e
Treasury notes,, and to give notice thereof in the form of the annexed copies,
marked respbctively H and I, in.pursuance ofthe act of Congress passed
on the 3d ofMarch, 1815. As a sufficient supply ofthe local currencies of
Boston and New York had not been obtained, the overture was made, in
the 'Same • notice,. fo discharge.the Treasury notes payable in^^lhose cities,
and in arrears, by accepting them in subscriptions to the loan at the rate of
95 per cent, by exchanging them for other Treasury notes, in which the
interest due should be •included as principal; or by giving drafts for the
amount upon any ofthe banks in which the Gbvernment possessed;, funds.
This overtureis still Ppen.to the:consideration and,acceptance of the holders ofthe Treasury notes in question; and has.been accepted in the shape
of subscriptions to the loan, to a considerable extent. Since the 30th of
September,: these amount, Including some subscriptions, the details of which
have not yet been completed, to more than two millions of dollars.
OF THE TRANSFER OF BALANCES OF APPROPRIATIONS AND OF REVENUE,:
FROM 1814^ TO 1815,
In the administration of the, finances, it has been the practice to considerthe demands and the supplies of ;eacli year as distinct subjects for legislative provision, independent bf the balances of appropriations, or of revenue,
existing at the close ofthe preceding years, The^same course will now be
pursued: but with a few explanatory remarks'; The annual appropriations
haive never been entirely absorbed during; the year for which they were
made; and the credit given by law for payments, in every branch of the
revenue, necessarily iritrpduces a discrimination betweem the amount-of
duties which accrues within the year, as a debt to the Goyernment, and the
amount which is paid within the year, as nioney into the Treasury. T h e
annual appropriations, however, are not charged upon th©.^rev;enue of theyear, specifically, in-which they are made.; and, in point of fact,, they are
satisfied, whenever demanded, out of ari y unappropriated nioney. in l h e
Treasury, without reference to the time when the revenue accruedj^orwheii
the money was actually reeeived at the Treasury.
The inconvenience of continuing appropriations in force, which were liable to be drawn from the Treasury during an indefinite period, induced- Congress to enact, in the year 1795, (49) that any appropriations (except permanent appropriations for the interest ofthe funded debt, or appropriations for
the payment of loans and the accruing interest, for the sinking fund,, a n i
(49) See the 16th section of the act of the 3d of March, 1795: 3 vol S32.
1815.]
SECRETARY O F . T H E TREASURY.
29
for purposes which specially require, by law, a longer duratiori) remaining
unexpended for more than two years after the expiration ofthe calendar
year in which the act of appropriation wasipassed, shbuld ;cease\and..determine,.and that the unexpended sjum- should be-carried-to; an;,accoun o.n
the books ofthe Treasury, to be denqniinated "the .surplus fund." By the
operation of this provision, no ordinary appropriation- cari now survive the
specified period of two years; and nbtwithsttoding^the'formal designation
,of.a particular account, in which fhe entry shall be made, ;the .sum disengaged by the determination ofeach appropriation,,becomes, again, an undis,tinguishable part of the public treasure, which i.s subject to the; future dispositions of the Legislature.
,- , . ; -.-' '• '• .'
." ^•
With these remarks, it will be useful, for the purposes pf general information, to pxhibit the gross'amount of the balances of the appropriations for
the year 1814, transferred to the year'1815, without/entering into a comparative detail of the appropriations and of the revenues duririg the particular year.in which the appropriations were made by law. Thus,
The gross amount of the. appropriations fbr 1814,. including the-aggregate
of the balances of appropriations for the year .1813, amounted to the;
sum of ..'.^ --. , •• -••
- ' • - $55,978,464-20
Of this, there was paid on or before the 31st of December,
1814, the sum of
-. . , - ' .
$38,028,230 32 • . ' • , , ;.
And on the 1st of January, 1815, there '
'
was carried to. the surplus fimd the
sumof
- .
-.. : - .. : 592^9.'99v
.38,620,540 31
liCaving, as a general balance of the appropriations of "
1814, payable at the Treasury-in 1815, the sum of : - $17,357,923, 89
. OF THE I)EMAN.DS ON T H E TREASURY FOR. 1 8 1 5 .
The demands authorized by acts of appropriation during the year 1815,
(exclusively bfxertiain iridefinite appropriations, the amount bf which is
not yet ascertained,) were the fbllowing: •
For civil, diplomatic, and. miscellaneous, expenses,*besides the unascertained product of fines, penalties, and forfeitures, assigned todefray the
charges of courts, the sum of
- $3,080,656 22^
For military expenses, including those of
the Indian department, and the perma.
nent 'appropriation of $200,000 for
arming and equipping the militia, the,
'
sumof
- 5,618,790 41 '
For naval expenses, including the annual
apprppriation of 200,000 dollars for the
purchase of timber - 5,233,022 00
$13,932,468'63
Fpr the public debt, to wit: .
.The interest on the debt contracted before
the war
.
. 1,900,000 00
The interest on the debt-contracted since
thcAvar, including the loan of 1815, and
excluding the interest of Treasury notes 3,560,000 00
The interest of 5 | per cent per annum,
upon Treasury notes, outstanding on the
^30 ^
.
•
. REPORTS OP T H E ' •
. 1st January, „1815, including notes due
in 1814, and not paid; (the principal being then 10,646,480 dollars;) the sum of • $575,000 -00
The'annual reimbursement of the princi.
pal of the-old 6 per cent, and deferred \
.
stocks., the sum of
- ..
- 1,590,000 00
Theprincipal bf Treasurynotes payable >
' .
in 1814, and the 1st .lanu,ary, 1815, but
not then paid, the sum of
- 2,799,200.00
The principal of Treasury notes payable
in'l8i5, andthe 1st January, 1816, the
sumof
,• - ^ . -. 7,847,280 00
Theprincipal of teraporary loans payable
inl8.14, butnotthen.paid
-500,000 00
'.
. .
• ^,
• __
•
[1815.
'
'
'
.••
.'*
.
/ "
-^
• •
.
$18,771,480 m
Theamountof the appropriations and of demands for
the public debt for 1815, beinglhe sum of
- '
• $32,703,948 63
T h e total amount, therefore, demandable at the Treasury during theyear 1815, was.
-
$50,061,871 95
Consisting of appropriations made prior
to that year, and unsatisfied at itscom' mencement, araounting to
- $17,357,923 89
And of appropriations and dema;ids on account ofpublic debt, made and arising
during theyear 1815, amountingto .- .32,703,948 06
-
$50,061,871 95
OF THE WAYS AND MEANS OF'THE TREASURY, FOR THE YEAR 1 8 1 5 .
These may be considered in a twofold aspect: 1. As. to the ways and
means placed by the laws within the power of the Treasury; and. 2. The
amount capable of being realized, or made actually available by the Treasury, during the year^
.
U.nder the first view, the. ways and means consisted—
l.> Of the cash in the ^Treasury at the commencement of
the year, which amounted to
-. $1,526,998 63
2. Ofthe outstanding revenue which accrued prior to the
'
year 1815, and remained unpaid at its commencement,estimated, exclusive of the sums due for public lands,
at about
.4,600,000 00
3. Of the revenue accruing in the year 1815, estimated '
'^,at $38,850,000, viz : •- •
Customs
; '$25,000,000
Direct tax, nett product
5,400,000
Internal duties, do. 7,000,000
Publiciands
1,000,000
Postage, and incidental receipts
- '-.
450'000
~
_
38,850,000 09
4. Of the unexecuted authority to borrow
;'
. :.
money, and to _ issue Treasury notes,
.
.
1815.]
SECRETARY OF T H E TREASURY.
conferred by acts of Congres^ passed
prior to the year 1815, viz :
The loan act of March 14, 1812
^The loan net of March 24, 1814
- '
The loan act of November 15,1814
-^
Treasury uote act of March 4, 1814
- "
Treasurynoteact.of December 26, 1814,
estimated at _
5. Of the authority to borrow money,
and to issue_ Treasury notes, conferred
by acts of C'ongress passed in the year
1815, viz:
,
, :
^' '
The loan act ofMarch 3, 1815 ,
The loan act of February 13, 1815, (for
public buildings in Washington)
Treasury note act of February 24, 1815,
(exclusive of the reissues authorized
by this act) - .
.
- \
31
/- •
$765,300 • ..
8,562,1193,000,000
$12,327,419 00
2,772,720
'
8,600,000
11,372,720 .00
,"
"- '
•
^"
^
., 18,452,800'
••
:
500,,000
^
•
\
'
.
^
25,000,000
— —
. .43,952,800 00
•
$112,629,937 63
This great apparent surplus of ways and means within the power of the
Treasury arose, in part, from the great increase in the amount.of tHe cus-.
toms accruing in the year 1815, which, instead of $4,000,000, the amount
estimated prior to the peace, will, probably, in consequence of that event,
amount to the sum of $25,000,000, as here staled. A great portion, also,
of the sums authorized to be borrowed'or'raised upon Treasury notes,
it was evident, could not be obtained or raised within the year; and the
several successive acts by which the a;uthority was given, although they
were .nominally accumulative, were actually the result of attempts to vary
or modify this authority in such way as to render it more eas.y or more
effectual in its execution.
>
The second view of the ways and means for the year 1815 exhibits fhe
amount actually realized.vand received into the Treas.ury during the year.
As the year is not yet terminated, this can only be given by way:of estimate. •: The result will, probably, not differ materially from the followirig:
1.. Cashin the Treasury at the comraencementof theyear
$1,526,998,63
^2. Receipts from revenue, including that which was out/ standing at the commencement ofthe year, viz:
- .
. Customs
. . .
$8,000,000, '
.
Direct taxes
. •2,200,000 . •
Internal duties 4,700,000
Publiciands
1,000,000
Postage and incidental receipts
450,000
16,350,000 00
3. Receipts from loans and Treasury notes :
, Loans under the act of March 14,1812-' , 50,000 00
Loans under the act of Nov. 15,1814 950,000 00
32
REPORTS OF T H E
[1815.
Loans under the act of
March 3,1815
- $9,284,044 38
Do. temporary loans
650,000 00
Loans under the act of February 13,1815
$9,934,044 38
100,000 00
Amount actually borrowed, to the 30th of
September, 1815, per statements annexed, marked G and K
- 11,034,044 38
Amount estimated to be borrowed, from
the 1st October to 31st December, 1815 3,000,000 00
14,034,044 38
Treasury notes. Amount issued prior to
the 1st of October, 1815 :
1. Treasury n o t e s .bearing interest under
the act of March 4, 1814- $2,772,720
Under the act of December
26.1814- 8,318,400
Under the act of February
24.1815694,600
Per statement annexed,
marked L
- 11,785,720
2. Small Treasury notes,
not bearing interest under
the act of February 24,
1815, amount issued and
re-issued, per statement
annexed, marked E
- 4,152,850
15,938,570
Amount estimated to be issued and re-issued, from
the 1st of October to the
31st of December, 1815 -
1,000,000
16,938,570 00
—
30,972,614 38
Making the total amount estimated to be actually received into the Treasury, during the year 1815
- $48,849,613 01
The application of the moneys actually received into the Treasury, during
the year 1815, will be as follows : To the 30th of September, the payments
have amounted to the following sums nearly ; the accounts not being yet
made up, the precise amount cannot be given :
For civil, diplomatic, and miscellaneous expenses
$2,537,000 00
Military service
.
.
.
.
.
15,190,144 71
Naval service
7,050,000 25
Public debt, (exclusive of the sum of $300,000 repaid by
the commissioner of loans for Georgia)
8,909,178 22
$33,686,323 18
1815.1
'
SECRETARY OF T H E TREASURY.
D.uring the fourth quarter of the year, the payments are
estimated to amount to the followirig sums,'viz: * .
For civil, diplomatic, and miscellaneous- . ,
expenses
- ,
. . .
.
f500,000
Naval service - • , , -.
'1,500,000
Public debt, tothe 1st January, 1816, in- -'
elusive
3,000,000
•
\
33
... \
' .'
$5,000,000,00
$38,686,323 18
As the receipts into thb Treasury, during the year, have
been estimated at - - , : -^ ' -^
- .
-
48,849,613 01
The sum left in the Treasury, at the end:of the year, will be $10,163,289 83
And will consist principally of Treasury notes, paid on account of the rev-'
enue and of loans. '
;
• ,
<0P THE ESTIMATES OF THE PUBLIC REVENUE AND EXPENDITURES FOR
.
, •
1816.
• ^
•
;... "
In the consideration of tins subject, it is proper l b premise, that the revenue of 1816 must be charged with the payment of a considerable amount
of the unliquidated debts' incurred during the war ; and, consequently, that
the propi^rtions of revenue and expenditure for thatyear cannot be reduced
by the scale o f a peace establishment The arrearages in the War and
- Navy Departments, and, generally, the outstanding balance of thefipatingf
public debt, including Treasury notes and temporary loans, rnust be satis-:
§ed, before a permanent and uniform arrangement of the finances cari be
effected; but it is believed that the period of a single .year will be sufficient
for that purpose.
'
It is also proper to premise, that although the estimates of^ the derhands
on fhe Treasury for 1816 may be satisfactorily made, there is no settled
ground upon which estimates of the ways and means can be confidently,
formed. The entire system of external and internal taxation must necessarily be revised, during the present session of Congress; and the sources, as
well as the product, of the public revenue, can only be-ascertained from the
result of the legislative deliberations. In order, however, to obviate this
difficulty as far as it is practicable, distinct statements will be presented for
1816—1st. Of the probable demands on the Treasury;, 2dly. Of the revenue, estimated according to the laws now in force; and, 3dly. Ofthe revenue, estimated according to the'modifications which will be respectfully
submitted.
I. OF THE PROBABLE DEMANDS ON THE TREASURY.
The amount of the civil, diplomatic, and miscellaneous :
expenses, is estimated at the sum of
- .
'The amount of the military expenses is estimated at the
sumof .
For the military establishment of 1816
$5,112,159
For the arrearages of 1815, beyond the
.
amountof the appropriations
9,437,087
$14,549,246
VOL. II.—3
$1,800,000
14,549,246
,
/ .
, .
34
.•
• REPORTS- OF T H E
[1815,^-
The amount of the naval expenses (supposing them to be
reduced, on the peace establishment^ to one-half of the amount
appropriated for 1815, and adding the annual appropriation of
200,000 dollars for the .purchase of timber,) is estimated at the
sumof
. - - •
- • •.. ' $2,7r6,510Theamountof the paymeuts required on account of the
public debt is estimated at the sum of
23,818,513;^
For the interest and anuual reimbursement of the principal
of the funded debt, prior to the war
$3,460,000
For theinterest on the fundeddebt created since
the war, estiuiated on a'capital of $70,0.00,000 . 4^200;00OFot. the balance ofprincipal and interest on
Treasury notes of every denomination now due,
or payablein. 1815 and 1816; or estimated to be.,
paid in those years, by being received for duties
arid taxes, as. set.for thin the annexed table, marked L
-,
• - . • • -15,^8,513.
•••••1
For the amount of temporary loans due fo the
'
State- Bank of Boston, ($500,000,) and the Mechanics' Bank of New .York, ($200,000).
-, . 700,000
,818,513'^ •
42,884,269
Frorii this aggregate of the demands for.1816, the charges
6t .a temporary nature being deducted, to wit:
Deduct the amount of the arrearages for the
militaiy service bf 1815
' - $9,437,087
And the amount of the floating debt to be liquidated in 1816
. -16,158,513
25)595>60O
There will reriiaih as the probable annual expen
thb pbac.e estat)lishment, independent of any addition tb the
sinking, fund, the sum of - - -
> '
$17,288,669
I I . .OF THE teEVENUE FOR 1 8 1 6 , ESTIMATED . ACCORDING TO
LAWS NOW IN FORCE.
^
tlllt
!By the laws now in forccj the revenue aiising ff bin customs dimng^^the
year 1816 will be effected iri the following manner. The present rates bf
duties continue until the 18th of Pebruary, 1816^ when the diU^^
salt imported will cease, and the rates of duties on merchandise of every description iniported in American vessels will fall to one-half of the existing
amount, with the exception of certain rnaLnufactured arficles, being ofthe
same kinds as the manufactured iar tides on which internal duties have beea
imposed ;'the duties on the imported.articles continuing;at the existing, rates,
so long as the existing infernal duties shall be continued upon the corresponding articles of domestic manufacture. Oh the l8tli.of February,lhe
extra duties on merchandise imported in foreign vessels, which is now 15|^
per cent, on the amount of the duty in American vessels, will fall to 10 per
cent, on that amount; arid the tomiage duty on foreign vessels, which is now
1815.] •
SECRETARY OF T H E TREASURY.
.
35'
two dollars per ton, will fall to fifty cents per ton. The extra duty is also
liable to be affected by the operation of the act for abolishirig all discriminating duties, upon a basis'of natural reciprocity.
By the laws UOAV in force, the revenue arising frorri internal duties will
be affected in the following; manner. The duties on bank notes, on notes
discounted by banks, and bills of exchange, (commonly called the stamp
duties,) and the duty on refined sugar, wiU cease on the 18th of February,
1816. All the other internal duties, together, with the direct tax, and the
increased rates of postage, will continue.
'':'•.'
Under these circum-stances, the revenue which will accrue to the United
States, during the year 1816, is estimated as follows: ^
From customs,
- , • . '
. . $13,000-000
From internal duties
-'
- . '
:.
.
7,000,000
From direct tax, (nett produce to the Treasury)
^5,600,000
From sales of public lands .
..'
.
1,000,000
From postage, and incidental receipts
•-.>.'
400,000
• ^ 27,000,000
The sums actually receivable into the Treasury
timated as follows : ' "
.
Fromcustoms ^ .
From internal duties
- - From direct tax, including arrears of 1815 From the sales of public lands . - ^
From postage, and incidental receipts
-
during the year are es'- ' $20,000,000.
6,500,000
8,500,000
1,000,000
-.
400-000
36,400^000
If to this be added the probable amount of money in the
Treasury at the commencement of the year 1816, which ^
may be estimated, exclusive of Treasury notes paid in
previously to that time, on account of revenue and of
loans, at the sumof
. . .
.3,000;000
The effective ways and meains of 1816 will produce, in the
whole, the sum of
-.
But as the demands upon the Treasury for the seitne year
will amount, as above stated, to -
42^884,269
There wih be left a deficit^ to be supplied by means other
than the revenue, of thesum of ' .-'
3,484,269
39,400,000
I I I . OF THE REVENUE FOR 1 8 1 6 , ESTIMATED ACCORDING TO THE MOI)!FICATIONS WHICH WlLL BE RESPECTFULLY SUBMITTED.
,
Prom the review of the financial measures of the Government, in reference to the recent state of war, which constituteslhe first part of the present report, it appears that the almost entire failure of the customs, or duties
on importations, and the increasing necessities ofthe Treasury, rendered it
necessary to seek for pecuniary supplies in a system of internal duties;
but, both in respect to the subjects of taxation and to the amount of the.:
several taxes, the return bf peace has always been contemplated as a period
for revision and rehef In the fulfilment of that policy, a reduction of \he
36
• REPORTS OF T H E
.
[1815.
direct tax; a discontinuance of taxes which, upon trial, have proved unprbductiye, as well as inconvenient; and, above all, the exoneration of domestic manufactures from every chtirge that can .obstruct, or retard their
progress, seerii to be the objects that particularly invite the legislative attention. There will still remain, however, a sufficient scope for the operation
of a permanent system of internal duties, upori those principles of national
policy which have'already been respectfully, suggested.
As an equivalent for the diminution of the revenue bythe contemplated
abolition or reduction'of some of the duties and taxes, and in observance of
the public faith, which is pledged, in the case of such abolition or reduction, tb provide and substitute other duties and taxes equally productive, it _
is intended respectfully to recomniend a continuance of the duty on imported salt, and a competent addition to the permanent rates of the duties on
merchandise imported. In the general tariff, which has been directed by a
resolution of the House of Representatives to be prepared, and which will .
be submitted to Congress as .soon as the materials for forming it can be digested and arranged, the subject will be more distinctly as well as more satisfactorily presented; but as it is not probable that this measure can be so matured as to go intb operation on the 18th of February next, it becomes necessary to suggest the expediency of continuing the; present rates of duties
until the 30th of June ; when the new rates, with all the necessary details
to give>*effect to the system,'may be introduced, and sufficient notice be given
. to the merchants to regulate their-commercia;l operations accordingly.
In relation, then, to the internal duties, it is intended respectfully^to recommend that the duties imposed at the last session of Congress, on various articles manufactured within the United States, shall be abolished on
the 18th day of April next, which will complete the year, commencing from
the time the duties went into operatipn; that the duty imposed during the
last session of Congress, bri spirits distilled within the United States, shall
be abolished onthe 30.th day of June next,'but that, at the same time, there
be added 100 per cent on the rate of the duty which had beeh charged on
licenses to distillers of spirituous liquors in the year 1813 ; that the duty
on household furniture,..and on gold and silver watches, be abohshed on
the-31st day of March next; that the additional duty imposed during the
last session of Congress, on licenses to retail wines, spirituous liquors, and
fprpign merchandise, be abolished onthe 31st day of December, 1816; and
that the duties on refined sugar, ahd the stamp duties, be continued ; -and
finally, in relation to trie-direct tax,it is.intended respectfully to recommerid
that, on the 31st day bf March next, it be reduced to one-half bfits present
amount; that is, to the annual amount of $3,000,000.
'
The subtraction from, the revenue by these, changes and reductions in
the directtax and the internal duties is estimated at the annual sumof
$7,000,000. But the substitutes for supplying the equivalent amount are
estimated to. produce, 1st, from the increase ofthe duty on licenses to distillers, and the continuance of the stamp duties, and duties on refined sugar,
the annual sum of $1,5(X),000; 2d, from the continuance ofthe duty on
imported salt, the annual sum of $500,000; and, 3d, from an increase upon
the permanent rates of duties on the importation of fbreign merchandise,
the annual sum of $.5,000,000.
The full effect ofthe alterations which havebeen stated will not be developed until some time after the year 1816 ; but if they be adopted, the state
of the revenue fbr that year, in the two views of which it is susceptible—1st,
1815.]
SECRETARY OF T H E TREASURY.
37
of revenue accruing during the year ;- and, ^dly, of money receivable into the
Treasury during theyear, may be estimated as follo.ws:'
, '
1.- The revenue which will accrue in 1816 may be estimated—
Fromcustoms -.
.,
.
. . .
. $17,000,000
Internal duties -4,500,000
Direct tax, (nett product to the Treasury)
-.
2,700,000
Sales of public lands .
1,000,000
Postage, and incidental receipts
-.
- ' 400,000,
$25,600,000
2. The moneys which will be actually receivable
revenue in 1816, may be estimated—
Fromthe customs
-.
Internal duties - •
. . .
Directtax, including arrears of 1815
'
Sales of pubhc lands 'Postage, and incidental receipts
-
into the Treasury, from
-"
• - $21,000,000
. . .
5,000,000
6,000,000
'1,000,000
- j
400,000
$33,400,000
If to the sum thus estimated to be receivable into the Treasury, from the revenue, during the year 1816
- $33,400,000
There be added the rnoney which will probably be in the
Treasury at the beginning of the year,
.- '
-^
- ' 3,000,000
The aggregate will be the sum of
Andthe demands being estimated, as above, at
- .
There will be left a deficit of
-
-
- .
- -
36,400,000
42,884,269
^
$6,484,269
It is here, however, to be recollected, that.the estimate-of the demands
on the Treasury comprehends the gross amount of the arrearages "of the
War Department and a provision' for the whole ofthe floating public debt;
and although, for the purposes ofa legislative appropriation, the aggregate
of the expenditures to be authorized for the year 1816 is necessarily made
the basis of the official estimates, yet the uniform ex:perience of the Treasury evinces that the demands for a considerable portion of the annual a;ppropriation will not be made during the year. ^
It may also be observed, that to .raise a revenue by the imposition,' or
even by the continuance of taxes, adequate to the immediate discharge of
every unliquidated deniand upon the Treasury, at the close pf an expensive
war, seeras hardly to be necessary under the present circumstances of the
countiy. The product of the revenue, arranged in the manrier which has
been stated, rnay be estimated, after the year 1816, at an annual ambunt of
nearly four millions greater than the sum.required for the iriterest on. the .
public debt, and for the probable expenses of the peace establishment. If
the publicdebt, therefore, were increased in the year 1816 by a sum equal
to the whole amount ofthe deficit, as above stated, an equivalent reduction
would be effected in less than two years. The uriexecuted authority to borrow money, and to issue Treasury notes, already provided by the acts of
Congress, is sufficient to enable the Treasury to meet the deficit in either of
38 •
•
• REPORTS O F T H E
•
[1815.
these modes,.and, consequently, no further legislative aid (except, perhaps,
in the modification ofthe issues of Treasury notes,) appearSj at this time, to
be required.
'
, ^ ^
III. Propositions for the improvement and nianagement of the revenue^
X
and for the support of public credit.
The propositions which are now to be respectfully submitted, relate—1,
to the revenue; 2, to the sinking fund; and 3, to the national circulating
medium.
• ' ^
.
1'. Propositions relating to fhe revenue.
The changes contemplated in the revenue, on the estimates ofa peace establishment, having been already stated, as the intended obj;e.bts of recommendation, it is only now necessary to submit to the consideration of Cour
gress the rneasures requiring their'sanction for carrying the plari into effect.
First. It is respectfuUy proposed that the act of the 1st bf July, 1812,
imposing an additional duty of 100 per cent, upon the permanent duties on
goods, wares, and merchandise imported into the .United States from any
foreign port or place, and the act of the 29th of July, 1813, imposing
a duty u.pon imported salt, be continued in force until the 30th day of June,
' 1816.
•'
.
'
•
Second." It is respectfully proposed that the, act of the 24th of July,
1813; imposing a duty on sugar refined,within the United States; and the
act of the 2d of'August, 1813, imposing a,duty on bank notes, botes discounted, and bills of exchange, be continued by law in force, without
hmitation, but with proper amendments, to render the collection of the duties more equal and more certain; and that the act ofthe 15th of December,
1814, imposing duties on carriages, and the harness therefof; and that so
much of the act of the 23d of December, 1814, as relates to the duties on
sales at auction, and .to the increasing ofthe rates of postage, be allowed to
remain in force.
" .
;
l^hird. It is respectfully proposed that there be.a reduction or modification in the./following taxes and duties':
1. That the directtax be reduced frbm six milhons to three millions of dollars, for the year 1816, and for each succeeding year. ^.
•
2. That the duties on distilled spirits be discontinued after the 30th day
of Jurie, 1816; andthat the duty on licenses to distillers .be raised on that
day to double the amount fixed by the act of the 24th of July, 1813.
3. That the duties on licenses to retailers of wines, spirituous hquors,
and foreign merchandise, be reduced to the rates of the year 1813, with
proper regard to the periods when hcenses commence and expire.
' .Fourth. 11 is respectfuUy proposed that the act of the 18th of January,
1815, and the act of the 27th of February, 1815, imposing duties'on various
articles manufactured or made for sale within the United States; and the
act of the 18th of January, 1815, imposing, duties on household furniture
and, watches, be absolutely and entirely repealed.
Fifth. It is respectfully proposed that the act ofthe 3d of March, 1815,
further to provide for the collection ofthe duties on imports and tonnage;
andthe act of the 3d of March, 1815, to fix the compensations and increase the responsibility of the collectors of the direct tax and internal duties, and for pther purposes connected with the collection thereof, so far
as it relates fo^the^compensation, of the coUectors of the direct tax and internal duties,, be continued in force, without hmitation.
. ^
1815.J
.
SECRETARY OF T H E TREASURY.
-39
2. Proposition relating to the sinking fund.. /
' The sinking fund, as it is at present constituted, amounts to the annual
sumof $8,000,000.
^
..
-.
•
' .
It is charged, in the first instance, with the payment of the
interest, and the annual reimbursement of the plincipalof the
old funded debt, which wUl require fbr 1816, and each bf the
two ensuing years, the sum of
'- ,
. . . $3,460,000
And it is charged with the paiyment of the interest, and
the eventual reimbursement ofthe principal ofthe new funded
debt^; The interest, computed on a capital of $70,000,000,
will require for the year 1816, and each subsequent year, the "
sumof
.
.
.
;4,200,000
The total present charge on the sinking fund, on account
of the funded debt, beinglhe annual sum of
- .
-
$7,660,000
• In 1818, the fund.wUl be released from the annualcharge of $1,380,000,'
•accruing upon the old six per cent, stock, as the stock willbe then paid and
extinguished; but in the same year it wiU be subjected to a charge of
$3,000,000 for the first instalment pf the principal of the Lbuisiana stock,
which will then become payable. In each of the two succeeding years, a
:simUar sum will be payable; and in the year 1821, such sum wiU be payable
-as may be necessary to completethe reimbursement of that stbck, and which
is estimated at $1,923,500.
\
- •
The sinking fund is algo, at. present, charged with the payment ^bf the
principal and interest of the Treasury notes issued under the act of the 4th
'of March, 1814, and prior acts; and of certainJernporary loans, obtained
under the loan acts of 1812, and of subsequent years. The several acts
charging these payments, on the sinking' fund have directed that such
'suras, in addition to. the annual appropriation of $8,000,000, should be
taken from any mbneys in the Treasury not otherwise appropriated, as
should be necessary to meet and satisfy the demand. The temporary loans
and Treasury notes wUl, therefore, be'probably paid, or absorbed, in 1817,;;
and it is deemed unnecessary, for the present purpose, to include them in the
consideration of the form and extent which itis proposed to give to the
sinking fund in that year.
^
'>
. In 1803, \vhen. the sinking fund was established on its present footing,'
the principal ofthe public debt was about $86,000,000; and the interest
•annually payable upon it about $4,500.,0.00. At that time there 'was
^assigned tp the jinking fund, out of the public revenue, $8,000,000;. of
which about $3,500,000 were <annually applicable to'the reduction of the
principal of $86,000,000.
,
,
^ "
At the commencement ofthe year 1817, it is estimated that the principal
of the funded debt will amount to $110,000,000,, requiring the sum of
$6,150;000 for the payment of its annual intere.st. If a sum applicable to
the reduction of the principal ofthe debt were now to be assigned, bearing
the same proportion to that principal which the sum assigned in 1804 then
bore to the principal, it would amount to about $4,350,000. When it is
added, therefore, to the sum of $6,150,000, which is necessary for the payment of the interest, there would be required for the amount now to be set
apart, to constitute the sinking fund, thesum of $10,500,000 per annum.
:40
. ,
. REPORTS O F ' T H E
^
fl815.
It is proposed, however, to carry the amount only to the sum of $10,000,000^
which wiU allow abbut. $3,850,000 as applicable, to the reduction, of the
principal of the debt; a siim sufficient, if strictly and regularly applied
without interruption,.upon, a compound priricipal, to pay off the whole of
the funded debt in a period less than eighteen years.
Upon these grounds, then,,, the Seci'etary of the Treasury respectfuUy
submits the follbwing
PROPOSITION.
. That in the year 1817, and anriuaUy in every-subsequent year, there be
appropriated the sum of $2,000,000, in addition to the sum of $8,000,000
now annually appropriated for thepayment of the interest and principal of
the public debt; that trie-payment of this additional sum be made out ofthe
proceeds of the revenue derived from the'customs, the sales ofpublic
lands, andthe internal duties, or from either of them, available after the
payment of the sums for which they are now respecrively pledged or appropriated; and that the said additional sum bf $2,000,000 annually be
payable to the commissioners of the sinking fund, to be applied by them
in the same manner as the moneys which they are now entitled by law to
receive: that is tb say, 1st, to the payment of the interest on the public
funded debt; 2dly, to the reimburseraent ofthe principal, from time to time,
as the same, or any portion of it, shall become reimbursable, according to
the terms of the contracts by which it has been created; and 3dly, after
having answered these purposes, if there shall remain a surplus at their
disposal, tb the purchase of such parts of the public funded debt as shall
appearto them to be most for the advantage of the United ^ States, in the
manner prescribed by law, and at a rate not exceeding the par value,
3. Proposition relating to the nation.al circulating mediuni.
The delicacy of this subject is only equalled by its importance. In presenting it, therefore, to the consideration of Cbngress, there is occasion for
an.implicit reliance upon the legislative indulgence.
, By the constitution of the IJnited States, Congress is expressly vested
with the power to coin money, to regulate the value of the domestic and
foreign coins in circulation, and (as a necessary implication from positive
provisions) to emit bills of credit; while it is declared, by the same instrument, that" no State shall coin money, or emit bills of credit." (50) Under •
this constitutional authority, the money of theUnited States has been established by law, consisting of coins made with gold, silver, or copper. |51)
All foreign gold and sUver coins, at specified rates, were placed; in the first
instance,,upon the same footing with the coins of the United States; but
they ceased (with the exception of Spanish mUled doUars, and parts of such
dollars) to be a legaltender for the payment of debts and demands, in the
year 1809. (52)
.
•
: The constiturional authority to emit biUs of credit has also been exei:ci.sed
in a qualified and limited manner. ^ During the existence of the Bank of the
United States, the bills or notes ofthe corporation were declared by law to
bereceivable in all payments to the United States; and the Treasury notes
which have heen since issued for the services of the late war, have been endowed with the same quality. But Congress has never recognised, by law,
(50) Constitution, art. 1. sec. 8. 10. (51) See 2 vol. 37. 120. 158. 161: 3 vol. 7. 221. 316: 4 vol. G2. 375. 395.
(52) See 2 vol. 161: 4 vol. 62: 8 vol. 66.
'
.,
1815.]
SECRETARY OF T H E TREASURY.
41
the notes of any other corporation, nor has it ever authorized an issue of
bUls-of credit to serve as a legal currency. The^acceptance of the.notes of
banks which are not established by the; federal authority, in- payments to
the United States, has been properly left to the vigilance and discretion of
the Executive department;-while fhe circulation ofthe Treasury notes,
employed either to borrow money or to discharge debts, .depends entirely
(as it ought to depend) upon the option of the lenders and credriors to receive them. •
The constitutional and legal foundation of the monetary system of the
United States is thus distinctly seen; and thepbwer of the Federal Goyernment tb institute and regulate it, whether the circulating medium, consist of
coin or of bUls of credit, must, inits general policy, as wellas in the terms
of its investment be deemed an exclusive ppwer. It is true, that a system
depending upon the agency of the precious metals will be affected by the
various circumstances which dirainish their quantity or' deteriorate their
quality. The coin of a ,State soraetirnes vanishes under the infiuence of
political alarms, sometiraes in consequence of the explosion of mercantile
speculations, and soraetimes by the drain of an unfavorable course of trade.
But, whenever the emergency occurs that demands a change of system, it
seeras necessarily to follow that the authority which was alone corapetent
to establish the national coin, is alone corapetent to create a national substitute. It has happened, however, that the coin of the United States has
ceased to be the circulating medium of exchange, and that nb substitute
has hitherto been provided by the natipnal authority. During the last year,
the principal banks established south and west of New England resolved
that they would no longer issue coin in payment of their notes, or of the
drafts of their customers for money received upori deposite. In this act
the Government of the United States had no participation; and yet theriumediate effect of the act was to supersede the only legal currency of thenation. ' By this act, although no State' can constitutionally emit bills of
credit, corporations, erected by the several States, have been enabled to circulate a paper medium, subject to many of the pracrical inconveniences of
the prohibited bills of credit
Itis not intended, upon this Occasion, to condemn, generally, the suspension of specie payments; for appearances indicated an approaching crisis,
which would, probably, have imposed it as a rneasure of necessity, if it had
not been adopted as a .measure of precaution. But the danger which originally induced, and perhaps justified the conduct of the banks, has passed
away; and the continuance bf the suspension of specie payments,must be
ascribed to a new series of causes. The public credit aud resources, are
no longer impaired by the doubts and agitations excited during the war, by
the practices cf an enemy, or by the inroads of an Ulicit comraerce; yet
the resuniption of specie payments is still prevented, either by the reduced,
state of the riational stock ofthe precious metals, or by the apprehension of
a further reduction to raeet the balances of foreign trade, or by the redundant issues of bank paper. The probable direction and durahon of these
latter causes constitute, therefore,• the existing subject for deliberation.
WhUe they continue to operate, singly of combined, the authority of the
States individually, or the agency of the State institutions, cannot afford a
remedy commensurate with the evil; and a recurrence tolhe national au- '
thority is indispensable for the restoration ofa national currency.
,4.2 .•
REPORTS OF. T H E ;
[1815.
In the selection of the means for the accomplishment of this important
object, it may be ^sked, 1st,'Whether it be practicable to renew the circulation of the gpld and silver coins? 2dly, Whether the State banks can be
successfully emplpyedlofurnisb a uniform currency? 3dly, Whether a national bank can be employed more advantageously than the State; banks for
the same purpose? and, 4thly, Whether the Government can, itself, supply
and maintain a paper mediuni of exchange, of permanent and uniform
value throughout the United States? ,
... 1st. As. the United St.ates do not possess mines of gbld or silver, the supply of those metals must, in a time of scarcity, be derived from foreign cominerce. If the balance of foreign corarrierce be unfavorable, the supply
wUl not be obtained incidentally, as in thb case pf the returns for a sur.plus
of American exports, but must be the subject of a direct purchase. The
purchase of bullion is, however, a comraon operation of coraraerce, and
^depends, like other operations, upon the inducements to import the article.
The inducements to import bullion arise, as in other cases, from its being cheap abroad, or from its being dear at home. Notwithstanding the^
Commotions in .South America, as well as in Eui;ope, there is no reason to
believe that the quantity of the precious metals is now (more than at any
former period) insufficient for the demand throughout the comraercial and
civilized world. > The price raay be higher in some countries than in others,
audit may be different in the same country at different times; but, generally, the Europpan,stock of gold and silver has been abundant, even during
the protracted war which has afflicted the natibns of Europe.
The purphase of bullion in foreign markets, upon reasonable terms, is
then deemed practicable; hor can its importation into the United States
.fail, eventuaUy, to become, profitable. T h e actual price of gold and silver,
in the American, market, wo.uld, in itself, affbrd for some time an ample
premium ; although the fall in the price must, of. course^ be proportionable
to the increase ofthe quantity. But it is within the scope of a wise policy
to create additional demands for coin, and in that way to multiply the inducements tp import and retain the metals of ivhich it is cpraposed. For
instance: the excessive issue of bank paper has usurped the place ofthe national money; and, under such circumstances, gold and sUver will always
.continue to be.treated as an article of merchandise: but it is hoped that the
issue of bank paper will be soon reduced to its just share in the circulating
mediumof the country;, and, consequently, that the coin of the United
States wUl resume its legitimate capacity and character. Again: The Treasury, yieldirig from necessity to, the general impulse, has hitherto consented to receiye bank paper in payment of duties and taxes; but the period
ajiproaches when it will probably becoirie a duty to exact the payraent
either in Treasury notes, or in gold or silver coin, the lawful raoney of the
United 'States. Again; The institutions which shall be deeraed proper,
in order to remove existing iriconveniences, and to restore the national curr
rency, may be sb organized as to engage the interests and. enterprise of individuals in providing the means to establish them. And, finaUy, such
regulations may be imposed upon the exportation of gold and sUveras will
serve, in future, to fix and retain the quantity required fpr domestic uses, '
But it is further believed, that the national stock of the precious metals
is not so reduced as to reiider the operation of reinstating their agency in
the national currency either difficult or protracted. The quantity actually
possessed by the country is considerable; arid the resuscitation of public
1815.]
SE(;;RETARY OF- T H E
TREASURY.
.
43
confidence in bank paper, or in other substitutes for coin, seems alone to be
wanting, to render it equal to the accustomed contribution for a circulating
medium. In other countries, as weU as ih the United States,the effect of
an excessive issueof paper money to banish the precious metals has been
seen, and under circumstances much more disadvantageous than the present..
The effect of public confidence in national institutions to recall the precious
metals to their uses in exchange,' has also been experienced.
Even, however^ if it were practicable, it has. sometimes been questioned
whether it would be pohtic, again to employ gold and sUver for the purposes
of a national currency. Itwas long and universally supposed, that, to maintain a paper medium without depreciation, the certainty of being able, to
convert it into coin was indispensable ; nor can the experiment which' has
givpn rise tb a contrary doctrine be deemed cpmplete or conclusive. But
whatever;may be the issue of that experiment elsewhere, a difference in
the structure of the government, in the physical as well as pohtical situation of the country, and inthe various departments of industry, seems to
deprive it of any important influence as a precedent forthe imitation ofthe
United States.
' . '
.
In offering these general.re marks to the consideration of Congress, it is
not intended to convey an opinion that the circuhtion ofthe goldandsilver
coins can at once be renewed. Upon, motives ofpublic convenience, the
gradual attainment of that object is.alone contemplated; but a strong thbugh
respectful solicitude is felt that the measures adopted by the Legislature
should invariably tend to its attainment.
2d. Of the services rendered to theGovernment, by soinevof the-State'
banks, during the late war, and of the liberality by which some of them
are actuated in their intercourse with the Treasury, justice requires an explicit acknowledgment. It is a fact, however, incontestably proved, that
those institutions cannot, at this time, be successfully employed to furnish a .
uniform national currency. The failure of one attempt to associatethem,
with that view, has already been stated. Another atterapt, by their agency,
in circulating Treasury notes, to overcome the inequalities of the exchange,
has only been partially successful. And a plan recently proposed, with trip
design to curtail the issues of bank notes, to fix the public corffidence in.the
administration ofthe affairs" of the banks, and to give to each bank a legitimate share in the circulation, is not likely to receive the general sanction of
the banks. The truth is, that the charter restrictions of some of the banks,
the mutual relation and dependarice o^ the banks of the same State, arid even
of the banks of the different States, and the duty which the directors of each
bank'conceive they owe to their immediate constituents, upon.poi.rits of security or emolument, interpose an insuperable obstacle to any voluntary arrangement, upon national considerations alone,/or the establishment of a national
medium through the agency of the State.banks. ' It is^ nevertheless, with
the State banks that the measures for restoring the nation'al currency of .
gold and silver must originate; for, untU their issuesof paper be riaduced,
their specie capitals be reinstated, and their specie operatio.ns be coraraenced,
there wiU be neither roora, nor eraployment,.nor safety, for the introduction of the precious metals. The policy and the interest of the State
banks must, therefore, be engaged in the great fiscal work, by all the means
which the Treasury can employ, or the legislative wisdom shall provide.
3d. The establishment of a national bank is regarded as the best, and
pierhaps the only adequate resource, to relieve the country.andthe Govern
44
• '
.REPORTS OF T H E
[1815.
ment; from the present em.barrassments.: Authorized to issue notes which
wiU be received in all.payments to the Uni ted States, the circulation of its
issues will be co-extensive with the Union ; and there will exist a constant
.demand, bearing a just proportion to the annual amount of the duties and
taxes to- be collected, independent of the general circulation, for commercial and social purposes. A national bank wUl, therefore, possess the
means and the opportunity of supplying a circularing medium, of equal use
and value in every State, and in every district of every State. Established
by the authority ofthe Government ofthe United States; accredited by the
Goviernment to the whole amount of its notes in circulation ; and intrusted,
as the depository of the Government, with all the accumulations ofthe public treasure; the national bank, independent of its immediate capital, will
enjoy every recommendation which can merit and secure the confidence of
the public... Organized upon principles of responsibility, but of independence, the national bank wiU be retained within its legitimate sphere of action,^without just apprehension from the misconduct pf its directors, or
from the encroachments ofthe Government. Eminent in its resources and
in its example, the nationaibank will cpnciUate, aid, and lead the State
banks in all that is necessary for the restoration of credit, public and private;
and, acting upon a compound capital, partly of stock and partly of gold
and silver, the national bank will be .the ready instrument to enhance the
value of the public securities, and tp restore the currency ofthe national coiu.
4th. The power ofthe Government to supply and maintain a paper medium of exchange wUl not be questioned; but, for the introduction of that
medium, there must be an adequate motive. The sole motive for issuing
Treasurynotes has hitherto been to raise money in anticipation of the revenue; The. revenue, however, will probably become, in the course of the
year 1.816, and continue afterwards, sufficient to discharge all the debts and
lb defray all the expenses of the Government; and, consequently, there wUl
exist nc motive to issue the paper ofthe Government as an instrument of
credit.
It wUl not be deemed an adequate object fpr an issue ofthe paper-of the
Government, merely that it may be.exchanged for the paper of the banks ;*
since the Treasury will be abundantly supplied with bank paper, by the
collection of the revenue; and the Governraent cannot be expected to render itself a general debtor, in order to becorae the special creditor ofthe
State banks. . ,
.,
. •' The co-operation of the Governraent with the national bank in the introduction of a n.ational currency, may, however, be advantageously employed, by issues of Treasury notes, so long as they shall be required for ,
the public service.
.Upon the whole, the state of the national currency, and other important
consideratipns connected with the operations of the Treasury, render it a
duty respectfully to propose—
That a national bank be estabhshed at the city of PhUadelphia, having
power to ereqt branches elsewhere; and that the capital ofthe bank (being '
of a competent amount) consist, three-fourths of the public stock, and onefourth, of gold and .silver. ;..
'
.
'
.
All which is respectfully submitted.
. • • • ,
•^
A. J. DALLAS, ,Secretary of the Treasury.,
TREASURY DEPARTMENT, December 6, 1815.
1815.]
SECRETARY'OF. T H E TREASURY.
A.
,
45
•.
S T A T E M E N T of the aggregate amount of the receipts and expenditures of. the Tre-asury. of the United States, for each year, from4he
commencement of the present Government to the year 1814.
Total .amount received.
Year.
To the end of the year 1791 1792 1793 1794
1795
1796 , '
1797 1798 1799
1800 1801 1802 1803 1804 . 1805 1806 •• 1807 1808' • 1809
1810 1811 1812 • 1813 1814 -
'
,
.
•
-
,^4,771,342'43
8,772,458 76
6,450,195 15
•. 9,439,855 65
-9,515,758 59
- ' - ,
8,740,1329 26
- '
•. 8,758)780 99
- • 8,179,170 80
12^546,813 31.
- • 12,413,978 34
12,945,455 95
14,995,793 ^5
11,064,097 63
11,826,307 38
- • . 13,560,693 20
15,559,931 07
16,398,019 26
17,060,661 93'
7,773,473 12..,
12,1:34,214 28,
14,422,634 09
22,639,032 76
40,524,844 95
- 34,878,432 25
^.
Total amount expended.
S3,797,436 78
8,962,920 00
, 6,479,977 97
9,041,593 17.
10,151,240 15
8,367,776 84
8,625,877 37
8,583,618 41
11,002,39697
11,952,534^12
12,273,376 94
13,270,487 31
11,258,983 67
12,615,113 72
13,598,309.47
15,^021,196 26
11,292,292 99
16,762,702.04
13,867.,226 30
13,309,994 4!)
13,592,604 86
"22,279,121 15
39,190,520 36
38,547,915 62
46
REPORTS OF. T H E .
[181(
B.
T A B L E of duties imposed on goods, loares, and merchandise, manufac'. tured within the United States, or the Territories thereof by the acts of
the ISth of January, and 27th of February, 1815.
. Articles.
Rates of duty.
Pig i-r on, .bar iron, rolled or slit iron, per ton
1 dollar.
Castings, of iron
• - " - . 1
dollar 50 cents.
Nails, brads,, and sprigs, other than those usually denominated
w,rought, per pound
- ' 1 cent.
Candles, of white wax, or in part ofwhite- and other wax, per
pound
"
5 cents.
Mould candles, of tallow, or of wax, otherthan white, or in part of
each, per pdund
,3 cents. •
Hats and caps, in whole or. in part of leather, wool, or furs; bonnets, in "^whole or in part of wool or fur, if above two dollars in
value; hats, of chip or wood, covered witli, silk'or other mate8 per cent, ad valorem.
rials, or not covered, if above two dollars in value •
8 per cent, ad valorem.
IJmbrellas and parasols, if above the value of two dollars 3 per cent, ad valorem.
.Paper - . - ' - 50. per cent, ad valorem.
Playing arid visiting cards _ -. .
6 per cent, ad valorem.
Saddles and bridles - . ' .'-''
'.5. per cent, ad valorem.
Boots and bootees, exceeding five dollars per pair in value - .
6 per cent, ad valorem.
Beer, ale, aiid porter - • - . - 20 per cent, ad valorem.
Tobacco, manufactured, segars and snuff Leather, including therein all kinds of skins, whether ^ tanned,
tawed, dressed, or otherwise niade
~ ,
5 per cent, ad valorem.
'O;old,-silver, and plated ware, and jewelry and paste-work, except
time-pieces - , ' , - . -.- 6 per" cent, ad valorem.
c.
CO
S T A T E M E N T of thepublic debt onthe Ist day of January, in each of the years, from 1791 to 1815, inclusive.
"1792;
1791.
1793.
1794.
1795.
1796.
1797.
Ul
Foreign debt.
. ' - $12,81%831
Domestie debt,• viz;
1 Six per cent, an.d deferred stocks 1,143,106
. Three per cent, stock 425,911
Five and a half per cent, stock '_
Four, and a half per cent, "stock
_
Six per ceht.^ (of 1796) stock - -^
_'
Nary six-per cjent. stock
Eight per cent, stock^
Louisiana six per cent, stock Exchanged six per cent, stock Converted- six per cent, 'stock Six per cent, stock of 191^
Six- per cent, stock of iSi^_
; ""
Six per cent-.: stock of 1814
• Temporary loans
-_
Treasurynotes Old unfunded debt
: 61,081,626
American claims assumed:b)r theLouisiana convention. -
92 114,561,871 41 $15,494,248 08 S14,308,4n 16 •^14,727,710 85 11.1,939,000 00 ; Sll,939,000 00
28
33
6,359,296 47
'3,3.46,965-09
37,722,628 07
17,756,419 69
' " ~'
—
-_
..
_•
37,790,327 02 41,705,774 79" 41,273,425 27
17,981,215-88- 18,901,197 32 18,974,390 56
1,848,900 00
_
_
176,00000
_
..
_
_
_
''
. "-
2,556,595 56
.i
"^ O
40,769,901 2'8
19,019,871 28
1,848,900 00
176,000 OO
80,000 00
O
H
_
2,400;000 00 - 4,500,000 00
6,200,000 00-
5,120,000 00
3,350,456 24"
3,110,806 77
• •
99 1 52,959,791 69 • '6,822,742 64 '5,947,450 71
;
75,169,974 21
a?
'
Total amount due to individuals - 1 75,463,476 52 ; 77r227,924 66
Deduct payments made by t;he
Treasury on accouiit of subsequent years • -. . »
293,502 31 '• -, 854,157 50
Total amount unprovided for
912,904 43
76,373,767 16
80,352,634 04
,
-
• • .
'
78,427,404 77. 80,747,587 39
83,762,172 07
82,064,479<33
2,119,899 11
.1,130,455 79
78,149,937 83- 81,642,272 96'
80,934,023 54
_
2,764,636 11
2,431,234 21
77,587,997 93^ 75,996,170 56
2,597,649'56
STATEMENT. C^Continued.,.
1798.
-1799.
1800.
1801.
-oc
1803.
1803.
Foreign debt
- $11,059,000 00 SIO,979,000 00 ^•10,819,000 00 ^^10,419,000 00 -S9,915,000 GO %8,730,000 00
Domestic debt, viz:
_ Six per cent, and deferred stocks 40,143,208-49 39,460,076 00 38,738,404 10 37,947,458.20 36,853,982 26 35,700,526 17
19,024,120 84 19,036,945 13 19,086,725^72 19,093,902 21 19,091,081 10 19,093,575 01
Three per cent, stock 1,847,50.0 00 . 1,847,500 00
1,847,500 00
1,847,500 00
Five and a half per cerit. stock1,847,500 00
1,847,500 00
176,000 00
176,000 00
176,000 00
Four and.a'half per cent, stock-.
176,000 00
176,000 00
176,000 00
80,000 00
80,000-00
80,000 00
Six per cent, (of 1796) stock
80,000 00
80,000 00
80,000 00
711,700 00
Navy six per cent, stock
711,700 00
711,700 00
711,700-00
6,475,800
00
Eight per cent, stock
6,480,200 00
5,000,000 00 '6,481,700 00
Louisiana six per cent, stock Exchanged six per cent..stock Converted six per cent, stock Six per cent, stock of 1812
Six per cent.'stock of 1813
Six per cent, stock of 1814
Temporary loans
1,450,000 00
2,740,000 00'
3,440,000 00
3,840,000 00
3,640,000 00
3,840,000 00
Treasury notes *
2,789,584 52
2,817,168 89
2,840,790 39
3,058,699 79
Old unfunded debt
2,989,148 64
2,876,964 53
American claims assumed by
•the Louisiana convention
1804.
#5,736,000 00
34; 480,554
19,09'3,976
•1,847,500
176,000
80,000
711,700
•6,474,500
11,250,000
13
03
00
00
00
00
00
00-
Ul
O
950,000 00
^^
1,876,890 72
H
td
Total amount due-to individuals Beduct payments made by the
Treasury on account of subse' quent years
r
79 ,.228,529 12
TS,408,669 79
82,978,294 35
83,038,050 80
80,712,632 25
77,054,686 30
3,750,000 00
86,427,120 88
734,363 37
1,008,760; 42
1,342,968 61
1,037,883 .44
1,958,063 .55.
2,322,763 45
1,-073,477 66
Total amount unprovided for
78,494,165. 75
77,.399,909 35
81,633,325 74
82,000,167 36
78,754,568 70
74,731,922 85
85,353,643 22
g
K
g
CO
STATEMENT C—Continuecl.
,;-^ ^^1805^-.^;^. ' f ^ ; 1806.
t
^
t-l ' ^ r - r r
.
i^-^—
^—^
•
-
1809.
1810.
T
-
- ' • . . .;;i4-0i65i£)0p 00>» /=$2i229,000 00
'
-
"-
„
'--••
33,187,515 16 .31,801,961 01
19,047,133 97
19,094,231 62
. 1,847,500 00 . 1,847,500 00
176,000 00,
176,000 00
. 80,000 00
•- 80,000 00."
-'
711,700 00
711,700 00
-.
6,430,800 006,462,300 00
11,250,000 00
11,250,000 00
r
- r
— 'c:
. _
.
•
.-
-
-
-
Total amount-due to individuals'
Deduct payments made by the Treasury on
. a-ccount of subsequent "years
^ Total amount unprovided for
* •-"'
. .-
Treasury notes
-^
Old unfunded debt - '
r
Arnerican claims assumed by the Louisiana
c.pn vention '
-
1808.
, '1807.
.•^;.;-:
="
M Foreign debt ^ pomestic debt, viz :
1 ^ Six per cent, and deferred stocks
t^ Three per cent, stock
Five and'a half per cent, stock
- Four and a half per cent, stock
Six per cent, (of 1796) stock
*
Navy six per cent, stock
-;
Eight per tcent. stock
Louisiana six per cent, stock
Exchanged six per cent, stock
Converted six per cent, stock
Six per cent, stock of 1812 Six per cent. stp;ck of 1813 S i i per cent, stock of 1814 -
"yempo^^^y loans
ta
_ •
Sl,420,000 00
. 30,320,614
13
19,019,013 26
176,000 00
80,000 00
^ 6,362,400 00•
11,250,000 00
_'
•_
'.
S480,000 00
-,«?240,000 00
26,730,679 55
18,107,804 82-
21,308,079 28
16,157,793 59
80,000.00
.
987,903 72^
•
•
80,000 00
11,250,000.00
5,993,343 50
1,859,770 70
11,250,000 00
3,751,125 26
1,859,770 70
m
o
o.
"~
'
700,000 00
80,000 00
.
5,574,200 00
11,250,000 00
2,126,826.73
59.2;351 -88
$19,977,383 78
16,157,890 04
91,762 30'
50,300 37
47,624 57
'47,546 30
33,884 33.
-
3,750,000 00
2,057,413 38
540,070 88
206,830"42
86,658 72
62,248 21
82,312,150 50
75,723,270 66
69,218,398,64
65,196,317:97
57,023,192 09
53;172,302 32
• 1,778,091 85
1,180,313 04-
1,486,753 02
453,991 71
80,534,058 65
75 542,957 62
67,731,645 62
64,742,326 26
290,812 28
15,316 73
56,732',379 81
53,156,532.64
.-
m
a
STATEMENT C—Continued.
1811;
o
' • ' 1814.
1813.
'1812,
;
•i
•;
S'18,566,096 Os- j Sl^;066",941 98- S12,866,123 89: ^11,236,194 76.; 1
lo, 157:, 8^9004. . 16,157,890 04 16,157^972-59^ • 16,158,177.43^
._
-
'
•
'
• •
. -80,000 00
-
• '
'
"
•
11,250,000 00
/ -
1,859,770 00
11,250,000 00
_
.
.
.
' - \ ' - "• ' ' -
_
•
_
•
•
33,884 33
..57,946 55
48,005,587 70
-
565,318 41
•.
_
'
_^
._
33,884 3 3 '
. .^57„'946 55
45,211,.981 31
•
•
•
-
•
•
.
.
.
!
10,923,500 00;
2,984,746 72;.
11,070,700.00
2,745,1,20 5.8
_
•
•• .
S9,760,602.42
16,15,8,:177.43
' " .
- 80,0.0000;
80,000 00'
8o;boo 00
-
.Total.amount due to individuals - ' • ..Deduct'payments made by the Treasury on account of subse"-"
queiitye;ars'
- - -• •Totai.amount unprovided for
1815.
^ . :. ' . ; j
i
Foreign debt- . . .
- • -- . -.
Domestic debt, viz :
Six pel: cent, and deferred stocks
.-~
^.Three.per cent, stock-.-,
-.
- •
Five and'a half per. cent, stock
. . .
-.
,'Four and a half per-cent.;stock .
. Sikper cent, (of 1796) stock - \
Navy six per cent, stock
Eight per cent, stock . Louisiana six per cent, stock - . - .^ Ex'chan'ged six per cent, stbck • -'
.- ,
=Converted six per cent, stock - , .Si-i-perbent-. stock of 1812'' . .
..
Sii-percent, stock df 1813-; _
. '
iSix:peV cent.'stock-of •1814
^ '
^Tfempbrary loaiis '•"' '-'-i-^
. - ' - • •: tTfeashry'notds'- - b-ld'un'funded'debt
.Americari; ^cM
the Louisiana convention
..
.
.--
80,000 00
•"•
•
•
10,923,500 00
.2,9.84,.746. .72
r
7,760,500 00
26,607,959 38
14,234,851 25
_
600,000 00
800,000 00:
10,646,.480 00
4,907,300 .00
31,20176 • • 31,201 76
.47V884.6P
50p9,6p
7,710;500 00=
26,607,959 38;
7,977,700 00.
'
2,150,000 00
2,835,5.00.-00:
31,444.32
50,5;09 60
81,490,089 65-
55,965-,070 98
;bd
o
;^
. ;^
o
•ffi
99,833,903.56
•
150,517 20
47,855,-070 50.
176,857 61
57,618 75
45,035,123 70
55,907,452 23
503,798 00
11,492 86
. 80,986,291 65
'99,824,410 70
,
...n
:
•
'•
CO
S T A T ^ M E I S T exhihiting. the quantity.of public lands soldprior to the estahlishment of the land ofiices.
In" Penn'sylyania,= trian gle oh Lake Erie^
Ohioiyear 1787, sales at Ne'w York "
Ohio, year 1796, sales at-Pittsburg .
Ohio, year 1796, sales at Philadelphia
Ohio, year 1792,? sales to Ohio GompanyOhio, year 1792, sales to John C. Symmes
Acres 202,187
72,974
43,446
5,120
964,285
248,540
STATE.MENT-exkibiUngi^^
Yea;rs in which the sales were made.
1800 and 1.801
• 1-802
• 1803
Deduct included
••
^
•
--^
-:
-^
last year
1804
-
1 ^ 0 5 ••
'
-
ofthe annnahsales ofs^ublic lands, from.the opming of the land offices to: t]ie m h of September 1814.
V
/
- •
. .
•1B06- ".-^
-~
. 1807- r . • -'• ^
-:
- .
.-'
•" .
1809
; 1810
1811
' . 1812
1^13
_ .18:14
- • . .
- ;
•
-'
- .
.
-•
5,829,753 lO:
OFmcE, September 14, 1815.
. '
'=
-
Cents. •
•
: • '
i1
• 5,981,310
S55,783
. • 344,256
' 449,502
849,632
"- • 527,810
::; .1,702,016
37
04
16
6%
091
52
Oi, .
^noUs. a.s,
J2,31(),310 89
. •
>
•
^;.
><
o
^'
' 74^831 501
17,8.92 90
149;, 663 01
-85,785 80
• - : 87,635 74
77,035 83
. 81,913 16
. • 144 ,-872 751 ^ "
30,260 88 - f
41,272 06.
194,871 99
158,125 97
164,821 89 :
299,904 36f
60,658 86
82-, 544 94
'10,;210,310.89
2,100,000.00. .^
^
m
a
• in Mississippi Territory. \
/Acres, hdths^
• The purchaseotnoney was not
'5 exhibited;in tHe annual statef . ments of those.years.
181;, 068. 43 •
373,611 54- ~
619;266^13i'
473^211-63^
-.284,180 291
. 195-,579 211
4,829,753 10
- 1,000,000 oo;; •
,
.
GENERAL IJANT>
Dollars,
'. -2,865,573 47: ' 143 •; 409 24-1 .
158;843.57i
207,017 14i .
39i;664 65 ^
2391980 55
- 823,264 47.:
-. . . .
:
. -•
" . - . - .
/ ."
- '
.-
Sales-ending Sept. SO,. 1815, es{imaled,at'.
• Northwest of. the river Ohio.
= - AcreSi hdths.
•-;398,646 45
340',0q9 .77 ^
. .
-- . 199,'080.64'
18,012.2i
-
1^536,.552
0-D
I—'-
555,714 83
20,000 00
^
575,714 83
.
-
^:
W'
m
a
1,146,376 821
^ 40,000 00.
1,186,3.76;82|
JOSIAH MEIGS, Comriiissioner.
%
[1815.
REPORTS OF T H E
0Z
•
^
E.
SMALL- /TREASURY NOTES..
S T A T E M E M T o f small notes issued, and estimate of those re-issued
prior to the Ist of October, 1815.
• For the payment of
;
Dividend on The army Expenses ofthe Sold for a
the public .
navy ,and mis- premium..
cell an eous exdebt. . '
penses.
To whom issued.
••
William Gardner
,, Benjamin Austin
. - • ; .
Christopher Ellery
, 'Robert Brent • - '^ •RobertBrent
- /
Robert Brent
T . Macdonough - . B. Homans
Robert Brent , • - . -Jonathan Smith r
.- . William' Miller . , William Gardner '
. Christopher .Ellery
. - . Benjamin Austin . • - •
William Few
James Marshall, $300,000 not used, returned to the Treasury.
.
'
,^
•^1,000
-15,000
2,000
• ' •
S3oo,oob.
454,000
•246,000
, '_ '
_
• #3,000
50
300,000
•
' ' '
. Total
^300,000
35,000^
_
-
; '_ -
8,'300
13,500
. 180,000
425,000
Amountissued ' - ' Amounfestimated to have been re-issued
after having been funded or paid in
for duties or taxes . ,
^•.
,
6^,800 1,300,000
.558,300
165,069"
1,203,100 1,465,069
3,050
335,000
106,631
1,030,000
109,681.
1,365,000
The notes sold, were sold at thefollowing rates.
At 4 per cent, premium
31
do.
do.
'3
do.
do.
2f
do.
do.
do.
-21
do.
do.
do.
2i
do.
do.
2
do.
do.
If
do.
do.
ih
do.
do.'
'"do.
do. with one
, month's interest deducted
u
u
#300,000
19,600
89,400
55,000
281,000
5,000
340,ooa
'
10,000
91,000
74,000
Ampunt of the premium
do;
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
100,000
do.
do.
1,365,000
Deduct sundry charges incurred
659 37
33,893 37
. -
Nett amount of premium received by the United States
,/f
'tl2,000 00
637 00
2^682 00
'1,512 50
7,025 00
112 50
6,800 00
175 00
.1,365 00
925 00
1,785 73
32,107 64
1815.]
SECRETARY O F THE^ TREASURY.
• •
.
/
•
,
;
-p.
NOTICE.
^
^ 33-
• . _ ' • -
•'
Mar.ch 10,j,,lS15. '
111 pursuance of powers which have been duly vested in the Secretary,
-of the Treasury, tinder an aet of the Congress of the Uriited States, entitled
-^^ An act to authorize a loan for a sum not exceeding-eighteen million
four hundred and fifty two thousand eight hundred do.llars/' approved by
the President of the United States on the 3d of March cu.rrent, proposals
will'be received by'the Secretary of the Treasury from this time until the
.first day of May next, (unless the.amount required should be previously
subscribed,) for a loan to the United States of the sum of twelve millions
of dollars, or any par^t thereof,, on the following terms, and in the following
manrier:
1.. The proposals must state the. amount to be loaned; the rate at which
^the stock will be received; the.instalments in which tho party will make
the payments, (not exceeding, for the whole, ninety days from the date of
ih.e subscription,.) and the banks .into which the payments will be niade,
2. The. payments will be received either in money, or in approved bank
notes, or. in Treasurynotes actually issued before' the 3d of March .current, under the acts of Congress passed, respectively, the 30th June, .1812,
^ the 25th of February, 1813., and the 4th of March, 1814, at their par value,
with the interest accrued thereon at the time of payment. The kind of
payment intended to be made must be stated in the proposals; and where,
the terms of subscription are equal, a preference;"will be given to offers for ,
-paying in Treasury notes which have become diie and remain unpaid,
with an allowance of the interest upon such notes, as weh since as before
they became due,
3. On failure to pay any instalment at the tiriie stipulated, the next preceding instalment shall be forfeited for the use of the United States.
4. Scrip-certificates will be issued by the cashiers of the banks.into
which the paynients shall be made, to the corporatioii or persons making
the payments; the cashiers will also endorse the payment of the successive
;instalments. The scrip certificates will be assignable by endorsement and
delivery; and will be funded at the loan ofiice of the .State in which the
bank is situated where the payments have'been raade. " 5. For the amount loaned, stock will be issued when the instalmerits are^
completed, bearing interest at six per cent, per annum, payable quarteryearly. The stock will be reiriibursable at the^ pleasure of the United
States, at any time after twelve years from the last of December next; and
the sinking fund is charged with the punctual payment of the • interest,
.and the reimbursement of the principal, according to .contract. - It is .desirable, as far as the public interest will .• permit, to' reduce the
amoimt of the Treasury note debt, and particularly the portion of it which
is due and unpaid; and, therefore, an early subscription is recommended to
:lhe holders of Treasury note.s. But, in order to. save time and trouble, it
may be proper to observe, that the terms, of the proposals should bear some
relation to the actual fair price of stock in the market of Philadelphia or
New York..
';
'
. ,
" ^'
A ^commission of one-fourth per.cent, will b.e ^allowed to any person co.U
lecting subscriptions for the purpose of incorporating them in one proposal,
to the amount of 25,000 dollars or upwards, provided such proposals shall
he accepted,'
A. J. DALLAS,
Secretary, of the Treasury.
TREAS.URY DEPARTMENT,
ft
G,
S T A T E M E N T , of sums ^horrowed prior, to the 1st day of October, 1815, under the act of Congress of the Zd^of March,
.
.
'
IHlb^ to^^ ctuthoi^ize a loan-for a,sum not exceeding %1Q,&%S0^^^
.
^
. Acceptanc.e of
offers.
Proposals or ofiers to-the loan.
•-Sums-actually paid"into" the Treasury.
_ • Payments'in'money;
By whom,
When.
• made.
- •
Amount. „
When
accepted.
When
.paid.
Amount paid
in Treasury . Wherenotes.
made. -
"Ahiount,- -
Total,
o
1^
2c5^ -s-l0 ^o CJ
1815.
Apr.-15
19
2124.
. -29
• 29
29
May 16
16
19
19
19
20
Jacob Cutter, Portsmouth, N. Hampshire -S50,000 00
50,000 00
James D'Wolf, Bristol,'Rhode Island =
James'Gox, Baltimore •300,000 00
James L. McKenna, Alexandna
63,000 00
George.T. Dunbar, Baltimore 165,000 00
William Polk, Raleigh100,000 00'
Clement Smith, Georgetown, Co.lumbia
45,000 00
Jonathan Smith, Philadelphia 600,000 00
William Whann, Washington 25,000 00
John Donnell, Baltimore
150,000 00
William. Wilson and Sons, Baltimore r
52,625 00:
Richard. Smith, Washington - r
. -,
79,000 00
Do.,
do, -
69,500 00
' 2 0 James L. Hawkins, Baltimore ^
; - 145,000.00.
22
135/000 00'
,Do. ,
. do. . •22 William Whann, Washington - 25,000-00
22 i)'. A. Smith, Baltimore -.
1,000,000 00
• 22 Richard Sniith, Washingtori .- '
152,500 00
95
May 16
do.
8
do,
1
do. • Apr.-'27
do. ^May 10
"do.
July 1
May 1
29 • do.
do.
.
23
17
do,
- 20
17
•do.
June 1
22
do.
1
22
do,
May-20
19
C. -20
20 -do,
I June 5
{ Ang. 5
22^
June 1
•do..
25
22 .• do.
do. .
22
do. 'May 25
23
Apr. 16
24
22
26
May 1Apr.
May
-
"
^^52,386 20
S"52,386 20
• -51,002 63
51,002 63
3'08,238 15308,238 15
• 63,018 49
63,018 49
165,000 00
64,638 58 Washington •S100,361 -42
95,000 00
95,000.00
Georgetown
45,000 QOi
'45,000 00
- 600,000 20
600,000 20•
Washington
25,000 00
25,000 00
153,711 70:
237,500 00
.83,788 30 Baltimore 52,700 00
52,700 00;
79,000 00Georgetown
79,000 00
•24",500-G0.
24,500 QO
'15,000 00:;
15,000 00
30,000 00
^30,000.00:
Baltimore •85,048 66- i
145,000 00
42;756 84^; Washington
17,194'50
135,000 00
Baltimore 135,000 OQ
Washington
25,000 00
25,000 00•
Balti'more - 1,000,000'00. 1,000,000 00
Georgetown
152,500 CQ
152,500 00-
m
O
m
CO
6%
23.
• . 23
' 23,26,27'
24.
. 24
2424
2424.,
24
24
25
25'
25
25.
26
26
26
'27
- 29
29
' 31
31
June 1
I^
23
52,000 00
25,000 00
23
400,000 00
29.
25,000 00
24^
27,000 00
.24
25,000 00
24^
25,000 00
25
246,888 14
•27
24;
250,000 00
24
8,500 00
22,464 90
24
34,300 00
25
29,000 00
. 25.
130j000 00
'
27
50,000 00
25
5;000 00
• 27
26,000. OO.28SO,, 000 00 ' • 26
25,000 00
28
25,000:00
^ 31
95,000 00
31
11,683 55
31
25V468 00
31
35,000 00 June 1
• 8,000 00
0
( 1,120 21
3
J 24,490 00
3
•3
100,000 00
10,000 00
7
250,000 00
6
31,057 50
^:6
• 5,000 00
- 12
5,000 00
. 8
•8
85,000 00
V 9
200,000 00
-12
- i indefinite.
^ Do.
do.
William Whann, do. Jonathan Smith, Philadelphia William. Whann, Washington
Richard Smith,
do.
Do.
. do.
Do.
do.
James L. Hawkins, Baltimore James Cox,
do.
James Schott, Philadelphia ' - .' Thomas Macdonough, Mid'dletown
'Richard Smith, Washington
George French,
do. - •
-^
John Duer, Baltimore S.-.pleasonton. and R. Forrest, Washington
A. C. Cazenove, Alexandria >"-"
William .Lawrence, New York . .
James Whitehead, et ail., Philadelphia James Cox,-Baltimore • - .^
- , > John Duer,
do..
-•
- ' / -•
S.'Girard, Philadelphia •
George Crowninshield.(fe-Co., Salem - George T . D unbar,; Baltimore - • Richard Smith, Washington
"William Cochran; Boston
• Richard Smith, Washington
William Paton, jr., Alexandria
Do.
do.
-•
Charles Page,
do ^
William Whann, Washington'N. Waterman, jr.. Providence
. Charles Page, Alexandria
,S. Eliot, jr.", Washington
Do.
do.
H. Remsen, New York --
25
Georgetown
- do.
Washington
25
do.
June 1 500,753 21
do.
do.
do.
do.
May 25
do.
do.
do.
25
: , do.
do. •^June 1
23,444 07 Eialtimore
do.
do.
do. ,
Washin g;ton
"9,200 50
do.
Washington
do.
May 24 •
do. "
do. ^ ,
25
George
toAvn
do.
June 1-t
\
2 , ^ : 9 3 Baltimore
do". •
Georgetown
do. .
Alexandria
do.
26,738 90
do.
Washington
do. . July 1,0
Baltimore
do.
June 1
do.
•
do.
do.
95,000 00
Washington
do..
28;25,468 00
• .do. •
Georgetown
961
7,012 68
95
'' 13
1,099 08
" do.
5
Washington
96A
5
Alexandria
do. .3
do.
. do.
7
. do. .
do.;
6
31,057 50
95
6
4,664.36
do.
19
Alexandria
96|Washington
. do.
10
Philadelphia
95\ .^
24
do.
- do. 1 July 19-1 448,990 81
••
9
52,000 00
25,000 00
25,000 00
27,00*0^00*
25,000.00
25,000 00
223,444 07
100,000 00
150,000 00
22;i,464 9b
34,300 00
29,000 00
127,614 07
50,000"00
4,750-00
47^458^-2225,000 00
2.5,000' 00
11,683"55
.35,000 00
24,490 00
100,000 00
10,00.0 00
250,000-00
5,000 00
85,000,00
200,000 00
60,000'00
, 52,000'00
25,000 00
500,753 21
25,000 60
• 27,000 00
25.,'COO 00
'25,000'00
246,888 14
250;000 op
00
Ul
9,200 5022,464 90^
34,300 00
29,000 -00
130,000' 00
50,000 00
4,750 00
26;73& •90
47,458 -^22'
Q
25,000 00
25,000 00
95,000 00
11,683
• 25,468- OO35;,"0OO OO.' 7,61268
1,099 68
24,490.00
100,000 00.
>
•10,000 00
Ul
- 250,000.00
31,057 50 '
•4,664 36 .
5,000 00
85,000 00
^200,000 00
. 60,000" 00"
448,990 81
m
Sl^ATEMENT G—.Cdntirmed.
Acceptance of
offers.
•
. Proposals or ofiers to-the loan.
^
' •
When^
made.
: Amount.
By whom.
Payments'in money.^
When
accepted.
l^lc^
•
,
•
Sums actually paid into the Treasury.
• When " Amount paid
paid.
in Treasnry
" notes.
W g. ^ o,
"
-)
."
Where
made.
Total. Amount.
' '
V
1815. June 9
10
10
lb
J. W.-Treadwell, Salem
Clement Smith, Georgetown
Do.
do.'- ,.
-
S90,000 00' June 14
10
^ 305,000.00
12
-- 30,000 00
N. W . and C..H. Appleton, BaUimore -
120,000 00.
Richard Smith, Washington
50,000 00
Guy Bryan, Philadelphia
- .
25,000 QO
Alexander Brown and Sons, Baltimore 200,000 00
James Schott, Philadelphia
50,000 QO
Richard Smith, Washington
20,000 00 \
Do.
do.
. 30,000 00
William Whann, do.
'
50,000 00
R. Higginbotham, Baltimore ->
200,000 00
Richard Bache, Philadelphia 3,800 00
Do,
- do.,
'
10,000 00
50,000 00.
W . Montgomery and Son
110,000 00
Richard Smith, Washington
. Do.
do.
110,000 00
William Whann, do.
_ 65,000 00
Alexander Kerr,
do.
20,000 00
Do.
do.'^ ,
=
6,000 00
8,356 30
17 Richard Smith, . . do.'
4,000 00
22 Eph. Gilman, Alexandria
10.
10
12
12
13
13
13
14
14
14
14
15
15
15
. 16
10
95
'
July
' do.
C
I
S89,688 64
l ' #89,688-64
964- June 15
do:.
22
12
15
•=•
•
-
.
Georgetown
do.
Baltimore
do. .
do.
Georgetown
Washington
Philadelphia
i ' 16.
15
do.
12
_
14
10 • d o .
_
24.
95
14
_
do.
•
do. July 1
14
_
do. June 15 " 20,016 88
. 14
Washington
98
15
14
do.
22
do.
14
Philadelphia
• 24
"1
95
. 14
20
3,972 86
15
do.
_
Philadelphia
do!
20
' 14
_
•
C
21
13,366
00
do.
16
^July 1
38,275 92 \
do. June 15 109,169 92
lb '
Georgetown
15
. 15 • -98
_
Washington
16
• 15 .' dd.
do.
• do. .
19
16
19
6,-854 80
-'16
' -95
_
Washington
17
96^
17
_
Alexandria
24
100
,33
' • «
,^305,000 OO' 305,000 00
SO, 000 00.
30,000 00
72,375 00" }
.2,625 00 \ 120,000 00
45,000 00
50,000 00
,50,000 00
; 2 5 , 0 0 0 OQ
25,000 00
'200,000.00
200,000 00
50,000 00
'50,000 00
•
-
.
30,000 00,
' 5 0 , 0 0 0 00
200,000 QO
_
1,135,000 00
•
-
-
.
^
110,000 00
65,^00 00
20,000 00
.
8,356 30
•4,000 00
,20,016 88
30,000 OOl
50,000 00
200.000 00
3;972 86
1,135,000 00
51,641 92
109,169 92
110,000 00
65,000 00
go,000 00
6,854 80
8,356 30
4,000 00
o
Ul
o
.00
.5^
29 ,John L. Boss, Newport, Rhode Island -. " 77,000 00
29 Owen Allen,'Baltimore
5,100 00
July 7 Richard Smith, Washington
26,059 38
. 7 Prime, Ward, and Sands, l^evv York 50,000 00
13 John Tisdale, New York
'33,978 49
July 5
June 30
July 7
IQ
13,
95
Aug. 1
do. ^ July 3
do.7
do.
11
97
13
76,353
5,242
26,059
182,641
70
03
38
90
New York
Washington
3,161,587 "06
601.44
32,978 49
6,122,457 32
76,955
5,242
26,059
182,641
32,978
14
03
38
90
49
00
9,284,044 38
Ul
Of the above amount paid in money, there Avas paid
In
In
In
In
the District of Columbia
Baltimore
Philadelphia
^ Nevv, York
-
A t 95.
Sl,042,212 59
, -"
1,874,818 50
1,8-15,000 00/ '
601 44^
- ' ' -
-.
At.96^ " .
At 97.
At 98;
At par..
Total.'
$927,846 30
120,000 00
$32,978 49
^-275,000 00 '
f4,000 00
^2,282,037
1,994,818
1,845,000
601
1,047,846.30
32,978 49
.275,000.00
4,000 00
t?a
Q
38
50
00
44
O
4,762,632 53
-
.
'"
•
•
" •
\
'••
6,122,457 32
.•
Ul
a
•58"
•
. REPORTS GF T H E
• . . ;
.
•
•
•
'
•
".
•
'
'
•
•
•
s .
'^
[ISl-S.
. .
• >
NOTICE.
• T R E A S U R Y DEPARTMEN'Xj'Jfene 15, 1815.
AiTangements are making to discliarge the whole of ^the. arrearages of
the Tr.easury npte debt, where the'same became due and payable, as soon
as a. competent supply of. current money can be.obtained at the seat of the
several loan offices. ' .
•. "
Arrangements are'also making to famish a competent issue of Treasuiy
notes, to assist in the re-establishment of aicirculating medium throughout
the ITnited States; but it has'been ascertained that an issue of Treasury
notes, not bearing interest, and-fundable at.seven per cent., caiinot, at this
lime, be^employed for that.purpose.
,Notice is therefore hereby given, that funds have been assigned for the
payment of such Treasury notes, and the interest thereon, as becanie due,
or shall become due, at the loan oifice in Philadelphia, in the State of
Pennsylvania, on the folio vising days, to wit-:
On the 21st of November ; the 1st and l l t h of December, 1814.
The ls,t of January; the 1st and 2,1st of February ; the 21st of April;
lhe 1st,.llth, and 21st of.May; the 1st, llth,^and 2ist of June; and the
1st, llth, and 21st of July, 1815; being, all the Treasury notes.due, or
becoming due, at Philaidelphia, prior to the 1st day of August, 1815.
And the, said Treasury notes will accordingly be paid, upon .the a:pplication of the holders thereof,'respectively, at the said loan office, in the city
of Philadelphia, on the 1st day of August next; after which day, interest
will cease to be payable upon the said Ti'easury notes. .
. And notice is hereby further given, that-funds have been assigned for
' the payment of such Treasury notes, and the interest thereon, as 'became
due at the loan office in Savannah, in the State of Georgia, on the following days, to wit: . '
'.
Gn the 1st of April, and the 1st of May, 1815; being .all the Treasury
notes due at Savannah, prior to the 1st day of September, 1815. And the said last mentioned Treasury notes will accordingly be paid,
upon the application of the holders thereof, respectively, at the said loan
office,.in Savannah aforesaid, oil the 1st day of September next; after which
day, interest will cease to be payable upon -the said Treastiry notes.
. Ahd notice is hereby further given, that funds have been assigned for the
payment of such Treasury notes, and the interest Ijiereoh, as became due
at Washington,, in the District of Columbia, on the following days, to wit:
• On fhe ilth,and,21st of April; on the 1st and 2Jst of May; and,on the
l l t h of June, 1815; being all the Treasury notes due at Washington. .
And.the said last mentioned Treasury notes will aqcordingly be paid, upon
the application of the holders thereof, respectively, at the Treasury ofthe
United States in Washington aforesaid, ^at any time subsequent to the date
df this notice ; and interest will ceasis to bepayable upon^the said Treasury
• iiotes after the 1st day,of July next. And all Treasury notes hereafter
payable at the Treasury of the United States, in 'yV'ashington aforesaid; will
.1815.]
SECRETARY .G.F.THE TREASURY.
,
59
be there punctually paid, from time to time, as the sarne shall become due
and payable;.and the interest thereon will cease on the day or,days when
such Treasury notes shall respectively becoine payable.
And .notice is hereby .further given..;th at .funds have been=assigri.e.d for the
payment of .suc'h; ^iT>asiny np..^^
the interest thereoii,,as .hecame due
at' the loan office ;in ; Balti more, in the State-.of Maryland, on the .Tst .of
June, 1815; and that the said last mentioned Treasury notes will accordingly be paid, upon'application of the holders.thereof, respectively, at the
said loan office, in Baltimore aforesaid, at^any time.subsequent to the date
of this notice;, and that interest will cease to be payable upon the said Treasury notes after the 1st day of July .next. . And all Treasury nbtes hereafter payable at the loan office in Baltimore aforesaid, will be there punctually paid, from time to time, as the same shall become due and payable;
and the interest thereon will cease on the day or days \yhen such .Treasury
notes shall respectively become payable.
- ,
;
And notice is hereby further given, that as funds in .current money cannot at present be obtainedat iBoston, in the State of Mas.sachusetts, to paysuch of the Treasury notes ashecame due,-andr^ema:in unpaid,'-at theloan.
.office in Boston, aforesaid, oh 'the following days, to wit: ;'
On -the 1st of November, and the. l l t h and 21st of December, 1814; the
21st of January, and the 1st of Februaiy, 1815.; -:
. • /
Subscriptions in the principal and interest of the said .last mentioned
Trieasury ^notes will he -reeeived to the loan of twelve mil-hons of 'dollars,
at the rate of 95 dollars in principal and Iriterest, in Treasury notes, for 100
dollars of six per cent, stock. The holders, respectively, of the said last
mentioned Treasuiy notes may also, at their .option, receiye drafts on Philadelphia arid Baltirnore for the amountof their ciaims; or they may exchange
the old for new Treasury notes, fundable at six per cent., to include the
principal and interest now due.^
, .
_
'
And notice is hereby further giveri, that' as funds in current money eannot at present be obtained at the city of New York, in the State of New
York, .to pay such of the Treasury .notes as became due, and remain unpaid, a t t h e loan office in N§w York aforesaid,; on the.following days, to
wit:
.'^
•
,/
'
'
^
.
{
.. '"
-
Onthe 1st and llth of December, 1814;'thelst and l l t h of January;
the l l t h of Februaiy; the llth ofMarch: the 2]st of April; and the l l t h ofJVLay, 1815;
/•
• ' • '
Subscriptions in theprincipal and interest ofthe said last mentioned
Treasury notes will be received to the loan of twelve millions of dollars, at
the rate of 95 dollars of principal and, interest in Treasury notes, for 100
dollars of six per cent, stock. The holders, rpspectively, of thesaid last mentioned Treasury notes may also, at. their option, receive drafts on Philadelphia, and Baltimore for the amount of their claims; or they may exchange
the old for new Treasury notes, fundable at six per cent., to include the
principal and interesf now due.
- «
- '
.
And, finally, notice is hereby given, that on the 1st day of August next,
instructions will be issued, forbidding thecollectors of dutieson imports and
tonnage, the collectors of the internal duties and taxes, and. the receivers
of all public dues whatsoever, to receive in payment of such duties, taxes,
and dues, the bank notes of any bank which does not, on demand, pay its
own notes.in gold and silver, ai/d, at the same time, refuses to receive,.credit,
re-issue, and circulate the Treasury notes, emitted upon the faith and se
60
,
REPORTS OF T H E
[1815.
curity of the United States, in deposites, or in payrnents to or from the bank
in the same manner, and. with the like efiect, as cash, or its own bank,
notes. .
,,,
. ,
•
The loan ofiicers of the several States are requested to make this-notice
generally known, by all the fneans in their power; and the printers authorized to print the laws of the United States will be pleased to insert it in their
respective newspapers.
•;. •/ .•
.' ,
A. J. DALLAS, - /
: '\ /
^
Secretary of the Treasury.
:\ -
;
./ .
-
"
NCiTlCE.
-
TREASURY DEPARTMENT,
•
June 23,1815.
^ Funds having beeh assigned for the payinent of such Treasuiy notes, and
the interest thereori, as will become, due. at Philadelphia on the 1st day of
August next, and on all subsequent days, prior to the 1st day of January,
1816;. ^
- . •
Notice js therefore hereby given, that the said Treasuiy notes willbe
paid, on the application ofthe holders thereof, respectively, at the loan office
in Philadelphia, on the day or days when they shall.respectively become due;
and interest on the said notes will cease to be payable thereafter. ,
The commissioners bf loans in the several States are requested to make .
this notice generally.known by all the means in their power; and the printers authorized, to. publish the laAvs, of the United States ^will beNpleased to
insert it in their respective newspapers.
' .
^
•
_
^'
"A. J. DALLAS,
^
. '
/
Secretary of the Treasury^
1815.]
SECRETARY OF T H E . T R E A S U R Y .
61
.^'. • K . • . •
S T A T E M E N T of moneys borrowed betioeen the \st of, October,. ISU,
and the SOth of Septembei^, 1815, imder the act of Coiigress of the l i t h
March, 1812.
•
.
> .
•;
;'
. - From the committee of defence of the city of Philadelphia,
for which 6 per cent, stock was issued at par . :
-- $100,000 00,
Ofwhich sum there-was paid in the.year 1814 $50,000'00
- ^ •
And in the year 1815 •
. > . ,, >
• - • v50;000 QO \
. •
S T A T E M E N T of temporary loans made in the year 1815, (jmor to
the, 1st of October in that year,), under the several, acts of Congress of
the I5th November, 1814; the Sd'of March, 1815 { and IWi of February]
•1815, •• ' -^
''
- . .
Act under
which made.
By whom made.
1814.
Novem. 15
'
15
15
15
15
15
. 15
^ 15
. Manhattan Conipany, N. Y;
Mechanics' Bank,,
do.^
City Bank,
' do.
Do.
'
,
do.
Mechanics' Bank
, do.
Manhattan Company, do.
Bankof America,
do. ^
Bank of the State of S. Car.
Amount.
R.ateofinte-' When reimbursable.
. rest.
^200,000 00 7 per ceht..
200,000 00
do.
200,000 00
do..
75,000 00 6 per cent.
75,000 .00
do. ',
75,000 00do.
• 75,000 0 0 '
-do. '
50,0.00 00
•do.
'
Mar. l,&'May 1,1815.
- do; >do.
:95O,000 00
1815.
March
3
3
Bank of Virginia {a)
Farmers' Bank of Va. {a) -
450,000 00
200,000'-00
••
•'
do.
do.-
M a y l , 1816..
do.
do.
do.
do. •
do..
Three years,
do. .
.; do.
do.
650,000 00
. 25,000 00
February 3 Bank of the Metropolis
25,000 00
3 Bank of Washington ' .25,000.00
3 Bank of Qolumbia25,000 00
3 .Union Bank of Alexandria
100,000 00
(4) These loans were repaid in the month of July, 1815.
.
August 1, 1815.
do.
do. • ^
, do.
December 1, 1815.
^
[1815.
- REPORTS OB^ T H E
62
• \
.
•
L:
•
.
.
-
'
•
1*REASXJRY. NOTES BEAllING INTEREST.
S T A T E M E N T of -the. amount of Treasury notes issued-in the third
• and fourth quarters of the year. 1814, underthe actof the Ath of March,
1814,. .
•
• •
. •,•
• .
Reimbursable at
When
reimbursable.
'
Boston; New..Y6rk'. 'Philadel'. phia.
^ • ^
1815.
June
21
_'
.July' . 1
._ '
U
_
21:
_
August. 1. ^92,000
11
_
21
._
Septem.. 1
_
11
_
21.
_
October 11
• ,21 52,000
Novem.' 1- 150,000.
11_
- . 21 12,000
' L
Decem;- 1
11 3,000
21 . 300
1816.
January 1 , • ,
•
_
Total.;
•
Balti-- . Washmore. . mgton.
Rich- Charles-
mond.
ton.
$3,300
S3,300
_
•_
_„ . ,
_
105,400
255:, 100
_
_
_•
29,000'
' 104,000
_
_
_
:S45,000'
57,700
_ . . 12,700:, J..^ ^^
-•60,000
510,000. S'40,'000 17,800
• 719^,800
- 90,000 • 94,200
20,000' ' _
$150,000 . 354,200
_
2,500
. 2,500
. _
._
_
.1,600
1,600
__
_
_
10,000
•10,000
_
_
_
:.
• 40,000
60,000.
' 100jqoo
_
,'25 000 • 11,820
536,820
_ • 500,000
_
_^
238 000
105,000 100,000
1,000
496,000
_
_
..200-000
100,000
,•27,700
•:•
477,700
^ / ... _ ..
_
130,000
145,000
_
^' _ 15,000
_
_
310 280
254,600' 5,000, 21,700
_ -.'
^_ ^ 603;580
853 420- 174,060' 60,0Q0- 14,900'
1,102,380
_
_
' 50 000
4,060• 68,160
_ ' 11,100_
._
23 16Q-.
^8,000''
_ . :31,180 S15,000'_. \. 137,640
_'
^149,700
75,000^
•
_
•
_
•
•
•
_
•
_
••
387 000-
_
222,240-
•
• 50^,460
.' -
. -
_
'
-
•
_
-
•
309,300 2;501,560/ 1,825,980-' 205;000 828,340- 15,000'
659,700
150,000 ^5,835,180
Amount of Treasury notes issued ill the first and second quarters of the
year 1815, under the^ act of the Ath of March, 1814.
. .,
R'eimbursalile'at. '
When
' reimburs-,
able.
Boston.. New York.- Philadel-..- , Baltii Wash. Rich- Charles-'
phia.
more. • ington;. ,mond.= : ,. ton..
Total.
'1
1816.
January 11 ^50 000 ^440,900
S81 ^OO.i' .
S34 620
„
138,160
21
,34,900
65,900
• 420;420- 1,196,280-- •SI1,000" •5,100February 1
li
.
79
200^
45,900
_
_:,
21
18,400
_
_
_.
March 1
25", 600 1 2Q0
82 540
_
11
^ J.
400
15 000
_
„
21
11,900
_
_'
_
April -^ 1'
_
._ '. • 8^900
_
_
U
2,200
^
_
_.
_
21
2,000
. r
_
_
June
21
1,000
. -•
_
•
c
—
.1
•
•
•
•
_
_
.
,
,
•
•
„ •
• _
-
,
•
-
•
50 000 1,025,080 1,414 980
11,000 271,060
_
_
_
_
_
„•
~-'' •'
• ,
'
_
„
„
_„ .
_
_
_
_
_.
_
-
«
•
«
_
_
•'. -
^606,720
. 238,960
1,6327800"
125,100
18,400
109,340
15,400
11,900
8,900
2,200
2,000
1,000
2,772,720
181.5.]
SECRETARY OP T H E TREASURY.
• STATEMENT L^-^Continued;..
63-
'
Recapitulation, of' Treasury notes^ issued mder the actof March A,-1814'.
'
Amount
retary
Amount
Amount
issued
of the
issued
issued
•
"
•
•
•
(
••
'"
in the second quarter of 1814, as reported to Cpngress by.the S;ec7 ,
Treasury, September 23, 1814
-"#1,392,100
in the third andifourth quarters of-1814; as-above stated -.
' - 5,835,'180 '
in"the first and .second''quarters of 1815, as above stated? - 2,,772' 720
Total.amo.unt authorized to be issued by the .aict. ^ -
-
-
'-.. " -
10,000,000
S T A T E M E N T o f ^ the amount of Treasury notes issued.in the 1st,. 2d,
and Sd^ quarters'of the year-lQlb,under, the^ act of tKe2Uliof Detember, 1814.
'
.'
" •
•"
.
. ' . . ' "
Reimbursable at
^Qid.\.
W
• 1816..
160
Feb. 1.
1,365,340
Feb. I I
Feb. 2 r
820
Mar. 1 S145,000 . 990,,
116,Q60
2,000
Mar. 11
13 860
Mar. 21
176 740
Ap'l;. 1
313 360
Ap'l 11
Ap'l 21
May .1
May..21
432, 280
June 1
622, 020
June 11
154, 180
July 21
401, 420
Sept. 1
P2.
P^
Sl45,480i ^.56,800
l,636,l8r 50,000
224,0.01
250,-90( 133~580i
.. 5'5,200 40,0001
80,101112,900
. 81,00.0
, S280,440
30,000
|3,081,520
224,000 .
^100,000
1,620,300
213,260
100,160
289,640
394,360
13,440
10,500
465,280
717,900
164,180
6,200
.8,580
- 1.0,500
33,000
91,380
10-bOO
4,500
S342,'000|
401,420
342,000
147,000; 4,-664,24^ 2,730,640 280,380 9,360 44,780 100,000 342,000 8,318,400.
S T A T E M E N T of the amount.of Treasury noies bjea/rvngi/niev^st, issued prior to the.1st of October, ISlSi,Mnderih6,act.(^^^^
ruary. 1815.
Date.
21st-,
1815, August
September Ist;.
September llth
Sept'ei7ib^.r...2isT'
.Octobei:
.1st
. .
-
Total,
Aniouiitv:
-'#.33;ooo:;
-308,600:.
; - 102,000
- 36,900
_' -214,100
-j694^p6i!
f;4;- •
REPORTS O F ' T H E
•
[1815.-
S T A T E M E N T L—Continued.
E S T I M A T E of the ampunt of'the principal and interest of Treasury
notes of every description, which will come^ as a charge upon the Treasury during the year 1816.
!.• Treasury note's bearing' interest:'
1. Such as are chargediapon the sinking fimd—
Amo,unt which became'payable in 1814, and which was not paid Aniount Nwhich'became payable hi. 1815 • - .
. ' Amount which will become payable in 1816 -
- S2,799,200 00
- 7,847^280 00
- 2,772,720 00
^
'
.
13,419,200 00
2. Such as are payable out of any .moneysin the Treasury not otherwise'ap.
• propriated—
.'
',
-. '
'
.
Amotint which will becoiiie payable in 1816
. - , - • - .
- 8,318,400 00
3. Such as are not reimbursable "in money, but, may he funded for 6 per cent.
•^ 'stock at par,'or paid for duties,, taxes, or any public dues whatever—
^
• .
Amount issued prior to 1st October, 18i5, . .' - '
694,600 00
Amount.estimated to be issued from 1st' October to 31st December, 1815 500,000 00
22,932,200 00
II. Sniall Treasury notes, not on interest, not reimbu.rsable in money, but may
be fnnded fbr7 per cent, stock aJ; par, or paid for. duties, taxes, or anypublic dues Whatever—
"'
^
. •••
.
• ,
" Amdunt issued and reissued, per pre'ceding statement, marked D, to SOth
. September,-1815 - •
- , ' - S4,142,.850 00.
'Amount estimated to be issued and reissued from 1st Octo<
.
ber to 31st December, 1815
'.'- • - . 500,000 0 0 '
^
-4,642,850 00
....
.
•' ' 27,575^050 00
Iriterest-- /
'. .
•
' .
The amoant estimated to be pa3^able for interest, on the notes bearing
'
.'interest, is abput -•• • - '
- ^
- - - . l.,O0O,0'0O 00
Towards, the reinibursement of Treasury notes; payable at Philadelphia, Baltimore, Washington", Charleston, and Savannah, there has
been.advanced from the Treasury the sum of - ^ - ^ 1,536,000 00
The amount of Treasury notes bearing interest, sub'' •
^ scribed to the loan prior to the 1st of October, 1815, '
' was, principal and interest
.- '
- ^^3,1^1,587, 06
And it is. estimated that the amount sub• scribed between the 1st of October and
'Slst December, 1815, will be' - ^
- 2,500,000 00
5,661,587 06
The amount of sniall Treasury notes funded for 7 per cent, stock, prior to the 1st
October, 18l5, was
-•.
And the amount, estimated to be funded,
between the 1st October and Slst December, 1815, is - .
-
28,575,050 00
7,197,587 06
,
3,318,950 00
'
^<
1,000,000 00
The amount estiinated to be redeemed by .
payments for duties, taxes, &c., prior to
1st January,'1815, is, of" Treasury notes
bearinginterest - 1,500,000 00
SmaU Treasury notes
- . 100,000 00
4,318,950 00
1,600,000 00
13,116,537 06
Leaving,..as the amount putstanding at the end of the year 1815, and.
which.will come as a charge upon the Treasury .in the year 1816, of
'- principal and iiiterest of Treasury notes of all descriptions - '
- 15,458,512 94
,
-
•
.
.
•
-
A .
'
••
••
-
GO
S T A T E M E N T exhibiting tfie amdunt bf duties which accrued on merchandise, tonnage, passports, and clearances ; of
• debentures issued on the exporjatipn of foreign 9nerchandise ; and of expenses on collection, duririg the years 1813
and 1814.
.
Ul
DUTIES ON
Debentures issued.
' . Year.
Tonnage.
Passports, &c.
,^•315,638 00
137,648 69
S3,64000
736 00
Merchandise.
\
1813
1814
.
S7,379,899 31
4,343,922 12
f580,327.16
26,082 37
.Gross revenue..
.
Expenses on col?
lection.
$7,118,850 15 •
a 4,606,224 44 -
O
Nett revenue. '
8410,483 94
355,8.62 85;
86,708,366 21
4,250., 361 59
.>
'o
a Gross revenue foi* the year 1814
' Deduct, interest and storage
84,606,224 44
.• 15,884 89
Gross revenue, per statement B
4,590,339 55
•
S T A T E M E N T showing the amount of Ammcan and foreign tonnage employed in foreign trade, for the year 1814,
^ ' as taken from the records of the- Treasury.
, -.
American tonnage in foreign trade.
Foreign tonnage - .
-
..-..-
-
-
-'
.-
-
-
' ;-• " ^ - .
.-
-
-
-
-
-
-
-' - \ - ^
-
-
-
' -
Total tonnage employed in the foreigh trade of the United States
r
•
-
. -
-
-
\
-
Proportionof foreign tonnage to the whole amount of'tonnage employed in the foreign trade of. the United States
-
Tons
59^626
48,302.
107,928.
44.7 to 100
•
^
;
Ul
a-
|1815,
-KEPORTS O-F T H E
66
A S T A T E M E N T /exhibiting the value and qicantities^ respectively, of
merchandise on which duties actually accrued dwring the year 1814,
[consisting^ of the ^difference between articles paying duties, imported,
: \and those entitled to drawback, re-exported;) and, also, of the nett revenue which accrued, during, that year, from duties on .merchandisOy
tonnage, passports, and clearances.•
MERCHANDISE PAYING DUTIES AD VALOREM.'
$178
102
1,078,457
240,939
48,714
. 1,429 09'dollars,, at I2| per cent.
. -682 30 do. ^ 15. do. '4,313,829 02 do. ^ 25 do. 803,131 05 do. ~ . SO do:. - 121,785 15 do:
40' do..^ a, 5,240,856 61 do.
%
64
34
25
32
06
, 131,021 42
do.-
571,837 gallons," at 57.3 cents average
Spirits,
do.
360,594 ^ do. ^ at 49.7 do.
Wines,
20,670,168 pounds, at 5.1 do.
do.
Sugar
354.038- do. Vat 44.2 do.
do.
Teas,
do. . do.
Molasses, 2,879^283 gallons, at 10
. 6,528,238 pouhds,at,10 do.
do.
Coffee,
do.
do.
379,112 bushels, at 20
/ Salt,
.All other articles
h
c
d
e
81,499,413'03^327,780 08
179,273 34
1,055,884 96
156; 641 79^
.287,928 SO
652,823 80
.75,822 ^'O
201,365 68
4,436,933 38
Deduct duties refunded, after deducting therefrom duties on
- merchandise, the pEtrticulars of which could not'be ascertained, and difference-in calculation
Deduct 33^ per cent, on duties on merchandise captured by
private armed vessels .
- ' - . ' " .
48,852 46
343,514 49
392,366v95
4,044,566 43
'942 10
3 | per cent-r retained on draiwback
4,045,508 53
Extra duty of 10 per cent, on inerchandise imported in foreign vessels - •
' Extra 'duty of 15| per cent, on merchandise imported in foreign vessels * .
Accounts oiitstanding, estimated at.' -
- ^
-
4,800 39
251,645 94
256,446 33
150,000 00
-
Nett amount of dutips on merehandise - ~
Duties on tonnage
,-'
-.
Light money -.
-^
-•. , • -.
-
-
-
Passports and clearances ,
4,451,954 86
113,257 88
24,390 81
-,'.-,
-•
-
>•'
137,648'69
736 00
"Gross revenne, per siatement A
Deduct expenses on collection -
-
-
• -.
4,59a,339 55
355,862 85
Nett revenue
-
-
• -
4,234,476 70
1815.]
SECRETARY OF THE TREASURY.
Espl/xnatbry Statements and Notes.
6r
,
« Mediterranean f u n d - ' • ;
' . '
Additionaldutyof2ipercent. on85,240.,856 61 ^ - • Extra duty of 10 per cent, on merchandise iniported in. foreign vessels
3^ per cent, retained on drawback
- .
- , -
8131,021 42
4,800 39
6 54
135,828 35
Deduct duties refunded - .
8214 42
33i per, cent, on merchandise captured' by private armed
vessels "• - • -•
- \'-\
15,'214 64
i5,429 0'6
120,399 ,29
b Spirits—
From grain
Do.
Do.
Do.'
Do.
From other
Do.
. . . Do.
Do.
'- . -•
- ,
materials
- - .
-
' ' ,
'.- 1st proot
, - 2d do. '
- 3d do.
. • - 4lh do. .
- 5th do.
1st and 2d do'.
- 3d- do.
"- 4th do.
, , ^' - 5t]i do.>
12,297 gallon
3,470 do.
10,416 do.
. 3,088 do.
9,500- do.
176,076 do.
173,257. do.
183,130 ^ do.
603 do.
571,837
56 cents
.5.8 do.
,62, do.'
68 'do.
80 do.
50 do.
56 do.
64 do.
76 do.
.327,780-08
do.'
c Wines—..
. •
'
Malmsey, and London Particular Madeira
740 gallons
at 100 dff.
All other Madeira 471 do.
at 90 do..
'Burgundy, Champagne, Rhenish, &c.
550 do.
at 80 do.
.Sherry and-St. Luc ar, &c. - - \ ' ^ ,116 do.
Claret, in bottles
'r
8,118 do.. at 70- do.
Lisbon, Oporto, &c. - •
14,191 do.. at 60 do..
at -56 do.'
Teneriffe, Fajal, Malaga, &c.
84,112 do.
at 46 do.
. , All other not specified
- - 252,296 do.
.360,594
d Sugar—
Brown, clayed or powdered
White
do.
do.
20,670,168
e Teas— ,
v .
.'
Bohea'
>Souchong
Hyson
. . Other green . Extra duty on teas from other places
. India , -
do.
18^432,512 pounds,, at
- 2,237,656 - do. at
354,038
'
858
' 471
495
92
; 5,682
8,514
47,102
116,056
46
00
00
80
60
60
72
16
179,273 34
5 cents
6 do.
do. •
.•
17,357 pounds, at
.80,936 do. at
. 69,423 do. ,at
186,322 do. at
than •
'
- - - ' - -
6,886 32
2,012.60
'6,457 92
. 2,099 84
"7,600 00
. 88,038 00
97,023 92
117,203 20
458 28
•
921',625 60
134,259 36
,1,055,884 96
24
36
64
40
'
'-•
cents
do.;
do.
.do.
'
-'
do.
4,165 68
29,126 96
44,430 72
74,528 80
4,'389 63
,156,641 79
•./Salt—
Weighing less than 56 lbs..per bushel
Weighing more than 56 lbs.- per bushel
36,575 bushels,
342,537
do.
379,112.
do.
20 cents
20 do.
7,315 00
68,507 40
75,822.40
68
[1815.,
REPORTS OF THE
Explanatory Statements and Notes—Continued.
g All other articles. v i z :
; ciuantity. .
Rate of
duty.
Cents. •
• 476
14 .
Spirits,'domestic distilled, 1st proof - gallons
'
15
do.
' 16
Do. •
do.
2d do. - ' . .13,345
• do:
16
Beer, ale, and porter • , • 266,911
4
-• pounds
Cocoa _
- '
' .
do. •
559
6
Chocolate
- , ' '
13
23
do.
SuGfar candy - ' • - .
loaf
- ,
^ ..
do.
1,945
18
378
. do.
13
other, refined, &c.
do.
.55,891
Almonds / . 4
do. '
24,487
Fruits—Currants
-• 4
•
39,034
.do.
4
P r u n e s and plums - '
do.
11,708
4
. Figs
. do.
-. 204,891
. Raisins, jar a n d muscatel -, '
"
4
257,2,89 '
3
Raisins, all other - ^
- " ,do,
Candles—Tallow - -, . • 'do. :
29,766
4
12
446
- W a x , or spermaceti
.. ..
do.
do.
26,929
14
Cheese
. - ' . ' - - • do.
Soap - .
' .. - ,
. 54,515 •
4 Tallow.
,i
.• do.
. 79,900
3 ^
• - ' do.
. 336 .
100
Spices—Nutmegs
,. •Cinnamon - • ' -'
.
do..
35
40
do.- .
6
, 40
Cloves .
12
.
do.
Pepper \
-,
16,808
Pimento
-. '
-' .
do; '
24,465
,8,
. . do.
Cassia.
- .
3., 780
8
Tobacco, manufactured, other than srLiiff and
•'
do.^
, 12
2,096
segars
- •
,- - •
242
Snuff
^ - •
'.- -do..
20
66,601
Indigo
. ;-^ . - '.
do. ..
50
Cotton . ' - • • " - \
r 6
., - do.
139,708Powder, hair
. do.
60
8,
do.
3,278 1
• gun
. ,-. 8
Starch .
- 'do.
3., 655
6
Glue
,
-•
• do.
8
26,287
P e w t e r plates and dishes
. ^
2.42
do.
8
Iron,, anchors and sheet
do.
153,735
3
slit and hoop - < '. 2
358,956
T
do.
Nails^
- •
- ,
do.
•• 86,568
4,
2,560
2
. -^
do.
Spikes
"''..Cluicksilver - ; '• 110,700
12
: • do.
Paints—Ochre, in-.oil
3
do.
.
971
dry, yellow do.
2100
Spanish b r o w n '
16,542
2
- • do.
. W h i t e and red lead .
151,121
- -do.
4
L e a d , and manufactures of lead ' - •
•2
do. ,
96,541
Cordage, tarred
. ._do.
40,535
4''
untarred
•
do.
'
3,693
5
Seines
."^ - ' -- .do.
.8
!,449
Cables
-.
do.
.12,862
4
Steel - .
.
.cwt.
200
. 6,378,117
T w i n e and packthread . - ^
-,
- ' (ilo.
800
68,306
Glauber salts - '
- •
.do. .
400
3,208
Coal
''-.
V- ' ^ . . •, - bushels
' 25,121
10
F i s h y - D r i e d or smoked
- •
cwt.
100
18,954,204
Pickled salmon
- ^. barrels
20O
1,118
mackerel
- - '
>. ' do.
1,692
120
other
' do,
5,121
80
X
•
Duties! '
•
866 64
. 2 40
2,135 20
10,676 44
V 33 54
, 2 99
350/10
49 14
2,353 82
979 48
/ 1,561 36
468 32
8,195 64
7,718 67
. 1,190 64
53 52
3,770 06
2,328 54
2,397 00
336 00
14 00
' ^2 40
2,O'lO 96:
• 1,957 20
• 302''40
,'
251 52
48 40
' >33,300 50
8,530 98
4'80
262 24
219 30
2.,102;9.6
19 36
4^612 08
7,179'12
•
3,462 72
51 20
13,284 00
'29 13
2 00
, 330 84
6,044 84
1,930 82
1,621,40
184 65
115 92
51448
, 12,756 80
550 43
14 29
2,512 10
18,954 54
2,236 00
^ 2,030 40
^ .4,096 80
.1815.J
SECRETARY OF THE TREASURY.
69
Explanatory Statements and Notes—Continued.
Ciuantity.
• g- All other articles,>iz:
•
:
\
,
.
\
-
.
•
Rate of
• duty.
.Cents. .
Glass—^black quart bottles
120
- . gross
•
850 .
window, not above 8 by 10 inches
320100 sq. ft.
2,017.
window, not above 10 by 12 inches
350
do.
531
window, abpve 10 by. 12 .inches 450
do.
149
Segars , -" - - .^ ' 400
-.
M . , •1,680.'
Foreign lime
100
casks
363
Boots , - ,
150
pairs
1,037.
Shoes and slippers—silk - ' 50
do.
194
morocco, leather, &c.
. 30
do.
11,210
morocco,-for" children ' - . .. d o . '
20.
1,170
Cards—wool and cotton - ' '
•100
- dozens
12
playing ''
50
.- packs
5,595
' • '
•
^
'
"
•
'
Duties.
'
'
81,020 00
6,457 60
1,858-50
670 50
6,720 00
• 363 00
1,555 50
> 97 00
3,363 00
234.00
12.0.0
2,797 50
,201,365 68
T R E A S U R Y DEPARTMENT, .
Register's Ofiice, December 14, 181.5.
JOSEPH NOURSE.
a
S T A T E M E N T of the lands sold in the districts of Marietta, Zanesville', Steubenville, Canioii, Chillicothe, Cincinnati,
Jefifersonville, Yincennes, Shawneetown, and Kaskaskia, from the 1st of October, 1814, to the SOth of September, 1815;
shoiving, also, the amount of receipts from individuals, and payments made by receivers, d w i n g thei same time; with
the balance due, both on 1st October, ISIA, and SOth September, 1815. "
.
- .
"
•
'
- • "
.Lands sold, after deducting'•-lands reverted,
Oifices,..
'
'Acres.
- Purchase
money,
Lands reverted.
.
Payments by receivers.
Receipts by receivers.
In the hands Due by indir.
of receivers. viduals, Oct.
Oct. 1, 1814. - 1, 1814.
- ' . -
'
On acc't cf pur^ On account
chase money. of forfeitures.
Acres.
Into the
Treasury.
For expenses
and repaym'is.
OMarietta
- Zanesville
Steubenville
' Canton
Chillicothe
Cincinnati.
Jefferson ville' Vincennes
Shawneetown l^askaskia
•
26,554.45857,575 58
•470.50
87,470 70" 831,523 911 825,628 41.
3,950.49
15,081 99
198,286 00
134,500 .84
126,124.45 • 256,272-98
248,443'62
7,059.14 . 7,163 49
302,858 55i
149,810 50
112,260.21514-,599 62
2,150.20
65,438 68^
359,602 2H
240,752 53
257,471 51
129,557 35 . '3,660.99
8,128 38 , 77,218 82
85,837 65
57,678.11
529,926 72
7,258.57 . 34,737 17
-819,916 58^
386,743 99
251,011.53
251,805 38
7,558.99
37,733 90i
210,476 66f. . • 115,521 19^
125,902.69
106,472 98
4,436.11
32,157 991
120,063 09
58,064 39
53,2^6.49
129,016 81
4,960.00
2,-629 25
-15,043 71
38,143. iS4
. 51,735.27
930,20'
.21,730 72^
31,004.91 • 62,009 82
-
.880
774
1,078
215
965
1,567
1,717
443
594
46
1,092,9.79.62
7,^184 49
• ' •
2,285,680 80
42,435.19
,
'
-
'
210,541 56^ 2,134,989 56. 1,256,733 87
00
811,157 00
74
145,593 92
73 ' 140,044 Mh 25
•^206,744 29
93
80,722 77
73
384,329 35
04
116,9^17 65
57:
45,308 40
99
25,000 00
51
10,000 00
1,165,817 72^
88 oo'
.-3,926 88
4,825 60^'
8,23Q 23^
3,589 75i
11,869 44
4.,295 63i
2,589 08
3,907 66
11,777 2 3 |
Ul
O.
55,019 52§
CO
S T A T E M E N T 0—Continued.
Balance due Oct.l, 1815.
Office^/
TOTAL. SALES OF LAND.
Total balance From.the opening of the land offices to Oetober 1,1814
due'October Amotint sold since, as above stated ^
t
Frani'individ^ By receivers,
1, 1815.
uals.
CO
AcreSi
Dollars.
4,829,753:10
1,092,979.62
10,210,310 89
2,285,680 86
5,922,732.72
12,495,99r75
Ul
Q
Marietta
Zanesville Steubenville Canton Chillicothe Cincinnati Jefferson ville
Vincennes Shawneetown
Kaskaskia
•863,471
320,058
401,491
633,449
12a, 938
963,099
346,760
168,471
105,916
40,279
()8i 822,014 11 885,485 191
836 77
14
320,894 91 13j182 77 • 414,674 4 ^
67h
30^. 91,431 94
724,881 24i
52 , 10,619 43^ 131,557 95^
3U~ 26,850 10
989,949 411
33,758 85i '380,519 701
85i
68 / 42.768 4'7| 211,240 151
88
118,377 1012,460 22
09^
40,279 09h
3,163,936.55
GENERAL,
Li-ND
OFFICE,
December 13, 1815.
^ -JOSIAii MEIGS, . • •
Commissioner ofthe General Land Ofiice.
o
253,922 61h 3,417,859 22i
Ul
ci
Ca/
^
S T A T E M E N T of the lands sold in the Mississippi Territory, from the \st October, 1814, to the SOth SeiDtember, 1815 ]
showing, also^, the amount of receipts from individuals, and payments Tuadeby receiversj during the-sarne time, wiih
the balance.due^ both on the 1st October, 1814, mid the 1st O'ctober, 1815.
..
Receipts by receivers
Lands sold, after deducting Land
land reverted.reverted.
Offices.
Acres.
Purchase
money.
Acres..
In hands of
Due by indireceivers, 1st
viduals, 1st
October, 1814r October, 1814. On account of Onaccount
purchase mo- of forfeitures.
- ney.
Payments by receivers.
Into the
Treasury.
For expenses and .repayments.
O
Madison countyWest of Pearl river
East of Pearl river -
19,266.03
2,833.20
5,154:79
r^38,532 06. 2,085.44
5,666 40
155.53
10,3,09 59
374.75
.^50,499 20
56,142 62
. 20',142 20^
8158,667 "87
315,512 44
114,828 43
$61,390 61 '8463 91 836,566 00
80,193 09
29,816 99 \ 15 52
20,576 40
6,314 30
.57 50
81,383 80
1,391 45
1,540 36
Ul
O
27',254.02
54;508 05
2,615.72
126,784 02^
Balance due 1st 0,ct. 1815.
Offices.
From individuals.
Total balance
due 1st October, 1815. ;
Ey receivers.
589,008 74
8135,809 3.5
291,361 85
104,561 62
531,732 79
174,-403 92 8210,213 24
4,390 59
.295,752 44
137,483 06'^
32,921 44J
111,715,95^
.643,448 74^
536 93
123,073 39'
•Acres. Total sales from the opening of the above offices
to 1st October; 1814
• - 555,7r4.83
Amount sold since, as above stated
• . » - 27,254.02
• • ' _ • • '
Madison county . -West of Pearl river
East of Pearl river ->
111,784 00
\- ,
582,968.85
4,3l5 61
Dollars.
• ' 1,146,376 82
54,508 05
m
l",200,884^"87
GENERAL LAND O F F I C E ,
December 13, 1815.
JOSIAH MEIGS,
Commissioner of the General Land Ofiice,
00
@FedFRASER