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TABLE OF CONTENTS,
Report'by Mr. Ingham on the Finances
Report by Mr. Ingham on the. Finances
Report by Mr. McLane on the Finances
Report by Mr. McLane on the Finances"
Report by Mr. Taney on the Removal of the Public Deposites
Report by Mr. Taney on the Finances
Report by Mr. Taney on Deposite Banks
Report by Mr. Woodbury on the Finances
Report by Mr. Woodbury on the Public Money
Report by Mr. Woodbury on the Finances
Report by Mr. Woodbury on the Finances
December, 1829'
December, 1830
December, 1831
.'December, 1832
December, 1833
December, 1833
April,
1834
December, 1834
December, 1834
December, 1835
December, 1836
Page",
5
85
217
283
337
377
451
463
557
687
679
451
ON DEPOSITE ^BANKS.
APRIL, 1834.
TREASURY DEPARTMENT,
^
- : ^
.
April lb, 183L
SIR : I have the honor to acknowledge the receipt of your letter of the
7th instant, and proceed to reply to the inquiries made by the Committee
of Ways and Means. '
. .
In my report to Congress at the commencement of the present sessiori,
assigning my reasons for renioving the deposites from the Bank ofthe
Uniied States, I expressed the opinion that a corporation of that descrip^
tion was not necessary either for the fiscal operations of the Government^
or the general convenience of the people.
One of the arguments most frequently urged in favor of the expediency
of a Bank of the United States, is the salutary influence which it is supposed to exerl in securing to the country a sound currency. It is said
that the State banks have a constriUt tendency to overissues, and that a superior power is necessary to keep them in check, and to control them in
this particular ;. and the argument is constantly'and earnestly pressed, that
a Bank of the United States is the fit and appropriate means to accomplish
this object.
.
If there be any force in this argument, the paper currency furnished by
the State banks, as well as that issued by the Bank of the'United States,
ought now to be ina sound state. The Bank of the United States has been in
existence seventeen years, and must have already exerted all the influence
in relation to tjie currency which can ever be expected from such an institution. And ifit exercises a wholesome and salutary control over the
conduct of the State banks, and restrains them within proper bounds, it
has had full tirne and opportunity to exert that power, and,the notes of the
Slate banks, as well as those of the Bank of the United States, ought now
to be found in a safe condition; for it must be admitted that we.have
gained but iittle by chartering the Bank of the United States, if only the
comparatively small portion of the paper currency furnished by itself is
sound, while the great mass of the circulating medium is inherently vicious,
and liable to be di'sordered at any moment. It is believed that more than
three-fourths of the' present paper currency is furnished-by the State
bariks; and if so large a portion of our circulating medium is unsafe iand
Unworthy of credit, then the Bank of the^ United States is either incapa^
ble of exercising the salutary control elaimed for it, or it has failed to
perform its duty to the pablic. In either event, it is time to look for some
other remedy.
^
Jud^ring from lhe best informatidn which the department has been able
to obtain,'the paper of the various banks (including the Bank of the United
4,52
REPORTS .OF T H E
[1834.
States) in actual circulation in ordinary times, amounts to at least eighty
milliotis of dollars. Of this sum the Bank of the United States furnishes,
generally, less than twenty miliions, arid the v.arious State banks more
than sixty millions; lhe specie in the vaults of the same banks, to support
this extended credit, does not, probably, exceed twenty-five millioris.
In estimating the amount of specie, I confine myself to the coin supposed to be in possession of the banks, In sonn? of the States the circulation of bank notes below five doilars is prohibited by law, and in these
States there is a considerable ainount of specie passing from hand to hand,
and forming a part of the ordinary circulating medium. It does riot,
.however, probably exceed four miliions of dollars. This metallic circulation lessens, by so much, the amount of paper;-arid, to that extent, it
diminishes lhe evil occasioned by the great disproportion between the paper superstructure and its metallic basis. But the coin which is thus circulating cannot be brought in aid of the paper currency, when a panic,
or any other cause, suddenly-throws it back upon the .banks fbr redemp^
tion. It cannot, therefore, be estitnated as a part of the means to secure
the payment of the actual paper circulation. It takes the place of so much
paper in the mass of the circulating mediuin, and ihereby. lessens the
amountto be redeemed; tut it will never "firid its way into- the banks,
when their notes are rapidly returning' upon them. They must rely on
the amount actually in their vaults; and k is with this .amount that we
p u s t compare the paper circulation, in order to decide.whether it is in a
^afe condition.
.
^ •
,
It is evident that the: chief part ofthe paper, currency of the United
States iTi ust always be furnished bythe Slate: banks. No Bank ofthe
Uniied States could provide; a sufficient amount for the whole nation, without giving to it a capital'ofsuch enormous and startling magnitude, that
no one, it is presumed, would seriously propose it; and if 'Congress are to
legislate with the view of securing to the people of the United States a
sound paper currency,lhe condition' of the notes of the State banks is of
^iTRi'ch more importance to the conimunity than that of any Bank of the
United States. The notes of the different local banks form the ordinary
circulating medium for the great body of our citizens,'and it would be unjust to Ihem to.disregard its conditiom The.whole currency of the country'shouldbe placed in a sound and healthy state, as far as the-legitimate
^authority of the, United States willenable, them to accomplish that object.
Underthe vauthority delegated to Congress by the constitution of the
•Pnited States, they have nopower to establish by law a paper currency;
and the.influence \vhich they may lawfully exercise in securing its soundriessis altogether incidental. In legislating: within the admitted scope of
their authority, they,may, without assuming powers' not grarited, look to
;|he effect which their laws will produce upon an interest of so much importance as that of the paper circulation now floating through the country,
n aking this view of the subject, the fifst inquiry is, what isilhe present
condition of the ordinary.circulating medium of the UnitedStates? •' Is the
great mass of the paper currency in a sound and healthy condition ? If it
Is, we must endeavor to find means to preserve it in its preserit state, when
fhe Bank of the United Sta,tes shall cease^to exist. But if it is not, then
jit is obvious that the creation of a Bank of the United States will not accomplish this desirable object; andthat, even on the score of expediency,
without reference to constitutional objections,,some other plan should be
'devised.
JS34.]
SECRETARY O F - T H E TREASURY.
^ 453
' If the estimate I have made of the proportion between the paper circulation, and the specie in possession pf the banks, be correct, or nearly sOj
the condition of- the eurrency is obviously such that the nation should not
•.be content with it, nor desire to continue it in its present state, it is an
immense superstructure of paper resting on a metallic foundation too nar-'
row to support it. It has never been sustained by its own inherent stfenirth,
but by public confidence. When every one firmly believes that the notes
of the banks will^ on demand, be paid in coin, they readily circulate, and
answer all the purposes of money. But the moment that confidence is impaired, they lose their v.alue as. a part, of the circulating medium, and are^
reuirned upon the banks for redemption in specie ; and the disproporiion
between the paper, circnlation and tlie cpin prepared, to redeem it is so great,
that it is constantly liable to have its chief support, pubtic confidence, withdrawn from it.
In speaking of the dangers to which the currency is exposed. I do not
mean to intimate that the State banks are unable,to'pay the amount of the
•notes they have issued. On the contrary, I am persuaded that, with very
few exceptions, they are as safe- as the Bank of the United States ; for that
Bank has never been in a condition to^ redeem its notes in specie, if they
were aii suddenly thrown .back upon it. My object in inviting the attention'of the committee to this subject is not only to show the real condition
.of the currency, but to mark the utter inconsistency of the argument which
urges the recharter of the Bank of the Unite.d States on the ground that it
has furnished, a soiind currency to the nation, and, at the same time, attempts to discredit the notes of the State banks. .Both parts of the argument Cannot be true. The Bank'of the United States has not furnished
the nation with a sound paper currency,and has produced no salutary
effect ori the great mass of it, unless the issues of theState-^banks are now
in a safe and healthy condition.
. ,
• '
The difiiculties under which the State banks are laboring at this time do
not prove that they are unsound, nor that they have been worse managed
than the Bank of the Un ted States. When reports injurious to the credit
of the State bariks are industriously and widely circulated, some degree of
embarrassment is unavoidable, especially when it is generally supposed to
be in the power of the .Bank of the United States to stop tht^.m at its pleasure.
The evil is, however, in its nature tetnporary, and. will soon pass away,
and the intelligence of the citizens will readily discover that .the present
difficulty is the offspring of useless alarm and excitement, and of a deliberate design to, destroy the credit of the Slate banks; and when the real
object of the unfounded rumors which are daily circulated shall be understood by the people, confidt^nce will soon be restored, and business resume
its usual channel.
, .
The stoppage of a bank, from- any cause, naturally produces a run on
thebanks in its neighborhood, and, if pains are taken to increase, the excitement and alarm, the evil,will be m.ore extensively felt than it would be
in.ordinary times.
.
The dangerous expansion ofthe paper circulation, compared with' its
specie basis, sho^ys that there is something essentially vicious in the whole
system; and the, mischief, so far from being corrected or lessened by a
Bank of the United States, is more probably aggravated by such an institution. The oreat amourit of paper afioat proves that the quantity depends
more on the discretion andjudgment of those who make the paper, than
454
REPORTS OF. T H E .
[1834.
on their abihty to redeem it whenever it is called for. The dominion
which a Bank of the United States must always exercise over the smaller
corporations of the States, vests in it the entire discretion of expansion or
contraction. If it discounts and issues its paper freely, the State banks
are induced, by the hope of profit, to follow its< example. If it suddenly
curtails, they must curtail also, or become the victims of their own imprudence. And if, by any means, the conduct, of that bank disturbs the-public confidence in the safety of the State banks, their notes will be -returned
upon them with such rapidity as to -endanger even the best,managed institutions. And.while su-ch a power remains in.the hands of a sing'le corporation, the country will be constantly liable to .sudden agitations and
excitements,ifrom the alternate expansion and contraction ofthe currency;
and those engaged in commerce will, in the years of abundance, be led
into an extension of their business, which must, in the succeeding years of.
scarcity, inevitably result in bankruptcy and~ruin. In a time of pressure con^
fidence is easily shaken ; and. whenever it becomes the interest of the Bank
of the Uhited States to excite alarm-in the country, its great money power
will most commonly enable it to effect the object, and, by destroyina: confidence and credit, in a few months throw the whole business of the iiation
into confusion. A system of currency thus liable to constant fluctuations,
and always in danger oT beins: entirely overthrown, is certainly one of the
worst that can be devised. Every species of property is unstable and insecure, unless the currency which is to be exchanged for it'shall'be steady
in Its value, and not liable to be seriously disturbed by accident or design.
And the danger and evil are abundantly manifested by the history of the
United States since the establishment of the present bank. Years of hollow prosperity have beeii succeeded^by years of pressure and suffering;
and the present condition of things demonstrates how readily a concerted
effprt to excite" a paaic,o and destroy confidence, may endanger the great
mass of the circtifating medium, and injure most extensively the property
and industry of the. country. The great evil of our'present currency is the
disproportion between the paper in circulation and the coin prepared to
redeem it. The rernedy is to diminish this disproportion, and to give to.
thepaper currency a broader and firmer metallic foundation. Can this
object be best accomplished with, of without, a Bank ofthe United. States?
I do not perceive : that a Eank of the^ United States, upon any plan, is
likely to diminish th'e evil. It may perhaps be supposed that a restriction
on the bank, which would prevent it from issuing notes below twent}^ dollars, would tend to accomplish the object; but the only effect of such a
restriction would be to substitute the notes of State banks of the lower denominaiions, in place of the notes of the Bank of the United States. Gold
and silver will never circulate where bariks issue, notes which come in
competition with the-m; for itwill invariably happen, that when the circulatmg niediurii is composed'of different kinds of moriey, and oneof them
is less valuable than the olher, but not,sufiiciently depreciated to be discredited, the inferior will, .after a time, become the general currency, and the
more valuable willentirely disappear. .
This is obvious in the States where the banks issue notes as low as one
dollar; fbr silver dollars are never found in circulation where paper ones
are freely issued by the banks. In order, therefore, to bring the precious
metals into nse, the rivalship of paper m.ust be .effectually taken away. We
must not only remove the iiotes of the Bank of the United States, but also^
]
SECRETARY OF T H E TREASURY.
455
lhe note^ of the State banks. And to create a Bank of the United States,
and restrict its issues as above suggested, would be to invite the State
banks to issue largely that description "©f paper which will not be interrupted by the competition of the Bank of the United States. The paper
circulation would not be diminished, nor would the proportion of the metals
be increased. Paper dollars would still be manufactured in the same
. abundance; they would still come in competition with gold and silver, and
drive them from circulation.
This restriction, therefore, on the issue of the smaller notes, cannot be
effectual, unless the several States shall be willing to co-operate with the
legislation of Congress. They would" hardly be expected to prohibit the
issue of notes linder twenty dollars by their banks,-while a Bank ofthe
United States was in existence, with all the advantages it would possess
'Over the State institutions. And,, if they could be induced to unite in such
a plan, the inevitable result would be to put an,end to the State banks; for
their circulation of the larger notes would be so much restrained by the
competition and superior advantages ofthe notes of the Bank of the United
States, that the small State corporations .would probably soon find their
charters of no value, and be compelled to wind up their -concerns. The
field for paper currency would then.be left entirely, to the Bank ofthe
UnitedStates. Their'notes being receivable, everywhere, in payment of
debts due to the Govefnment, would give them a credit beyond.their real
value. Tlie temptation, under such circumstances, to overissues of pa.per,
would be almost irresistible; and aftef closing, by this course of legislation, the doors of the State banks, we should soon find ourselves with a paper
currency equally liable to depreciation with the present one, from the great
disproportion the paper would bear to the specie provided to redeem it.
Iri a plan which would lead to such results, we could hardly expect the
States to come in ..aid of the legislation of Congress. But we might count
on their cordial co-operation in efforts to place the whole circulating medium ofthe country on a safe and durable foundation, when it can be done
without injustice to their own.citizens, who are interested in the State institutions.
' '
The first step towards a sound condition ofthe currency is to reform the
coinage of gold. -The piesent gold coin, is worth more in silver than its
nominal value. It is therefbre never seen in the ordinary exchanges of
the country, and it is worse than useless to icontinue the expense of coining
it at the mint, unless it is intended for circulation. , It will never make its
Y/ay into general circulation, until the relative^ value of silver and gold is
observed as near as may be in the pieces coined of the respective metals.
It has been truly said that gold is the antagonist of paper. Silver is too
heavy to be transported from place to place in large sums, without inconvenience; some other circulating medium of general currency is therefore
necessary, everi for the expenses of a journeys from one State to another.
There must be either a paper currency of general credit, or gold must be
introduced; and it is essential that,in its standard value as eoin, it should
be placed on its proper footing, in relation to silver, before a paper currency of general credit can be conveniently dispensed with. The charter
tothe Bank ofthe United States, by making its paper receivable every
where for debts due to the'Governraent, furnislies a paper currency not
equal to gold or silver, but yet of sufficient credit for commori use, and for
the .purposes of travelling from place to place. This will continue until the
456
^ . ^ REPORTS OF T H E
,-
[1834
3d of Biarch, 1886. I t i s desirable, therefore, that provision should be
made at the present session of Corigress for the reform of the gold coins.
The coinage will Yecimre. time, arid as this general paper currency is gradually retiring from circulation, the gold should l)e prepared to take its place.
We produce gold toa large aniount in the UnitedStates, and the product is
increasing every 5;^ear. The greater part of it is now exported as bullion, and
this will-continue tobe the case until the value of the gold coin is changed.
Even if the change should be made at the present session, there would riot
perhaps be a sufficient supply-^of our own gold coins to meet the demand
for a circuiating medium of general credit at the expiration of the charter
of the bank. .But if foreign gold coins shouid be made ,a legal tender, at
their real value, there would doubtless be eriough pf that nietcil, at the time
above mentioned, to- meet tiie wants of the public. And there Pan be no
sufficient reason for throwing but of circulation the foreign coins of gold
or silver, which are current in other parts of thes commercial world. Indeed, as a measure of immediate relief in the present slate of things, it is
necessary that fhe fbreign coins, both of gold and silver, should be fnade a
legal tender in payment of debts, accordingly their intrinsic value. Very
large; importations of the fpreign coins are continually arriving in the
United Staites; and if they can be, used by the Slate banks to discharge
their engagements, they will probably remain here, and become a part of
our circulating medium; and if they were made a legal tender in payment
df debts, it would enable the State banks to extend their issues, and to redeem their Iiotes with greater facility. I respectfully invite the early attention of Congress to this, subject, and regard the proposed alteration in
our lavA^s as peculiarly necessary in the present exigency, and calculated
to produce immediate and'extensive benefit. As- the Bank-^ of the United
States withdraws its .circulation, it is of the first importarice that the-State
banks should be enabled to extend their issues, and to supply immediately,
by their notes, the place which was filled by the notes of the Bank of the
UnitedStates. • .
With the reform of the gold currency,4t is proper to a'ssociate measures
to prevent the issue of small notes. The only step which Congress could
with propriety take in relation to the notes of the" State banks, wouid he
to provide that no bank should be a depository of the public, money, nor.
should'the notes of any bank be receivable in payment of debts to the
United St'ates, which issued notes below a certain denomination. ' We may
safely rely on the co-operation of the several States to impose" upon their
banks the restrictions necessary to aid in this desirable change in the state
of the currency. ' The alteration ^proposed should, however, be gradual.
V A day might be fixed, after which the restriction above rnentioned should
go into operation, as relates to notes below five dollars. A further restriction, so as to affect notes under ten dollars,'would hereafter be advisable,
and ought to be regardedas a pail ofthe plan now proposed to be adopted ;
butit is not desirable^ at this time, to.name a definite day for that purpose.A great proportion of the issues of the Statebanks consists, of five-dollar
notes. Any m.easure calculated to impair the currency of notes of this
description about the time the Bank ofthe UnitedStates is going out of
existence, would be injurious to the public. When the Bank of the Uni-.
ted States is wilhdrawing its notes from circulation,'the void must be
filled up by gold and silver, or by the notes of, the State banks, or the currency will be injuriously contracted. And if notes, of five dollars iwere
1834.]
SECRETARY OF T H E TREASURY.
457
then put out of circulation, the diminution of the currency would perhaps
be ^severely felt. And no measure should be adopted calculated to impede
their circulation, until it shall be manifest that the country is relieved irom
any inconvenience arising from the withdrawal of the notes of the Bank
of the United States: . But as soon as that period arrives, and it is apparent
that gold and silver can be provided for the ordinary circulation below ten
dollars, it would be advisable to extend the restriction to notes of that denomination ; for we can never be safe :from the fluctuaticms of the currency until all note.s below ten dollars are banished from.circulation. And
it will be still more secure when the restriction is carried up to notes of
twenty dollars,.so as to substitute the gold eagles in the place of ten-dollar
bank notes.
•
'
^
It will be seen, from this statement, that it is no part of the proposed
plan to dispense with the State banks. It obviously is not iri the power
of Congress (if ft desired to do so) to take any measures fbr^ that purpose without an amendment to the constitution. And the .States would
not, and ought not, to surrender the power of chartering banking companies.
The State banks'are now so numerous, and are so intimately connected
with our habits arid puTsuits, that it is impossible to suppose that the system
can ever be entirely abandoned. Nor is it .;desirable that it should be.
They are often abused, like all other 'human institutioris. Yet their advantages are many; and, under proper regulations, and with the metallic
basis now proposed for their paper issues, they will befound bf much public advantage. . .
• .
If there were no State bariks, the profitable business of banking and
exchange would be monopolized by the great capitalists. Operations of
this sort require capital and credit to a large extent, and a private' individual, in moderate circumstances, would be unable to conduct'them with
any advantage. Yet there is, perhaps, no business which yields a profit
so certain arid hberal as the business of banking and exchange; and it is
proper that it should be opeUj as far as practicable, to, the most free competition, and its advantages shared by all classes of society. Individuals
of moderate means canriot participate in them, unless they combine together, and, by the union of many small' sums, create a large capital, and
establish an extensive credit. Tt is impossible to accomplish this object
without the aid of acts of incorporation, so as to give to the company the
security of unity of action, and save it from the disadvantage of frequent
changes in the partnership, by the death oi^ retirement of some one of the
numerous- partners. The incorporated banks^ moreover, under proper regulations, will offer a safe and convenient investment of small sums to persons
whose situations and pursuits disable them from employing the money profitably in any other mode.' It is inot mpre liable to be lost when vested in
the stock of a bank, than when it' is loaned to individuals. The interest
on it is paid with more'punctuality, and it can be sold and converted into
cash, whenever the owner desires to employ it in some othef way. Andif
a larger portion of the metals is infused into the circulation, the business
of banking will become more sound and wholesomie, and less liable' to the
disasters from which it has suffered under our extravagant and ill-organized system of paper issues. It "will render investments in banking companies entirely safe and secure to the holders, and afford them the almost
absolute certainty of a^ reasonable profit, without endangering the capital
invested in it.
458
REPORTS OF T H E ^^ .
[1834
For these reasons, it is.neither practicable nor desirable to discountenance the continuance of the State banks. They are converiient and useful
also for the purposes of commerce. No commercial or manufacturing
community could conduct its business to any ad vantage,, without a liberal
system of credits, and a facility of obtaining money on loan when the exigencies of their business may require it. This cannot be obtained without
the aid of a paper circulation, founded on credit. It is, therefore, not the
interest of this country to put down the paper currency altogether. The
great object should.be to give to it a foundation on which it will safely
stand. A circulating medium,' composed of paper, and gold, and silver, in
.just proportions, would not be liable to be constantly disordered by the accidental embarrassments or imprudences of trade, nor by a combination
df the moneyed ^interest for political purposes. The value of the metals
in circulation would remain the same, whether there was a panic or not,
and the proportion pf .paper being less, the credit of the banks could notbe
so readily impaired or endangered.
^
'
The state of the currency, then, which is proposed in the foregoing observations, would provide silver and gold for ordinary domestic purposes,
and the smaller'payments; and the banks, of the different States would
easily be able to furnish exchanges between distant places, according to
the wants of commerce.- There cannot, therefore, be any necessity for a
paper, circulation of general credit throughout the country. Funds are
more.conveniently and safely transferred irom place to place by "drafts and
bills of exchange, than by bank notes. The immense operations between
differerit parts of the. United States are now chiefly carried on by this
means, and. it is only in particular places, and for comparatively small
amounts, that notes lire used; and the local inst^itutions would, without
doubt, in a very short time, make.arrangements among themselves to furnish the exchanges which comrnerce requires, and the competition among
many would reduce the rate of exchange to its proper level. Besides, they
would find it their interest to make agreeriients among themselves to horior
each other's notes to a certain extent, and thus furnish, as far as might be
•necessary, a paper currency of general circulation in such places as would
be likely, from their intercourse with each other, to require such a convenience. But the establishment of such a paper curren.cy ought not to have
any aid, direct or incidental, by legislative provisions. While it rests upon
mutual arrangements among the banks themselves, they will keep the issues
of each other within proper bounds ; but when they are able to extend
their credit by any legal provisions in favor of their notes, the temptation is
constantly presented to .avail themselves of this advantage; and overissues
and overtrading are the necessary consequences. If, however, a difierent
policy should be deemed advisable, the advantages now given by law to
the Bank of the United States might easily be extended to the notes of the
depository banks ; and if their notes-, were made receivable iri payment of
all debts to the Government, their currency and generab'credit-would be
<quite equal tothat now enjoyed by the Bank ofthe United States. Believ.ing. however, that such a provision would be calculated to increase the
issues of paper, I cannot recommend it. The' chief object of the plan I
propose is, to increase the proportion of the metallic currency, without diminishing inconveniently the general mass ofthe circulating medium; and
any provision tending to enlarge the proportion of paper beyond what the
public convenience requires, should be studiously avoided. - '
1834.]
SECRETARY OF' T H E TREASURY.
.459
The advantages of the proposed plan over the present currency will not
be confined to the superior stability of the paper circulation. The laboring
classes of the community are now paid their daily or weekly wages in
bank notes of the smaller denoininations; and if there are any in circula-.
tion of doubtful value, or depreciated in public estimation, they a,re too
often used in payments to the poorer and more helpless classes of societyThey are not al\yays judges of the value or genuineness of the notes offered to them, and consequently are often imposed upon, and their small
earnings still more diminished by the depreciated character or entire worthlessness of paper in which they are paid.
If the alteration suggested should be adopted, the smaller notes would
soon be-banished from circulation- everywhere, and tlie laborers would
therefore be paid in gold and silver ; and that portion of society which is
most apt to suffer from worthless or depreciated .'paper, and who are least
able to bear the loss, would be guarded from imposition and injustice. It
is time that the just claims of this portion of society should be regarded in
our legislation in relation to the currency.-. So far we have been providing
facilities for those employed in extensive commerce, and have left the mechanic and the laborer to all the hazards of an insecure arid unstable circulating medium.
It may be objected to this plan, that, in giving to the Executive Department the power of selectirig these fiscal agents from among the Statebanks,
an undue influence may be e'xercised over them, and the power be used
for improper and corrupt purposes. The answer to it appears to be a plain
one. The States in which these' institutions are situated can, at all times,
controh them, and would effectually interpose to prevent such abuses of
power. Besides, with the diminished revenue which will hereafter be collected on the reduced tariff of duties, it is impossible to imagine that the ,
gain to be derived from the public, deposites, when distributed, as they
must be, among.so many^banks airid among so. many stockholders in each
bank, can ever be .sufficiently important to tempt them to swerve from their
duty, or to influence in any respect thei reconduct or opinions.
But it.is proper, no doubt, in all cases, to restrict political power within
certain and defined hmits; and it will be advisable, therefore, to regulate
die selection in such a manner as to remove all apprehensions of its abuse.'
The following are respectfully suggested for consideration :
If the danger of abuse is considered by Congress as one of any magnitude, and as likely to produce improper influence, it may be effectually removed by making it the duty of the Secretary of the Treasury to divide
the deposites among all the incorporated specie-paying banks of the place
where the revenue is collected, in proportion, to their respective capitals
actually paid in, provided they are all wilhng to receive them upon the
terms prescribed bylaw ; and if they are not all willing, then among so
many as would agree to take them.
Every danger ^of abuse in the selection will by this mode be taken av.^ay,
and the safety of the money could be secured by authorizing the Secretary
of the Treasury to demand security from any of these banks, when, in his
judgment, the public interest required it; and there might also be a prohibition against removing the nioney to any place except where it was immediately necessary for the purpose of disbursement.
This mode would somewhat complicate the operations of the department; yet I do not perceive that itwould produce any serious inconve
460.
•
REPORTS OF T H E '
[1834.
nience to the public service. It might, and probably would, make it necessary to employ one or two more clerks in the department; but that wouldbe .but a small consideration, if it be deemed advisable to take from the
Executive all discretion over the. subject.
If, however, Congress should agree with me in supposing that the danger apprehended from this discretipn is more imaginary than real, I would
then respectfully propose the following regulations : ,
1. That the Secretary of the.Treasury should annually, at the beginning of each^ session, report to Congress the banks which had been used
by him during the year as tne depositories of the public money.
2. That the banks orice selected as the depositories pf the public money
should be continued as such, uriless, in the judgment;' of the Secretary of
the Treasury, the public interest required the depository to be changed ; in
which case, he should report, to Congress, at its next session5^the reasoii pf
the change.
3. That in all cases where there were two or more banks at the same
place where the revenue is to be deposited, at least two should be einployed
as depositories of the money of the United States, if they are wilhng to receive it, and give the security that may be required.,
.
4. Where there shall be no banks at the places where the revenue is
received, the money shall be deposited in such places as the Secretary shalb
direct, subject to the same obligation to repprt to Congress.
5. No bank to be selected as a depository of the public money, or continued as such, which shall deal in any.stocks, except those of the State in
Avhich it is situated, or of the United States.
6. After the 3d of March, 1836, no bank to be used as the depository of
the public money, which shall issue or pay out notes below five dollars *
and the notes of no bank to be received in payment of debts due to the
United States, which shall issue or pay out notes ..of a less denomination,
than that above mentioned after the time aforesaid; nor shall any bank be
a depository of public m.oney which does not pay specie on demand for its
nptes.
'
.7. Each bank selected for the deposite of the public money shall return
a statement of its affairs to the Secretary of the Treasury once a month, or
oftener, if required; such statement shall show the aggregate amount
loaned to its own oflicers and directors, arid also the amount loaned on its
own stock..
'
With these limitations, it is believed that .'the piiblic riioney will be safe,
an|d that even the possibility of abuse will be taken away.
^
In submitting this view of the currency,* and the plan of imprbving it, I
have endeavored to provide aigainst the danger of a too sudden contraction
of the preserit circulating medium. I am not prepared to say that the
amount in circulation; is at this moment greate.r, or eveii so great, as the
convenience of the country requires. I think it is not, for it has been rapidly and injuriously diminished. And it is to be regretted that the pains
taken to destroy confidence in the ,great mass of the circulating medium
has so far succeeded as to bring upon the community the inconvenience
and suffering which a rapid reduction of the circulating medium unavoidably occasions. The great object now in view is, to terminate forever the
evil of the present system, and to place the currency on a foundalion so
stable, that it cannot again be shaken. , If a broad and sure foundation of
gold arid silver as provided for our sj^stem'of paper credits, we need not
1834.]
SECRETARY OF T H E TREASURY.
461
hereafter apprehend those alternate seasons of abundance and scarcity of
money, suddenly succeeding each other, which have so fiir marked our
history, and irreparably injured so many of ouf citizens.
These remarks are respectfully submitted for the consideration ofthe
committee.
I have the honor to be, sir,
Very respectfully,
^ ,'
Ypur obedient servant,
. P^. B. TANEY,
Secretary ofi ike Treasury.
Hon.
JAMES K . POLK,'
Ckairman ofi\ the Committee ofi Ways and Means,
' rfjouse ofi Representatives*
•
463
REPbRT ON THE FINANCES.
DECEMBER, 4834.
The Secretary of the Treasury respectfully presents the following report,
in obedience tothe "kctsupplementary IP the act to establish the Treasury
Department."
He-would invite thje attention of Congress,
i. TO THE PUBLIC REVENUE AISTD EXPENDITURES
J
••'
•
•
The balance in the Treasury on the 1st of January, A. D
1832, was
14,502,914 45
The actual receipts into the Treasury, during the year
1832, from all sources, were
31,865,561 16
Making the whole amount in the Treasury in that year 36,368,475 61
The actual.expenditures during the same year, including
the public debt, were -^
- 34,356,698 06
The balance in the Treasury, onthe 1st of January, A. D.
1833, was therefor|e
- ^
In additipn to this balance, the receipts during the year
1833 were from air sources
Viz.^
$29,032,503 91
Customs 3,967,682 55
Lands
474,985 00
Dividends on bank s'tock 135,300 00
Sales of bank stock
Incidental items 337,949 79
These made, with tlie above^ balance, an aggregate of
The expenditures during A. D. 1833 were
• .Viz.
[
Civil list, foreign iritercourse, and mis
cellaneous subjects . - $5,716,245
Military sefvice, including fortifications, ,
,
ordnance, Indian affairs, pensions, arming militia, and internal improvements 13,096,152
Naval service, including gradual improve- 3,901,356
ment ,1,543,543
Pubhc debt
33,948,426 25
-. 35,960,203 80
- 24,257,298 49
93
43
75
38
Thus a balance wias left in the Treasury on the 1st
January, 1834, amounting to
2,011,777 55
11,702,905 31
464
E E P O R T S OF T H E
[1834
The receipts into the Treasury, ascertained and estimated, during A. D. 18;54,
- '
ar J computed tp be^ " " ^
$28,624,717 94
Of these, the receipts during the first three
quarters are ascertained to. have been $16,324,717 94
• Viz.
'
••
'
Customs / '.
. - $l-2,740'.872 25
Lands
3,076,475 50.
Dividendsonbankstock ) .
Sales of bank stock A
507,370 19
Incidental iteriis '
' ) • , -^
^^- — - — ~
—
And those during the foiillh quarter, it is
,
'
•
expected, WlU be
4,300,000 00
,
, Thu.s, with the balance on the 1st pf January, 1834, they
/ form an aggregate of - .
-'
'.-.,' The expenditures of the whole year are ascertained and
estimated to be
. -.
. '.
. ,
..
Of these, the expenditures during the first three quarters
are ascertained to have been 16,545,342 92
Viz.
,
, .-.
.
',•.,;
^'
• •,
\
•
'
•
,
.
32,327,62325
2.5,591,390 91
.
Civil list, foreign inter'
.
^
. .^
course and miscellane'ous - ' . . - $3,475,527" 08
.
Mihtary service.-includ<
'
'
. ing lortifications, &c.-. 8,349,400'06. •
; ' ; •
Naval service, including, '
^.
&c. -^
2,913,183
^
Duties refunded 108,546 19,
."
"
Public debt
- 1,698,686.47
' ./
:•
The experiditures for the fourth quarter,'
.
.^
including $4,462,330 99 on account
ofthe. public debt, it Js supposed will
.
.
:
,
be about
- ..
. - ,
.- 9,046,047 99
Thus leaving on the 1st ^of January, 1835, an estirnated ——•
•
balance of
, -'
;-^ 0,736,232 34
This balance includes what has before-been reported '
by this department, as not, available, the sum of about -,
" $1,400,000 ; but which is now ascertained to be reduced
to about the sum of
- . 1 , 1 5 0 , 0 0 0 00
Making the computed availahle balance, on the 1st January,
1835, tobe - - fi- •
-.
-.
. - ; $5,586,232 34
it is estiriiated that of former appropriations there will remain unexpended at the close of tihis year, the sum of $8,002,925 13.
- Of this amount, it is supposed that pnly $5,141,964 27 will be required
to accomplish the objects intended by the^ current appropriations.; leaving
the sum of $999,742 93 applicable afterwards under pernianent appropriations ; arid that of $1,523,308 79 to be apphed in aid ofthe appropriations
for the ensuing year, without re-appropriation, as will.be seen in the esti-
1834.]
SECRETARY OF T H E -TREASURY.
465
mates when submitted; and the balance of $337,909 14, which has not been
required at all, or seasonably, for the objects contemplated in its appropriation, and will therefofe be carried to the.surplus fund. In the exanfination
of this result as to optstanding appropriations, it,should be noticed, that one
small amount of unclaimed interest on the public debt, and another of unfunded debt, thbugh chargeable on the Treasury, are not included. Embracing
those, and the amount applicable afterwards to pernianent appropriations,
there would not be money enough i n the Treasury to. pay at once every
claim outstanding; Ibut excluding them, it will be seeri thatthe effective
unexpended .funds on the 1st January, 1835, will be $5,586,232 34, to
meet what will 'be required for the remaining apd unexpended appropriations,, being $5,141,964 27 : or, in other words, that our available mieans
then on hand to discharge all the old and existing claims on the Treasury,
with the exceptions .[before named, will be about $444,268 07 more than
their actual amounti
The next subject |ieserving consideration is the cond ition of
I I . TIJE PUBLIC DEBT.
All the four and i half, per cents outstanding at the cpmmencement of
the pfesent year, have been redeemed, except the sum of $443 25. Mone}^,
sufficient to meet thd whole balance, was placed iri the United States Bank
arid its branches, as commissioners of loans, in May last; and that portipn
not yet paid to the holders of the debt still remains in those depositories.
A part ofthe five per cent, stock created in March, A. D. 1821, amounting to $4,712,060 29, was all .ofthe $123,000,000 of debt existing in A./D.
1816, and of the subsequent additions to it, which was left to be redeemed.'
It did nPt become payable till the 1st of January, 1835 ; but as there was
sufficient money in the Treasury fof the purpbse, and it having been considered beneficial to tiie public to save, as far as practicable, all the accruing
interest, early in July} last agents were employed by this department to purchase at par, if possible, the whole of the remaining debt.
\ '
Between that time jand the_30t.h ultimo, the department had succeeded in
redeeming about $4911,258 35 of it; and additional purchases are constantly
making. In October last, the undersigned gave notice thatthe whole of
this debt, unredeemecL after the 1st of January next, would cease to bear
interest, and would be promptly paid after that date,-on apphcation tothe
commissioners of loalns in thq several States. Under authority from the
commissioners ofthe] sinking fund, this department has.since placed, and
made arrangements to place, seasonably, in those offices, ample funds for the
above purpose. Thus, before the close of the year, the whole will either be
paid, or money, provided to pay it; and the United States will present that
happy, -and probably, 'in modern times, unprecedented spectacle of a people
substantially free frorn the smallest portion of a public debt.' ". /
Considering these facts, it was deemed prbper toi charge the whole amount
"* ' Ito the expenditures of the present year. Interest on
of the remaining debt
all not paid before thej 30th ult. has been computed till the 1st of January
next, the time being so short; and the account for the payment of the public
' '
debt, during thefyear,! will then stand asfollows\ i ; .
All the disbursements! on account of the public debt, during the year 1834, Iwill be, as before shown - • -' $6,161,017 46
^
^
•
'•''
•
•ii---'-.
VOL. II I . — 3 0
466
REPORTS OF T H E
[1834.
Of which there will have been applied to (
principal
- $5,964,774 93
And^to interest -^
196,242 53
Making, together, the sum above mentioned.
.
^
The stocks which will have been redeemed, by the application of this sum
during the year, are— ^
Of the residue of the exchanged four and a half per cent.
stock, issued under/the act of the 26th^ of May, 1824 $1,252,625 90
The residue of the five per cent, stock issued under the act
ofthe 3d of March, 1821
-.
- 4,712.060 2 9 '
Certain portions of unfunded debt
-\
38 74Treasury' notes ' / .
- .
- '
50 00
Making, in all, the principal before named.
There is an unfunded debt.of about
3.7,733 05
Consisting of claims', registered prior to
, .
1798, ibr services and supplies during
the-revolutionary war, of about . -^ $27,437 96 ,
Treasury notes, issued during the last war' '
5,975 0.0 '
And Mississippi stock
- ,
4,320 09
, ^,
Noi:hing has been paid on any of these during the present year, except,
$88 74. But should the certificates ever be presented, which is not very
probable as to many of them, the means, undoubtedly, will always exist for
their payment atthis departnient.
I I I . THE
ESTIMATES pF
THE PUBLIC REVENUE AND EXPENDITURES
FOR THE YEAR 1 8 3 5 .
'
Next require attention, and are as follows :
c
;
The receipts into lhe Treasury, from all sources, during
the year 1835, are estimated at $20,000,000 00
VlZo'
. - •
Customs , -. $16,000,000
Publiciands
- . ' - \,
- . . 3,500,000 ,
Bank dividends and niiscellaneous receipts
500,000
To which.add the balance of available funds in the Treasury, on the 1st of Jariuary, 1835, estimated at
-
5,586,232. 34
And they make, together, the sum of
. -,
- 25,586,232 34
The necessary appropriations for the year.1835, including ^
^ those under new and permanent acts,;are.estimated at.
$15,660,232'73. But the whole expenditures for the
, \,
^ service of that year are estimated to require the additional sum of $1,523,308 79, which has before bee
' appropriated, and mentipned as applicable to the wants
>
of 1835, without a reappropriation, making together 17,183,541 52.
•'
••
. T i z ; . •
'
fi'
'
fi'
• . ^ ' . .
•-•
•• • ; .
Civil, foreigri intercourse, and miscellaneous items ^ -"
-'
- $2,788,225 85. ^ .
Military service, &c.,'pensions, and the
appropriations under the act of 7th
June, 1832 9,672,654 50
•• \ " ' :
'
,.
1834.];
SECRETARY OF T H E TREASURY.
Naval service and i^radual improvement
Unclaimed interest on public debt
$4,672,661 17
50,0U0 00
17,183,541 52
tingent expenditure, about half,of the ^
To this add, as. a coilti
aniount ofthe ave rage excess of appropriations beyond
the estimates durin g the last three years
And they make the sum of
467
2,500,000-00
$19,683,541 52-
Leaving an available "balance in the Treasury at the close of the year
1835, or on the 1st hay ofJanuary, 1836, estimated at $5,902,690 82.
But should the wjhole amount of former appropriations, current and permanent, that will be outstanding on the 1st of January, 1835, and be needed to complete the |services of former years, Yamounting, in all, as before
shown, to the sum of $6,141,707 20,) be actually called for during the year '
1835, there wo.uld be an apparent deficiency in the Treasury on the 1st of
January, 1836. It usually happens, ho wever,. that of the new and the old appropriations, a sum of five or six milhons remains uncalled for atihe'com-.
menceriient ofeach year ; and hence no real defi.cit is then anticipated,- nor
much, if any excess, after defraying all the expenditures then chargeable ^
to the Trectsury.
T h i s estimate of'receipts is formed'on the supposition thatthe value
of impbrts-duririg the ensuing year, and especially of those paying duties,
will riot differ essentially from the average value during the last three
years. Though our population has, within that period, probably increased
over one million ; yet ouf manufactures and internal trade have probably
increased nearly in an equal proportion; and this circumstance, coupled
with the greater caution ,and frugality practised during the past year, and
stiil coritinuing, will, it is believed, tend to-prevent any considerable augmentation in the consumption Pr importation of foreign articles. The imports during the ye'ar ending September 30th, 1834, are estimated in .value
at $123,093,351; bjeing, compared with the preceding year, an increase of
$14,101,541. Those during the three past years have, on an ^average,
been about $lll,03|8,14i . '
.
fiThe exports during the same year are estimated at $97,318,724, of which "
$74,444,429 were in dornestic, arid $22,874,295 in foreign products ; being.
compared with thej preceding year, an increase of $6,655,321, of .which
$3,802,399 were iri jaftides of domestic,'and $2,852,922 in those of foreigii
products.
The averasre exports durriig' the last thre.e years have been about
$91,719,690, of which $69,407,976 are the average in articles of doniestic
products, and $22,3'll,714 in those of foreign.
,
i
It will thus be seen, that the imports of the last year yaried, iri amount,
$12,055,209'from the average ofthe three past years, and those paying
duties are believed to have varied much less. It is, therefore, in connexion
with the reasons before named, corisidered safe to infer that the imports of
the ensuing year may not differ,materially from that average. Shbuld
they not so differ, the revenue from customs will probably correspond in •
substance with that I of the past year, except so far as.it may.be chariged by
the whole amount bif all the importations, when compared with,the above
average ; because tljie, classes arid value of articles paying duty, for aught
which is-known, will probably be similar, and the rate of duties on them
468
.
KEPORTS OF T H E
[1834.
will not. by existina: laws, be essentially altered till the 31st December,
A. D. 1835.
"^ • - . . ' • ' \ " ' ''
The revenue from the sale of public' lands has been estimated at half a
million more than the amount it was estimated for the current year, and
one million more than the ainount for 1833. This estimate Vv^ould have
been made^ still larger, had not the sales of the Chickasaw lands, which
will probably exceed half >a million of dollars, been pledged' by treaty to
other purposes, and not to the general reveriue of the Government. This
large computation is founded on the facts of the progressive increase - for
some time evinced, the sum actually received during the past year, trie
great quantity-of new and saleable lands coming into market, the enlarged
demand for them to satisfy the necessary wants of our,growing population
and of'the emigrants, froni Europe, and the high.prices which their produce fortunately obtains both at home and a'broad.
The revenue from barik dividends, has. been estimated at spmewhat less
than heretofore, in consequence pf the sales of our bank stock, under the
act of July 10th, 1832, for the investment of the accruing income of the
navy pension and hospital funds .having already amounted to $656,600,
and. on which the Treasury can now receive no dividends applicable to
general purposes. ^It might, perhaps, be advisable to deduct a still further
sum, to meet any contingency like that of the pfesent year, in which the
United States Bank, withbut the consent of this departm.ent, or thesanction
of Congress, and without any forewarning bf its intention, seized on about
$170,041 ofthe estimated revenue from this source, and has since withheld
it from the public-Treasury.
'•
,
Copies of the opinions, of the Attorney General^ a n d t h e whole correspiondence on,this subject between the department arid the bank, which took,
place previously to.the request fbr these opinions, are annexed for the consideration andvaction of Congress. ,[B.] It may be proper to add, that,
within a few-days past, a new communication rii relation to this transaction
has been received from thevbank.; and wheri a reply is finished, both will be
submitted, if desired. , No foundation .appears to have pxisted inlaw or
equity, for the great claim of damages.made by the bank on account of the
protest of' what has been called,!.in common parlance, the bill of exchange
drawn on the'French Government by this department. It is believed that
the bill, when protested, ought, by our agents abroad,,had they acted, with
due regard to\\^ards their principal, to have been taken up for the credit of
that principal, which was the United States, rather than for the credit of the
b^nk ; or, at the farthest, if similar and confiicting relations existed between
.theim ,and the b^mk, they should have pursued the equitable course of
taking it up for the credit of both the United States and.the bank, or the
ipore liberal one of giving the.preference to the Governnpnt, which was .
.the drawer; and, in either of these events, no room for difficulty, by this
extraordinary claim, would probably have been left. But as these agents
preferred a different course, thereby justly impairing the further confidence
ofthe Government in their discretion, It would seem that the bank, in the
iiext pface, having Ipng been the general fiscal agent of the Government,
and the primary one iin importance, should have, returned the bill, and
made no charge against its principal, the United States, except for theactual
advances, and the actual costs and expenses it had incurred in the transaction. ^ ',
/.The actual advances by the bank, when the-bill was originally received'
1834.]
Pv
SECRETARY OF T H E TREASURY.
469
had only been a matter of form, arid were riothing. The money, in fact,
neVer belonged to this department,, except in trust for the nierchants, of theiif
widows and orphans, who had suffered by French spohations ; and a sum
exceeding the whole amount of it having been left in the bank and its
/branches, and no paft ofthe money having ever been brought into the
Treasury by warrant, it was, immediately on notice of the protest, restored
iri form, and a wi'llingness was expressed to make remuneration to the
bank for aU reasonable costs and expenses. But the temptation^^of an
opportunity to'obtain iTiore from its principal, by a novel species,pf litigation, through a virtual judicial prosecution fof damages against the .Government of the Union, seems to have been too strong for resistance ; and the
^bank concluded to depart from the above equitable rule, and, by some
technical regulatiqn of strict law between individuals, to attempt to procure
a large sum, as mere constructive damages : andby the extraordinary mode
of seizing on the dividends which had been declared by the bank'itself to
belong to the United States, arid of withholding Ihem to abide the ordinary
contingencies of a lawsuit. It seems to have preferred this unprecedented
course, rather than tp pursue the usual mode ofa petition addressed to the
justice of Congress, .though Congress is well known to be the customary
and only tribunal for adjusting controverted claims against the Goverriment,
when, no-suit is" pending by the United States, and the only tribunal which,
undef the constitutiori, is einpowered l o appropriate money to discharge
any claim whatever. After,applying tO'this department, and being so long
as a year ago last June informed of its inability to admit, of authoritypto
discharge, the damages demanded, it is remarkable that the bank should
have continued to| pay over the accruing dividends,'and'not till after the last
session' closed, and when ariy deficiency in the current revenue could not
be provided for, should, without any prior application to Congress, have
resorted to this ulnusual proceeding, and sought to have its claim against
the United St.ates [adjudicated by the jufliciary, wheri the United'States are
not amenable to any citizen or corporation, high or low, before the judiciary.;
for the decision of any claim, unless they have, of their own accord, been
pleased to resort to that tribunal by a previous action agairist a debtor'; and
in which event only is a,set-off, under certain limitations, authorized to be
pleaded as eitherequitable or legal. But here the Uriited States had instituted no such action against the bank, and had no intention or foundation
to institute one ; arid yet the bank, not in the case provided in the charter
where dividends might be withheld, but,by.an unfaithful act as an agent,
and as a public corporation, towards its principal arid the community, pro- ^
' ceeded to seize their dividends, in a ease entirely different, and most questionable in equity|as well as jaw ; and refused to'fulfil the duty imposed
by its charter, and by civil and moral obligations, of paying over those
dividends promptly to the Treasury. In the adoption of this reprehensible
course, an attempt is made to force the Government either to lose their
dividends entirelv, or tb paj^ a controverted claim for damages, which, so far
as any ofits departments or officers have examined it, was found and pronounced to be grouridless ; or, consent tp let the United States be arraigned
as a debtor, and compelled to submit'the claim to decision before a branch
of their own Government, to which >such claims are not'oidinarilysSub. mitted. and to whose decision it could not be referred in this instance, but
by the previous commission,, on the part of the bank, of a deliberate violation of its oblioiatioiis.
470
.
• REPORTS OF T H E
[1834.
T h e further attempt appears to be made in this way to take, from Congress and fhe Executive the constitutional power, on their high official responsibilities and deep sense of duty, to make or withhold appropriations,
, to discharge all controverted' demands ag.ainst the United States, and to
enable the judiciary, instead of thG,m. indirectly and unconstitutionally to
make these appropriations in all cases of citizens pr corpprations whp possess-dolibtful claims, an.d are unscrupulous enoughlo commit, in order to
prevent theirv adjudication by Congress^ a deliberate attack on the property
of the United States, or a deliberate sequestration of their acknowledged
dues. For further and niore detailed views on this extraprdinary case,-a
reference is made to the whole correspondence and opinions annexed, without the discussion of any course, which the power and the wisdom of Congress.are able to select for evincing its opinions on this outrage ; whether by
withdrawing indulgences from the bank, as to the receipt ofits notes for
public-dues, or by adopting some other measure on thesubject, which the
nature ofthe transaction, the rights of the United States, and the constitutional authonty of Congress, riiay be thought to justify and demand. Believing that a similar seizure \vas not likely to be repeated by the barik in
1835, under the other pretence of satisfying claims- for. damages in consequence ofthe" rempval of the deposites, as set up in. its second letter, this
department has estimated the probable reven.ue, the ensuing year, from this
source, at the usual rate of dividends lately made on all our„stock in the
,bank remaining after.the sales which have takeii place for the investment
ofthe navy pension and hospital funds. But should Congress, pn a full
examination of the subject, think otherwise, it may be provident to supply
some other equivalent for this portioii of the estimated feceipts.
The estimate of revenue, from miscellaneous sources, has been computed
a little below the actual receipts of the current year, because the dividends
applicable to generaf purposes will be on a less amount of bank stock; and
the anticipated sales of .such stock, to rneet the further wants of the beforementioned funds, will be much reduced.
In this explanation ofthe estimate of the receipts during the coming year,'
it is hpped that satisfactory reasons have been assigned to show its general
accuracy.
^
,
This estimate being one and a half million larger than that of last 3^ear,
it is more likely to exceed than,, like that, to fall short ofthe actual result.
That estimate proved to be less than the actual receipts, probably about
$2,000,000; or, from' custonis, about |1,200,006; from lands, nearly
$800,000 ; and the residue chiefly from larger sales of bank stock, as before
named, than was anticipated.
:
^.
'
-;
^As the first deduction of 10 per cent, frpm the. excess of duties on goods
imported and paying over 20 per cent, ad valorem,^took effect on the 31st
pf December last, it was not practicable to fix, beforehand, with m.uch certainty, the arnount ofthe diminution on account ofit from the revenue of
the year, as the same value ofmerchandise rriight .not be imported as in.any
previous year which should be selected for a guide in forming the. estiniates ;
andthe particular kinds of merchandise thus imported, whether, free, or
paying aiduty, might,greatly fluctuate. To these uncertainties iri the-whole
value and in . the. kinds of goods imported, were to'be added the circumjstances, that the system of reduction going into operation was almost entirely new in practice, and that J h e cash duties substituted for credit, on
1834.]
SECRETARY OF T H E TREASURY,
471
some articles, tende,d to render former means of calculations still more inapplicable^and doubtful? '
It is hoped that', as the^ ensuing year is exposed chiefly to only one of
these sources of uncertainty, which is the whole value of dutiable goods imported, the estimate made for the inconie fromcustoms will not vary essentially "from the -amount of receipts, which time may prove to be correct.
.In_relatibn to the excessof revenue receivedfrom larids, over the estimate
made for the year ll834, the amount, from that source, happened to be unprecedented-; and, as full returns pfthe very large sales in December, 1833,
had not then been recei ved, it was entirely unexpected. But the actual excess this year, though not so large as in the previous one, coupled with circumstances before iiamed, has induced the department to submit a larger
estimate, under this head, than has heretofore been made.
The (estimates for the. expenditures, ofthe ensuing year, have been, graduated and modified by the following circumstances. The actual expenditures
rfor the year 1833 .did notdiffer^much from the expectations expressed con
cerning them in the last annual report, except that the residue of the 4 | per
cent, stocks, although charged to 1833, was npt in fact all reimbursed, or
the money paid to tljie commissioners of loans for that purpose, within that
. ypar, but only $13,198 of them was redeemedin the residue of 1833.
Between the 1st of! January arid May, 1834, about $497,697 more was redeemed, and afterwards the sum of $759,271 was advariced to the commissioners of loans to riieet the balance which was then outstandirig. Partly
from this cause, thierefore, reducing the actual expenditure in the fourth
quarter of 1833, about a million below the estiniate, and partly from an increase in the revenue of nearly two millions beyond the estimate' of that
.quarter, frorri causes before enumerated, the actual available ?imoi\nt in the
Treasufy, on the Ist^bf Januaiy, 1834, was greater than the estimate;
havingbeen $lU3b2,905, instead of the estimated sum of $7,983,790.
The expenditures in 1834, on account of the public debt, thus became increased-beyond the estimate about $1,256,968. Another source of expenditure, increased during the^ past year beyond the estimate, was the sum cf
$75,407 for interest* on the pubhc debt, which had before been unclaimed,
but which,has sinc^ been demanded, and discharged; and to meet which,
probably from adhering to the usage of formeryears, or from an impression
it would reniain uncalled for, no money had been specifically set aside., nor
any charge made to the expected expenditure of the year.
'
Besides these unexpected calls duiing the present year, the appropriations
in money, by new acts of Congress, and by former permanent acts still in
force, have been computed to be about $21,000,000.
These constituted a new burden in addition to a balance of public debt,
which remained to bepaid, amounting to about six millions, arid a balance
of old appropriations, liable to be called for, amounting to about five.millions more. The wihole appropriatipns thus chargeable for expenditures to
the year, did not vary much from thirty-one miliibns of dollars in money,
besides a number of grants of land of considerable extent and value, that
were voted by Congress. Havirig presented this explanation of the principal
expenditures which have been charged tot he present ^^-ear, and defrayed to
the extent required, a basis has been laid for showing the reasons upon which
this department has 'proceeded to reduce its estimates for new appropriatioris
for expendi ture the ensuing year,totheextentPf about six and a third mill lions
ofdollars below thos^ of last year. This is about one and a third million less
47'2
_
' REPORTS OF T H E
.• •.
- [1834-,
independent ofthe amount then -estimated to be needed toward^; the discharge
ofthe public debt. In that sum of new appropriations, amounting to about
$21,000,000, there was no permanent charge, that has been deemed likely
to be "much lessened for the ensuirig year, such as the arming ofthe militia,
and the gradual improvementof the navy. . Nor, in the opinion of this department, will the great objects for expenditure, of a character general and
somewhat fixed, such as those usually connected with civil and ibreign pur' poses, the navy and the arriiy, including works classed as internal improvements, Indians, and pensions, admit immediately of so great diminution in
nurnber or amount, as might be desired, and is hereafter expected. But as
large a reduction as practicable, without injury to the public interests and
a neglect of iniportant duties, has been.made in the estiiTiated expenditures
for each of them; being in all, after ^illowinga small increase,in'some, about
one and a third million ofdollars. It is anticipated that, with the valuable
inipro.7emepts of late ^^ears in steani, and the great advantages in using
these improvements for harbor and maritime defence, spipe of the fortifi-.
cations originally contemplated may hereafter be wholly dispensed with,
or be built on a difierent and reduced scale; and though.it is..^thought that,
only about twp milhons ofdollars can, the foliowing year, be prudently retrenched from the expenditures connected widi fortifications and harbors, Indians, and pensions, yet, it is manifest that very soon -the amount
required for thbse public purposes must, by the completibn, of the most necessary" defences, by the extinguishment of most.of the'titles bfthe'lndians,
and,the removal of that unfortunate race beyond the-Mississippi, andby the .
rapid inarch of death among pensioners, and the detection of nunierous
frauds aniong their professed agents, become'still more diminished ;, and as
oui-inipost duties, will be further reduced by the operations of the act pf
March, 1833, the reduction, both in revenue and in expenditure, for these
great objects, will therefore, happily and conveniently, for a time, be likely
very near to correspond.
;
.
A more fixed aniount for the ordinary peace establishmerit ofthe army, and
some other expenditures connected with the execvitive, legislative, and judicial '
departments, would, like what now exists, with greater precision and uniformity in the expenses ofthe navy, be a great desideratum in the permanent adjustment of our reven.ue system, and would tend in many important respects
to useful retrenchment.,. The gradual increase required in some classes of
expenditure by the gradual increase of our population and'wealth, and of
those, public establishments which fluctuate with them, such as some parts
of the judiciary, the legislative, and .executive, could then be'accurately
foreseen and provided for, while any pxtraordinary arid,unexpected enlargement in expenses would then excite inquiry, and, unless resting on clear
and extraordinciry causes, would justify opposition. When so resting, they •
would be met by the public cheerfully, by nieans of increased taxes arid revenue. Another important circumstance deserves consideration, in explanation of the new aiid contingent item of $2,500,000, now first added to the •
estimates for tlie erisuing year. It has been ascertained,.by careful scrutiny
and comparison, that much of the great expenditures ofthe last four years,
besides the payment of the debt, has arisen from appropriations by Con-,
gress to a larger amount under particular heads, than the genpral estimates
for the year' submitted by the Treasury, and from large appropriations to
objects not specifically included in any estimates. ,
To illustrate this; an abstract of a table of thegeneral estiniates, appro
M
1834.J
SECRETARY OF T H E TREASURY.
473
priations, and expenditures, during the past two years, and of all these but
theexpenditures during thepast three years, has beeU' prepared, andis
submitted, showing la difference between the estimates and appropriations,
independent of the pubhc debt, in 1832, of between five and six millions;
in 1833,-of nearly five millions; and in 1834, of about three millions. [C]
The largest portion of this great increase, amouriting in the Iirst
two years from one-fourth to one-third of the whole appropriations, it
will be seen,.is under the civil.and miscellaneous heads, and under items
classed with the military establishment, such as harbors improved, pensions, &c. For the information ofthe public, on a comparison deenied
so very important, it is .proposed to publish the detailed table from which
this is compiled, arid a similar'-bne hereafter, appended to the annual
exhibit of the receipts and expenditures. Should this practice pf making
appropriations, so greatly exceeding the estimates, be continued by Congress, it will not only prevent much"reduction, particularly under the miscellaneous head, but it will be necessary to provide for the consequences of
it by an augmented revenue, proportionate to these demands, or by a larger
regular surplus inthe Treasury, to meet such unexpected increases of appropriations. It must be mariifest, that it is not in the power of this department to foresee and c'ompute these iricreases with any degree of accuracy, as,
with the exception of some subsequent estimates, subniitted after'^the annual
ones, they'depend almost wholly in their inception on the pleasure and discretion of Congress ;!and as they consist chiefly of miscellaneous public objects and private gra its for almost numberless causes, they Inay vary greatly
in different yearsi Butit might bepnfaithfulness in the undersigned towards both Congress and the public,,since the extent ofthe influence of this
excess on the expenditures, though always something," has been ascertained
to be very large duripg the last three years, not tb bring it distirictly tp their
notice, and not to submit a contingent item in the estimates, for the purpose
of covering it. Whether that which the department has now offered, reduced as it is nearly orte:half frorn the average of the actual excesses
during the three past years, will prove correct or; not; and.whether the diminished estimates under some other heads will correspond or not with the
actual araount of appropriations that may.be made, and with our anticipated
nieans to meet them,j will clepend much on the caution and policy Congress
riaay deem proper to ise in restricting appropriations more nearly within the
estiniates presented. •On the.presumption that they may be more restricted
than heretofore, only the addition before nientioned has, on this account, been
made to the whole estimated expenditures for the ensuing year.
A reduction so much lower than the kite actual average excesses, is supposed to be justified from two leading considerations. One of them is the
circumstance, that' during a short session of Congress, which now occurs,,
fewer bills of a miscellaneous character can generally be well examined and
passed than during a long session. Another is, that as our revenue dimin-V
ishes, it is probable that gfeater vigilance will.be exercised by all in- the
•allowance of very ancient and almost obsolete private felaims, br of claims
very doubtful in chalracter as to either facts, or, principles ; and in iiiaking
further appropriations tp some objects of public importance, which have
already received libeiial attention, arid which, from their nature, must lie expected to diminish, rather than, increase, in their demands ion the public
Treasury. Thus, in regard to light-houses, custom-houses, marine hospitals, (fec», not to enumerate various objects connected with internal im
/4T4
.
,^
-
'REPORTS-OF T H E
[1834.
Bprovement^ and public expenditure within^the Distfict of Columbia, it is
manifest that the sums appropriated for some, years past can be safely and
judiciously d.iminished in several respects, and in others almost entirely discontinued. If this be done, as it doubtless will be, with discrimination and
judgment, though some, new objects will have to be added, and increases in
-some old ones computed, yet it is probable thatthe saving in expense to the
• public will not only be considerable, but, at the same time, no object of a
really commercial character and ofnational magnitude need be neglected,
nor- any^power exercised and treasure expended in Ihose doubtful cases of
constitutional.right in, the General Government, which toid to alienate
brethren of the same political family, and to perpetuate excilements unfavorable to useful legislation, and, in some degree, dangerous to ouf Union.
It has been further considered, in the estiriiates and reductions for theensuI n g year, that our whole expenditure on account ofthe public debt has in one
, sense ceased, either by completing the payment of it, or by a deposite of
money with the commissioner of loans, or readiness ofit in the Treasury,
sufficientto pay^ all which remains whenever the holders choose to receive
it. But though all the principal and Interest necessary for this object
will, before the year closes, have been placed in the bank and its
branches as commissioners Pf loans, yet the practice is tb require the
interest, if not called for-seasonably, to be, after a certain period, returned
tothe Treasury, and the principal only to be retained by the hank until
otherwise directed by the commjssioners ,of the sinking fund or by
Congress. The unclaimed intefest, after having been once paid outof
the Treasury and returried, does not atthis time exceed $261,938, or the
money ready there for its discharge, after meeting all the outstanding current appropriations.' Under this practice, it will be seen that its payment
must constitute some annual charge ori the.Treasury till the whole is actually adjusted, and, consequently, $50,000for that purpose has been included
in the estirncited expenditure of the ensuing,year. This will probably be
nearly all the demands of aiiy kind for thepublic debt, in any form, "which
will then be.made on the Treasury or. the sinking fund. The rest ofthe
sinking fund, if not abolished by Congress, could hereafter be applied to
general purposes. In substantial conformity to the, proposition made last
y^ar by this department, it would now seem still more imperative on Congress toprovide thatthe money, whether priricipal or interesf, drawn fromthe
Treasury and placed in the bank audits branches as commissioners of loans,
and which shall not be called for by the public creditors before the closeof the
ensuing year, should be repaid into the Treasury, and held, under nptice to
creditors to receive it there ; that thereafter the office of commissioner of
.loans be abolished; the duties of the commissioners pf the sinkingfund,
and the provisions as to the fund itself, suspended ;^and such power devolved
on this departnient as may be necessary to a settlemeritof that part pf the debt
which may not then have "been'demanded; and,, as the bank charter soon
thereafter expires, to provide, further, that the books and other papers connected with the publicdebt should be returned and.deposited here, to enable
the Treasury to guard against niistakes and fraud's. The whole amount
unclaimed in possession ofthe bank, on account of the public debt, has.been
reduced to $282,333;; and though'about. to be augmented by the transfer
of a sufficient sumto meet thewhole residue of the outstanding debt, it will
probably not renrain much larger at the close of the ensuing year.^ With a
little legislation of this kind, every thing will be done by Congress which is
1834.]
SECRETARY OF T H E TREASURY.
475'^
deemed necessary to close up,.it is hoped forever, all the once large public^
debt ofthese United States. By the payment ofthe whole ofit with punctuahty and fidelity, it is gratifying to reflect that our: public credit as a
nation has been raised to a high standing, and a large stockof confidence
acquired from others, vvhich, in such future exigencies as are likely to
happen, sooner or later, in all countries, \vill aid us to procure ample and\
seasonable loans, withput ruinous discounts or delays.
In pursuing this honorable course, the Government of the Union has not
only shown good faith abroad to its foreign friends and allies, Ihose who
lent^assistance when most needed, but it has redeemed,-whether at home,
or abroad, the^entire djebt of both the revolution,and the late war, paid the
purchase mpney for Florida and Louisiana; and, with a mpst scrupulous
sense of moral as well as political obligaition, administered in various ways
to the wants, and atoned for many of the losses, of those who perilled life
and fortune in the struggle for independence—in which our public debt had
its sacred origin. It is an additional source of gratification, that this has
been effected without imposing heavy .burdens on the people, or leaving
their treasury empty,! trade languishing, and industry paralyzed; but, on
the contrary, with almpst every great interest of society flourishing, with
taxes reduced, a surplus, of money on hand, valuable stocks and extensive
lands still owned by the Government, and with such various other financial
resources at command as to give to our country, in this respect, a very
enviable superiority; When it is^ considered that this has been effected by
a young and,-at first, not very numerous people, within about half a century,
and who, during the same' period, have provide.d such other and ample
means to sustain'their useful systems ofgovernment, and tp build up grep^t
and prosperous communities, we may well be proud'of the illustration our
country affords of the financial abihty of free institutions, and of the high
destinies in various respects, not appropriately noticeable on this occasion,
but which may await our preservation ofthese institutions in their original
vigor, pufity, and republican simplicity.
''
- • ' •
Froim. the views bfefore taken of th.e probable.wants during the ensuingyear for expenditures, and ofthe probable receipts to meet them, it has been
stated that, on the. 1st ofJanuary, 183.6, it was estimated that there will
remain a surplus of lavailable funds of about $5,902,690 82. This result
has been attained, by| considering the unavailable portion of our funds, then
and now on hand,"at the reduced sum of only about $1,150,000, instead of
$1,400,000, as heretofore reported. But.it rnay be desirable tp Congress to
know/that there is a prospect, during the ensuing year, of collecting some
further portion of these funds. This will be accomplished, it is anticipated,
by the appointment of some more active agents, by new comprpmises, and
by more rigorpus requirements in collections where property exists, so as
to reduce farther th^' whole amount from $50,000 to $100,000 ;', and, if this
hope be realized, the abovenamed available balance will, to that extent, be
increased. A minute analysis and exainination ofthese unavailable funds
have recently been completed, and will be submitted in the suppliemental
report, soon to be laid before Congress, on the present mode of keeping and
disbursing the public re'venue. But, on the other hand, enlarged somewhat
as this. balance may happen to be from any .causes, jt should be remembered that, on the 3 Ist day of December, 1835, another reduction of ten per
cent, must^ by the existing laws, be made from a^partof the present tariff;
and if the surplus in the treasury, by a year from next January, should
476
:
, REPORTS OF T H E
.
[1834.
prove to be increased orie or two millions, it could not with safety be regarded as too great for meeting, with a reduced rate oif imposts on importa-^
tions, the probable wants of A. D. 1836. At all events, such is the uncer^
tainty on that subject at this distance of time, that though soniething unusual
in the latter part of 1836 may, in the way of final dividends on our portion
bf the capital of the bank stocky be received,, yet it is not now possible to
foresee the contingencies that iriay check either the present large importations of mercharidise or largersales of land, and, consequently, reduce the
re venue, deri ved froni them; or that may require an increase in our army
or navy expenditures, arising from those unfortunate collisions to Vhich ail
nations are liable that feel disposed to sustaiii the faith of treaties, vindicate
their public rights, and protect efficiently their commerce and citizens : no
furtherreduction of the tariff, until that already provided for at the close
of the ensuing year, would therefore seem to be prudent. The reduction
or increase of the tariff is. now referred to with a view to revenue alone,
and notwith a view to.questions, so much agitated heretofore, of prbtection,
countervailing regulations, and the proper national policy to. be pursued,
as to the imported luxuries and necessaries of hfe. On these points, it is
considered far* better for the real manufacturers themselves, not engaged
in mere speculative investments, as well as for commerce, agriculture, and
the revenue, that a policy should be selected, not. unjust to either great
interest or either great sectiop of the Union, and, when once established, ,
that frequent changes should be avoided; and the occasional increase or
reduction of revenue, which may sometimes -beconie proper for financial
purposes, should be connected with articles,wholly detached from the question of protection to mariufactures. The tariff, as to these troublesome
points, is regarded as now adjusted by the act ofMarch, 1833, till the year
1842; except in respect to such new regulations as may be required from
time to time forthe due eriforcement of the spirit of that act, or such other
changes as new occurrences may satisfy the-great mass of the-conimunity
are rendered proper for earlier modifications, without a departure from the
spirit ofthe compromise then intended .ianiong the friends of free trade and
of high protection.
.
A separate report on certain subjects relating to the due enforcement of
the.present tariff beirig in preparation, only one of them will now be adverted
to. It is the evasion "of the present duty on.silks from beyond th(5 Cape of
Good Hope, by their being first landed, and occasionally re-colored or restamped. in Europe, before"miported into this country. In this wa^^, and by
the present discrimination in favor of European silks, the revenue loses a
very large amount. As some illustration ofthe loss by such discriminations,
the recerit one in favor of French silks alone amounted to over $300,000 a
/ year; and'lhat now in favor of French wines amounts to nearly $200,000
more; making a loss of over half a mihion a yeai- on these two articles with
only one nation.
i
"
.. But while on, the other points, independent ofthe spirit of the compromise of 1833, legislation may be regarded as still fairly open, it certainly
ought not to be attempted on so delicate, and difficult a subject, unless imperative cases for it shall occur, whether coriibined or notwith any increase
or reduction bf the tariff, that, may beconie necessary, as a mere question
of revenue, by the actual condition of our receipts and expenditures. So
far from any increase being riecessary at present, or prospectively, the
balance now on hand in the Treasury, and the accruing revenue under
1834.]
SECRETARY OF T H E TREASURY,
477
existing laws, will, in the opinion'of the department, prove amply sufficient to answer all ordinary demands, and, united with our other resources,
io answer any unexpected demands of no very extraordiriary amount.
As appears by the.documents annexed,; [D,] the. Government has about
$6,343,400 subject to general use, invested in the United States Bank
stock; and the sum of $1,882,500 iiivested Jri different canal stocks; and
the proceedsi of the sales of which, if authorized in any unexpected,deficiency, would in most eases prove amply sufficient, without any resort to an
increased tarifi".
• On the contrary, neither ofthe available balarices estimated tobe on
hand in 1835 and 1836, after deducting what will be wanted for outstandirig
appropriations, can probably exceed a.million. Should the surplus, without
that deduction,, provej to be about six millions, as estimated, the undersigned
respectfully submits Ihat it wUl require no legislation, as that aniount has
been about the usual average balance retained ori hand for many year's—a
balance that has furnished-great facihties in meeting all claims, even atthe
remotest points, withlpunctuahty and good faith; afforded much stability
and'elevation to our public credit, by providing seasonably the means for a
punctilious fulfilnientj of contracts,- and yielded so great security against
sudden evils of every|kind in financial affairs, as to render one of near that
amount provident and economical; and especially so atthis moment, when
any surplus which'may exist will accrue under a permanent compromise of
the tariff, that contains within itself a provision to reduce still further the
duties, and undoubtedly the whole amount of our/revenue, after the close of
the coming year. , 1
.
.
,It is a source of sincere congratulation, that, from the general prosperity
of our commerce, arid fromithet peace, industry, and abundance, which 30
widely prevail oyer o'ur fortunate country, under its admirable-institutions,
researches are obliged to be directed rather to theducreduction or disposition
of ariy occasional surplus that may happenlo exist in the Treasury, than tb
obtain sufficient for public purposes by taxation and other burdens. But
under our altered system, as to duties and the public debt, it will be
prudent.to calculate [that deficiencies, as well as surpluses, may happen
oftener than formerly. :;Iii the opinion of the undersigned,' however,
neither can be soon anticipated so as to require immediate legislation. But
shpuld Congress think diifferently, no harm could arise from vesting a power,
^"^ in the Treasury Department, imcase of an unexpected deficiency occurring
in the revenue, from 'any cause avhatever, to sell such portioris of our pubhc
stocks as may be necessary to supply-the publicwants..growing out of
actual appropriationsJ In a contingency pf that kind, against which, inthe
present system of ouii reven.ue, and without a large ^ordinary surplus to be
^applied, as it can be spared of not for the paynient of-a public debt, in the
manner heretofore practised, it is difficult to guard effectually against not
only the occurrence ofa deficiency, but its'usual evils, a delay, if not great
embarrassment and injury to public creditors, r and a violation of^our
plighted faith.
|
\
- .
At the same time, it might be expedient to provide^ that, whenever the
collections of the'revenue, permanently authorized, should prove to be in
an excess not immediately needed or useful as a proper surplus in the Treasury, the department should either obtain interest for it ofthe banks,
where the largest amounts are long^deposited, or invest it temporarily in,
some safe stocks till needed," or till the tariff is again chariged. This would
478
^ •
REPORTS OF T H E
, [1834,
probably secure a due inter.est on it while retained, instead of the present
and past modes of obtaining interest on any occasional surplus, by applying
it in discharge of the. public debt ;• and.which mode, since the payment of
the latter, can no longer be pursued. Should facts occur which appear to
require legislation, such an arrangement, like a regulator in some large or
complicated machinery,, remedying any occasional irregularities, might
operate more beneficially as to any considerable excess or deficiency, than
yearly changes of the tariff, made to meet yearly vibrations in our revenue,
or to meet yearly reductions or augmentations in our expenditures..
This subject of interest from the deposite banks, at some rate and under
some circumstances, was adverted to in a report by a committee in one
House of Congress the last session, and would atlhis tinie be more fuhy
examined in connexion with that report, and the subsequent intimation of-;
the United States Bank of its claim fbr damages, on accourit of the late
removal of the deposites, conriected; it is apprehended, with the idea of a '
profit or interest derived from them, were it supposed that either point
could, in the present condition of things, be considered of any practical
importance. But the balance of money at present on hand, as befbre
remarked, is nierely the usual and convenient amount for currentfiscal
operations, and most ofit is liable at any moment to be withdrawn to meet
existing appropriations.
,
. ^
While the intimation ofthe bank, resting, as it probably must, on an impression that the bo72us was' paid,, instead of interest on lhe public deposites,. is not believed to be supported by the language or spirit of the charter,
which required the bonus "forthe exclusive, privileges and benefits conferred by this a.c^ on the bank;" and which exclusive favors, whether
termed privileges ox benefits, consisted principally, in the sole right of
banking for twenty years, and fpr which alorie Mr. Madison, in his vetp of
1815, and Mr. Dallas, in his letter pf December 24,_^ 1815, thought that a
bonus should -^ be paid to the Government." - Thelatter further observed, that ",independent of the bonus here proposed to be exacted, there are undoubtedly many public advantages to be
drawn from the establishment ofa national bank, but tliey are gerierally of
an inciderital kind, apd, as in ihe case of deposites and distribution of the
revenue, .may be regarded in the light of equivalents, not for the monopoly
ofthe charter, but for the reci^procal advantages ofa fiscal connexion with
theGovernment.".
.
~
If the reasons should ever be presented to this department, in support of
the late intimation of |a demand for damages for the-rempval of the deposites, in a case where;the bonus was claimed and.paid on the above grounds,
and where the right to remove the deposites .was expressly reserved in the .
charter to the officer removing them, it will then probably be in seaspn to
enter more fuhy into jthis collateral question ; or should the balance in the
possession of the State banks at any time become much larger.than the
current demands existing against the Treasury, it will, if Congress do not
earlier think proper to act ori it prospectively, nor to authorize any temporary investnient bf jit, be then considered necessary and proper for this
department to examinie in what cases, and under what circumstances, on
what surpluses, and ait what rate, interest could equitably be demanded, in
addition to the useful jduties performed by the selected banks, in behalf of
the Treasury.
i
.
On these points, hoWever, it is hoped that this department will not be
1834.]
SECRIETARY OF T H E TREASURY.
479
understood as recommending that taxes should ever be imposed with a
view to permit a large surplus, any more than.a deficiency, to occur ; but
thatj when the former|.unexpectedly and unintentionahy happens, an in^.
come should be realized frpm it by interest on an investmenl, until, at the •
end of every few years, a thorough revision of the tariff would, in the pursuit of this policy, be made, and so graduated as, during the ne^xt succeeding term, to be hkely to correct any great irregularities, whether excesses
or deficiencies, that had happened, during the preceding term, and to lead
to the sale and.use of any interest or investments which, in the mean time,
had accumulated.
Those other questipjns, naturally connected with the present deposite
banks, and indeed vi^itli our whole existing system of finance, so for as regards the keeping and.disbursing of tfie public money, might here be appropriately considered. Yet, without ai-ny desire to avoid, but rather from
a wish to submit, that full and frank discussion of them which their acknowledged importance and the exciting interest in them demand from the
fiscal department of the Government, they w'ill be postponed to a-separate ,
supplemental report, which will be confined exclusively to their consideration, and wfil soon be preserited to Congress.
It appears to the undersigned, that a change in the commencement ofthe
fiscal year, and of the tlime at which the annual appropriations begin, would .
be a great improvement in the financial operation's of the Government. If
the year was to commence after the last day of March, instead of September, and the annual appropriations begin from the same date, many delays
and embarrassments could be avoided; and the information:on the condition of the receipts arid expenditures of the.previous year to be laid before
Congress, each session], Avpuld be rnuch more full and accurate.
Upon the subject of the new coinage of gold, and the operatipn of the
acts pf, the last session! relating to it, and to the value and tender of foreign
coins, this department does npt, until further experience is had, contemplate
offering many recommendations fbr new legislation." A particular suggestion deemed prpper is, that the one dpllar gold coin, originally embraced, in
the late act, should be authbrized.
"
-.
If found, on trial, to be convenient, as small gold coins have been found,
some of less and somie of little larger amount, in Portugal,^ Russia, Spain,
Turkey, jand Switzerland, it does not seem to comport with the interest and
welfare of the.community to prevent here its coinage and circulation ; and
if not found, on- trial! to be useful, the sagacity of self-interest will soon
lead to the abandonrnent of its coinage, by making no demand for it. Thus
the community can, iri no event, sustain rnuch, if any, injury from it;: while
the facilities of the public, by having a coin of either rnetal, gold or silvef,
as small as one dbllar|:may be greatly increased. . This kind-of legislatipn,
with a view to pfovid'e a full supply and variety of cpins, instead of bills.:
below five and ten do|llars,. is particularly conducive to,the security of the
poor and middling classes, who, as they own but little in, and, profit but
little by, banks, should be subjected to as small risk as practicable by their
bills. ,'
•••• '^ > I' ^
^
The wealthy apd GPriimercial, for whps.e benefit, chi.efly, banks are instituted, will then cbiiefly use their bills, and suffer by them if forged or
depreciated; while the laboring classes, and men of small means, will, by
the justice and pate'rnal care ofthe Government, generally be provided ~
with a currency of hard money, not exposed to any risk of failures, and to
480
.
1-.
. REPORTS OF T H E
•[1834.'
be used for all dealings, of such an ambunt as their daily or weekly wants
may, in most cases,| require.
The new. coinage has, as yet, been confined principally to the half and
quarter eagles, and has equalled, in all, about $3,114,090; or, in four
months, more than jfour times the average annual coinage ofgold for many
yeiars,past.'.i,;- •' • 'i
• ' • " • ' ' • , ^' <
: The deinand for lo ther coins has also been promptly met throughput the
, year. To aid in carrying the new law into efficient operation, this department, last August, placed in the harids of the director of the mint, under
the act of April 2, ;1792, twenty thousand dollars, and ten thousand'more
in .September,ps it was needed, arid couldbe, without inconvenience, spared
from the Treasury.| By this course, many have been enabled, at once, to
' realize funda froni their deposite. of bullion or coin, and the mint to continue its operatio'^nsrininterruptedly, and tp supply-promptly, when desired,
coins already prepaied, fbr circulation. .
' T h e strong disposition of the public to use the new coinage has been observed with pleasure.; and the,liberal aid of many of the deposite banks in
assisting to iricrease its cifculation, has proved very useful,'and deserves
cornmendation. A$ the new coinage .commenced riearly in the middle of
the.year, arid the date, till next January, could not, bylaw, be altered, so
as to distinguish the new. from the old coin, such other alterations, were
adopted by the director of the mint as the law permitted, and as were calculated to aid the i community in readily discriminating between them.
After the next year begins, the new date alone will enable the pubhc to distinguish the new cqins; and such modifications only will be made in the
former emblems as'taste and convenience may. in the opinion of the director, and without an omissiori of any thing required by Congress, appear
to demand. His report, which it is expected will soon be received and presented, will probably furnish every further particular, conriected with the
'concerns of. the mint, that may be"interesting. But it is cbnsidered proper
to invite the attention of Cbngress tO' a change in the law rpspecting the
organization of the liiint establishmentj so as hereafter tp prevent its operations in refining and coining for others from being a tax on the Treasury,
and any longer swelling the large amount of our annual expenditures.
'This could easily be eff'ected by imposing a dutyorseigriorage ofabout one
per pent, on the proriipt coinageof silver, and one-fourth per cent. o,p that
of gold; the present! coinage of copper now defraying its'own expense.
This would be no more burdensPme to the persons holding bullion than
the delay now allowed for the. recoinage, and which delay of 40 days, (br
J per cent, discount, i f delivered in five days,) arid consequent' loss of interest, could, with su4h a seignorage and the advances now authorized from
the Treasury, be, ijA^iithoiit ihconvenience, reduced to eight or ten days;
and the whole establishment be thlis .sustained by its own'earnings, without
much, if any, increased cost, to either individuals or thepublic. But in
such case, if the cost should ever be increased to individuals, some additional inducement will be held out, to prevent either the exportation or.
melting of our coin, which have been so great before the late change in the
law, as to have left ia deposite arid circulatipn, in this country, an amount
of it not exceeding that struck in two or three, out of the forty years, during which the mint has been in operation. . The expenses and labors ot
the mint, equalling, bn'an average., abput $20,000 a year, or $800,000 in
1834]
SEORETARY OF T H E TREASURY.
481
all, excluding buildings, have thus, except for about two years, been en.tirely lost to the country.
'
It ihas been deemed desirable to attempt some improvements in the revenue cutter service. With such a view, "all its regulations have been fe;¥ised and republisned. By these, it has been endeayored to promote the
cause of temperance, arid thereby to increase the health and efficiency of
the crews, arid the safety of the public property arid public interests, in this
branch of service, byholding out a siriiilar inducement to that now existing
-in the navy, to discpntinue the use of spirit on ship-board. Greater security
kas been provided tor the prompt, payment of their wages, and for official
accountability. It has further been deemed expedient, npt only to stop any
conteiriplated increase in the cutters, but to reduce; thp nuniber of them,
and of the persons employed I n this service, as rapidly as the diminished
l:emptati0n. to smuggling will safely permit.
By several resolutions, appropriatioris, and^ acts of Corigress, bf the last
and previous sessioris, a variety of other subjects, not yet reported on, has
been confided to the attention of this department; siich as the erection of
«a number of custom-houses; the building of a bridge over the Potomac
river in this District.; a compromise of the suits pending against the firm of
Th. H. Smith & Son.; an ppinion on the validitylof some priva.te land-titles
in Missouri; a report^on certain provisions in the tariff act of July 14th,
1832; some statements as to the mairine hospital money; a reorganization
of the Treasury Department; and a revision of the subject of salaries and
fees to custom-house officers.
.
.
These have- received careful attention, and will form the subjects of separate reports to Congress,, early in the: pfesent session. In the report oii the
last of themj.it is cp'nterriplated to^ offer such suggestions, by way of addition to this cpmmu riication, as are appropriately connected with that inquiry,
and as wpuld otherwise have been meritioned here, in respecc to some
changes deemed suitable in the \vhole amountof compensatipn to various
•custom-house officer|S, and in the number of such officers, at various ports,
andin relation to other changes in the system, which the ^feat alterations'
in. the existing dutie's seem to, indicate as required for soaM economy and
the public* cpnveniei'ice.,
V/
'
A few remarks concerning hospital money will aiso be postponed, and
annexed to'the statements r^uested in relatipn to ;that subject.
In the preparaLtioii of new weights and measures^ on the authority, given
in-the aefof 2dMalrch, 1799, and jori the principles set forth in a repprt
from this department' of June 20th, 1832, ,cquplerf with thp prpvisibn pri
Cliis subject iti theicdnstitution, some progress has-been made sirice thedate
•M that' repioil. But 'tlfe difficulty in procuring the rifiost suitable materials
frorii abroad has rptarded the completion^ of the work; and .the present
^irigagements of the distinguished gentleman, specially eniployed' to superintend this-businessj and which erigross most of liis time in a surveyofthe
coastj may, with the circumstance before named, prevent the final accomplishment of this desifable object another year- But it is hoped that then,
either at the arsenal lin this city, or at the mint, the most natural arid appropriate place, the new weights and measures will be satisfactorily finished,
;aiid greater uniformilty4nd accuracy attained orii ai subject iri^ which, both
as to revenue arid commerce, it is much needed, and will-prove eriiiriently
usefuf to the public.
' The survey of *^the| coast,, before alluded to, has. since the last anmial reVOL. H I ' —31
i482
: • . REPORTS OF T H E • '
'[18341
pprt, beeri transferred to the.chargcof the Navy Department, with which it
seems to be more intimately and appropriately connected. With this sur.vey, the situation and utility of our present light-hpuses. already beirig 199
in number, besides 2p hght-boats,^ and the necessity for others from time to
time, would seem tb be in some degree fitly associated. As a,measure
hkely to lead to economy, iri not extending the establishment of lighthouses beyond the real wants of the cpuntry. and in fixing, their exact locahties, so important! to the safety of ouf navigation and navy, itis respectfully .recommended that, in the survey now in progress, Congress should
require the latitude and longitude of. every light-house to be carefully ascertained and published, the importarice of Us position tp be.inquired into,,
.and-that no new onei be hereafter erected,-,.till a report is made in respect to
its public benefits by the two collectors and the/commander of the navy
yard nearest the proposed site.
, ;
- ,,
.,
;
The rebu riding of jthe Treasury edifice pii or near its former location^
witfi the dirnensionspf the building erilarged, so as to meet the^wants of
the department, and rendered fire-pi-ootfor the security of its papers, seems
indispensablelo its convenient .operatioris, and to'the safety of some of the
most valuable records .connected \yith the public archives. The report from the-,Commissioner of the General Land.. Office is annexed, [E.] Many of itSASuggestions are highly irnportant, and some ofthe
recommendations, as| to changes in ithis bfanch.of the collecdons of the
public nioney, are respectfully, though earnestly, urged on the consideration
of Congress.
I
'
. 'The Indian titles I having, of late yearSj been .more extensively extin.guished, the quantity of valuable lands^ brought into market has increased
I n amount, so as to placp in the. Treasury oyer three millioris annually, instead oiabout one niillion. as was the case twent.y years ago. ^Within the
same period, the land offices have, been augmented in nurnber from about
eighteen tc\fifty-threej in actual operatipn iii 1834.
^
: .
These circumstarices have added much to'Jhe business of that bureau^
and should cleurly:lead to a corresponding increase iri its clerks, or a separation from it of ^^spnie pf its present labofiops duties ;• as the diminution in
other business, in some other bureaus, might lead tP reductions in the number of their^ elerks, to; th,e..extent proposed in the plan soPn to beVibmitted
on the rebrganization of the Treasury-Department.' Attempts have been
made, duringthe pctst year, with spnie success, to siniplify the mode of making entries,'in the'General Land Office,, ofthe sales effected. ^Some difficult
iand long delayed questiPns oC^gpcounts have.been decided; greater local accommbdatipn andlabihti|s.|jmiished the office; andincreased convenience
and promphtude, asj far as rprac^^^^
the present fprce" of the'bureau,
have been iritroduced, in Irie-ascertainment of titles, and iri the qollectioa
and disbursement of thelargeiamountof;rfeyenue derived from this source.
But new legislation'can alpne'give;entire\elief iri the present condition of
its enlarged duties, and at least $30,000 a year, for ten years, will be required to be expended in additional clerkThire.tP dispose bf aUthe writing
in arrear, and that may be hereafter rendered necessary by the additiorial
sales of land.
|
;
.
.
^
i
It gives me great pleasure., to state, that among riipre than fifty offices,
and one hundred receivers and registers, connected with the present system
ofland sales, apieriable to the Secretary of the Treasury, and under his
control as to their collections, not one, during the last year, has proved to
1.834,]
SECRETARY OF T H E TREASURY.
483
be a defaulter, allhou gh the money, collected and paid over has probably
exceeded fPur millions,
All which is respec tfully submitted.
LBVr WOODBURY,
Secretary ofi ike Treasury.
s.
•
•
•
• '
•
•
TREASURY DEPARTMENT,
December 2, 183L
Schedule ofi documents^ accbmpanying the annual report ofi ike Secreiary
of ike Treasury.
Statement arid tables connecfed with the firiances from the Registefs
" K, inclusive. "' '
/ "
B.—Opinions of the'Attorney General as to the clairripf damages, by the
bank on the'bill or diraft upon the French Government,,and as to the seizfi wifli correspondence relating thereto. No. 1 to 3.
C.-^A table of thd comparative amounts of estimates, apprppriations, and
expenditures the last three years,
•
^ D..—A list of bank and canal stocks'owned by the'United States,'.
E.—Report of the Commissipnef of the Generaf Land Office, and the
papers therigwith, marked A to D. ;
.'
E 'E.—Statement:ofi moneys received inip the; Trfasiiry, firom all sources
otker than hvstoms dnd publiciands, fior the year 1833.
Froiii dividerids on stock in the Bank of thp United States,
' Sales.of stpckl in the Bank of the Uriited States ,Tiiird in^stalnieiit for clainis urid^^if the convention'
' ;vwith Denmiark . - .
r i^
Arrears of direct tax
.••' \ ' -^ -• .$394-12
2,759 00
Arrears of internal revenue - .
'17,730 00
Fees on letters patent
' - /
25,374 18'
Cents coined at thp mint
- ^^ '2,889 84,
Fines, penalties, and forfeitures
Persoris unknpwn,; sta(ed to be due the
232 00
United States ', -' ;"' --^ /
^ Surplus emolumenes^of officers ofthe .
33,243 90
customs. I
•.Moneys obtained from the Treasufy 1,158 33
on forged dbcuriients
-.
Sale'pf honses pn .Greenleaf s point,
1,400 00
belonging to the United States
Rent of houses on property purchased
for the erection of a warehouse in
60 03
Baltimore
Moneys previqiisly advariced pn account of removing the remains of
29: 00
y
fbrmer members of Coingress
$.474,985 00
135,300 00
221,315 17
•484
•. I
-REPORTS OF T H B
.
• •
. [1,834.
From light-house on the Outer Thunder.
r•
Bay island, in Lake Huroa
177 35 •
Building custom-houses and ware^ houses , p / ; 181 63.
• Fifth census:,. ^ - 8,135 13
Balances.of advances made in the War
Department, repaid under the third
section of the act of 1st May, 1820 - - ,22,970' 11 •
116,634 62
•
- T R E A S U R Y D E P A - R T M E N T , ,'.
^
• . i, •
• ^
• $948,234 79
" '
^ - .- •
Registefs Ofifice, November 3,183L'
-: ^
^.^ • . ,' • • >
'
, •,. T. L SMITH. Register.
F ¥.—Statemeni cfi: tke expenditures of<tke. United- States, fior the year
• • ' . , .
i
'-
\ :
,,,,
-
-
1-8^^3;
CIVIL, MISCELLANEOUS, AND
;•,>•
i
..'
••
•
-•."
-^^
>
FOREIGN
Legislature
-'
.
' . - $469,073 .83 .
Executive Departments - 658,608 41
. , ^Surveyors
-j , - ^
.' ^ .
26i90&'97
Commissioner of Pubhc Buildings
- ' 2,000 00
Officers of the mint ..
- ^ ^ -.
12,575 00'
•' Governments in the Territories of the United
"
. i , ->
iStates - -^ ; --{V V > /- • \ - - ' " ' - • 54,750 35- ' ''
Judiciary -j ' - .
. ' - - 338,841 72
$l,562-,758 28
Payment of sundry pensions gratied" by the
.late and preserit Governments" '
1,367 93
Mint establishnient :
.
4o',134 22
Extending the mint; establishnient .
. UOOO 00
Payment for unclaimed inerchandise
.
210-19
Light-house establishmient
- "^ .i 265,684 32
Building light-housps, &c. ^' - '
- .
-v : 48j245 82
Surveying public lands ...;-, ^
-• -, 84,000 00
Surveyofthe Choctaw.cpssiori in M.ississippi ?
and Alabama
-|
- - . ..
, - ,; 45,000^OOi
Survey of the public lands, recently pur- ,
chased from the Indians in Indiana
- , 7,000^ 0Q\
Registers and receivers of land offi ees
,^871 20 ^
Repayment of lands'erroneously sold
' 8 8 62
Keepers ofthe publip archives in Florida 1,000 OOi
Survey of the cbasts|pf the United.States 18,313 48
Marine hospital establishment
- . 68,948 73
Roads within the State of Ohio (3 per cent.
fiind) ;-i
. .^ .
32,190 43
Roads and canals within the State of Indiana
(3 per cent, fund)!
- ;
r
28,073 47
1834.]
'
SECRETARY OF T H E TiiEASURY.
Roads and canals within the State of Ala'
bama (3 per cerit. fuii^d)^-.
- $19,790 62 ,
Eoads and canals withini the Stateof Missburi
.(3 per cent, fund) . I - .
16(145 45
Road from Line creek to the Chattahoochie ^
2,000 00 >
Publie buildirigs in Wcishington x - 185,359 03
Purchase of the rightsjbf the Washington
Bridge Company, anjd for the erection of
.
• \
a bridge On the site thereof ' 13,000 00
Siippbrt and maintenkrice of the peniten-'
- '.•
tiary in the District jof Columbia
17,000 00
Furniture for the President's house> '
20,000 ^00
Purchase of the rights bf Washington Canal
Compariy
-.
. - 150,000 00 ^
Improving the navigatioii of the Potomac • .
;
river between Georgetown and Alexan-,
dria, and for other purposes ..-•/
i - 100,000,00
Aqueduct across the I Potomac river, at or
near Georgetown
,50,000 00 '
Stock in the Chesapeake and Ohio Carial
Company
/-J
- -/
- / - 299,000 00
Boundary line between Florida and Ala•''•.' .
bama - - - | .' - \ -//200 00 '
Western,boundary line of the State of Mis- ^^
soufi
-
-I
-
- •
-
485'
. 140 00
Revisioh of all the former Pstimates of the
pop'tilation of the United States 300 00
Consular receipts - I '
". 614 5^2
Payriient of certain certificates ' ,- . 1,026 30
Building custom-houses and warehouses - 250,415 23 .
For the discharge^.|pf sundry judgments
, • N
against the forriieij rriarshal for the eastern ,
'i- '
district of Pennsylvania, arid for the relief of J. & W. Lippincott & Co;
450 30
For, liquidating andrpaying ceftain claims
'
ofthe Stateof ViiTgiiiia v
: - 289,576 59 '
, Eelief of sundry individuals
.- 132,172 55
Miscellaneous expenses
- 110^772 14
Revolutionary claims , - .
- 184,23793
Duties refunded on mefchandise - : 7013760.70
$3,198,091 7?
Salaries of the ministers of the U. States 37,049
Salaries of the secretaries of legation
.7,396
Salaries of the charges des affaires
-58,348
Outfits ofthe miriisters to Great Britain,,* ^ '
France, and Russia
' 4,500
Outfits of the pharges des affaires io Great
Britain, Central America, and Colombia
i3j500
Contingent expenses of' all the missions
abroad , j- . -'
20,721
Salaryi of a drogoniari, and for contingen- >
cies of the legatiori^ to Turkey - '
6,500
57
61
94
00
00
35,
;
00
;' •
REPORTS OF T H E
[1834.
Diplomatic services of George W.. Slacum, .
'
i
consul at Buenos Ayres
- . $4,870 00
Diplomatic services of Michael Hogan, rem .
dered inChih ,j
'.18,112 50
Outfit and services'of John R.Clay, acting
.;
-.
j
as charge d'affaires at St. Petersburg
7.200 00
'
Arrearage on accpunt of thb services of
.
:
^
/-'.••.. \
Washington Irving, as "charge d'affaires •
V' . " V ,
at Londpn
^
. 1,833 85 - /
[
'
Cpntingent expense's of foreign intercoiirse
20,000 00
. ; ';
Expense of conveyirig the Netherlands .
'. - "",
iminister and suite from New York;to
^
^
,' T
Curacoa
-|
^ - ;
1,182 78 ' . .^
Expenses of accommodating the charge
;
. :
i
d'affaires at Constantinople^ and fpr con- "
/. , \
';
veying the consul at Tangier frPrri Port
p
.'-j
Mahon to Tangier, and for conveying
• ;
'•'.'-.
the corisul at Tripoli from Pprt Mahon
i
to Tripoli ,
-'-^
" ,
v
"
500 00 ,
Services of George/F. Brown, consular
" ,.\
/
agent at Algiers - I'
r
- '
3,366 00
Intercourse with Barbary powers r
- . .12,649 47 "
To iridemnify Sweden, on account of in. .-,
•]
juries sustained "^j her subjects at St.
.
'
Bartholomew - ; ' " , ^
5,666-66 .
Compensation and expense of an agent to
Havana to procure'the archives of Flor'
'
ida
- !•
.-.
/4,000 00
" / ,
Experises of the' coinmission under^ the . /
...
convention between the • United States
r, i
,
^
and Denmark . ; . - '
, 7,200 86
;. ;,
Expenses of the conmiission under cpn veri., ^
.
tion between the United States and the
,
•-,
; King of the French
, - ; 18,802 58 . i
Expenses of the comniission under the con-^ .
^
i
vention between thethiited States and the
• /,
,,
, King ofthe Two S i c r i i e s :
2,541 6 7 /
i'
-W
Salaries ol" the agents pf claims at London
-/.''
-;
and Paris
- j 4,000 CO/.,
•'
Reliefand protection .bf American seameri
25,835 24^
V
> ••
Payment of claims urider the 9th article of
'
.
\
the treaty yvith Spaip - .
6,175 00
Awards under thelst afticle of the treaty b f . '
Ghent - ,, :| - .... . ,-. . \ . 281^76 '
• \ " .'
Awards under the convbntion withDenriiark \ 663,161 04
$955,395 88
MILITARY ESTABLISHMENT.
Pay ofthe army and subsistence of "officers 1,260,108
Arrearages of the Pay bepartment ...
'
99
Subsiste^ice
-i
i;-'
- '324,649
Quartermaster's Departnient
^ -^ 169,424
62
32
97
52
r
>
^
k
*
,
1S34.] .
SECRETARY OF THE TREASURY.
Transportation of o|fficers' baggage, (fcc.
Transportation of the army
Forage
Purchasing Department
Olothing for dfficer si' servants
Bounties and premiums
Expenses of recfuiting
<jratuities_',] ' - ~
'
Medical or hospital department
Arrearages of the medical and hospital department,
H
- •
Contingencies of the army
' . Arrearages prior to. 1st July, 1815 Invalid and half pay .pensions . Pensions to widowsj and orphans . Mevolutionary pensions'. \Eevolutionary perisions, per act 7th June,
1 8 3 2 - fi' •.
I
. \ • . • •"
Fuel, forage, stationery, &6., at West Ppint
Eepairs amd improyements of the buildirigs
and grourids at West Point
i Pay of adjutant's, arid quartermaster's clerks
at West Point |_ • :..- ,
. Increase and, expenses ofthe library at West
•
P o i n t , .- • '
[ • '
- ,'.
-
,• '-•
Models for-df awing at West Point
Models for. enginee'ring at West Poirit
Philosophical apparatus cit West Poirif . Miscellaneous items at West Point
'Expenses of Board of Visiters at West Poirit
Natiorial arrrioriesi- . V - ^
Dwelling houses at Springfield
- -.
Shop for grinding at Springfield Additipnal machinery at Springfield
Double.racks at Springfield
Dwelling houses at Harper's Ferry
'-,
Three new water wheels at Harper's Ferry
Repairs, &G., of daini at Harper's :Ferry
Iiight to water power at Harper's Ferry ••
Enlargement of caiial at Harper's Ferry —
Repairing workshop at Harper's Ferry^ \,Arsenais - . ' - •;,-''" . -']Arsenal in Florid4
- -^
- ' .. Forty-five acres ofj land at Watervliet,
Ordnance Armament of fortifications
Arming arid equipping militia
Repairs and contingencies of fortificationsAccoutrements and swords
Fort Adams
Fort Calhoun
Fort Columbus arid Castle Williams
$62,479 14
208,143 78
49,047'98
256,507 60
, 27,389 35
- 8,441.41
20,992 -94
•-. 146-50
; 34,416 14
3,000 00
10,555' 24
' 3,'629 60
288.007 136,284 15'
7-87,376 88''
3,507,484-24
' 8,500 '00
' • • 4,OpO't)0'.
• '900^00
1,400 00
• 900 00
^00 00,•890 00'
• 1,575-00
: 2.000 00 '
360,140 65
/ 7,000 00
6,000 00
3,500 00
4.500 00
ii 8,600.00
•8,400 00
, •3,374-5.5^
2,600 00
•10.000 00
1,500 00 •
115/345 \89'
- 15.000.00' oi-OOO 00
•62,370 39
132,99i 65
212;505'58^
• , 9,S56'23
,2.900 50
•159;606 41
81.000'00
32,000 00-
487
4S,&:.
• • - , REPORTS O F T H E
Foft Delaware
- ;
- ,
Fort Jackson
- '. - v Fort Macon
^ •- [ Fort Monroe
-• :
Fort at Oak island. Cape Fear, North Carolina
'- I Fort on Throg's neck,; New York - ,
Fort on George's island,-Massachusetts _ Fort on Cockspur islarid, Georgia - /
Fort at Mobile point, Alabama
-,
Fort on Foster's bank,'^Pensacola harbor Wharf at Fort Washington
.. - \
, Fort on Grand Terre, JfiOuisiana - . . Preservation of Castle island, and repairs of
, Fort Independence ; .- •
Repairs of Fort Marion, and sea-wall at St,
Augustine '
- I ^'.',-.•,
Fortifications at Charleston,'South Carolina
Fortifications at Pensacola, Flofida ^ :
Purchas.e of gropnd at Fort Trumbull - ^ -.
Purchase of land at Fort Gratiot ^Wharf and site at Fort jPreble
-V. . Wharf at Fort Independence .
Wharf at Fort. McHenry -.
Barracks at Fort Crawford.' Prairie du Chien,
Nofthwesterri Territory BarraPks at Fort Ho wafd, Green Bay
Barracks at Fort Severn,-.Annapplis, Md. Barracks, quarters, &c. jat Savannah
Barracks, quarters, ifcc. pear New Orleans -^
Barracks and hospital at Baton Rouge
Barracks at Key West, arid fbr other puiposes
Storehouse and stable at Pittsburg
-.
Purchase of pne acre of [land near Pittsburg •
Breakwater, Delaware bay-^
Breakwater; Hyannis ha|rbor, Massachusetts.
Breakwater, Merrimack iriver, Massachusetts
Breakwater and dike in!Mill river, Cbnne.eticut
- -;> ^
:Sea-wall, Deer island, Bpston fiarbor i ' Pier and mole at Oswegp, New York
Piers at Buffalo, New Yprk ,.'^ ,Work at Black Rock harl!)OF, N e ^ York Work at Dunkirk harbor,' New York , - -7
Piers in Kennebunk river,-Maine Pier-head in Cunningham preek, Ohio , . Piers in Laplaisance bay, Michig"an
Preservation of Prpvinc^town harbor, Massachusetts ' - .^ I, '
v" iRepairing Plyniouth'beatli, MassachusettsDeepenifio* channei,:,rnputli of .Pascagoula
river, Mississippi
; -, .
- ' . -,.
150,000
3,266
7,521
-57,500
r
00
29"
59
0»>
21,490 00 '
10,000 00
I.IGO 00
85j30Q,00;
49.998 00J4,'90() Oft
, 1,500 00, ,5,000 00
.37,000 Off
18,470 00'
114,110 74^
i32;o0O oa;
400 00
-1,600, Off
, 3,770.005.
1,500 00-'
;- , 90 4a,
8,000 00'
10,000 00
300.00
28,000'GO
,40,000 00
• .2,000 00.
' 5,805 ,954,740 00.
3.500 0£p
331,058 02
9,9,20 10.
.2,500 '00 •
1,110 j s :
,40,200 00
8 , m 00..
19,377 57
2,597 73;
5,200 00
1,70() ,60.500 00
. 8,123 074,456-25
600 00?
~\ . ^
~3J^0O 0#
[1834.-
1834.]
SECRETARY OF T H E TREASURY.
Improying the navigation of the Ohio apd
Mississippi rivers from Pittsburg to New
f 10,300 09' .
Orleans
Jmproviiig the navigation of the Ohio, Missouri, and Mississippif-rivers
60,900 0 0 ^
Improving the navigation of Genesee river,
New York ,
-'r , -'• - '
- , . , - • 15,000 0 0
Improving the navigatipn of Cumberland river,
17,Q00 0 0
Tennessee
I ,. ; ' "
~
"
Improving the navigation of Cape Fear, river.
17,488 0 0
North Carolina
|
improving the navigation of Arkansas .river . 15,000 00^
Improving the navigation' bf Corineaut creek,
3.200 0 0 •Ohio.._
- . ,",L
, ,1 ;
-_/
Improvirig the naviga'tion bf Ocklochney river,
Florida • - ,
I-^
^
-v ' 5,090 ^ 0 ;
Improving the navigation of Choctawhatchie- .
' • 2,5.00 ' m
river, Florida
r
-. Imprbving the harboi[s„of Newcastle,' j^larcus.
Hook, Chester, and Port Penn'
-. -^ -, ,,.7,500 6 0
Ihiprovirig the harbor of'Presque Isle, Penn7,5m 00
, sylvauia - ".• - .
rImproving the harbor of Cleaveland, Ohio 2,473 89
Improving the harbor of Chicago, llhnois
17,360.00
Improving the nav igation- of Red river, Loui21,663 00
siana and Arkansas
. - ,
Removing obstructions,. Kennebeck river. Me.
.263 91
Removing obstructions, Big Sodus bay, New .
York
;- . • j - .
•- ; - '.
15,000 0©.Removing obstructions, Huron river, Ohio 39 49
Removing obstructions, Black river, Ohip '-. . 4,.50O 00
Removing obstructions,- Grand river, Ohio. .,- , " : •, 68 5 1 ,
Removing obstructions, Ashtabula creek, Ohio^
1,125 02
Removing obstructions, Oeracock inlet. North.
14,400 00
Carolina \ -•
\ . ;Removing pbstructipns. Savannah river, Geo.' :
5,400 00;,
Removing obstructioris, Appalachicola river,
5,000, 00 .
Florida
- - •- .
; ^ ; , Renioving obstructions, Escambia river,''Florida,. . 2,150 00
Removing obstructions, river and harbor of St.
Mark's, Florida- - . . - .. ' .- i 5,430 00
S'irvey of White'and St. Francis, rivers,. Ar- .
'.kansas
- - - - - -- ',. ,' - '•'• •-••-' \ '500.00
Purchase'of instrii'ments for ascertaining the
northeripboundhuy of-Ohio
ir • '6,11000
Experises. of taking Ipbservations for northern
boundary of Ohio ^.. -•.
2,8'0O 00
Surveys" and estimates of roads and canals
35,212 38
Cumberland road in Ohio, west of Zanesville 122,7'47 3,9
Cumberland road in Indiana
, .• >
• -•. • ' ...-^ 101,000 00. -.
Cumberland road id Illinois
40.000-00
489'
490
•
;
REPORTS OF THE.
• ,
[1834..
Repairs of the Cumberland .road east of the
^
river Ohio
|- " -'$218,96158^
.'
Repairs of the Cuniberland road in Virginia 34,440 00 ' . •
Repairs of the Cumberland road
- ' , •38 42
. •
Road from Mattanawcook ta Mars hill, Maine' 17,832. 42 Roadfrom.Detroit to.Fort Gratiot - .15,000 00
•, Road from Detroit tOj Saginaw bay 4,000 00
Road from Detroit tp; CMcago /
- ' - i 14.,931> 82
Road frpm Detroit to; Grand river
- .
11,750 00
,,
j
Eoad from Laplaisance bay to the Chicago
'
,
.j
road ^ - .
>\
16,930 00
Eoad from Fort Howard to Fort Crawfprd' -3,277 00
.
,
Road froiuLittleRock to the St. Francis river,
-,/.
' ./ ,
Arkansas - •; |- - ;
- ; 15,000 00 '
i
Road from W\ashingtpn to Jackson,, Arkansas
. 1,906 ^38
.
.•
Road from Line creek to the Chattahoochie 500-00
,,
Surveys for canals between the bays of St.
^
' .- - \
^•
, Andrews and Chattahoochie^ Florida, (fcc. 2,959 74
Payment of mihtiai claimsfor services in 1831
3.2-00
/'
Fayment of militia aind volunteers of Illinois
/
fil
and dthe:r States ~ - 442,449 01 ' ...
".
Pay.and subsistence of mounted rangers
- 131,447 00
, ^
Subsistence of niilitiai to suppress Indian hos,
' i,
.v^'.
tility
- " -^
' - '^ \ -.
55,163 2 0 . . '
i ' fi
Regiment of mounted dragoons
r
- 273,627 71 , '
Balance due for printirig Infantry Tactics
-,.
410 5 9 ,
Relief of sundry indiyiduals.^ -• > - ^ 1 4 , 4 3 6 41.^
"^1
Civihzation of Indian's
- ^
- ..
'8,97544
^
Payof Indian 'agents'l -.
-\
^, - " 24,620' 00
„ \ - V^
Pay bf Indian sub-agents .-,
*-.\
14,646 95 ,
; '.
Pay pf interpretefs arid translators i- .
15,806 00
'
Pay of gun and blacksmiths and assistants .. -.
11,320' 64
Presents'to Indians i.
.
,^.
^ 10,j04l,82 • P , '
Provision for Indians iat the. distribution of an, ^ ..
nuities ^ ; f ;
9,326 10
.
iron, steel, coal, &c., for'gun and blacksriiiths' '
>
K
shops
1 '
- ~ - i
- -" 4,567',37
Transportation aiid distribution of annuities^- ;. 6,392'51
^ .- Houses for agents and; blacksniiths'shops ^- ^ 1,483 14
.-•
Provisions for Indianspioving west in 1831, - : 2,391. 08 - .
Surveying reservation's fbr half breed Sac and
Foxlhdiaiis^ ^ -I"
- ^^: - r-;2,0b0 00 i
;
'
Surveying the norfh\yMe:rn ^boundary ofthe
.
' 'j
Mianii and Pottawattarriie cession - ."
•• '^ - 227. 00 ' /
Removirig Indian boundary line in Florida 135 49 i =
Provisions and assistarice to Indians emigfat- v ' ^ ' ,
\- -'- ' '\
ing. and those settled oil Kanzas river
605 18 '.
Corn and other provisions for Seminole Indians - ,1,0,00 00 - i
,. ^^
Additional expenses at| the Red river.agency - > 4,300 00' .
Olaimsagainst Osages by citizens of theUnited -'
. ' '
States
- ' '^ -I- : • ^
-^.. •
'>834 50 ; " r '
1834.]
SECRETARY^ OF THE TREASURY.
Extinguishment of titles of Creeks to lands in
Georgia r
"
Extinguishment of the claims of the Cherokees to lands in Georgia Purchase of the Creek and Cherokee reservations
', I'-.
- '
-•'•--.
Treating with Choctaws and Chickasaws for
' lands in Mississippi
- ' VEffecting treaty withl the Creeks
Effecting, treaty with| the Cherokees - • Effecting treaty of Butte des Morts Effecting treaty with] the Winnebagoes
.Annuities to various Indians and Indian tribes '
Education of Iridian youths .,; Blacksmiths, gunsmiths, millers, <fec.
Transportation and distribution of annuities, (fcc.
Clainis against the Ottawas Advarices to Ottawas
Arrearages of Ihdian|'bepartment prior tb 1829Cherokee schools
Medals for Indian chiefs
Vaccination of Indialns
Efiecting treaty with the Creek Iridians
, Effecting treaty with the Seneca Indians
Extinguishing titles of Delawares to reservations in^Ohio
Three commissioners to trpat with Indiaris ^ •.
Provisions for Quapaws
-.
Relief pf friendly Indians on the, northwestern frontier \
Effecting certain Indian treaties, per act 13th
January, 1831. |-\ ^
, Effecting certain Indian treaties, per actof 2d
March,-1831
I-' '
- fi, -• , - :To effect certain Indiari treaties, per acts of 2d
March; 1831, and 4th June, 1832 - .
Stipulations of certalin treaties for 1831, per
act of 20th April, Il832
, -.
Stipulations of certain treaties with Creeks,
. Shawnees, (fee, per act 4th June, 1832
Efiecting .certain treaties, per act 13th July,v
1832' . _ -' • I- •,•
•'. ,
Extinguishment of .Indian titles to lands in
Missoufi and Ihinois, (fcc, per act of 14th
July, 1832
. I-• ^ - " • .To carry into effect certain Indian treaties
and for other purposes, per act 2d March,
1833. • - . '.•:-•
.; "- , -, ' - ,
Excess of expenditu'res by commissioners tohold treaty with Pottawatamies
-
$4,989 57
• 21,072 14
11,283 00,
3,126 17
1,44
.- 4,217 54'
894 60
'
7.68'40
^233,500 87
21,121 00
25,463 67
8,617 00
21,242 25
' 2,060 00
744 54
42,490 00
. 2,000 00
775-50
,2,622-45
•2,153 60.
307 84
16,000 00
1,000 00
. 883 55
970 75
22,767 40
66,692 14
4,565 00
123,565 00
1,072 50
,9,908 05
735,329 79
' '. 3,700 00
491
492i
^
• :
REPORTS OF T H E
^
[1834.
Services of A. L. Dayis, secretary to com-i
..
' >
'missioners,
. '
- "
"
$171.00
Removing and subsisting Indians, per 7th .
>'
.--'
'
article treaty 24th January, 1826
2,438 23
.
Repayment of improyements to Creeks un-'
< .
. ^
der the l l t h article, of treaty 24th Janu^
ary, 1826 ;
- I
. .-' / 9,300 75 '
. - ,
Deputation iof Chickasaws to the seat of
vf
'^Government
- |
- . ' 1,650 00^
.
Delegation of. New York Indians to visit ..
, . '"
. -> .GreenBay >" -. j . ^ .
- '
r
i;890 OQ, '
Removing Shawnees ff orn Ohio '1,640 00
- .
Payment of tv/o negroes to George Fields
* 700 00 , , ,
Expenses of Sac and Epx prisoners as hbs. tages . - • • ...;". - • :. ..2,489--14
," ^
'Removing and subsist|mg'Indians - 367,602:42'
Annuities, per act of 1:9th February, 18^08 - - • 4.8 84
, - --.
Annuities, per act of 3d March, 1819 - ' 4 8 4 15
Annuities, per act of ^6th May, 1824
268 1.3
Annuitizes, per act of 20th May,. 1826, and'\
^
^ •
' 2d March, 1827
!• •- • - "
- ' 1,270 00
.
Annuities, per actof 26th May,^
- . 3,500-00
i
13,199,146 99
From wkick deduct the fiollow^
ing repayments: .
>
Fort Rigolets and ^Chef Men- .
' ^ .
• teur
.--'/'-•
• -- ' $ 1 4 ' 1 7 ,
Repairing battery at Bienvenue ' - 89 10
Security of Pea Patch island.
Fort Delaware pi-. .
i- \ 7 2 7 17
Survey of the harbor Kof West. -, ^
. brook, Cpnnecticut I 69 06
Survey of the harbpr of Sag
Harbor, New York •_- " - . r.
15 7.1,
Survey of ^ the ^river ' Thames^ '
• _ .'
Conriecticut
;- ^
5 24-.
Examining piers at Sandy :bay,
• Massachusetts
:-. •'
*-.
3 32
Survey of Tucker's islknd. New'
Jersey.
' i- ^ ;-. ' ~ - ; ; 29 20.
Survey of the harbor, Stamford,
Corinecticut
- V - .. 16 60'
Road from St. Augustine to
Tallahassee : ^ 'fi- '
34 28
Permanent annuity^tb, Miamies
fbr 1831
.
;-^
r
^50
Contingencies of Indian De- •
partment , - ^
H- .
-^ ^5,474 82
Exchange of lands with Indians, and their remoyal
il81 20
Aiding Creeks in their removal
412 52
1834.]
SECRETARY, OF T H E ' TREASURY.
Annuities, per act of 25th February, 1799 '
Annuities, per act of 21st April,
1,806
-,
fi]/• Tobacco, iron, steel, arid labor; ers, for Miamies.,'^fo'r 1831 -
493
^,
5,073 00
66-6.67
180 00
-' $102,994 56
-$13,096,152.43
NAVAL ESTABLISHMENT.
Pay and subsistence bf the navy -•
- 1,348,868 49
Pay of superintendents, naval constructors,
• 54,013 86'^
&C-.
- .
'
376,269 63
Provisions
33,734 16
Medicines and hospital stores ..
27,407 49
Navy yard. Portsmouth, New Hampshire
71,5.73 47
"Navy yard, Boston, Massachusetts
Navy yard. New. York
-'
53:571 18
Navy yard, Philadelphia ^ ,
.-^ . .
5,124 29
Navy yard,^ Washington City
t
36,248 00'
Navy yard, Norfolk,| Virginia
- 150,877 45,
28,976 64
Navy yard, Pensacola, Flprida
.24,879'04
Ordnance and ordnance stores
-- 1,859 24'
Gradual increase ofthe navy ' i 272,552,96'
Gradukl improvement of the navy •:
668,631 12
Repairs of .vessels -1
Building, equipping, and employing three
379 89
schooners
4,167 97
Timber to rebuild the Java and Cyane
Rebuildino; the frigalte JVIiacedonian
62,666.08
Iron tanks
'73,88606.
Nayy hospital at Norfolk 3,944 10
. Furniture for navy jjhospitail at Norfolk
•i
1,825-75
.:Navy asyluni at Phiiladelphia
27,300"00
Furniture for navy |jasylum
i
at Philadelphia • 4,856,25
Navy hosjpital at Charlestown, Massachusetts-. - •' , 4
-;.._--./
26,00.0 00
Navy hospital atlBropklyn, New York . 20,000 00
Navy hospital at P^nsiacola, Florida
/ 12^800-^ ooi
,1,014 36
Privateer pension fund
- v Agency on the coafst of Africa (prohibiting
slave trade)
N . - '
1,650 00
Purchase of a bridge at'Norfolk
-16,000 00
Survey of Narraganset bay
1,217 99^
Compensating board of officers for revising
rules, (fcc. of naval service
- 4,512-5&Captors of Algerine vessels
.' 20 85
Relief of sundry individuals
- 6,795 73
Contirigent expenses for 1831
4,370 16
Contingent expenses
268,644 39^
Contingent expenses not enumerated
-4,467 40
494
0
, .:
,;
REPORTS OF:, T H E .. .•
'
:{1S34.
Arreafages of contingentvenumerated prior to.
' 4832'
I\
'- -, . ;.
- .••$3,29.2 88
Pay arid subsistence ofthe marine corps , -. 124,971 92'
Subsistence on shbfe
.
- .
13,645 52
Extra emoluments^ of oificers of the marine
.corps
- . i -- /
>.^
. 113' 00
Allowances to certain ofiicers ol* the. marine '
. ^
- corps
• - ,, I - i - • . - ' 18,337 28 ,
29,519 17
Clothing for the marine corps
.^ Medicines and hospital stores for the marine
• 2,371 25
corps
: '• • 253 04
Military stores for the marine corps -.
- . 10,641 .57
Fuel fPr the marine; corps
.- . 14,321 23
Coptingent expensek ofthe marine corps
.3,000 00
Marine barracks at-Philadelphia
- ,.
^
'
. -^ ;••"••••'•
• ' '•• '^^ " .^3,921,573:42
From wkich deduct the fiollowing repay' • ' QTients .*
"
Navy hospital fund : " - . - - ^ $18,123 56
- —"
'
Navy pension fund J - • 4.15^35 - ,.
Covering and preserving ships in , .
- -/
' ,
- ordinary-. ! - /
; 423 OO' ' . . ; '
Timber shed, Portsmouth
,i511 61
Timber shed,,New York
- ^
• 6 97
Timber docks at,. Washington,'
,.
.
i
, Norfolk, arid BostPn - r
- .
:1 00
Building ten sloops pf war - - •. 44 6.6,-'
. .
Contingent expenses prior to -^
1824 •
.• •-.• -lp - • • - :,
,67 73
Contingent expenses^ 1826,
, 2'60 . ; ^
Contingent expensesl 1829
. 1 9 1 36
Contingent expenses[ 1830
420 02-. ' , : ' ,. '
Contingent expense:^! riot enu'
: ' ' " ' • v 'merated for 1831 i , - .- 8 81
'
.p
.20,216,'67
-•^•3,901,356 JBPUBLIC DEBT.
Interest pn the funded debt - ,- - - / 303,796 87^
Redemption of the; Exchanged 4^ per cent. ^ f• stock, of 26tl;i Mayi 1824 '^ -^ -/ • - 1,001,533.30.
Redemption of the 5 per. cent, stock of 3d
March, 1821 -- '\:rr i- , - •' ' - . ^ — . -23,346: 7 l
Redemption of thej 3 ^er cent, stock - - , 213,886 56 .
Principal and intere.st of Treasury, notes ; 929 13Paying certain parts of domestic debt
-/
50 81
1,543,543 38
$24,257,398 49TREASURY DEPAI-TMENT,
^ ^ Registers Office^ November^ 3, 1834.
T . L. SMITH, Register.
A
1834.1
SECRETARY O F - T H E TREASURY.
495
H H . — S T A T E M E N T ofi moneys received into the Trmsury, firom all
sources other ilmn^ customs and public lands,^firom 1st January to
30tk September, llSM.
.,
'
From dividends on stock in theBank of theUnited
States Sales of stock in the Bank of the United
States $19
^ Arrears of d:irect tax
Arfears of internal Tevenue
-.
- 1.895
14,820
.Fees on .letters patent
-' \ -.
^ Cents coined'^t the'^mint - .^ - 14,705
Fines, penalties, and foi:feitures -^
-. 1,232
Per.3Pns uriknowri, stated to be due to the
United States - . ,. - ^ 13
' Surplus emoluments of officers, of the customs - • L , -' , : , - ^18,25^
Rent of houses on property purchased fori
163
the erection of a warehouse in Baltimore
Postage of letjtefs .Fees for ,copies furnished by the> Pateiit ,' 1,00
'Ofiice—
j. \ -
'.
..
$234,349, 50
• 19,1,900.-00
80
70
00
ooi
96
54
44
30
00^
-
Consular receipts under the act'of 14th ' 504 82
April, 179^ :-'
53 76
The consul at Rio Janeiro, for aniount
awarded .by the Brazilian Governnient
to the crewj pf the brig Sarah G-eorge,
2,567,43,
for wages and interest ' - .
Dividend on stock in/the Louisyille and
14,010' 00
Portland,Canal Conipany
Moneys previously advanced on account
of balancesof advances
- ' • 12,778; 94
81,120 69
$507,370'19
TREASURY DEPARTMENT,'
Register's Qffice, Noveinber 27, ,1834.
T , L. SmTH,^Register. •
II.—Statemeni vfi^tlie expenditures ofi ike United States fironi t h e l s t pfi
- January to the 30ih September,1834:.'
.' - *
CIVIL, MISCELLANEOUS, AND F O R E I G N INTERCOURSE.
'
,
•$824,417 81
Legislature
Executive Departnients
, 505,891.32,
Officers ofthe mint
10,600.00
Surveyors and their] clerks
27,884 45
Commissioner pfthe public buildings
,',•1,727.77
Governnients in the Territpries ofthe United
./
States 47,464 25
Judiciary 287,305 57
1,705,291 17
^496
_ .: REPORTS 0 F T H E -.
.
Payment of sundry pensions granted by spe$937 50-,:
eial acts of Congress - - .
Purchase of copper for the mint . 26,670 00
Compensation to assistants in the several
20,820 00
" departments of themintIncidental and contirigent expenses and repairs of the mint, &c. - ^ ' - ' 20,050 '00
' Apparatus for parting gold and silver by the
aid of sulphuric aciid . ,5,000 00
Advances for effecting exchanges for bullion
at the mint
-if ^ 30,000 00
158 50
Unclaimed,merchandise Supportandmaintenanceof light-houses, (fcc 216,578 97
Building light-hoiises . - "
. '450 00
66,815 01
Pubhc buildings in "^IVasliington, (fcc.
Penitentiary of the District ofColumbia -'
8.500 00 •
6,000 00
Furniture for the Prlesident's house . _ ^
Surveying the public'lands fi - . -,
72,227 00"
Survey of the Choctaw cessions in_^Missis20,562 84.
sippi and Alabama
-^
i '20,000 00.
Survey of lands in Illinpis
Survey of lands in Indiana.
- "^ ,- • 7,000 00 ^
Salaries of registers | and receivers pf larid
,875'00.
ofiices ^^ , / p .
Salaries of. keepers bf public' krchives in
' 875''do
Florida - ;' -^ - , ^.-. Final adjustment.of land clairiis in Missouri '4,325 08'
S urvey .ofthei coast bf the United States,. •6,000,00
Repayments for land; erroneously sold , 1.495 24
Marine hospital establishment p - 56,738 82
Marine hospital at Charleston) Soutii Carolina/ ; - 1 : ' : .1,100 00
Roads within the State of.Ohio (3 per cent.
fund) - / - ;
-.
- .'
10,963'94
Roads and .'canals within the State of Indiana
, :
(3 per cent, fund) I
- . - •
11,933 13
Roadsandcanalswitihin, the State of Missis- '
sippi-(3 .per cent, fund) p 20,780 6 8 /
Encouraofemerit of Ibarning within the State
• of lUiiipis (3,per: cent; fiind) . ^
.11,735 18'
Northern, bouiidary G)f:^liinois (balance due - ' :
to'^Lucius Lyon) j
.-_ . • -^^ 1,068 12
Compilation, of/documents, .by Gales and
.. ;
Seaton, per.act 2d;March, 1831 40,000 00;
Printingdocuments relative to public lan.ds
5,000; 00^
Purchase of the books and papers of Gene;
. ral Washington - i
- < -,
- -20,000 00
Digest of the existing commercial regula'
tions of foreign countries
• • - . ' ' 5,096 16
Building custom-houses-and warehouses - -^ 83,606 64
Aqueduct across the Potorriac near Georgetown, -J.
,.
• ^
25,000 00
.[1834.
1834.]
SECRETARY OF T H E TREASURY.
Purchase of the rights of the Washington
Bridge Company, and fpr the erectiomof
a bridge'on t;he site thereof - Bridge across the "Potomac at Washington,
District of Colurnbia
'To reimburse O. H. Dibble the actual los§
incurred by him in making preparations
to build a bridge across the Potomac
To improve the navigation ofthe Potomac
river between Georgetown and Alexandria
- ' '.- r '
..-•••
Liquidating and .paying certain claims of
the State of Virginia, underthe 3d section ofthe act ofj 5th July,, 1832
' Relief of sundry individuals
. > ,An act conc^erning naval pensions and navy
^ pension fund, approved 30th June, 1834
Revolutionary claims, per. act of. 15th May,
,1828. - p ; ^ 1
, -.
-.
• -.
Additional comperisation to collectors, naval
officers, (fcc.
j ' , - .
Duties refunded oni merchandise ' - ^
Duties refunded: on wines -,
Miscellaneous expenses
*
'
j '
' •
..
'
•
$2,000 00
1,600 50
7,104 16
15,000 00
141,514 '44
198,906 77
167,164 40
163,973 58
51,544
12,282
96.263
16.264
46
2099
37
1,701,981 68
_
Salaries pf ministers of the United'States -'
Salaries of secretaries of legation Salaries of charges des affaires : -. ' Contingent expenses : of all the missions
abroad . Outfits of the niinister to Russia and charges
des affaires to Buenos Ayres, Chili, and •
Brazil - - < | "
. ,.-i
Salary ofthe drogoman to Turkey and contingent expenses of the legation :. Contingent expenses of foreign interciourse
Salaries of the agents of claims at London
and Paris
.
. . / .
Relief and protection of American seamen '
Iritercourse with the Barbary powers
- .
Expenses of the cornriiission under the convention with the king of the French Expense? of the corrimission under the convention withthe King of the Two Sicilies
Clainis on France under the convention of
1803
j
-^ ,
.
To reimburse the State of Maine for expenses
of supporting certain American citizensln
prison at Frederickton in New Brunswick '
Awards under the cpnvention with Denmark
497
1,3,829 00'
,6,722 08
41,155 66
:14.849 78
, ,' ^
18,000 00
5,000 00
9,625 65
2,000 00
25,088 00
14,89,3 "50
10,038 80'
8,625 00
3,396 70
/
775 00
2,801 25
176,800 42
VOL. III.—32
3,584,073 ^T
.
^
\ t REPORTS-OF T H E
; MILITARY ESTABLISHMENT.
-Pay and subsistence of officers,
' -.
- $883,500.55
Subsistence Department . »
. 269,141 01
Quartermaster's Department
- \
- 212,279 36
Transportation of officers' baggage '.34,362 56
Transportation of the army, &c.
- . ,
66,218 41
/Forage
r
/fi- \
- . 51,038.2fJ
Purchasing Departnient
- ,
-. . ^ - ^.,245,384'01
Payments: in lieu of clothing for discharoed
soldiers
- . ;;- .
" 10,889 96 .
Clothing for officers'servants ^
-:, . -• '23,101 12
Bourities and premiums
' 2,508 91
r> Experises of recruiting
^ ; .14,004 78 ;
Medical or. Hospital pepartment
21,385 52
Contingencies of the'army . -.
p-.
6,!Sd8 31,
Arfearages prior to July,. 1815 •'.
c^
. 2,9()3\91 :
Invalid and-half pay pensions
-;
- 240,644.98
Pensions to widpws and orphans
'3,778 44
Revolutionary pensions '
- . —
. - ' - 773,273 53
Kevolutionary perisiolns, per act 7th Jnne, 1832 2,321,919 00
Invahd pensions,.peri act 8d March, 1833 ' -- .^ 2,263 00
National armories i-\
. -.
-. 877,928 35
A pay-ofiice and. store at Springfield armory -.
2.000.00
, Double racks.at Springfield arrnory -''^
500. 00
Gun racks rmdwindo\y ^shutters to neAV arse• .
nal at Springfield I -: x-.
7,800 QOi
Additipnal machinery and fixtures to new ar-^ '
, ,, .
senal at Springfield
.,, - . \ '- ' . .
7,000 GO
Slating roof and rebuildirig water-wheel to
, new arsenal at, Springfield
,,
-' _ 3,500 00
Repair arid extension of public dam at Har. per's Ferry arpiory \^
1,625 45
Enlargement of the; canal at Harper's Ferry
• }• ' '
armory
'-'
; -..
. \ . ,,
3,.49.5.00
Forging shop,.tilt-hammer, (fcc.j at Harper's
Ferry armory ' ;- ;
- , \ 3.000 00
Repairing dam andjrep;2oving obstructions at
Harper's Ferry; armory
- .
- i 2,000 O.f):
Completing machinery,, (fcc, at Harper's Ferry
armory
->. l p ^ p -,
,'1
15,200-00 •
Erecting store-houses, (fcc, at Harper's Ferry >
^ ''^- •
armory p L» . ^ - p
- . ^ , l,Q0O;;()O
A building for exefcises at West
Point - , - 1
.,
' -, | 7 ^ 0 6 00 '
fi
AchapelatWestPoi^t - ^ . - 15,000 0(1 ^
Expenses of the board of visiters i
,^
, '
.at West Point - I
-^
- 2;e00 00
1
Fuel, stationery, &q;, at W. Point 4 2 | ^ 00
Rejpairs and Mniprnvements o r .
. . :
, buildings, &^^
4,805 00
Pay of adjutant's arid quartefrnas; l^r's Gleiis at W^st Point ". 675 00
1834.|
SECRETARY OF T H E TREASURY,
Philosophical apparatus - ^349 00.
Models for engineering depart400 €0i
ment at Wesf Point.. - ^
Models for drawing department
558 00
Mineralogy, af tillery, and sword
565': 00.
exercise
. Increase and expenses of library,
559
Completing ou tbu ill di rigs and culvert attaclied to the cadets' barracks at West Point 1,081 50
Miscellaneous itenis •
. 835 00
^ 28,071 i l l
Arsenals
136,297 93 .
Payment of taxes on. United States arsenal orii
• 5.22 18 •
the Schuylkill
13S.0S6 42
Afmiog and equipping ipilitia \,
Arms for moo nted Irangers
2,598 00
Arms fpr South Calfblina
6,131 UO
Cannon
4;266 67
,49,035 27
Ordnance service
52,972 30
Armament of fortifications
5,628 06
Repairs and contingencies of fortifications.
> 78,500 00
Fort Adams 46,200 00
FortCalhoun
18,000 00
Fort Columbus, and Castle Williams , 19,000 00
Fprt Delaware .;
' .,5,900 00
Fort Macon 24.200 ,00
Fort Monroe Fort Wairen, en Geiorge'sislarid,Massachusetts . 23',000 00
18,600 .00
Fort Schuyler,- on Throg's neck,, New York 46,100 00
Fort Pulaski, on Cockspur island, Georgia
3,611 35
Fort Morgan, on Mobile point, Alabama
Fort Livingston, on Grand Terre, Barataria,
20,000 10
Louisiana - i. I. .30,000:00
Forton Foster's bai]ik, Pensacola harbor
' . Ii,530 00
Repair of Fort Marion
Purchase of land adjoining Fort Sullivan
3,300.00
Purchase of thfee acres of land on Alabama
. 1,800 50
,
p i v e r .
-• -'••'
••- • ^.
34,700 00
Fortificationsin Charleston harbor Fortifications at Pensacola ,•-;
-.
i .- ,40,000.00
7,000 06
Barracks, quarters, |(fec\,'at Savannah '
50,000 00
Barracks, quarters, |(fcc., at New Orleans , . 13,500 00
Barracks and hospital at. Baton Rouge
Barracks at Key West, and purchaseof ground
^,132 89
on which they\stand'
20,500 00
Carrying on works in the city of Savannah Repairs, and alterations ofthe barracks iand
6,500 00
quarters at Batoiij Rouge - ^
2,000 00
0 Erecting officers' quarters at Fort Severn
5,000 00
Carrying on the wcpfks at Green bay
200:00
Store-house and stable af,Pittsburg . ^
•499
Bm
. •.;• .
' : ^ I' REPORTS OF T H E
'
_ [.1834.
Breakwater near the mouth • of thb Delaw-are.
/ >
bay,
n.
.. ^ „-. $167,130,29 .
•• '
Bfeakwater at Hyannis harb<)r
-;
3,770 00 >
Sea-wdll, Deer island,| Boston harbor
- , 6,780 iOO*
Piers at Buffalo (work^ at Buffalo) '15,406 71
Piers at the enirance of Kennebunk river
3.000 00
'
Piers at Laplaisance b(iy, Michigan. 4,895 00
"
.
'Piers and mole at Oswego 5,200 00' ...
:The work at Black Rock harbor. NewYork 4,000 00 . .
' .
The work at Dunkirk . ...-' ,' , ~. . ' :
3,000 00 •'
Preservation of Plymputh beach
-'
' 1,500 00 = .
Deepening the charinbl-mouth of Paseagpula
. " '• ^
: river, Mississipf>i- -!'•' ' - •.
-,
1,937 16
Improving the navigation of Gumberland river,
• •: •
Tennessee
";. •
.,
.. . 8 , 5 0 0 . 0 0
Iinproving the navigatisin of Cape Fear river,
. North Caroliiia- ; r^.
- •• •- . ^
10,470 00
Improving the nayigation of "Chocta\vhatchie
river, I'lorida
-i
- .
2,500 Oft
Improving the navigation pf Ohio^ Missouri.
and Mississippi rivelrs
' 40.400:00
Improving tihe navi^^a^ionof Red, river
•33,200 00
Improving the navigation of Tennessise river
12,500 doSecuring the works at Presque Isle, Penn, ^ - ll,000 00 .
Improving ^the Harbors of New Castle, Marcus
Hook, Ghester, andi Port Penn
'2,050 00
Improving the harboi^' of Cleaveland, Ohio 4,254 4 0 '
, Improving the harbor of Chicago, Illinois 21,240 09
Removing obstructioris of Huron river, Ohio
1.007 82
Removing obstructions of Black river, Ohio - , 3,319 40
.Removing obstructions-of Grand river
' 13 56
Renioving pbstrbctions of Ashtabula creek ^ ^
837 52
Renpving obs;ructioris of Oeracock inlet
12,900 00
RenTQvingp)bstructions'of-Savannah-river, Ga.
10,600 00
Removing obstructions' of river and harbor of
St. Mark's -^'•' ^ ' ..I- • - p - - \ ;" ^\
4,500 no
Remoying obstructioris of Big Sodus bay " 11,600 00
,pea!Cpn light on, the pier at Conneaut river -1,000-00
iBeacon light on the pier at Cunningham har/• bor"- ' - / - p l - ••• '-.
.>.p-.
fi
2,000 00
Expienses pf taking observatioris for the nprth- '
ern boundary of Ohio
4,700 00
purveys and esti mat e;s, roads and canals ; 21,315 03
Cumberland rpad in phio, west of Zanesville 154,400 00
jpurnberiand road in indiana ^
- p
64,373 00
Cumberland road in Illinois _
..
3S,752 03
Repairs of Cumberland road east of Qhio 70,000:00 ^
,Road frorii Detroit to Saginaw bay -i
15.424-69
j:ioad from Detrpit to "Grand river 15,000 00
Road from Laplaisance bay to the Chicago
:road'
•-• '• •'•'• ;; --"
p - .
12,539 34
Road from Fort Howard to Fort Crawford • -. ' 1 4 9 50
1834,]
SECRETARY OF T H E TREASURY.
Road from Line creek to the Chattahoochie - 110,040 00
34 28
Road from St. Augustine tp Tallahassee
Repair of the Mars Hill military road, Maine
^ 3,000 00
Road from Memphis to, Strong's, on St. Francis river -- ,
22,000 o i
Road from M.emphis to Little Rock --, > .-.
16 54
Road between Port |Lawrerice arid Adrian
5,000 00
Road between Vistula and the Indiana State line
5,000 00^
iRoad from north boundary of Florida to Appa' lachicola -\
- .
. -.
2.500 00.
69,094.. 29
Retriment of dmsioons
', - .
., Balarice due commissioners for inarking a road
1,497 54
to New Mexico
-.
'^ ' '. :
Payment of Missouri militia claims for.services
irii i829_ - • ' I ;.- ; . • ' • • . •, .296 01
1,416 63
Pay and subsistence ofpnouoted rangers
Repressing Indian ht)sfilities on the westerii
5,000 00
frontiers, act 2d March, 4833
Paymerit of officers' and six companies of Missouri militia
. 35,000 00
49,502 23
Relief,of individuals .
-^
...
Eedemption of Anierican captives
- '
•70 m
For paynient of ba'lance due to the representatives of Samubl| Babcock • :' • 146 23
For payment of balance due Majof P. H. Par.284 00
\-. rault . . • j ' - . - • :
•1,697 62
For paynient of balance due Joseph D. SeldenCivihzation of Iiidians'^
..7,844 79
Pay of Indian agents, and superintendents of
. 16,646 39
Indian afHiirs
.9,470 84
Pay of Iridian sub -agents. Pay of interpreters and translators. 9,630,07
Pay of gun and blacksmiths, and assistants at
• 2,182 89
the several agencies
3,794 32
Presents to Indians .
.
Iron, steel, coal, (fee., fbr gun and IJacksmith^
^ 470 92
shop
Transportation andj distribution of annuities - ,- \747 23
Provisions for Indians at the distribution bf
6,004 80,
annuities
Houses for agents and blacksmith shops
2,189 44
Contingencies of the Indian Department
' 8,178,68
Effectirig treaty with the Winnebagoes, act
25th M.arch, 1830, reappropriated
•p .. 65 ,00
Exchange of land with the Indians, and their
reriaPval west
311 20
Hoicking a treaty with the Wyandot Indians 1,000 00
INDIAN ANNUITIES AND OTHER SIMILAR OBJECTS.
' {Act 20tk February, 1833, andprior.) ^
Ihdian anriuities
392,483 8S
Education pf Indian youths
22,459 01
1,074 32
Blacksmiths, gunsniiths, millers, (fee.
SOI
.sm
:. . .. . . R E P O R T S - O F T H E
^ |1834..
Fulfilmentof the 3d and 5th articles of the -^
'
^
treaty of 24th March, 1832
' -' ,f 2,000 00
Treaty, transportation, aild contingencies - 30 50';
Choctaw schools
- < .X
' 321 24.
Vaccination ofthe Indian tribes- 525 40
Effectirig treaty with the Creek Indians, aci .;
. 22d May, 1826 :•• •-. - ;.v-, - 392 52 '^ \ - p . , ;:......
Effectingtreaty with tbe Pottawatamies, act. • • :••
;.::' "• . •' .
2d March, 1829
. ,• . ••--^'-'-•' ^S-.aO^'. >-> •.'-•.:}-.,,•.. •
Cherokeedelegation to Washington, Ml 1832
96 50
/ Effecting certain ^treaties, act 2d March,
1831,'&c.
. - -r : '.'9,179 70; . •
Stipulations of certain treaties with Creeks,
>
Shawnees, (fcc, act 4th June, 1832
.4,662 00^
To carry into effect certain Indian ireatieSj
'
.,
-r&c, act 2d March, 1833
- - ^ 202,191 8a
To^carry into effect certaiii Indiaii ireaties,
>,
^
.
>
'&c., act 28th June, 1834 '
,- - - • 69,728 2 5 \ •- .'
..Indian annuities and other similar objects,
' r.
per^act 26th June, 18,34
.- '
- 109,975 91
, ^'
.8,357,449 m
From whick deduct the fiolloioing repay- tnents:
Preservation of George's island - %0 60
Survey of Florida canal
-. 233 63
Deepening the channef through
ithe Pass-au-Heroh, Alabama - 1,075 43
Improving the navigation of the
^Arkansas river
>- , .38 00
Pay of the militia and volunteers
of ihinois an.d other States
-3,475 16
Subsistence of miiitia to suppress
' Indian hostilities, act 14th June,
i832
-'
- - 7 2 68
Road from Detroit to Fort Gratiot 424 '6.9
Road from Coleraine'Po Tampa Bay 59 66
Road from Fort Siiiith t© Fort ' " ^
Towson - - 625 30
Road to .Jacksonville . ^ . 87 49
Effecting treaty with p,he Piankeshaws and Weas,' of 29th September, 1832 - . • - ' •;% 1,407'15
Transportation of annuities and
" ' 49 81 ^
agricultural instruments
Annuities, per act 6th May, 1796 .500 00
8,049,: 60
:8,349,,400 06
'-NAVAL ESTABLIS:pMENT..
Pay and'subsistence ofphe navy - ".
- 1,102,225 43
Pay of superintendentSj'naval constructors, ' &c.
p > "•
- ,
.^.. . .
-42.901 70
I834.|i
SECRETARY O F THE'TREASURY,
• Provisions
\ .
fi
• - ^ ' . - $345,792,61-.
Medicines, surgical ipstruments,and hospital.
20,381 90
stores J
21,645 01
Navy yard at Portsmouth - ' -.
59,554 11
Navy yard at Boston
- •
- . ^ 45,436 39
Navy yard at New York -,
- •
6,550 00
Navy yard at Philadelphia
. \• 15,468 20Navy yard at Wash'ington
Kavy^yardat Norfdvkl^
./ -.
106.584 17
Navy yard at Peusacola>-.' ^ - - ' 37,759 21,Ordnance and ordnancG stores
- ^ 9,029 23
3,654 27
"Gradual increase of the navy
. ,Gradual iniprovement of the nav~y ^
-.-~.^: 35,710 98
Eepairs of vessels inordinary, atid^ wear' and
536,605 31
tear bf vessels in commission
12,750 00
Rebuildimg frigate Macedonian
Iron tanks
' j
- . - . - .. 42,000 01
300 00
Furnilufefor naval asylum at Philadelphia
17,188 OQ
Navy hospital at Pensacola '
-'.
28,583 35'
Completing and furnishing hospitals
100 00
Experiments on the steam engine[ -\
Agency on the coast of Affica,-suppression.
1.050 00
•of the slave trade
- ^
:Survey of the coastjof the United States - • : 1,4,943 88 '
Compensating board of officers for revising
.300 00^
"rules, (fcc, of the naval service , 183,690 53
Contingent pxpenses •
1,348 28
Contingen ti e xpcnses, not e n u merated
Arrearages of enumerated, contingericies
' 267'9.2,
prior to 1st January, 1832.1 . , 19,512 93
Relief of indiyiduals
Pay and suBsistence/of the rnarine corps .- 104,474 97
Subsistence of noil-commissioned officers,
11^990 79
(fcc, serving on shore, niarine corps
' Ciothing for non-commissioned ofiicers, (fee,
13,129 ,02
serving ori shore, marinecorps RJedicine and hospital stores fpr marine
2.165 68
corps 1 "
Military/stores for marine corps - :
• - 366 98
Fuel for riiafine corps ' -'
—
6,326 84
Cori tingent expense's of marine corps \
13,358 59
Transportation and lrecrniting,,marine corps
Marine barracks and hospital at head quai1,37314'
ters
Arrearages of pay, | (fcc, to officers, of the . .941 82
marine corps,
, 15,699 75
From tohich deduct the fiollowing repay- •2,931,161-00'
m-lents:
- |4,2L4 29
Navy hospital fund
.503-
:6:04
•REPORTS OF T H E
Navy pension fund
- .
-1.5,615 14
Privateer pension fund 199 75
Survey of Narraganset bay
91.36
Covering and pfeserving ships
in ordinary - '
- -2,653 88
Furniture for naval hospital, at
Norfolk
- ' 1 22
Navy hospital, at Noffolk ^ Contingent expenses for 1827 •
14 90
Coritingent experises for 1828 - J,632 35
Contingent expenses for 'il830,
540 00
notenumerated
-'
Contingent expenses for 1831 ..^ ; M C I 8 '
[1834.
17,977 '882,,913183 • 12
PUBLIC DEBT.
Interest on the funded debt
- 13'5,I53 97
Redemption of exchanged 4^ per cent, stock,
26th May, 1824 - 1,256^968 77:Redeniption of 5 per cent, stock of 1821 - ' ^ 306,452 97
Paying, certain parts of dpmestic debt
' ^ 38 74
Reimbursement of Treasury notes '72 02
1,698,685 47
'|16,545;342,'92"
TREASURY DEPARTBIENT,
-
. '
'
Registefs Qffice, November 27, 1834:
T- L., SMITH, ' ;
Registero
K K.—Estimate ofi the public debt as it will exist an the Isi ofi Jaiiuary^
: '
1 8 3 5 , • ;.
•
Denominatioii.
'
Date of acts .
constituting
the stoclvs:.
•.
Unfunded registered debt, being blaims for
services and supplies-, during, tihe revolutionary war .
- '
'-,
Treasurynotes issued daring the late ^'ar 'Mississippi stock
- <
- , -.'
July
9,i 1798
Feb. 24, 1815
March' 3, 1815
:Wlien- -redeemable.
.Amqurit.^ .
On ptesent'n
'$21,431'96
5,975 OO
4,320 01?
.Do.
Do.
•
837,733 05
•
.
•
'
•
,
'
, '
,
-
•
'
.
.
.
.
. -
•
•
1834.]
SECRETARY OF T H E ' T R E A S U R Y .
505
Amount ofthe debt o.n the Ist ofJanuary, 1834, per statement B, which accom:panied, ihe reportof the commissioners of tne sinking fund of the 7 th of
' February, 1834 - , -|
>
- /
-. ' - S6,002,507 98.
. Deduct amounts^Daid, and to be paid daring the present year, viz :
The residue of the exchanged-4^-per'cent. stock, issued.under
,
,
the act of 26th ofMay, 1824 . > , - ^ . .
.
- Sf252,625'90
' .
'
And the residue ofthe 5 pe,r dent, stock'issued under the act of
./t.he.3dof March, 1821
4,712^060 29
5j964,68;J li)
Ori account of the unfuinded debt, viz:
Of the registered debt
Treasury notes - -
S38 74
- 54 00
88 74 •
5,904,774 93
As,above .. i^37;.733 05
TRE.ASURY DEPARTMENT,
Regisier\s Office, p^-ov-emher, 27.. 1834.
T : r., SMITH, Register.
B.
DOCUMENTS
:•
.
Accompanying the anmial report ofi the Secretary ofi tke Treasury, in
relation to the bill ofi exchange on the Government of Frauce and seiz
'lire ofi ihe dividend.
Correspondence with Bank United States.
2.—Letter of Attorney General United States to Hon. R. B. Taiiey,. and
his opinion on the]^[claims of Bank United States for damages on bill of
exchange, on France.
,.
,
.
3,—Opinipn of Attorney General United St.ates on the.seizure of the dividends -on stock of IJnited States in Bank United States.
No. 1.
Correspondence with Bank United States in relation-to bill ofi exchange
on France..
.'•":'
BANK U N I T E D STATES,,.
. ,
April 26, 1833.
S I R : I have, the honor to inform you that I haye this day received adIIr bill of exchange, in my:-favor, for four millions
six thpusand six hundred and sixty six francs and
sixty-six centimes (franc^ 4,856,666 66) has been protested for non-payment.
As soon -as.the bill and the protest''are received, a statement of the account
will be forwarded to you. In the mean time, yPu will please to take notice,
that the bank holds you responsible for principal, interest, costs-, damages,
and exchange.
,
^
<
I have the honor to bcjwith great respect, sir,
I
.
'
Your obedient servant,
' _ \
. . . . ' [ \ . . ' -.'
"S. JAUDON^ Cashier,
• Hon. liouis ,MeLANEj
.- . • . ^
Secretary ofi tlie Treasury, Washington City.
506
\.
R E P O R T S "OF T H E
^'
'
'';
[1834;
EANXi: U N I T E D S T A T E S ,
.- •• " .' • • . ,
^
. ' ' '
'
' • ;• M a y 13, 1833.
S I R : Begging refererice to my respects of-.the 26th ultimo, I have now
the honor to transmit to yon, here;with, your original bill of exchange,
dated 7th Februai;y last, in my favor, at sighH oh M. ,Hu man ri, Minister
and Secretary of State for the Departnaent of Finance, Paris, for four' million eight hundred and fifty-six, thousand six hundred and sixty-six fraucs
and sixty-six centimes, and the protest for the/non-payment of said bill,
dated March 22d, 1833 : which bill and.protes.t/were feceived b y me this
day. I transmit, also,.herewith, the instrument executed b y the President,
under the seal of the United States, which .accompanied and was returned
with this bill,, and.the account of Messrs. Houinguer & Co., bur bankers
in Paris, pf the costs of protest, cfcc, together with the bank's account of
return ofsaid bih. T h e amount of the last is 5,630,765 francs 91 centimes,
equivalent,* at ,5.30 francs, the.current rate of exchange, this day, fof a bill
on Paris, at sight, to $1,062,408 66, due in cash this day.
- '
I have the honor to be,
With great respect, sir,
'''
'
Your obedient servant.
•••'^/•.\,
.
S. JAVDO:N,.Cashier.
Hon. L o u i s M C L A N E ,
.
.. • ' ^
Secretary ofi ihe Treasury, Waskingt'on.
"
.
i
S T A T E M E N T ofi tke p a y m e n t a n d charges m a d e by H o t t i n g uer ^ ' Co.,
ofi Pxiris, on a bill o / / . 4,856,666 66, d r a w n by the Secretafy ofi t k e
' Treasury ofi rthe United States upon M . H u m a n n , Minister ofi Firiances,
protested fior nori-p ay rne ui,-m fid'which ihey p a i d fior the honor ofi the
signature,: a n d fior accouut ofi S. Jaudon, Esq., Cashier, ofi the B a n k ofi^
the United States bfi:AmGrica.
.
' .
' '
':
/ . 4,856,666 66
24,283 33
3,399 90
27 65
14 45 .
35^00 '
,. '
Aniount of bill, i
Commission i per cent.
Stamp. - / " ,
v
Protest and translation.
Second and third of protest and legalizatiom
Paid to-American consul at Havre, expenses for
. t h e document to be.copied upon his books.
" / . 4.884,427 99
S a y four million eight hundred and eighty-four
-1--ZT-7----T-.3=:=z: thoii^aM four hundreid ei'nd twenty-seven francs
and ninety-nine centimes, which we:jplace to the debit of the Bank of the
IJnited States, due 22d March, 1833. ^ •
.
'^
•
Errors excepted.
:
. '
.
-•
'
•••...
.,.•••
, •' •
• • HOTTINGUER.' '
PsiRis, ZOth March, 1 8 3 3 . . ' '
- .'..-
•
.• •
'^
•
,,,TREASURY
DEPARTMEis^T,'.
;• • ^
•.
• ;
^
^ M a y 16, 1833.
. S I R : T h e letter of the cashier^of the bank, Mr. Jaudon. dated the 26th
ulti,'informing me ofthe non pa5'ment ofthe bill drawn by this departmenl
1834.].
SECRETARY OF T H E TREASURY.
507
on the French Government, for the a'mount of the fifth instalmient payable
under the late cpnvention, was duly received y and yesterday, that of the
) 13th, returning the bill'and protest, and.the iaccount of the bank therefor,
: was also received. As the proceedsof the bill have not been brought into
the treasury by warrant, the department has it in its power tp return the
aniount immediately to the bank; and the Treasurer has been requested
to instruct the cashier of the bank to recharge the sa,me to his account.
The account of the bank for the return of the bill is under consideration,
and the result,iwhich| is not'to be aifected ih either way by this payment,
will be communicated in a few days.
Tam,-respectfully,/
- . ^
Your obedient servant,
.•• ' . LOUIS McLANE,
Secretary ofi'Treasury.
N.-BIDDLE, Esq.,
President Bank United States, Pkiladelpkia.
B A N K OF THE U N I T E D S T A T E S ,
June 19,1833.
S I R : In a letter which I had the honor to receive Irom your predecessor,
under date ofthe 16th ult.,.it was stated that the account of the bank for
the return of the protested bill on the French Governnient was under consideration, and that the result would be communicated in a few days.
The approaching semi annual settlement of'the affairs of the bank on
the 1st of the next month, makes it desirable to arrange allits uriadiusted
acco.unts'at that period ; and it,will, therefore, be acceptable, if entirely
consistent with your convenience, to learn whether the account in question
can be settled before that time.
,
I have the lienor to be;
Very respectfully,
•V"'- • ^ r
IH^. BIDULE, President.
•Hon..-W. J. DUAN'E,_ .
: • - '-
. Secreiary ofi ike Treasury, Washingion.
/
TREASURY
'
DEPARTMENT,
' '.;
^
.June 21, 1833/
SIR-: In reply to,y|)ur letter of, the 19th inst., I beg leave to'inform ypu,
that upon the receipt of "the account of the bank for the return of the
protested.bill on the French Governmen^t," and before I took charge of this
department, it was deerned proper to submit it,to th,e coiisideration. of the'
Attorney General pf the' United States ; and that, accbrding to Jhe opinion
of that'officer, expfes'sedrin a letter, of which a copy'is sent herewith, the
item of fifteen per cent, damages on the amount of the bill has no foundation,
in law or equity,
J
'
'
: > ,
As the account.stated by the bank, with the exception of that item,,appeafs to be correct, jf| supported by proper vouchers, it would have given
me pleasure to have it settled prior to the approaching semi-annual settle
568
. .
R E P O R T S . O F T H E • '. .
,...[1834,
ment of the afiairs of the bank, and with an understanding that this settleiment should ,not affect the rights ofthe bank otherwise, if any it has. But,
as "the fund from which the payment is to be m;ade is at present insufficient,
I ani undeivthe necessity of postponing it until lhe President's. re|urn; after
which,.the requisite measures will be promptly adopted.
^ '
I am, veryu'espectfully,^
.:
Your'.obedient servantj
. .• .
. "WILLIAM J. D U A N E , ' . , . , . . ; ;..
. —
Secretary ofi the Treasiiry,
N.-BIDDLE,, Esq.,
\. .
.'.
v._.
-^
President Bank Un,%ted..Sfates,J?hiladelpkia.
: " ATTORNEY
GENERAL'S OFFICE,
.May 24, 1833.S I R : I have carefully examined the claims presented by the Bank ofthe
United States, on account of the protest of the bilfof exchange, drawn by
you on the French Government, for the first instalment, and interest due
the United,. States, under the convention with France of Ju.iy 4, 1831.
The account stated by the bank, if supported by proper vouchers, appears
to be correct; with the exceptiori of the claim of fifteen per cent, damages
on the amount of the bill. This item, in my ppinion, has no foundation
in law or equity, and ought not to be paid by the Government... The bank
is entitled to indemnity, and to,nothing more/ Iwill take anpther occasion
to state to you, the reasons on which my opinion is formed;^
;
' '
And am, very respectfully,
_. , . ,
- - Your obedient servant, >.
'.
. ..' .
•
': .
: ^ -^R. B.. T A N E Y . .
T o the S E C R E T A R Y OF T H E TiiEAS'URY.
,
O F F I C E OF B A N K OF T H E U N I T E D S T A T E S ,
.
;
Wdskingion, June 2b, \83^:.
S I R : By direction of the Bank ofthe United States, I hand you, enclosed, an account for the damages and interest on the bill drawn by the
Treasury Department on the French Governnient, and returned protested
in March, 1833.
•.. .- '
This accpunt was presented byme to the First Auditor for settlement,
on the 22d inst.,. and returned by hirn, on the 24th. inst., with the remark,
"that as the claini is understood to be predicated on a negotiation, or arrangement in relation tp said billj between the. bank and the head of the
Treasury, his approval, or an appropriation by Congress, is deemed necessary by the accounting ofiicers of the department, beifore they can consider
themselves authorized to take cognizance of it." P'or the purpose of ob;
taining from you the instructions \vhich are deenied, necessary, the account
is now presented to you,v, and I will be much obliged byyour acting on the
case as your engagements will permit, as the bank is anxious to know the
final decision of yoiif department in relation thereto,
I am, sir, respectfully, your obedient servant,
•. •. ,, . f i ' V . , • R; S m i T E , Cashier.
^;
-Hon. ROGER B . T A N E Y ,
Secretary ofi the Treasury.
1834.']
509
SECRETARY "OF T H E TREASURY.
BANK OF T H E U N I T E D STATES,
May 13, 1833. /
A C C O U N T ofi returii with protest fior non-payment, ofi a bill ofi exchange, drawn by Lhids •McLane, Secretary ofi the Treasury, dated
Treasury Dep.artnieki of the United States, Washingion, February 7,
1833, at^sight, to the p?^der ofi Samuel Jaudon, Cashier ofi ihe Bank ofi
the United States,^ on M. llumann. Minister and Secretary. pfi State ^
fior the Department ofi Finance, Paris. ^
.
.
Principal due March 22, 1833 - '
--^
-'
" /4,856,666 66
Costs of protest, as per Messrs. Hottinguer and Go's, account of cha.rges, herewith, exclusive of their commis3,478 00
sion, which, is cpyered by the'damages charged below /4,860,14'4 66
Interest from i\iarch-22a (t!ie:.date pf protest) to ,May 13th,
. fifty-two days J '- ,, " _
_
i Damages,on/4,856,666^66, at 15 per cent.
. ' 42121 25
728,500/00
/5,6'i30,765 91
Which, at 5.30, the cu rrent rate of exchange for a bill at sight on Paris, is
11,062,408 66, .due in cash this day,.with interest until.paid.
The Uniied States ofi\Americd, to the President, Directors,.and Company
ofi the JBank ofi the United States, Dr.
1833. May 13. For amount due.upon the bill of exchange
drawn by Lojuis McLane, Secretary;pf the Treasury, dated February 7,1833, as pe'ri^cppy lierewith, of the'account of return Pf said bill, under
protest for no|n-payment, rendered this day to:the
Secretary ofthe Treasuiy, with, vouchers. >.
$1,062,408 66
May 18. Deduct amount this day received from the
Treasurer ofIthe United States, per his letterdated
903,565 89
Washington May 16, 1833
' • 158,842 77
Interest on the above Ibalance fropi^May IS, 1833, to June,
21, 1834, 13 months and 8 days, at 6 per cent, per annum 10,536 56
$169,379 33
BANK OF THE
UNiTiED STATES, June 21.1834.^
S. JAUDON, Cashier.
TREASURY D E P A R T M E N T / w / y 2,
1834.
' ^ S I R : In reply to your conimunication, addressed to the,department on
the 25th ultimo, I have to state that the department is not aware of any circumstance '^havihg opcurred, since its letter to the President of the United
510
REPORTS OF T H E
[1831
States Bank, of the 21st June, 1833, changing the opinion of your claim
for damages on account of the French bill of exchange, as expressed by
the Attorney General, and by the department in conformity thereto.
I am, very respectfully,
Your obedient servant,
'
LEVI WOODBURY,
Secreiary ofi the Treasury.
RICHARD SMITH, Esq., Cashier,
Branch United States' Bank, Washingion.
BANK OF T H E U N I T E D STATES- July 8,1S34.
S I R : I have had. the honor.of receiving your letter of the 3d instant, requesting thatlhe dividend bn the stock of the bank, owned by the United
States, should be placed to the ereditof tbe Treasurer of the United States,
at the office of this bank in Washington, which was this mPrning submitted
to the board of directors.
. .^
"" Atthe same tinie was presented a copy of your letter lo the cashier of
that office, dated the 2d instant, containing the finaLrefusal of the Treasury
to allow the claim of the bank for damages on the protested bill iipon the
Freiich Governnient.
\ '
• After due considefation of the contents of these communications,'I am
instructed by the board of direct®rs to inform you that, from the dividend
payable on the 17tli of this month; there will be deducted the amount due
to the bank for damages, costs, azid intt^rest uponthe bill of exchange drawn
by the Secretary of the Treasury on the French Government; and that the
remainder shall be placed to'the credit of the Treasurer in" the oflice at
Washington, in corifbrniity to your request,
I am further instructed to say, that this course is adopted by the board of
directors, not merely from, a conviction ofthe obvious justice and propriety
- of it, but because it furnishes the best, if not the only, mode of obtaining a
judicial decision of tho case by the proper tribunals. T o procure that decision, the bpard wili give every facility in their jDower ; and iflhere is any
other mode of submitting the rights of the respeciive parties to the judicial
tribunals, more acceptable to.you, any suggestipn by you for that purpose
will nbt fail to receive the prompt and respectful consideration ofthe board
of directors. ^
...
..
- , '
—
•
•'
,. . In the mean time, l h a v e the honor to be,
.
'
'
Very resi^ectfullv, yours,
-; • •
.
' - , -. *N. ElDJ}LE,PresidertL
Hon. L E V I WOODBURY,
Secretary ofi tke Treasury, Waskington..
'
BANK OP T H E U N I T E D STATES, July 8, 1834.
S I R : I had this day the hpnor of informing you that the board of directors would deduct, from the dividend:^-payable to the United States on the
17th of this month, the ainount due tothe ba^nk on accpunt of damages on
the billpf exchange on the French Gpvernment.
.
I am instructed to apprize you, at the same time, that, in thus enforcing
1834.]
SECRETARY OF T H E TREASURY.
511
their right in this particular case, they desire not to be understood as waiving any other claim upon the Government; and they more especiahy wish
it to be understood, that they do not waive their claim for full compensation
and indemnity for tlpe violation of the charter of th6 bank, by the removal
from its custody of the public funds, for the use of wliich the bank had paid
a valuable considefation.
.
.•
That claim is reserved infull force, to be asserted at such tin^e, and in
s.uch manner, as may hereafter be deemed expedient.
~ have the hoiior to be,
.
.^
Very respectfully, yours,
N. BIDDLE, President,
Hon. LEVI WOOD-BURY,
Secretary ofi the Treasury, Washingion.^
^ '
,
T,REASURY DEPARTMENT^ July H , \83i.
SIR : Your two communications, under date,of the 8th instant, havebeen
received. The couijse pursued by the bank, over.which you preside, in determining to withhold apportion of the dividends due on the stock .pf the
Uriited States, has jexci ted-much surprise in this department; and a't the
present time is more to be regretted, as Congress is hot in. session to provide
for the deficiency thus caused in the estimated revenue from.the bank stock
the present year. '
The claini for damages on the bill of exchange drawn upon France—to
answer which, it is stat.ed that payment of part of the dividends isnow refused—was disallowed by this departnient before the two last dividends were
passed to the credit of the Treasury, and some months befbre the recent
session of Congress comuienced. Consequently, it was presumed thatthe
claim, if not abandoned, yyouId be presented and pursued^before that body,
in the,manner usual with clainis dgahist the United States, when the latter
has not instituted any action at la\v against the claimant.
Besides these considerations, it would not have been anticipated as probable that all the dividends accfuiiig would not be paid with promptitude
and fidelity, when it was known that the case of a failure in a stockholder
•to dischai'ge his subscription to the'capital of the bank was the only case
• where it he^ charier inakes an ex press provision " that he should lose the benefit
bf the dividends;'' and, in this instance, that the United States, thpugh.a
large stockholder, was not pretended to-have been g,uilty of any breach of
this provision'.
' |
\
"
' Notwithstanding this, it would s e ^ , from your conimunications, that
the United'States, though intimately tpnnected with the bank, by havirig
-conferred fhe great nrivileges in its chdvter, by still using it daily as a fiscal
agent fm- eertain purposes, and by beiri genl illed to a supervisioii ofits concerns,'through Congress, has suddenlyj without previous notice, and only
by an implied of constructive power, not,^\n the bpinion of this department,
warranted or necessary, and for the purpose of satisfying a controverted
claim, the law and equity of which were, m^ny months since, denied by the
Executive, and have never been sanctioned by eiiher ofthe other branches
of the Government established by thb constitution.
In this condition of the subject, since thetaiikMid riot deem it proper to
present to Congressj the customary, tribunal for settling such disputed de"^
512
REPORTS OF T H E
[1834,
mands against the United States, or, during its late sessipn, to apprize either
that body or this office of the extraordinary,course, intended to be pursued
in thus seizing upon ajarge portion of the public dividends, while already
in possession of more than a million ofdollars belonging to the Goverii'inent, but hitherto uncalled fi^r by its creditors or the Treasury; this depaf tment does not consider that it has yet enjoyed a. suitable opportunity, in
relation to so unexpected a measure,^ to know the views,or procure the desirable action of Congress, and therefore does not feel justified in making, at
this time, anyiarrangemenf with the bank, or any-^-suggestions" in respect
to legal prosecutions^ nor in recognisjng,:in any mode, the justice or propriety of the proceedings the bank has been pleased to adopt.
But it wili endeavor, on the whole subject, to present an early'report to
Congress at its next session, and to the President of the Unitpd. States. • In
the mean time, if the bank desires, before a report is prepared, that the
facts and reasons, in detail, pn which its decisions, and especially its claim
for damages on the bill of exchange, are founded, should be examined by
this department, the statement of them, whenever forwarded, will receive
a respectful consideration.,
- '
" . . : ' / '
•: ^''
. I have the hoiidr to be, yours, • ^- ... •
^•, • , ^,• ' \
, :
-LEVI WOODBURY, •
Secretciry ofi the Treasury..
N.-BIDDLE^
Esq;,/,
. ' • ' • ' • • . • ' • • ' '
'
..
•'
••
•
President tiniiei Staies Bank, Philadelphia.
No.2.-.
Lettpr ofi the Attorney General requesting ity arid the opinion ofi the honor.' ofile R. B . Taney upon the'claim fior damages by the Bank United
States, on acconnt of the'protest ofi'. the French bill of exchange.'
'
,
' ATTORNEY GENERAL'S ^^OFFICE,
• •; \•. _
•'
• ;fi,
October 2\,l83fifi
S I R : I have recently feceived a lerter from the Secretary of the Treasury,
in which he requests me, among other things, to furnish'him with a copy
of the reasons, supppsed by him to ha/e been placed on file in this office by
«yourself, in support pf the, opinion gifen by you as Attorney General of the
United States, on the claiin preferied Jn May, 1833, by the Bank of the
United States, for fifteen per cent, c'amages. on the bill of exchange drawn
-by the Secretary of the Treasury i n the French Government. As I do
not find any such paper on the/ilfS of this office, may I ask you to-transmit
me a copy thereof, if such a document hasbeen prepared by you, and, if not,
that you >will state the grounds qt ybuf opinion in such.fprm as to enable
me to comply with the request cf the Secretary .of the Treasury?'
I have the ionor to be,
<
, ./with great respect,
ii
'•'
'
Your obedient servant,
• ' / .•
^ .. V .
.i.B. .F. BUTLER:..•
To the Hon. ROGER B. TANEY, i?a/ifz7?2ore.
1834.]
SECRETARY OF T H E . T R E A S U R Y .
513
WASHINGTON, iVoi;e,7?266T 25; 1834.
S I R : i proceed, ajccording to your request, to state the grounds on which
I eame to the conclusion that the, Bank of the United .States was not entitled to the fifteen per-cent. dam.ages which it (iemanded on the .protest of
the bill drawn by the Secretary of the Treasury for the first instalment due
under the conventiop with France.
•
^
The facts in the case are briefly these.' By the ternis of the convention,
the money was to be paid at Paris, iiito the hands of such persoii or persons
as should be authoriized by the Government of ithe United States to receive
it; and,, by the act of Congress of July 13, 1832, it was'made the duty of
the Secretary of the Treasury to cause the sPveral instalments, wfth interest
thereon, to be'reeeived from the French Gbvernment, and transferred to
the United States,,in such manner as he niight deem best—the nett proceeds
thereof to be paid into the Treasury.
•"
..' ,
.In execution'of this act of Congress, the Secretary ofHhe Treasury drew
abill of exchange.on the French Goverhment, payable to the cashier of the
bank, or to his order, for the first instalment due by the treaty; fpr vvhich
the bank agreed to pay a stipulated suni;- But, as this bill from the Treasury
Department was not such -an^ instrument as Avould, iinder the treaty, au7
thorize the banker the holder to demand payment, another instrument was executed, in proper form, under the .signature of the President, and duly ,
authenticated from the State Department, whereby, the", cashier ofthe bank,
and his assignee of the bill, was authorized to demand and receive the
ampunt due for the said instalment, and to give, an acquittance to the
French Government. This paper was delivered, together with the bill of
exchange, to. the bankv and was passed with it to the endorsee, for the purpose pf conferring on the holder ofthe bill the chafactPr and authority that
wpuld entitle him to]demand the money, accordibg, to the stipulations in
the treaty. When the papers were presented to the f^rench Government,
and payment demanded, it was refused, becau.se no appropriation had been
made by the Chambers.. The ,bill of exchange \vas thereupon protested,
and paid, supra pr^ofest, by Hottinguer & Co., of Paris, for the honor ofthe
bank.,
' " ., '
' - . , ' ^ ' . ^^ '
' f
^My impression is, thatit appeared from the papers, communicated by the
baink to theTreasury Department, that thev bill in question was,paid by
Hottinguer & Co., out of funds ofthe bank, then in their hands. I do not,
however, find, such a statement among the papers now submitted to.me ;
nor does it materially vary thp case; for if is' not suggested by the bank
that it is liable to Hottinguer ife Co. for the. damages it has claimed of the
United'States.
At the time the Secretary ofthe Treasury made the arrangement with the
bank, abpve stated, and delivered to it the billof exchange, and the authority from the President, and for a long time befbre and after, and up to the
time when these damages were dernande'd, the bank liad,.on deposite in the
mother, bank and iits various'branches a verytlaifge aniount ofpublic mbney,
far exceeding thesum! which the bank was to pay. And, iipon the delivery of
these papers, the sum which the bank had agreed to paly to the Governrnent
was transferred, on tljie books'of the bank, to the credit of the Treasurer of
the United States. But it was- never brought intb the Treasufy by a warrant from the department, nor was-any part ofit ever withdrawn from.the
bank, or used by the Gpvernment. It remained in possession of the bank,
until notice was received of the noii-jpayment of the instalment by the
VOL. III.—33
514
,•
.
REPORTS OF T H E : .
-
[1834. .
French Government, and was thenj'e^transferred to the tank by the direction of the Secretary ofthe Treasury'. It is not alleged that the bank sustained any damage or inconvenience v/hatever, beyond the mere costs of the
tra,nsa.ct'ion.
'
, •. ;
. ">
, >
'The money which France agreed,to pay was due.to individual citizens
ofthe United S'tates fbr injuries which they had. suffered from the ^French.
Gpveriiment. it was, to be paid to the Uhited States, as trustee for them.
And the ^ object ofthe act of Congress, hereinbefore referred to, was to
enable the Secretary^of the, Treas'ury to transfer the moneys to this country
in such a,manner as would, in his judgment, render the fund most.productive tothe parties entitled.' ; The nett proceeds of the mdemnity stipulated
by the treaty, after deducting thC; costs and exipenses of transmitting it to
the United States,-is all that the parties ,are entitled to demtind from the
Gpvernment;. And if the damages insisted, on" by the bank are allovyed, it
will diminish the sum to be distributed $158,842'77,,. and lessen, by that
large anioiint, the compensation to be received by the individuals whp have
sufferedfrom the wrongs of the French Goverhment.-. In the.'arrangement'
made with the bank, the Secretafy of the Treasury dealt with >^a fiscal
agent of the Gpvernment; and fhcit agent must have perfectly understood
that the United States, were acting merely jn the character of trustees forv.
the benefit of others ; and that, in the shape.which was given to the
transaction with the bank, the Secretary of the Treasury intended,to obtain,
the remittance'of the fundis, in .a manner that would render them-most'
productive to"^lhe persons entitled.
\
This summary oX'tlie facts, renders it sufficiently-evident that the.iclairn
of the bank to ,fifteen per bent, damages i cannot be supported, upon, any
principle of moral justice, among the' parties concverned.' As the bank does
not allege that.it sustained any damage or inconvenience fro.m the nonpayment ofthe money by the French Goverhment, it would be manifestly
unjust to extort'these heavy .dcuuages.fronr the individual citizens, who
woul.d have to beaf thepenalty it demands, and whose actual -losses will
not-be compensated if the entire sum is paid .according/to the treaty.. It
would be still more unjust to'exact such damages from the United States,
as they acted in this business merely in: the character of trustees, and
adopted, in good faith,, the mode of remittance which' Was believed^to be
most for the interest bf the ipersons interested in the fund. -Where nP loss
has been sustained by the agent with wHom the Gavernment dealt, it is
obvious that there can be no claini for dam.ages, uppn. principles of justice,
either against the individual claimants or against the Government; and if
the bank can raake good its' right to these damages, the claim must depend
for support on rSome principle of mere technical law, and'not upon--its
equity and justice:
,
•/
.• /
-'
-.^. .
.
In my:opinion,Mhpre.is no principle,i.even ,of m.ere technical lawi,':upoix
Avhichthe claini tq these dlmiagescaii be sustained., '
/
,
• If the.bill of exchange, drawii by the Secretary pf the Treasury, had
been, an, ordinary cominercial transaction between individuals,, the protest
fpr nori-paymenf woiild notj^ according to, fhe geiieral usages of trade, have
given the.bank a right to demand these dai-nages ; .for, .by the general law
merchant, the holder of a pfotested foreign bill of exchange.is.entitled to
iadehinity, and^,ta nothing-"more. He. is entitled to a just compensation fpr
the; injury he',may sustain ; and thi.s cpmpensation,, according to the general
law of commerce, cpnsist^s of so... much as will purchase ""a good ^bill;ol
1834.],
SECRETARY' OF THE TREASURY
5W
exchange for the same, amount, together' with interest pii the amount of
the bih," and the ccjsts\aiid expenses to v/hich the j4*otest subjected him.
But he has no right to' damages of fifteen per c e n s o r for any particular
amount, by way'of penalty^ on the dfawer. I sip^k now of the principles
upon which the-general,.law nierchant measures the compensation, to a,
holder of a foreign bill of exchange, when dec^Ang with the subject upon
• .general principles of justice betweeii the- p/rties/ But, .iii many places,
damages are given by local usages, or thb.^atuiifes ofthe pafticular^States
or nations, and vary in amiount in differen/places. And,;in such instahces,
they arejiot intended to be given as ia/om/jerisation for the loss actually
sustained, but are allowed lipon principles of commercial pohcy, and as a
• penalty on the diWer,for selling o^^^^^^^
bill of exchange, without
liavin.o'^funds provided to meet if. ",. .'
•
, „
In Maryland, for example, ^ama^es a;^ giveaby express.statute ; and: by
an act of Assembly, passed in 17^5, and which is stilfin force in that State,^
it is enacted - that upon all bills-of e^fchange hereafter drawn in this State,:
on any persoh, corporatiou fcc^ipanfi^. ox [society, in any foreigri country,
and regularly protested, the owner or hold.er of such bill, or the persoyiox
' per.sohs,,conipany, iociety, /r corporation, entitled to the'same, shall have
a fight to receive aind rec<?W so much curreht money as.will purchase a
good bill of exchange of^the same time of payrnent, and upon the same
' place, at the current, exchang;e of such biUs, .and also fifteen per cent. ,
• damacres upon the vah/e ofthe prhicipal sumi-peiitioned in such bill,'and
cost .of protest, togetlier with legal interest ''upon the.value;of the principal
- s'iim mentioned dh sVch .bill,^ from the time of protest until the. principal and
^ damages are paid xnd satisfied/'
'
fi—
' , .
^ . ^' '
The transactiai.: between the Secreltary of the Treasury and the bank
havincr taken plice at Washington, in that part of the District ofColumbia
' whicif fo'rmer^^y belpnged to'/Mary land,'it would, as'Congress have riot
leo-islated on^he subject,'be governed by the laws of Maryland in force at
the time \y.)ien jufiscUction was assumed by the General Government.
• It is mder this act of Assembly, I' presume, that these damages are
clairiied/and the/ight to them, ifit exists at all,must be deduced from,the
prbvisions of thjs law, and cannot be claimed independently ofit. And, in
orderto suppp't the demand made by the bank, it must be shPwn that this
statate ieml3raced bills of exchange dra\yn by thie- State of Maryland itself;
/because; tte^'United States standing nowin the same relation tP that portion o( the" District that th'e State held befofe jurisdiction was assumed:
over it, by the General Government, the statute in question camiot bear otf
the./riglifsiof the/United States further than-it operated on the Stateof
Blaryland,in like cases; '
.
: : ^ : .,
~
-, / '
'
r'^^
; / l t is quite clear that-this act of Assembly did, nPt embrace bills of exchange
/di'aw.n by the State itself I consider it to be-ain establislied principle of law
iri Mairylandi tfiafUhe State is not" included;in thegeneral provisions of a
la-iv, unless it is expressly named, or the language of the staitute and the
nattiTe •ofthe prbvisions itnpiy that'it was interided to operate on the rights
of the State asi well, as bf iridividuals/. The Sttte is npt named in ,th!e
statiite ^above •quoted, nbr* cari its yords, by any fair iriterpretatibn, be cbnstrued to embrace it. The object of the law is top obvioii^ to be riiiisuride'fstbbd- If was desigried to preivent individuals, or cpmpianies, frorii- selling
bills payable' in fdreign places,;when fhe'y haid no fund^ to.^meet therii.'
And the fi&eri per cent, dariiages is given in etdditidri to th^ actual damage
516
REPORTS OF T H E
.
[1834.
which.the holder would sustain, in order to deter individuals from practising'imposition upon others, by professing tohave funds m places where, '
in tfuth,., they have nori^, and thereby inducing the hpnest trader to purchase
from them; and, by thalmieans, subjecting hirn to inconvenient and inevi-.
table disappointment iri h^^ cpmmercial arrangements.' -It .is -impossible to
supppse that thc-Legislatur^j'magined that such a provision was necessary
to guard individuals against^Pch imppsitions-on the part of the State'. It
could not -be supposed that k\bill of exchange would be drawn by the
sovereignty, unless it was Xehe\ed that funds'werb provided to lneet^it;
and it cannot be imagined that, it/the party on whom it was dravvn should
fail,in his duty, and refuse the pay.^ient, the State'would inflict a penalty
of fifteen per cent, on itself, wh^n ;iVhad been .in no fault and committed
no injustice.^ In such a case, it W'puldrfoubtless be right to settle the claini
upon principles of justice, and to^^^^ive'^o the partv a hberal indemnity for
any loss he- might ^really sustain. ^But 'vlie State' could, hardly intend to
infiict upon itself a penalty bey^ond Vhat \he principles of justice and the,
general.usages of trade would give in ihexcase of an iridividukl. It is
impossible, therefore, to suppose that it Was.tJK intention of the Legislature,
to embrace Tn, this law bills of exchange-drawX by.,the State; and, as the.
State of Maryland would not, under this act of Assembly, have been chargeable with the^fifteen per cent, damages, the.,penary cannot, by force of its
provisions, be claimed against the .United .States: \
But the subject-matter of the transaction-out of which this controversy
has arisen, is not one contemplated^ by the act of Ass'e^ibly, and was n.ey.eiv,
designed to be embraced by its provisions. .The kw ii\terided to o-ive the
damages specified where instruriients, known in the geneial usao-es of trade.,
as foreign bill,s'of exchange, were regulafly protested, .{n ctises of that
description, the salp of the bill itself constitutes the wfcle'transaction
between the drawer arid-the party to whom it is transferred-the purchaser
is not bound to inquire,, and is not presumed- to .know, how fuixls are tp be
provided in the hands-ofthe drawee to.pay it.' The dravvino- ofNthebill is
equivalent.to an assurance that it will be duly,accepted:and paidVand the
purchaser relies^upori'this.assurance., The instrument itself confers the
right to receive the money,;and cpnstitutes the only-evidence of the ricrht
and it does not require the aid of any other writing to. suppoit its authonty!
It is ari abuse of terms to treat the bill drawn by the Secretary of Uie
Treasury, in favor ofthe Bank of the United St.ates, on the Frerieh Gpveihmept, as an ordinary rnercantile transaction, and^ liable to be governed by/
the same rules; Thi^ bill of exchange, standing.by itself.^gave nb'right to
demand the money from the party on whpm it was drawn.. The endorse^
ment of the bill, of itselfj transferred no right to the holder. The entire. ^
authority was given by the instrument^signed by the President; and. attested '
at the State Department, which authorized the French Goverriment to pay:
the, money to the cashier of the Bank bf the United States, or to his assignee
of the bill. ' "The bill qf.^exchange not being such an instrument as the
treaty contemptated',''if would have been inoperative, and w:ithout value,,
unless accompanied by this giuthority. It was in shape, indeed, like the'
mercantile-instrument known ;as a bill of excharige, but it wanted the most
essential quality of that instrument, If cannot, therefpre, be justly or legally
fegafded as subjecting the parties to it to all the liabilities and undertakings
implied in the ordinary concerns of comnierce. Nor can it be considered
as embraced by a statutory provision, yvhich vvas obviously designed to pro
1834.]
SECRETARY OF T H E TREASURY.
517
vide for iristruments which, belong to the ordinary usages of trade, and
which have the'ineidents and qualities the law annexes to such contracts.
The real authofity to the bank was theiristrument of writing above
mentioned, signed Iby the President. This paper was executed in mariner
arid fofla accordinlilg to the usages pf nations, and the French Gb.vernment
were bound to recjogriise its authority, and to pay^the money to the person
thereby designated; and, froni the nature ofthe transaction, the-bank must
have perfectly undefstPod that this instrumerit, arid npt the. bill of exehange,
constituted the real power to receive the irioney. . ,
The paper from the'.Department of StiUe,being^^
to the bank
at the same tiriie .with the bill, explained the whole transaction, even ifit
had not befdre been well understood. ' And there is no pretence, therefore,
for treating this contfoversy'-as ifit \vere siiiiply the affair of a commercial
instrument, and lijable to allits incidents and implied undertakings;
,
The bill of expliange was superadded, I presume, to the regular authority
required by the treaty, for the convenience of the bank, in, transmitting the
funds tb this country; and it certainly was not expected that an instrument,
not necessary to the transaction, and which conferred no right, would sub. ject the Uhited States to the payment of fifteen per cent, damages, uponi the
'failure ofthe French Govefnment to'meet its.engagements. . .
fi
.- '
Whatever daniages \tere actually sustained "by^ the bank, the Government ought-no doubt to repair, and are ready and wilhng to make good."
But there is, in my judgment, no foundation in justice.or in law for the
penalty pf fifteen per cent, claimed by the bank.
'
:
The papers relating tbthis transaction being in W^ashington, it was out
of my power to reply to your note, until 1 could come here to examine them;
and, having beeii| riecessarily detained in Baltiniore.^since you called on me
for this .opinion,'I must beg you to "excuse" the unavoidable delay in trans• mitting it to your office.- . . ••
.,,
"
fi
•
I have the honor to be, sir, " •
'"'
,. /
Very respectfully, your obedient servaiiit,'
• ^ ' •• •••' - ,
^' R. B. TANEY. .
^ The Hon.. . B . F . B U T L E R ,
^
'
.
Attoipiey General U.S., Washington.
-', ;, ,.
'
'''
; .
No. 3.
Opinion ofi tke Attorney General ofi the United..States, on the seizure of
the dividend on the Government stock ofi the'United States in the
'/ ;^
Banlc ofi the Vnited States.^ ' / '
.ATTORNEY GENERAI/S OFFICE,
"\-' - • ' '• •'• .• / November 28, 183L
S I R / I have examined the correspondence and other documents transmitted to me with ypur communication ofthe 17th ultiimp; and,_in compliance with your request, will now prpceed to state. my opinioii ^-as to the
validity of the course plursued by the Bank'of the Unitedi States," 'in with, holding a portion of. the dividends payable, in the month of July last, upon
he stock of tha't institution owned by the United States, and in applying
he same in satilsfaction of a claim for damages at the rate of fifteen per
518
REPORTS OF THE
[^''
cent., and/or eosts and interest upon the bill drawn in February, 1833, oi¥
the French'Goverriment: which claim had been previously disallowed by
the Treasury Departnient,^and!had riot been provided for, br.in anyiother
manner sanctioned^or admitted by, any act of. Congress. ^
''
•
In the letter of the president of the bank, addressed to .yourself,, and
dated the Sth of July last, he states that he is instructed to say that this
course has been adopted "by thei board of directors, "not merely from a
conviction of its obvious justice an.d propriety, but because it furnishesthe
best, if not the only, mode of obtaining a judicial decisiori on tlie case,, b^'i
the proper.tribuimls." rHealso suggestsvfhat, "to propure such a decision,
the board will give every facility in their powe'r; and that, if there, is any
other mode-of submitting the rights of .the. respective parties to the .judicial
tribunalSj-more acceptable to ybu^, any {sugges tion for that purpose will receive a'prompt and respectful consideration.^^ ' '
> • ],
The vindication of the bank, in withholding.the moneys iii quPstion, is
thus, as i understarid,it, placed by-its president on the double gYoiiud,fi7^st,
that the cour.se itself is a just and proper one; and, secondly, that whether
this particular step be a proper one or not, the original, clairii of the bank
to damages ought to be decided.by the judicial tribundls,-whose action is' .
to be had.tipon the subject, b}/compelling the United States to^sue for thfe
liioneys now retained; when the. opposing'claim'of the bank will be presented for trial and decision, by way of set-off.' >
,
./'
• \ ^, .
1. I am not aware, that any case can exist in .a couritry acknowledging a;
governmerit of laws, in whiclf it caii be obviously just and proper for a^
party, claiming-to be the.creditor of another,fp retain the,,money of other '
property of the latter, withput his consent" and agairiJ^t his willj except
where the law gives' sucli_ creditor the benefit of a lien f in which case heis
permitted l o appropriate the debtor'g anpriey to the payment of ^the. debt,
and to detain "his. other ^'property until sucli debt shall be satisfied.' Such
a right, it is presumed, is intended to he asserted and' relied .on, in support ,
of the cburse adopted by the bank; and'the first point tb be examined,
therefore, is, whether that corporation has ai lien fo.r the claim, arid .on the .
moneys in, question.
,
'. ., ..
It is proper, at tliei outset Pf'this inquiry, to reciir to the charter of the
bank, for the purpose .of ascertaining, whether any such right can be de- ;
rived from its provisions,; it being a.fariiiliar rule, in the law of corporations,
that those bodies have no othefpowers thari such as are either expressly •
granted or necessarily implied in the act creating them. The thirteenth
article of the coristitution of the corporation is the only part of the chairter '
which expressly authorizes the bank to.withhold..the dividends of a stockholder; and the authprity there given is confined to,the case of " a failure
iri the payment of any part of any sum subscribed to the capital of the said
bank, by any person, co-partnership, or body politic ;'',. in which event it is declared, that the party failing '• shall lose thebenefit of any dividend which
may have accrued pfior to the time for making^ such paynierit, and during
the delay ,of ithe sanie.?' Whether this^corporation .woujd have had a lien
Ori the dividends in the paftipular case thu.s provided, for, if t h e charter, had
been silent oil the subject, it is .not^npW'material to inquire ; because the
provision above;'quoted is cbnfined to' dehnquencies ^'-by any .perspn, co- .
partnership, or bod.y politicfi and Avas evideiitl3rso penned for the purpbse
of excluding ,the UnitediStates from iis purview; and also because the de
1834?]
SECRETARY 'OF T H E TREASURY.
5I9
mand for which the lien is' now claimed, is not for a failure of the paymerit
of'subscription moneys. ^
' Nor do I think it very raaterial to inquire whether, since Congress have
expressly authorized the bank .to withhold the dividends /of a' stockholder
in one case, and in orie case orily/ the right to do'so is to be denied in every o.ther case, although there is certainly some ground for such an argument. On the contrary, I shall concede, for the purpose of this opinion,
that, as between itself and its ordinary stockholders and'dealers, this corpoTation is entitled to the same liens and other legal advantages, in respect to
debts and daniages claimed by it, as private bankers, or the State banks.
' By the law of li^ir, as it exists-in Englarid andthe United-States, private
bankers have a geiieral lien on all riioneys \ahd securities'deposited with
them for the balanipes. of accounts and othef actual debts, and for acceptances and other en gagements made in consideration of such deposites.' The
State banks, and p her" moneyed corporatibris in-this .country, are undoubtedly entitled to the llike gerieral lien; and it is usually understood to extend,
in respect to debts actuailly due, to 'dividends on their' stock. Siuch, at least,
appeairs to be the law in New York'arid Massachusetts ; in each of which
States it has been decided by the State courts, that dividends',011 stock
might, without ariy express provision in the charter, or any specific by-law
on the subject, be apphed, by the company declaring them, tothe discharge'
pf debts actually due from the stockholder.—i?aife5 vs. New'' York Insurance Compciny\'{3 Johns Cas. 238;.) djxd Sargent YS. Frankliu Insurance
Conipany, (8 Pickering,.90.). The bill on the French government havirig
been drawn in that part of the District 'of Coiumbia in which the law of
Maryland prevails, |inust be decided, so far as. it may depend on the local
laws, bv the law-of! that State ; .but the question^ whether the bank, supposing- its claim to be a valid one, could rightfully adopt, for the satisfaction
of that claim, the c'purse it. has' pursued, must depend, as to locallaws, on
the'law of Pennsylvania ; -in whicli,latteT State this paft of the case has
exclusively arisen, jand in which the trial, provided,a suit' shall be com'iiienced, v/ill be. had. In this State, from the bareful manner in which the
right to withhold thie dividends of stockholders indebted to banks has been
' given4o those institjutiPns, by the general statutes bn t.he subject, it would
seem to have been thought necessary that the right to' Teid^n'dividends, in
satisfaction of debtsj due tb a corporation from' its stockholders, should be
expressly conferred Iby the legislative authority.
' Blit whatever niaiy be the fights'of thei Ba.nk of the United, States, in
respect to the,dividends of ordinary stockhplders actuailly indebted to the
. .corporation, the present base is distinguished .by circumstances fatal to the
supposed lien.
•/
'
:
'
, '- .
•
The, stockholder whose dividerids have'been withheld, is not an ordinary
corporator; the corporation itself, considered in reference to that stockholder, is-npt an or.dliriaryycptpo.ration ; .and the act in question is not to be
decided by the rules which would govern iri ordinary eases, The chief object of Congress iri iricprporating the Bank.of' the United States,/so far as
their design can be ascertained from their debates and other. proceedings,
was, to create an instrument, or agent, to be eriiployed in the.collection and
disbursement bf, the public revenue, and in thb other, fiscal opefatioris ofthe
Government ' And in all the legislative, discussions which, from 1791 to
the:presenf day, have been had upon this subject, a's Well'as iii the decision
of the-Supreme Coiirit inthe CBLBQ oi McCullocli vs. ike State ofi Maryland,
520
REPORTS O F T H E
[1834.
(4 Wheaton', 316.) the powers of raising, collecting, and disbursing the
public revenue, of borrowing money on the ereditof the United States,
and of paying the public debt, have been principally relied on as those
which were supposed, more clearly than any pthers, to include the iinphed
pPwer to incorporate a national bank. This corporation, then,, considered
in its relation; to the United States,, is emphatically their agent;, andthe
pubhc money invested in its stpck riiust be deemed to have been so invested
for the double purpose'of rendering the agent more efficient and useful, and
of securing to the Government a revenue therefrom. If this view be correct, it is impossible that the^ bank can be erititled to a lien as against the
United States, either in respect to the Goyernmeritstock, or to the dividends
. accruing thereon, or. tp any other public moneys which may come tp its
possession.' All hens are. founded Pn the legal" relation of the partie's, on
agreement, either express or implied, oron the usage of trade; and a lien is
never permitted vvhere it-wciul.d be inconsistent with the legal relations, Pr
would violate the agreement or understanding of the,parties.- Arid surely
nothirig -can.be plainer, than that the United States, in creating this fiscal
agent, fbr the express purpose, among other things,, of more effectually
collectingjand bringing into the Treasury the moneys.of the natiori, could
never have iritended that the' agent should have the power of detaining
thpse moneys, and thus defeating one of the leading motives which led to
its creation. This objection might be enforced, but I do not know that.it
co.uld be made; more-intelligible-by any .additional remark; ahd, to my own
mind, its distinct and perspicuous arinouncementis all that seems necessary
to secure tp it a general assent.
. But, without reference, tp the nature of the corporation, there is that in
the character ofthe corporator, whose dividends are withheld, which exiempts'theni frorii the lien now asserted:. The Uni ted ^States, in becoming,;
a stockholder in the bank, have npt parted with the-character and imrnu-^
nities which beiong- to the sovereign powei'j except so far as the samp are
expressly relinquished. ' And as no express authority has .been, given to
the bank to withhold, in any case, the, dividends accfuing on the public
stock, its right to appropriate such dividends tb its own" use, uiader the
notion of lieii, or of any pther legal privilege,'must stand-upon the same
ground as that of any other natural or artificial person owing allegiance to
theGovernment. .
. '
. -,
It is a fundamental principle bf public law—one, indeed, which results
from the very nature of sovereignty—that the. sovereign power, np matter
in whom it may reside, is not liable to be sued iri the judicial tiibunals by:
its creditors, or others, except in those cases -where, by the'civil polity of .
the nation, provision is. expressly made for this mode of obtaining justice,.
In the United States, no such provision exists in respect to claims for any
debt or damages alleged to be due from the ^Government. No suit could, .
be maintained by the bank against' the United States for. the recover)^ of
the damages in questiori. Its only direct remedy is by .ari^ appeal to Cpngress, who, under our constitution, have the exclusive controf of .the pub-^
lie moneys. - , . , . ,.
. ,,
"
, .
As a gerieral rule, a lien can only exist in those cases in which a suit at
law might be prosecuted by the party asserting the lien against the owner
of the rrioney, or other property detained. And as thV United States can-.
not:be sued for debts or damages incurred by them, it follows, that no lien
for any such debt or damages can,exist on their mone.y or other property.
1834.]
SECRETAR.Y OF T H E "TREASURY.
521
' On this point, I refer to the case of the Unifed States vs. Barney,
(3 Hall's American 1 Law Journal,. 128,) before Judge Winchester, in the
United States district court for the Mafyland district, in 1809. The indictment charged the defendant witli having, wilfully, obstructed the passage of the pubhc mail. The defendant set up,, in his defence, that he had
fed the horses eriiployed in carrying the mail for a considerable time, and
that a sum ofmoney was due to him for food furnished before' the time of
their :detention ; a case, which, as betweeii individuals.only,' would clearly,
at coriimon law, have entitled the party to a special lien. ; If was decided
that the defendant was not justified, on the principle of the common law,
- iri stopping the mail; for, as the Government could not be sued, rio lien
could exist.
.
.
. ^
-.
' In the course of his opinion, Judg^ Winchester states, as the ground of
his decision, that "no other remedy exists for a creditor of the. Govern-.
ment, than an application to Congress fbr payment. A. hen cannot be'permitted.to exist against the Government; fbr liens are only iknown or admitted in pases where.the relation'of debtor and .creditor .exists, so as to maintain a suit for the debt or duty which: gives rise to, the lien, in case the
pledge he destroyed,'or the possession tihereof lost.' As in the case of a
carrier pfthe. mail: he canriot sue for the hire, nor^retain the mail, because
he cannot sue.' Yet a carrier of private property may sue or retain, because
Government is not answerable.. Jus^tice is the same, whether due from one,
t o a million, of a million to one Irian ; but the modes of obtaining that justice must vary. > An |individual may sue and be sued. 'The United States ,
cannot be sued. Suability is tnconipatible.with the idea of sovereign power.
T h e adversary proceedings of a Court of judicature can-never be admitted
against an independent Government, or-the public stock or property.- The
ties of faith, public character, and constituticnaiduty, are the sure pledges
ofpublic in tisgity; and to them the public, creditofs must, and. I trust with
confidence may, look for\justice. Tliey must notmeasure it out fior tkern.selvesy The sarae general, principles are also rPcognised iri the cases of
"the Commonwealtk'YS. Mattackfi[^ D'cdlixs, 303,) aiid the UnitedStates
vs. Wells^, (2 Wash. C. C. R., f61,) to which I shall hereaftefhaye occasion
to refer for another p irpose:
', '
.
.'*...:.;
, This doctrine,is pecuhairly applicable to the present case. From the 17th
of July, 1834, when the last seriii-annual dividend becaine payable, the
bank must be deemed to have been iii the possession of so much money
belonging to the Government, and as holding it in the same manner, and ^
subject to the same obligations and liabilities, as any other receiver or depositary of pubhc mone^ys. It may not'have passed the aniount in its^books
to the credit of the Treasurer^ of the United States, but/its own oriiission
to do. all act merely formal canriot alter the substance of the transaction,
nor impair the rights.of the Government. Though nof technically brought
into the.Treasury, this money .was not the less a part of, the public treasure,
and, as,such, it must be protected from lawless misapplication.
The constitutional provision /that "no money shall be drawri from the
Treasury, except in consequence of appropriations made by law," was
undoubtedly intended to secure, tothe National Legislature tjie exclusive
power of deciding how, and vi^hen, the, public money shall be'rtppliedto the
discharge of the expenses, debts, or other engagements or liabilities of the
Government. But this provision would be liable.to be evaded and defeated,
if thepublic money, whilst in the hands of receivers and depositafies, were
522
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[1834/'
not-exempt frpm the claims, pretended or real, of thoseagerits. - To, apply
any portion pf the public money to the satisfaction of a claini against the
Government, not.sanctioned by any act of Congress, must be equally a violation of the spirit and intent of the constitution.^ wliether the money has
been formally brought into the Treasury, or whether it be lying in the.hands
of a depositary.. To^ give'full effect tb^its provisions-, the law of lien, and
eYery other legal rule .'existing between individuals, which, in its practicaii
operation, would produce such a result, must give way to the paramount
efficacy and impoilance,,of the supreme lawr i
;
.
"^ ^.
• '
But, independently of any constilutionai provision, the .result would be
thesame. Once estabhshed the fact that the. mo.ney in-question is the
money of the_ nation, and its exemption from ordinary liens must necessarily fpllow. This eixemption is riot m.crely a prerogative ; i it flows from
the nature and necessities of Government, and is essential to the fuH attainment of the benefits intended to be secured by it. .And there is even more
necessity for extending it to jiioneys in the hands of collectors and depositaries w^hicli have not reached-the publiC'Tre^asury, than to those which,.
having been received into the Tfeasuiy,' are aftef wards drawii from it,,and
-intrusted to disbursing agentsfor the. purpose of expenditure. It is fpr the
mos^t paft, on means orthe fbrmer description, that the publicestimat.es are
founded arid the .legal^appropriations made ;.and all thefiscar'arr/angements
of the. nation would be liable to be defeated, if the agents employed to
collect' the public.revenue were allowed to withhold it from the Treasufy,
under the pretext of satisfying their own claims on the honor or justice of
the nation. In the very case now before, me, the dividends in.-question
were a part ofthe ways .and^means enumerat^^d in'the estimates duly submitted to Congress for the present year, and were, undoubtedly taken into
accourit by that body, inthe appropriations made by-them. And though
the amount ofpublic money now detained was notlarge enough to produce .
any very serious embarrassment, yet I perceive, in the correspondence submitted to me, an exphcit de'clarafion by the presiderit of the bank, that the
cprporation has ancther,claim agairist the Goverriment.for compensation and
indemnity, wliich is "reserved in full.fprce, to be asserted at such time and
in such manner as may hereafter be deemed expedierit," and under which
it is ppssible that other moneys, and perhaps eve-ii the large amount of stock
belpnging to the Governmerit, -niayx, hereafter be withheld. Indeed, it is
.obvious, that if the course T/OW. adopied be warranted by law, it may with
equal propriety be pursued^ by the bank -in respect to-the claim it has reserved ; and that all other receivers and depositaries of public nioneys of
other prbper ty: will be equally' at,liberty, in like case's, to imitate the example:' The-principle, if sound, would/also have included the disbursing
,agents ; biit,. fortunately for this brarich of the public.service, Congress,by the second section of the actof thb 3ist pf January, 1823, "'concerning
, the disburseraent of public.,,money," have expressly enacted that, every officer or agent of the United States, who shall receive publicrnoney^wkich he is
not auihorized' to retain as salaiy, pay, vr/eniolum.ent,:sh3\l render his
accounts quarterly-yearly to the prpper accouritiiigofficers ofthe Treasury,
with the vouchers ^necessary to the correct and prbmpt settlement thereof,
within three months^ if residentin the United States, and within six, if residerit abroad ; thus, by necessary iriiplication, excluding all pretence for retaining the p.iiblic,mpney for ariy butstanding deniand, however:equitaible or
vahd. And, by the third sectiori ^of the Same act, it is fiirther provided,
1834.]
SECRETARYOFTHETREASURY.
- 523
that eyery disbursing officer or agent violating this enactment shall be forthwi.th reported to the Pi^esident, " and promptly dismiss ed from the public
service, unless he shall satisfactorily ^account for his default." The first
section of the. act of the.2dMarch, 1809, amending the several acts for the
establishment and, regulation ofthe Treasury, War,"and Navy Departments,
also provides, that £ill such officefs "shall render distinct accounts of the
application of the public moneys, accofdin'g to the. appropriation under
which the same shallhave. been drawn ; and that the sums appropriated for
each branch of expendi'ture shall be solely a,pplied tothe objects fios v)hick
they were respectively appropriated, and to no other fi an enactment yvhich
plainly inakes- it.unlawful for the persons embraced within its purview- to
appropriate the public nioney to the discharge-of tbeir own cjlaiiiis,'unless
a distinct, appropriation for that purpose shall have, been made by law.
Other provisions^ of the like nature, might be referred to, but I will only
mention, in add-itibn, the, prohibition contained in the act of the^25th'of
January, 1828,'"to prevent deftilcations on the part of the disbufsing
agents of the-Goverrimerit, and for other purposes,"; against paying to'any
person, whois in arrears to the United States, any money for his compensation, " un'tiisuch persoii shallhave accounted for,'and paid intp the Treasury, all sums for which he may be liable," These various statutory provisions are in affirmance of the preceding views ; a,nd they shov^,.vefy clearly, that Congress deem the unauthorized detention of the public moneys by
the disbursing ageiits anoffencesp aggravated in its character, and so darigerous in its,tendency, as to justify veVy severe and summary proceedings.
And-if they havenot guarded thepublic treasure^ whilst in the harids ofits
origina,! receivers and depositaries, with equaletficiency of regulation,the
omissipn is doubtless to bd ascribed to the belief that no oneof those agents,
ho>vever faithless in other respects,' would attempt to sequester pr detain it,
undei/ the pretext of'satisfying^ a claim riever presented tp: Congress, nor
recognised as valid by any department or officer of the;Government;, and
to the/fact, that until the, occurrence of lhe present case,, no/such attempt
has ever been made, or, if made,- brought to the notice of the Legislature/
But iif the measure now tinder review shaU-be ultimately sanctioned by
the judicial tribunals, this omissipri of statutory provision will no longer;be ^
safe.; Tiie whole re ven ue| of the country will be exposed to such' hazards^
as to call for the prompt pxertioii of the.legislative power;. . . •
There' are, however, various, legislative provisions now in force, in'regard to the collectors ofthe custonis and receivers of moneys on the saleof
public lands, which plainly imply that they have no-authority to withhold
from the. Treasury the moneys collected, by .them,,except so far as expressly
->.authorized- by act of Coiigfress. And the act of the 15tli of May, 1820,
providing for the better organization of theTreasury Department, provides, .
"•that if any collector of the revenue, receiver; of .public money, or other
officer, who shall have rece ved the public nioney before it is paid into the
Treasuryof the UriitediStates, shall fail to render his account, or pay oyer
the same in the manner, or within the.time, required-by law, it shall be the
duty ofthe First Comptroller ofthe Treasury tb cause to be stated theme-,
count ^of such collector, receii ver ofpublic moriey, pr other officer, exhibiting
truly the, amount due to the United'States, and to certify the .same to. the
agent of the Treasury, whb is authorized and.required to issuea warrant of
distress against such 'deiiiiqiuent :ofiicer and his. sureties." The act then
prpceeds to. prescribe .the .course to be pursued on the warrant, by sale of
524
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'
[1834.
the goods and chattels and.;lands of the dehnquent and his. sureties, arid, in
ai certain event,'by committing the delinquent to prison. This enactment
is, also, by the third section ofthe act, extended to disbursing officers; and
although provision ismade fof enabhng any person, who conceives himself
aggrieved' by the issuhig of any such warrant, to obtain an injunction from
a district judge .upon abill in equity, "setting forth the-nature and extent
of the injury ofwhich he complains'," yet rio authority-is given to the judge
to allow any Pther deductipns thaii'those to which the complainant shall be
found to be equitably entitled under some legislative provision. This act,
and all the other acts of Congress-on the subject of the collection and safe
keeping ofthe public, revenue, seem to me to have been framed upon principles directly the reverse of those, iri'volved in: the/recent measure of the
Bank ofthe Uriited S.tates. ' -- ^ ..
• . • ',/- '
;
"' '
• It would be easy to extend this topic by other pertinent remarks; but
the-utter incompatibility of a right in the public agent to appropriate to his
own use, under any pretex:t, public property .comraiUed to liis care,'with
the fii'St principles of civil government and official duty, is too. apparent to
need further observation.
' But independently bf the weighty, consideratiohs above' stated, there are
.other objections, to thc existence of a lien in the present case, which, though
not equally important, are not less decisive.
,
.'
A factor, agent, or other person, to whpse hands money or other property
is intrusted, upon a special agreement tlmt the same is' to be paid or delivered in a^particular nianner, or under an implied understanding to that.
' effect, is not usually entitled-to a- genef allien, even for debts subsequently
contracted ; and is never allbwed to assert such a lien, in respect io antecedent demands. The reaspn is, because'itwould bea de'parture from the
obligations, express or tacit, (as.the case may'be^) of the contract.and would
operate as a fraud on the owner of theproperty. ' Considering the pecuhar
relations of the\bank tp the Governmetit-'arid I t h i n k it must be generally
coriceded that the stock pf the Uriited States was ^origin ally invested,' and
has since been left ih the bank, undei: the full understanding, on both sides,
that the dividends accruing^on it would be punctually, and without deduction or charge, paid into the Treasury—rthe'rule now referred to is, therefbre," fairly applicable. ,
' .
.
'^
. • *
Again: Where, a pefson^ acting'as trustee or agent/of another, fairly
discloses the name of his principal, and the authority urider which he acts,
and where, by virtue ofa contract made under these circumstances,, within
the scope of his authority, a debtor duty to a third person is incurred, the
creditor is never permitted to assert a lien for such debt of duty on the
' property ofthe agent. . In the whole trarisaction connected withthe draft'•
on the. French Governirient., the United States acted astrustees apd agents
ofthe persons entitled to indemnity under the treaty, as was fully known to
the bank'when itreceived the bill ] and though it might with propriety rely
on the, ability and disposition of the United States, as the parties' through
whose hands the moneys tobe paid under the treaty - were ultimately to
pass, to-make provision, out bif those moneys, for ariy just claim grPwing
out of thetransaction ; yet it certainly had no right to rely, and. it is to be
presumed, did not rely, on the dividends or other funds'exclusively belong. ing to the Government, for the satisfaction of any such claim. The principle now stated is, therefore, also applicable to the present case. ^
,Once more: A^ general lien does not extend to unhquidated demarids,;
1834.]
SECRETTARY.OF T H E TREASiURY.
and, according tp the law of Pennsylvania, as will appear in the sequel of
this opinion, a claini ifor damages on a protested bih of exchange is such a
demand.
i
'
\ •
.
Other limitations of the law of lien, which forbid its application to the
present case, miglit also be mentioned'; but I deem it unnecessary to pursue
the subject further.
• /
II. I shah now prbceed to' exaniine the question, whether, if a,suit be
brought by the United States to recover the balance of the dividends' withheld by the bank, the clajim ofthe latter can be presented for trial and decision, by wdy.of set-offHo the demarid of the plaintiffs in such suit. •
The very announcernerit ofa pretension to set-off this claim, considering
that its validity and justice have never been sanctioned by Congress ; that
no provisiPn'has been made by law for its discharge ; and that it has" always been asubject of controvefsy between the bank and the ^Executive, is
cer'tairily sufficiently novel to excite surpfise, and much too important not
to demand the most serious' Consideration. It^ necessarily involves the
assumption, that, in the [judgment • of those who make this pretension, the^
judicial tribunals are thei proper functionaries to decide upon the justice and
validity ofthe claini against the Government; and, if that decision be favorable, to provide,^ through the:m(3diuni.of judicialforms, and without any
aid from.the.legislative department, for its discharge. And this idea is^iiccordingly quite prominent in the communication addressed to you, oil the
8th of July last, by the president of the bank.
/
,'^\ /
,
To this suggestion I cannot assent. The particular-claim of the bank
is qne of thpse demands which, had it even been allowed by the accounting officers when pfesented, cPuld not have been paid out of the Treasury,
because rio legal appropiiation had then, or has yet, been made for it. 'In
order to its direct p'ayment, in the usual manrier, out bf the Treasury, it is
indispensable, according to. the injunctions of the constitution, thata law
should first be passed, Allowing the demand, and making provision for its
payment. It follows, that ariy eourse of legal proceeding, which shall have
the effect to tr.ansfer from the Legislature, to the judiciary the. authority to
decide on this claim, and tb apply the public money to its liquidation,
v/ithout the sanction of a laiw previously: passed; wiH plainly involve apalpable violation ofthe spirit, if not of the words, ofthe coristitution.
Now, it is a familiar maxim of law, founded on commori sense and natural
justice, and therefore very generally apphed, that a party shall never be
ahowed to do indirectly, what the law will not perriiit him to do directly.
And the rernarks already made for the purpose of showirig the incompatibihty of alien on the monej^or other ipropefty of the Government, within
the meanirig and object of;the constitution, ar6 equally apphcable to this
part of the case. V
'
;
. /
.
I am riot aware of any case in which a credit or set-off has been allpwed
to a party sued by tlie United States, which was not covered by some special orgeneral appropriation madeby law; arid it is very obvious that norie
can be allowed, except where such an appropriation has been made, without transferring from the legislative department, to whom it exclusively
belongs, the control of the pubhc purse," and the povyer of distributing its
contents. In several recent cases, reported in 7 Peters, the Suprenie
Court have carried the |right of set-off, in Government eases, to its utmost^
hmit; butin all of the|m they proceeded on the ground that there were"
legal provisions which sanctioned the credits claimed, and which provided
526-
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: . REPORTS OF T H E
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•
[1834.-
funds for their discharge; although, in some of them,; the accounting officers
required the special direction of the head of a department, before t:he claim
could be allowed. Arid .in one of those cases, (The United States vs.
Macdaniel, 7 Peters, 1,)' it is expressly admitted by Mr. justice McLean,
in delivering the.opinibn of the court, '"that a claim^ which requires legislative sanction, is not a proper off-set, ezVAer befiore Treasury officer^ or the
court?''
'.,;
';
.^
.
•
' ' .
. :
--
'•
: /
It \^^buld seem to be unnecessary, after an admission from such a source,
so explicit and decisive, to- dwell longer on this, poirit; but as; I have come
to the conclusion, upon, a very full examination pf this brancli of, the subject,, that there are many other objections toa^set-off in the present case, I
shall proceed to state some of them at length. / I think it the more necessary, to'do this, because 1 am satistied that corisiderable misapprehension .
prevails in regard to the nature and exterit of the right of set-off in suits
brought .by the Uriited States against persons indebted to them."
Set-off differs from a lienj iriasmuch as, the former belongs-exclusively
to thp remedy; and is merely a right to' insist, if the party thiriks' proper so
to do, when sued by his creditor, on a countef-'demand,' which can only
be enforced through the niedium of>judicial proceedings;- whilst the' latter
is, in effect, a substitute for a suit. Thfere is a natural equity that claims
arising out.pfthe. Slime transaction-shpuld compensate each'other, andthat
'the balance only should be recovered. -But this.natural equity does riot,
require or authorize a set-off of the bank claim, in the present, case ;
inasmuch as this claim is not for any debt; or-duty growirig out of the
acqiiisition, receipt, or possessiori pf.the Government dividends. " If, therefore, there be arightto set-off* this claini'in the present case., it is strictly ia
legal right, and must derive its warrant frbm positive ru lies of law.'
We have no act pf,Corigrbss defining the varipus cases in whiclf off-setsmay be. allowed, in actions'periding in. the courts ofthe United States,
- either between^the Government and -individuals, or between individuals
alone. . By the 34th section ;of the judicial act of-17-89, it is ^provided-,
":That the laws of. the-several States, except where the constitution,-trea-.
ties,, or statutes of thC' United .gtates shall otherwise require or/provide,
shall be regarded as rules of decision in trials at .common law, in^the courts
ofthe United States, in, cases where they apply.": And, by the process acts
of 1789, .1792, and 1828,sthe forms of proces'^s/and the forms and modes of
proceeding in suits of common'law, are. to; be the same as those used "at
eertain; periods specified in thb acts,- in the Supreme Court'of the State
where the question'-arises, except where otherwise provided,by act of Congress, or by. rules of court. Under these statutory provisions, the law of
the State-in which the trial may be had, and the practice of the courts of
siich State on thesubject of set-offs, are, doubtless,^ to be regarded' as'furnishing fules of decision for the natiorial'courts;., except' where the constitiitibn, treaties, or^ statutes ofthe Unifed Staites otherwise provide or require. And, with this qualification, the law bf set-off of the several'States
miist be; deemed! obligatory on the courts of the United States.
. .But, though Congress haive not attempted tb regulate this subject by any
general rules,\they have, by:the'3d and 4th sectipns of the act^'to provide
for the settlement of accounts between the United States and receivers of
the public moneys," passed on-the 3d of March, 1797, imp|Osed soriie restrictions on set-offs, in suits iagainst-public debtors. The'3d section of this '
act provides- ^'that, .where suit shall.:beinstituted against any person' of per^
1S34.]
SECRETARY OF T H E -TREASURY.
527
sons indebted to the United States-as aforesaid, it shall be" the duty of the
court,, where the same may be spending, to grant judgment at'the return
term, upori motion, unless the defendant^ shail, in open, court, (the United
States attorney being present,) make oath or affirmation that he, is equitably entitled to credits which had been, previous to the commericement of
,the suit, submitted to the consideration of .the accounting-officers of the
Treasury, and rejectee-; j^pecifying each particular claini so rejected, in the
affidavit; andthat he cannot, then, corns safely to,trial." The 4th section
declares, "-that, in suits between the Uiiited. States .and-individuals, no
claim for a credit shall be admitted upon trial, .but, such as shall appear to
have/been presented to the< accountirig officers ofthe Treasury fpr their
examinatipn, and by tbem disallowed, ni whole or in part; tinless it shall
be^proved, to the satisfaction of-the court, thatthe defendant is, at the time
ofthe trial, in possession.of youchers not before, in his power to procure,
and that he was prevented from ex:hibiting a,.claim for such credit at the
Treasury/by absence from the United States, or some unavbidable accident." These are all the provisions ion the, subject of set-offs to be found
in the-acts of Cohgress; .and these,/t is very obvious^, were intended not to;
enlarge, but to limit, tljie right of set-off • in suits between the ^Government
and, p.ersons'accountaJDle for.public moneys. They undoubtedly imply
that defendaiits in such suits might, in certairi cases, be entitled to set-off^
against balances ascertained and certified by the accounting .pfficers-^of- the
iTreasury,,claims, for credits rejected by those officers. But they do not
profess to define,the nature of those credits, except the section requiring
the'defendant to riiake oath that he is equitably entitled to the credits claimed ^
by liim .Avafrants th inference, that claims of merely • a teclinical legal
character are not to be allowed as, set-offs, but>only such as are actually
' .
"-'
'
.
founded.in equity and justice.
In the present case, the claim of the .bank has been presented to the
accountirig officers ofthe Treasury; though j as no accouiit,;existed to which
it could be refefred, nor any apprppriation for-its payment, nor any legislative sanctiontojustify its allowance, the appiication to the accounting officers
was necessarily folio wed. by its rejection. They could iiot have allowed it,.,
without a palpable breach of duty. For the, present, however, it may be
taken forgfanted, for the purposes.of this part of tlie case, that, if a suit
be brought for the^recovery,of the dividends, the pr.ehminary affidavit required by law will be seasonably filed. The formal requisites will, therefore, have been complied with; but the riiaterial question, whether the claim'
can be allowed as an off-set, will still remain. Before this question can be
decided in the affirmative,it,must appear,.'j^r5^, that.the elairri of fifteen per
cent, damagesis valid and eiinitahle] secondly, that by, the law and practice of Pennsylvania, in which State the trial must be had,"; clainis of this
nature may.be setoff': and, z^AircZZy, that there is riothing in the constitution,
treaties, or laws ofthe United Sfates, to render the .State law iriapplicable.
The first of these i:[)bints. has^ already been determined, so. far as' the
Attprney GeneraL is-cpmpetent i to decide it, against the. baiik, by the
bpinion of my inimedi ate predecessor in office, as state'd to the Treasury
Department, in his cpnimuriication of the 24th of May, 1833. The reasons
on .which that. Ppinion was founded were, not then explained; but you will
.find.them fully stated. in the accompanying correspondence between Mr.
Taney and myself/which I have the honor, in/compliance with your request^.
here vyith to: transmit, to you.i And although you. hav.e not requested niy^
•528
- REPORTS OF T H E
•
[1834,
opinion on this point,' yet, to prevent misapprehension, 1 think it proper toi
state my entire concurrence in the reasoning and conclusions contained in
the letter of ;Mr, Taney, If these views are correct,' it is obyious that the
setoff must necessarily be rejected. .But suppose tlie'court,ibefore which
the trial is had, should come to a different conclusion, and that the-legality
^and justice of the claim should be satisfactorily established : will the,law of
Pennsylvania'allow it to be set-off"? • After a careful examination of the
statutes and'judicial decisioris of that State, I have no hesitation in answering this question in the'negative.
.,
M . . .
The lavv of Pennsylvania, on the subject ofsetoffs, like that of the other
colonies, was brigirially the same with the. English common la\y, • as it
existed at the time of their settlement: , At common lavv^, no' deduction or
set-off cpuld be made from the plaintiff ^s demand fbr^aiiy debt, damages, or
duty,, claimed by the defendant, unless the latter arose out of the sametransaction or, subject-matter with the forinef,'and;unless the opposing
clainis were thus directly connected with each other. Distinct and independent-demands Pptild only be sued for by the respective parties, in separate actions. This ruleof the comrrion law was afterwards varied, and the right of set-off extended, for. the. benefit, of defendants, by statutes passed^
in the reign of George IL "Iri the mean time, howjever, several of the
colonial legislatures, anticipating the parent country in the improvementof
this branch of the law, and among others, the Assembly of Pennsylvania,
had, by their-own acts, extend,ed thelaw of set-off, discount,,or defalcation,
(for itis knpwn by each of these names,) much farther than it vVas subsequendy carried by the English Parliameiit., The colpnial act of Pennsyl-vaiiia, passed in 1705, and yet in force, provides, that " if two,/or more,
dealing together, be indebted to each, other, upon bonds, bills, bargains,
promises, accourits, or the like, and one of them commence an actioniin any
court of this province, if the, defendaint cannot gainsay the deed! bargain, or
assumptiori uppn whichhe is sued, it shall be lawful for such defendant to
plead payment of all or part^of the^debt, or sum deraanded, and give any
bond, bill, receipt, account, or bargain in evidence." (Purdon's Digest,
177.) And provision is also made for such verdict for the.plaintiff for part
^ of his demand ; or for the defendant generally: or for the defeiidanf s certifying lhe araount overpaid, asthe case may require.
The courts- of Pennsylvania, in order tp prevent circuity of action and
needless- expense,' have giveri to this I'aw a very liberal coiistruction ; but I
find no adjudged case which would sanction, in a case like tlie present, the
set-off of such a claim.as the one now urider consideration. On the contrary, several decisipris are;reported, which appear to nie to be decisively
against it.
, .
' , ,.
: '
1. The Suprerne Court of Pennsylvania have decided,.in the case ofthe
Middletown and tlarrisburg Turnpike Company YS. WatsorCs administratrix, (I'Rawle, 330.) that an agent sued for mbneys received by, him for
the.'use of his principal, carinot,be allowed to set-off nioneys expended by
him:in the payment of debts against his principal, without showing a special'authofity for that purpose. In delivering the opinion of the court,
.Judge Rogers hblds the following language: "TKe defence is, that the
money was ^expended by the agent in the ipurchase of debts of the company; and this, the adniinistratrix contends, is a legal, set-off against the
demand of the plaintiffs. The relation ofprincipal and agent is well settled:
as long as the agent acts within the scope df his authority, and nb longer,
.SECRETARY-OF T H E TREASURY,
-1834]
'S29
he is protected. It was the duty of Watson to collect and pay over the funds
as they came to his hands!, It was for the' company to direct the apphcation of the-mbney, | wheri in the, treasury, or under their control, to the
discharge of their debts, the repair bf the road, or.whatever purposes they
might suppose mps't beneficial to the corporation. This they have "been
prevented frpm doing, by an assumption of povver by their agent, and .a
misapplicatiori bf;:t|lie'funds of the company. If such a breach of trust
should be permitted, it would, iri practice, lead to great abuses, by introducing a'scene of sjpeculatibn and fraud, the most disastrous, and,of the
most secret and'dangerous nature." The soundriess of these principles is
too.obviousto require comriient. . They are in unison with the enlightened
anoralityof the civililavvbn the same subject- ",There are, some debts,":
says Pothier, (Treatise on Obligations, part 3d, ch. 4, of coriipensation [or
set-off] § 1,) '^against which the debtof canriot propose a. compensation.
1st. Iri the caise of |spoliation, no compensation can be opposed against the
demand fPr the restitution of the thing's ofwhich any person has been plundered, according to tlie \Yelllmowninaxirri,spoliatiis ante oninia restituendus. '2d, A depositary is not admitted to oppose ariy compensation
against a demand fbr the restitutibn bf the deposite." The remarks, riiade
under the first head', upori the relations which'exist between the bank arid
the Governriieritv aild .ill respect to its character and responsibilities, as
a depositbry of public moneys, so far as respects the moneys in questiori,
will be sufficient to shbw the application of these principles to the present
case.
"v^ •' ' -•• |-- • • • ' • '• '\ •
2. ^The corirts of Ppririsylvania have recpgnised the distinction above
noticed, between tl^e cases of individuals and those between individuals
and the Governmenf; and, on the ground.^bf this discririiination, have
excluded, in Gpvernment cases, claims for-sef off, growing out of other
independent transaictions. Ia the Commonioealth .YS. Maitack, (4 Dallas,
303,) the defendarit, who had been clerk piftlie Senate, was sued for the
recovery of moneys] paid to him to defray the^ contingent expenses pf that
house. Upon the trial, the defendant proved that he had expended, for the
use of the Senate, considerably more money than he had feceived ; and/he
clainied a verdict for the amourit of his advances, and also for a cef tain
retrospective compe'nsation, to which he clainied to be' entitled by virtue of
ari act of Assembly! But, after argument, the court declared " that the
defendant could nbtJ indirectly, recover fromthe State a substantive, independent chnm, fiy way^ofi set off', any more than he could directly recover
a debt due from the State by bringing a suit against her. That the preserit action was broulight to compel an aecount for nioney received for the
use of the Seriate, in vvhich the defendant, if he proved that the moiiey ire-,
ceived was so applied, would; be entitled to a verdict,; but that, even thpri,.
he could not be erititled to a yerdict fior the amount of his advahces, ivhich
the vSenate, alone, was bbrnpetent to allovy." Only a general verdict for the
defendarit was, therefore j recorded.
^^
The case of the tfniied SmesYS.Wells, (2 Wash.' C. C. R. 161,) recognises the same pfindples, arid, frorii the nature of the case, as well as from
thp cburt in which it Kvas decided, -(the circuit court bf thb tJnited States fot
the Penri^ylvariiia^circuit,) is peculiarly pef tinent to the present discussiprio
The^aictibri \\ras brouljht to recover: a balarice ditefroripi the defendarit ais a
cbllectbr of the exbisii daties. Hb had'been anaictive offibet in re$^^^^^^
bppbse^s pf the bxcise lawin^the western^
of/Pennsylvania, tirid,m :
, / / •
Vbiii
iii;---34-
.
•
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/
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•
' . ' • • ' •
•^•
530
•
REPORTS OF T H E
fl834,
corisiequence of his activity, his house had been burnt by the insurgents^
and other injuries had been done to his property. By an act of Congress,
passed in 1795, upwards of eight thousand dollars was placed at the disposal, of the'President to aid such of the offieers pf Gov^ernmentand citizens
who had suffered losses intheir property by the insurgents as, in his opinion, sfood.iiT need of assistance., T h e President appo-mted coniraissioners
to view and. value these losses, \Vho reported that the deferidant,/amongst
others, had 'suffered to a considerable aniount. ^He received seven or eight
hundred dollars—much less than the sum, mentioned in th.e^ report. Xhe
subject of full compensation was afterwards brought befpre Congress, and
a favorable report made by the Secretary of the Treasury, to whom tfe siib*ject was referred, which was rejected by the Comraittee of Clairiis. The
defendant, on"the trial, claimed the difference between the estimated^value
of his losses/and the sum receiyed, to be considered by the court and jury,
as so much paid by him to the United States, in part of what-was demanded
of himirithe action. He alsp claimed to be entitled to. the one-half of certain penalties incurred by persons againsf whoni'he had informed, but who
were released from tliose penalties by thp general amnesfy^granted by the
Government. ; Both poirits were decided' against the defendant,, and judge
Washington, in dehvering the opinion of the court, held the follo-wing language: "Neither of these claims, on the part ofthe defendant, can be supported. ' The first is made upon, the generosity of the Government, which
might be very proper, jf preserited tb the legislative branch-pf the Government, in itsjeal character of an imperfect obligation. But the attempt io
enfiorce it, iri a court ofi justice,^cannot possibly succeed.. It could not be
countenanced, even against an individual. ^ Let the defend.ant-*s counsel call
it'by what-name they please,,-it is nothing-niore nor less than to ojfi-set a
claim ofi damages sustained by,a public offi.cer against, the Government.
Ari appeal has been niade to the liberality, and.we think the justice', of the
proper department; which did riot succeed.. It is. impossible for us to assist
the defendant.'* He also remarked, that the claim of the penalties- was quite
as urifounded. At raost, it was only a claim for damages,'which,;being unliquidctted, ebfiXd not he o^-set:,. .
. /
/ .,
3. The courts of Pennsylvania, llave^also, in the construction of their
statute, adopted the rulewhich, Pbelieve, universally prevaijs where Setoffs are all ovved, of refusing to allow the set-off of debts not due to, and
from, the respective parties, in,^Ae .mme, ligkt \n which they sue of afe
sued. Thus,.; a pefson suing in .his, o'wn right, for a debt exclusiv^ely due
to himself,/is not liable to have deducted from such debt a cla:ini existing
against him as a trustee, and for which ho'-has not made himself personally resporisible. The justice of this rule is too apparent to need femark;
and the observations made under the fbrmer head,, as to the fiduciary chjaracter sustained by the United States iii the drawing ofthe French bill, and
the pbvious\f£ict. that, in..a suit to be brought for the dividerids, they .would
prosecute in their owm right, and for a debt exclusively their own. will.
show the apphcation of this rule to the present case/
4. Another limitation of the right of set-off, adopted- by the courts in
Pennsylvania, arid which also prevails in the pthef Statestind in England,
is, that unliquidated damages cannbt be,the subject of set off, unless they
arise from a breach of the very contract on which the plaintiff suies, or are
otherwise immediately^cpnnected with the-cause of actiori; The case of
the United States vs. Wells, abbve Veiled, is an" authority for the general
rule, and riaany other decisions to the like effect, might be cited from the re
1834.]
SECRETARY' OF THE" TREASURY.
, 'SSl
ports of the State jcourts. I n t h e applicatiori of this rule, the very point
now under discussion lias beeu considered and decided in a Pennsylvania
case, by the circuit court of the United States for the third circuit. Trefer
to the case of Anristro7ig vs. Brown,, (l Washington's Circuit Cburt Reports,' 34,) in which it was ruled by Judges Washriigton, and Peters, "that
the dravver'of a bill which.was protested, haying paid tvyenty per cerit. damages thereon, [the lavv of Pennsylvania allows twerity per cent, damages,]
cannot, in an action against him by the acceptor on another account, o'ff-set
them agairist the acceptor, who-had funds in his haiids to haye paid the bill,
because they are unliquidated damages.fi This decision wais reiterated and
followed in the same^court, in the case of jDe TasletYS. Crouslat,Xih.fi04:.)
'If seems, therefofe,'to .be. yety plain, that if this case were to.be,§x.clusively decided by thie. law, of Pennsylvania, that law, Jiberal as itis ori this
subject, would not alllow tlie proposed set-off. ,But even if the law of Pennsyl v^ania were othervvise, ihere, are several statutory provisibns of the'United
Stales which forbid the set-oft"in.question, and wliichniustpf course prevail.
The statutory proyisions, particularly applicable to this siibject, to iwhich
iriovv think it rieedful to refer, are^the act of the 3d of March,. 1795, "for
the'more effectual/repovery of debts due from individuals to the United
States;'"the third an|d'fourth sections of "the act of the 3d ofMarch, 1797,
above quoted; andthe; first section pf the act of the 3d of March, l809,
also above quoted. When the third and foufth sections pf the act of 1797,
are considered in connex:ion with their context, and.with the act of the 3d
March, 1795, to which they are .suppleriientary, Lcbnfess I do not perceive
how it can be doubted tliat the credits spoken of in those sections, are those
credits, and those only, \yhich aire properly connected with, and applicable
to, the subject rnatter of the particular account fpr the balance of which the
suit is brought. The first sbction of t.he..act of 1795 authorizes the Comptroller to. issue a notificatiori to 'any person who has received moneys for
which he" is 'accounkble tp the; United' States, requiring him. to render
to the Auditor pf the:Treasury,. .within a specified time,,"" all his accourits
arid vouchers/o?' the ^expenditure ofi. the faid moneys fi in default whereof,
a suit is to be coramenced.o ' The second, section/prescribes the modeof
servirig theriotificatidin,^arid, when the accbunts are duly rendered, directs
the Auditor to proceed "• tb liquidate the credits to be passed for the said
account's, and to report the, same to the Comptroller, with a particukir list,
of any clairiis^ which yhall have been disallo wed by, him.". Provisipn is
also, made for a hearing before the Comptroller on''the claims disallowed
on the "suspended credits," upon formal ii.btice.tO: the claimant; and,
where this course of proceeding is piirsued; the decision of theComptroller,
if against the claimant/is declared to be final'and cpncfusive. 'ilhe law
of 1797 was appareiijtly-intended,to authorize the accounting officers to'
dispense with the fpr mai notifications, required by the act of 1795^ arid has
led to the practical abriogatipnpf the former mode pf proceeding; but whenever creiif^^ are spoken'^of in the act of .1797, that term,,a's'i conceive,, is
used in the same sense as before. ^ :lt is certain that the accounting officer
canriot lawfully allow,iin the settlement of any particular account, any
credits riot appertaining, to; such account; and there would se.em to be.no
propripty iri requiring^ as a;n indispensable prerequisit^e to a credit on the
trial, that the party sh'all have pfeviously"presented his claims to the accouritirig officers,, for their examination and decision, and shall have obtained such decision, unless the claims so tobe presented :were to be of'such
a nature that the accounting officers, if satisfied as to" their validity, might,
.532
^
, REPORTS OF T H E
[1834.
linder their general authority, or by the special direction ofthe head ofa
department, where such direction is required, lawfully settle and credit
thpm .to the party. In pther words, the sanie limitation as tb their general
nature must be applied to, credits claimed at the trial, which.vvould have
been applied to credits-claimed before-the accounting officers; the object
being to enahlk the jiidiciai tiibunals tb review the decisions of the accounting pfficers on claims within tlie jurisdiction of tliose bfficers, and to correct
them, if erroneous, and not to authorize those tribunals to make allb\yances'
Ibr claims W^A'o2/r such jurisdiction. Any other cpnstructibn of these
sections renders them not only quite unnecessary arid useless, but repug-.
nant to the laws and usage.s in force at the,time of their eiiactment. '
-But,if any room for doubt could exist as to the ^origina/coristruction of
these sections, Ithink it must be removed by the first secrion ofthe act of
the 2d ofMarch, 1809, which expressly enactsy " that all warrants drawn
by the Secretary of this ^Treasury,^ on the Treasurer, shall specify the pa^*ticular appropriations to v/hieh the same;are to be charged; arid that the
moneys paid^by virtue, of them,' shall^be charged to such appropriation, iii
the books keptin tlie Comptroller's office.-" _ The same, section alsp provides .
that " the officers, agents, or other persons receivers of public moneys,'
shall render distinct, accounts xfi the a/jplicatiori ofi suck,mo neys, according
to tke appropricLtion under wkick the same, shall'kave been, dr cncn ; /and
that the sums apprppriated by law for each branch of expenditure in'the:
several departments, skall be solely applied to tke fibjects fior whichJliey
were respe(:iively appropriated, and to no other?] In all cas^s, therefore,
where the moneys sought tP be.recbvbred have been'received frorn;'the
Treasury, the credits to be allowed on the trial' niust be strictly confined to
the same gen'eral subject with :the cause of action ; as, otherwise, the explicit
injunctions' of the lavv: ^f V60^_ will, be evadeil and defeated. Forj when-:
ever, in ihe settlement of any given accPunf, a credit is allpwetf, whether
by the accounting officers, or through the medium of a set-off, for disburse-"
ments, services, or claims, which, though just in-themselyes,' belong to
another head of appropriatibn, it is plain that the provision just recited wilf
be violated ; and thatthe morieys, appropriated to a particular object, so,far
from being -'y solely applied to that object, and. .no otkerf will have been
apprppriated to other purposes,
fi'
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^
^
:
If l a m right in this Vievy of the object and effect ofthe several statutory
provisions to which I have now referred/if will fbllow that to all the fbrmer
' objections there is also to be added, as resulting from these' statutes, the
decisive objection, that .the. claim for damages "in thepresent case is not,
within the meaning of the .acts of Gongress, a claim for any snefi credit as
(3an be ad.mitted pn the trial, because it does not belong to the same general,
subject with" the cause of actioii,^ but: grows but of other and independent
tfansactions. -' '
_ - /"
/' ;;
' . . .'
i liave been the more particular in statirig the grounds' of this objection,
from .,an apprehension that some remarks of^Mf. Justice Story, in delivering .
tiie opiniori of the Suprerrie Court in the case, of the United States YS..
Wilkins, (6 Wheaton, 135:) might othervvise sebm to warrant a contrary:
opiniori, In that case, the/defendant, • an arrny contractpr, waiftp be paid,
for ffiitibns deliyered rinder his coritra:Gt,.in certain icases,.fourteeri cerits,
each ; in certairi :bther cases, eighteen and a half cents each;; and in. ariother
class of cases, the price.was to be subsequently agreed on/ He feceived.
from the Treasury (Certain impneys on accoimt. of this .cpiiitraGt, under,
appropriaitipns appJicafe to it. In the adjus^tment of/his accounts, thp.
••m
1834.]
SECRETARY O F ' T H E TREASURY.
533
accounting'officers allowed him, only the lowest contract price, for considerable quantities Ojf rations alleged by him to have been delivered at
such places, airid under such circumstances, as to entitle him, in soriie
instances, to a higher price, to be agfeed/on; and, in. other cases, to the
eighteen and a half cents ; but his claims to these erihanced credits were
rigjected, arid such d,eductioris made, in the price charged by hini, as to
rPdiice the rations to fourteen cerits. eacih. It wias to recover the balance of
public mbneys, which,, according to the account as thiis settled, still
^remained in the defendanfs hands, that the actipri was ^brought.' The
defendant, on the trial, produced the. contract, tpgether with the proper
evidences of the Treasury settlement; and undertook, by evidence -and
otherwise, to show, that, imder the contract, he was entitled to the ^pric.es
. charged by him, tad that the deductions and disallowainces were therefore '
inipfoper arid unjus't.| Among other questions certifieci by the court below,
the fourth was as follbws : " I f the defendant be • entitled to any of the
above suins, can lie be permitted to claim a verdict for them in this suit ?"
After observing that the- answer to this question,,might inaterially depend on the true construction of the act of Congress of the 3d of March, 1797,
,-Mr. Justice Story quotes the third-arid fourth sections'of that act, and then
riiakes the "follovving observations :: " /The terms of these sections are very
'^brpad .and compreheinsive. " The third section manifestly supposes, that not
merely Ipgal,. but; equitable, credits ought to be allowed to debtors of the^
United States by the I proper officers of the Treasury ; and the fourth section prohibits rio clailms for any credits, which have been disallowed atthe
Treasury, from being giveri in evidence-by the defendant atthe trial. .There
being no limitatioii as to the. nature and origin, of the claim for a credit,
which may be set up in the suit,, we thirik it a reasonable constructipn, of
the act, that it intended to allow the deferidant the full benefit, at the trial,
/of any credit, whether arising out ofthe pairticular transaction for which he '
• was sued,' or out of any distinct and iridependent trarisaction, v/hich would
constitute a legal or 'equitable setoff, in whole or in .part, ofthe debt sued
for by the United States. ..The.object of the act seenis to be to liquidate
and adjust all accQunts betweeii the parties,.and to require a judgmenf for
sucii sum only as the defendant, in equity and justice, shbuld b^e. proved to,
•pvvb to the United States. If this be the true constrriction of the act, which
we do riot doubt, the defendaniiiiight well claim-a credit in this suit for
-the sums "due him^ even if they had grown but of distinct and: independent
transactions'; fof-he is legally,.as well as equitably, entitled to them. But."
even if thiis con sfruction of the act >y ere .doubtful, uppn the facts ,of this
particular case, as far as we can gather them, we shbuld have probably
crime tothe same result. /- ^' ' ' / ' .
i
.-••'•'.'.
' "-This suit seems tphave been, brought by the United States for the nioney
price of certain proyisions "recei ved by the deferidant, under the articles of
%
; agreement. The-real object of the suit is, ^therefore, to prpcure ari account
arid settlement Pf thiat claim. It forms;an. item in the generar'account between the par tiesy/like" every other advance "made by the Gbvernment to
the defendant; a.nd iridependent of any statute provision, the defendarit
would have a right to show-that he had accpuiited for the "valiie of such
advance, by dehvering the equivalent provisions for which it was originally
made.. Iri this yiew, also, "the fourth question might be answered in the
affirmative.",
/
.'
• . -^
This last ppsitioni bf the learned judge is'certainly correct, and. on this
gfound, the decision! was unquestionably light. The credits claimedgrew
534
REPORTS OF T H E _ .
^
[1834.
out ofthe very subject-matter on which the suit was founded, and, had the
accounting officers ahowed them, would have gone to the same head of appropriation under which the moneys paid to the defendant had beeri drawn.
And so, too, though credits rejected .at the Treasury were.', in this case, ulti;
mately allowed under the decision of the court,those credits were still ap-.
plied to the object for vvhich they had been appropriated, and to no other.
It wili:have, beeh'^seen. frpm rny prior jenjarks, that I do not concur in
the suggested construction of. the/act of 1797"; and; more especially, that,
in.stead of regarding it as a^substantive .enactmerit,- defining and enlarging
the lavv'of set-off, I cpn sider it as imposing restrictions on the fight bf the
party and the:p;o'wer of the court, arid as intended to confine set offs iri
Government cases, to credits appertaining tothe same general account vvhich
fbrms the subject matter of the suit, and to those only which the accoun ting
.officers might, either urider their general authority, or by special direction
from the head ofa department, lawfully have allovyed. Someof my reasons
for thus dissenting, w:ill appear from thebbservatioii's already nrdde';: a u d i ,
fbrbear to pursue the point, because,, as the decision in the case of ^Jilkins
does not depend on the.validity of this construction," but may be sus'tain^df
by other and indisputable refisons, that part ofthe opinion whi,ch .relates to
/he act of 1797 may well be, regarded as nierely a dictum. . It is also proper tp.state, that this part pf the case does.not appear to have been very'
fully dijscossed at the bar ; and that the-act of 1809,, above quoted, was not
referred. to in the argil men t, and therefore' proba bly escaped the notice of
the court; May Inot add that, had Ihis latter act been knovyn to, and iirlly
considered by them, it v/oiild assuredly have, led to some qualifying remarks?
that the learned judge who spoke for them \vpuld, at least have^confined
the fight of sct/ofl'' tp credits growirig:put of transtictioris, v/hich. though
technically distinct frorii that for which the party was sued, were yet really
connected with' the same subject^ .and embraced withiri the same general'
head ofa,pprppriation;? /
- ./ i
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Before I quit the caseof the Uniied States.ys. Wilkins, I-will also ob^'
serve th'at, although the diet uni I have quoted .has been cited by.the court^.
and, to some extent,)recognised, in the subsequent cases bf the fiJnited
States vs. Ripley, (7 Peter^, 25,). and the United States YS. Fillcbrown,.
(7 Peters, 48,)^yet it will bei fpund, on a careful examiriation of these latter
cases, that they contain npthing in oppositibri to the views ^bove presented..
In the case of Rip ley, fihe claim to credits was bverruled by the court; and.
in that of Fi.llebrown, as well as in that of the Ilnited States YS. Macdaniel,..
(7,Peters, ],) thecredits aillowed were for extra compensation, and commissions in the discharge ofthe trusts by virtue of which the moneys s.ued for i
were receiyed. .'Thie credits .claimed, whatever other objections might be
made to. them, did not grow out of distinct and independent transactions.
Upon the whple, I am pf opinion, on the severalgrounds, arid forthe various reasons above stated, that the deduction by the bank, from'lhe Government dividends, of the controverted claim of that institution against the
United. States, and the retaining of the moneys so deducted, areuriau- .
thorized fcy law; .and that, i n a proper suit tbbe.instituted foi such moneys,
the United States will be entitled' to' recover the whole ambunt thereof.
• ^. / lam, sir. very respectfully, i- ' ' • .
.i
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Your obedierit servarit,
'• - . fi • • •/ /-- '
• -.''fi-'; -B. F : BUTLER. ; _
To,the Hon. L E V I WOODBURY,
- '. y,
.' / . , .
Secretary ofi tke Treasury.
, "
i. '
Cb
oo
G E N E R A L S I A T E M E N T ofi tke amount ofi estimates, appi-opriations, and expenditures fior theyears 1832, 1833,
•--.^
and 1834.
/ .
-.
^
1833.
1832.
General-heads.
Estimates. •
Appropria-
^ p j n d i t u r e s ^ _Esitimates.— -A-ppropria-rions..
.• 1834.
-E-xpendituTesr " Estimate's.
Appropria
tions.
Civil J miscellaneous, and
foreign intercourse - .Pj807,065 65 |.i^5,027/375 04
,577,141 45 te3,739,36i 70 Iti;5,773,753 46 f5,716,245^93 Sp, 798,785 ^33 f4,525,670 SO
Military establishment,
. ' including pensions,
• &c.' . 6,149,41,5 02 8,904,803 25 7,982,877 03 10,878,790 09 13,054,157 18 13,096,152 43 11,207^630 21 11,929,868 51
iNaval establishment - 3,9.07,.618 71 4,465,573 53 3.,956,370 29 3,377,429 38 3,867,872 01 3,901,356 75 4,051,073 19
4,562,745 48l
O
Aggregates of theabove 12,864,099 38 18,397,751" 82 16,516,388 77 17,995,581 17 22,695,-782 65 22,713,755 11 18;057,488 73' *21,018,284 29
Publicdebt , 10,000,000 00 18,078,938 85 17,840,309 29 7,299^,656 00 10,000,000 00 1,543,543 38 4,995,082 08 • 4,995,082 08
otal
36,476,690 67 34,356,698 06 25,295,237 1 7 32,695,782 65 24,257,298 49 :23,052,570 81
26,013,366 37
t^
>•
* This includes the estimated amount, of indefinite appropriations that may be drawn for until the-close of-the year.
TREASURY
•
DEPARTMENT,
Register's Office^ October 28, 1834.
T, L. SMITH, Register,
CO
C51
§36'
•
• • , REPORTS OF T H E
,
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D .
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[mU..'
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List ofi Stocks oivned by. tke United States.
10,000 shares stock in the Chesapeake and Ohio Ganal Company- .
-- ^ - ' , 800 shares stock in the Dismal Swamp Canal Company
2,335 shares stock in the Louisville and Portland Canal Company
.
- •
_ ^
, 2,250 shares stock in the/Chesapeake and Delaware Canal Com«
pany ^
-, .
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, /-
$999,000
200,000
233,500
^
450,000
.|l,882,5b(>
•63,434 shares^stock Bank-United States.
-
-
-^^ - i|6,343,409
* The balance of the original, stibscription to the Bank of the United States, 6,566. shares,,
was transferred to the .Treasurer of the United.States for the use-of the Secretary ofthe Navy,.
for the payment of navy and privateer pension funds, under the provision of an act of Coiigress^
• , -.,' •
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,.,•-,;•-;
1834.]
SEQRETARY OF T H E TREASURY.
E.
"
337
.
REPORT FROM T H E GENERAL LAND, OFFICE,
G E N E R A L L A N D OrptGE,
—
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November 2^, W i C
S I R : In presentiiig for your examiriation, and for that of the Government, and for the consideration iof Congress, the annual report of the operations of this office, for the entire year of 1833, and the first three quarters
of 1834, it affords me much pleasure to state that the sales of the,national
domaiii are annually increasing with'the tide of emigration to the west and
southwest, and the accumulating population of those fertile and extensive
regions. In the time of peace and'of natiohaf prosperity, with a rapidly
accumulating metallic currency, the most powerful stimulus to private enterprise and general industry, it is'safe to calculate thatthe annual amount
of this branch of the public revenue will coritinue to increase,with the means
of human happiness aild general prosperity.-. It is the province of,the '
statesman and of judicious legislation to furnish every facility to the accomplishment of those objects which essentially contribute to national greatness, and'which create those resources of defence^ and independence necessary to preserve the in'tegf ity of all governrnent, and to accelerate the march
of empire. \^ The vast j territory of .the valley of the Mississippi, extending
east aiid west from the-Alleghany to the Rocky mountains, and north and
south fromllpper Canada to the Gulf of ^Mexico, present a scene for the
contemplation of the pjhilanthropist and political philosopher, and a field for
the operationsof the |legislator, of the most sublime character and moral
influerice, as connected with human society, hitherto, unprecedented in the
annals of the world. jWith a free white population greatly exceeding that
ofthe United States at any period of the revolution, with every means of
subsistence for tens of millions of population, and with resources beyond the
necessity of l^uinan waints and human convenience ; with a climate niore
temperate and mild, and a soil more prolific and fruitful, than any which
has hitherto been discovered.; there requires np stretch of the imagination,
no genius/pf exaggeration, no corifidence in, prophecy, to ahticipate the
future revenue:andmejahs of strength, prosperity,.and happiness, which the
i Divinity has- designed and allpfted to the transmbntaine valley of North
America. ' ' ' / | '^
' "
' ~ • ^ ' ' • " / ' . ".
The periods to, which the quarterly accounts.of: thb receivers have .been
rendered'to this office, ^s also the monthly abstracts of sales-and receipts,
and the aicknowledgedlbalaLnce remaining in the hands of the receivers at
the respective dates'pf their last returns, will be fo^uiid i n t h e annexed'document, marked A. An unusual promptness has been observed in this part
ofthe duty of the landj officers, during the pastyear, highly creditable to
the public serviee. With very few exceptions, thb returns have been duly ,
transmitted t b this offi'ce, as required by law, and the regiilationa of the
department.
/
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The annexed statement, inarked; B,'exhibits;^ for the year 1833, and the
iirst three quarters of 1834, the-quantity of public lands sold in each State
xihd Territory ;^ the am'ount of purchase money ; the several amounts/received in cash, in forfeited land stock, arid in military bounty land scrip ;
538;
.
, ^
REPORTS O F T H E
[1834,
andthe amount of money paid into the Treasury. By this statenient, and
bv a reference to my last annual report, it wilTappear that the sales of 1833
exceeded those of 1832, 1^393,885 acres ; $1,856,908 of purchase money;
and ofthe amount paid into the Treasury, $1,344,300. And that the sales
,of the first three quarters of 1834, exceed those of the corresponding quarters, of 1833, 330,291 acres ; |437,040 of purchase money; and" of the
amourit paid into the Treasury, the sum of $856,518. It is prpbable the
aggregate amount of,sales, for this year, will exceed thosb of the last, as
also the amount of cash paid into the 'Treasury. The, returns of the last
quarter of the year generally present the .largest aniount of sales.and purchase money.
" .
^ .
• , . ^ v.
The accompanying tabular stateraent, ii-iarked.C, shows the ampunt of
forfeited land stock, issued and received at each land office, and of military
bounty land scrip rec'^eived, with the aggregate, in each State and ^Territory,
to the 36th of September last; on an exaraination of which, it will appear
there has been issued pf forfeited land stock, $646,154 66 ;. of.whiich there
has been received, in payment fbr lands sold, the sum of $632^743 85;
leaving a balance, not preserited at the land offices, of Jess than $13,500.
By the several acts of May 30^. 1.830, .luly.13, 1832, ari.d March'2, 1833,.
lands were appropriated, to satisfy unlocated military bounty land warrants,
for services rendered in the army of the revolution, in the Virginia State
line and navy, iri the Yirginia continental line, a.nd in;payment for United
,'States warrants forthe same service. The appropiiation raade* by these.
.i^cts is linliraited as to theUnited States, war ran t.s; aiid .for fhose of .Yirginia,'
amount tb 810,000 acres,,for which sciip was directed to beissued. Of
this quantity of. the Virginia warrants, scrip, has been .issued for 796,820
acres,, leaving, a balance Pf 13,180 acres yet to be satisfiedjfbr which scrip.,
will be issued so soon as the applicants shall, coraplete their title-papers to
their warrants.
,,
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Stateraent marked D, hereunto anHe,xed, shbws the number of each de-.
scription of warrants which have, been satisfied under these laws, the quantity of land for which scrip;has been issued,'the amount thereof in. money,
at one dolla.r and twerity-five cerits per acre, with the number of certificates
issued, and their, se.veral totals. In which statemeiit it will be.seen that, to
the 15th instant/ 1,544 warrants have been satisfied, containing 894^570
acres, equal tp $1,118,212 50, in 1.2,046 certificates of scrip ;/and by the
statemerit C, it • appears, ,of this amount, the sumof $1,008,360. 12^had,
been received in payment of public lands, up tothe 30th .September last.
Virginia warrants have already been filed for about 500,000 acres, exceeding the-amount vvhich can be satisfied-with.scrip out of previous appropriations. I have no data hy which to calculate the amount not yet filed ; but,
from verbal information, I am of opinion it wPuld not be safe to estimate it
at less than "500,000 acres. It is in the will of. Congress whether further
appropriations shall be made for the same/
/
/
The appropriatibn of six ikousand dollars at- the last session, for extra
clerk hire for this pffice, exclusive of four thousand dollars for assistance in
the bureau of military lands, has essentially contributed to-the promotion ofi
the public seryice, and has enabled me to progress very considerably with
the records'of the pubhc sales ; withput which,,serious injury would have
been sustained by the partips in interest, and.much einbarrassment to the
Government. I cannot too earnestly solicit from Cbngress the absolutenecessity of continuing the requisite appropiriations, as cpntained in my official
1834.]
SECRETARY OF T H E TREASURY.
539
estimates for the vear- |1835, arid as indispensable to the future operations
of this o.ffice. Six ikousand dollars was also appropriated, at the close of
the last session," for the writing and recording of 40,000 patents for lands
sold. This service has been performed at the" price stipulated in the act,
and the patents wiU all be examined and transmitted to the severar land
offices by the- close of thepresent year. With this additional aid,to the
pernianent force of thCj ofiice, it is my duty to state that the^arrears are constantly accumulating, .On the 1st ofJanuary next, llie^ arrears of patents
for lands sold will" notl]be lessthan 100,000; in which'more^than^ 70,000
persons are directly interested as • purchasers, and whose rights and convenience are entitled to the respect and. aitten tion of Go vernment.
The pecuniary inteiiests of so large a class of ^ our fellow-citizens are certainly worthy of the respectful -consideration of/-those ,,who administer the
public'affairs ofthe nation. I submit it to the' pa:rticular examination .and
impartial judgirient of Congress.' It shbuld also/be remarked, that this is
but orie iterii of thb arrears of the office: the others, previously reported,
are annually increasing, and cannot be diminished without a neglect of
crirrent duty.
:
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The surveys of the public lands have progressed duririg the present year
as rapidly as practicable,' and to the utriiost extent provided" by law for the '
discharge pf offi'ce dut y,,by the several surveyors general. / But it is impossible fbr those officers Ito complete the pubhc surveys.'in particular distiipts,
and in numerous instances of private land claiins, without more discretionary power is vested in the Secretary ofthe Treasury to make .reasonable
aUowances for services whi^h cannot be procured for the-compensation allowed by law,.' This is a subject which'has also been'repeatedly presented
to-the Governinent for its; judicious legislatiori. I renew the suggestions ,
under the strongest sense of public duty.
As it is the policy oif the Government, as it is the interest of the people
ofthe western and southwestern s(^ctions of the Union, to facilitate thesales
of thepublic lands, by such nieans.as will secure to that extensive tprritory
a population of industrious and enterprising citizens, who shall be proprie-.
tors of the soil they cultivate, and inheritors of the blessings of civil and
rehgious liberty,'for which this country is sp; greatly distinguished,.I consider it my duty again to urge upon the *considerafion of Congress the adop- tiori of every'necessary riieasure to enable this ofiice more promptly to discharge its numerous duties, and the surveyors general to .comply with the
requisitions of law,.iii the operations of their official conduct. It is in vain
to expect that the intentions of the Governnient, and the reasonable expectations ofthe inhabitarits of the vast intervale of the Mississippi, can, be accomphshed and, realized, without the^necessary arid appropriate nieans are
provided for is,uch objects. Vain, also, will be the efforts of this office, and
the agents of the Govemment. subordinate thereto, in .their struggles to
perform their respective diities, unless, aided and supported by the/efficient
lemslation of Conp-ress,
I have the honor to be,
;
,\
'With great respect,
Your obedient servant,
ELIJAH HAYWARD.
Hon. L E V I WOODBURY;
' • '- • Secretary .ofi. the Treasury.
E X H I B I T ofi ihe periods to u^kick tke monikly accoimts ofi tke registers g.nd receivers ofi tke pmblic land offices have been
rendered, skowing tke balance ^ofi- cask in ike receivers'^ kands at the date ofi their monthly accoimts current, and the
periods.to wkick tke receivers^ quai^terly accounts kave beer^
,
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•-
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L a n d offices.
.
•
iMonthly r e t u r n s .
.••
. State or T e r r i t o r y . , iPeHod to w h i c h
^ rendered by registers.
_.
• ' - - . ' , • • -
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Buoy riis
- .Jeffersonville
Vincennes ' ^ _
Indianapolis - - [
Crawfordsville _ .
Fort Wayne-'
_.
L a Porte. V -^ ,_
Shawnee.town - _
Kaskaskia/
Edwardsville
±
Vandalia • '
_
Palestine , • _
Springfield
_.
DanviUe 'i
_
Q.uincy ^
' _
Sl. Louis
«
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•
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Ohio
- '•do/ •
do. • .- . . .
dodo-. -^ - _ •
, db. . do. /
^
/do,
•
/do..
•
_
'Septem. 30, 1834 October 3 l / l 8 3 4 , , • ' ,^664 23 .
October 31,"-1834 - d p . .
' 2,925.,37 ,
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do. . '
do.
1.,.689 I L
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do.
1,040 35
do.
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do;
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,3,750 4 7 "
do.
do.
. do.
do.
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V l , 2 7 2 59
July
31, 1834 J u l y '"- 31, 1834 10,275 .94
October 31, 1834 October
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Septem. -.SO, 1834 Septem.
October 31, 1834 October
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30, 1834,
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30,1834
31/1834
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dq.
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db.
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. Remarks. .
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Marietta'
- • - ' :
Zanesville
. _
Steubenville^ . ChilliGOthe "
_
Cincinriati
• _
Woost'er .'
-2
Wapaghkonetta .
\
'y
-
Adniitted . bal- Period to w h i c h the
receivers' quar; a n c e of cash in
P e r i o d ' toi w^hich. h a n d s of reterly , accounts
rendered by re.-.^ . c e i v e r s p e r l a s t - J h a y e beeii renceivers.
dered.
monthlyjeiurn.
-/,
•
-
Septem.
do,.'
. do. ;
- do., do. ~
••^do. ,
June.
':
'^
•
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30, 1834.
dor ' •
do,'
"- do.
<io. '
do,"
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30, 1834 - R e t u r n s d.elayed by s.ick,ness of receiver.
31,-447 71 , SeptetTi. 30,1834,'
do. •
do.
^332 is'overpaid.
_• ^
do..
do; \ •
6., 066 02
. •27^,936 81 do.
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- 10/596 72
do. ;
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16,398. 19
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do.
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12,261 03
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1,083 28
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789 64
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1,484 57do, . • do.
9,512 8 1 .
^ 3,406 26do.
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12,973 m .
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10,457 84
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Fayette
, Palmyra
Jackson
Lexington.
St. Stephen's
> Cahaba
iHuntsville
,
Tuscaloosa
_
_
=_.
. S p a r t a -, L
Demopolis
_
Montofomp.rv - '_'
Mardisville-^ . _
Washington —
Augusta.^
, M o u n t Salus • Coiuiiibus
-_
. Chocchuma
N e w Orleans ' Opelousas
Ouachita , . _
St. H e l e n a
^ . Detroit»
' Bronson.,
•_
Monroe ,
_
Batesville
LittleRock i _
Washington
_
Fayetteville
_
Tallahassee
_
St. Augustine, _
,
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do.
do.
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:^ . • - Septem. 30, 1834'
do.
' ._- October ' 31, 1834
Alabama^ _
_, Septem.'"30, 1834
October, 3 i , 1834
do.
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A
u g u s t 31, 1834
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Louisiana. «
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October 31, 1834.
Septem.- 30, 1834
-- _ _Octob.er_3i,-lS34l
, do.
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> Septem. .30, 1834
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' . , _ Ociober. .31; 1834
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Michigan .
- _' . ; do.
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- do,
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Arkarisas ;_
_ Septem. 30,1834
"do.
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- October 31', 1834
do.
. -^do.,
do. .
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- Septem. 30, 1834
Florida
^ '
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- . N o returns.
,
^
^
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do.
• : do.
do. ^
do.
do. ^ .
'do. ,
Septeim. 30-, 18.34
October' 31, 1834
. do.
-" dq.
August-v 31,'1834
October
Septem.
October
- do.
'
August
October,
do.'
Ocfober
Septem.
V, do.
October
do,
-do,
.
do.
do.do.
Septem.
October
do. •
Septem.
do.
.'TREASURY D E P A R T M E N T ,
^
General Land Ofiice, December 1, 1834.
.31/l834
30, 1834
34 1834
do.
31, 1834
31,1834
do.
3 i ; 1834
30, 1834
do.
31, 1,834
_ do.
do.
" do.
dp.
do.
30, 183,4
31,1834
do.;^
30, 1834
do.
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^
V
4,702
-13,481
5,805
3,634
17 ^
29 •
73
58 .
_-
6,701 80
6,666 28
.
821 69
2,709 15
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3p, 1834 'S3,105 20 d u e receiver
September 30,1834.
•'Septera. 30, 1834,
do.
do.
do.
•
do. ^
- do.
do.'
30,'1831.
June .
Septem. 30,1834.-do. ~
• • do."
27,058 91
200 72
.
6,658 95
t 2 , 9 5 6 09
do.
do.
'40,320 29
30, 1834.
8,188 81 • J u n e
Septem. 30, 1834.
606 47
do.
5,827 56 .
..do.
5,502 39 do!
.do..
' do. •
845'33
: do.
do;
. do.
clo.
15,119 84
,
. 2 , 7 4 2 - 6 3 - do.. ^ , d o .
do.
do..: /
1,731 29 •
do.
, do.
8,136 76 do.
' do. .
. • 5 3 0 48
clo.
• do. 3,632 69
30, 1834.
June
1,302 40
.
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•
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GO
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•
Q
^5=d
".
/
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H
•
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ELIJAH HAYWARD,
Conimissioner of tke General L a n d Office.
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E X H I B I T ofi the operations ofi the land ofifices ofi the United States in the several States 'and Territories, during
. the year ending 31st Decembei:, 1833, and the 1st, 2d, and 3d quarters ofi 1834 ^ and ofi payments onade into the Treasury on ciccoumt afi public laiids diirvng tkose periods.
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L a n d s sold,, after deducting eji'oneous entries.' ^ "
^ A m ' t received in_.scrip.
Amount re-.
ceived iri
.cash.
•. - Gtuantity-.
Land: offices in .i.hq
• ' / Purchase. - •
money.
DoUs.
Acres. hdth.C
• Aggregate
receipts.
Forfeited
' l a n d sfock.
CIS.
-DoUS:
(fsv
DoUs.
'. Military ^
land scrip.^j
CIS.
Dolls^^ ,. Cis.
•
State of O h i o .
. for 1833
Indiana
- do. .'
Illinois
,do..iMissouri
• do.: ^
Alabama
do.
- Mississippi
do.
Louisiana
do, ,
T e r r i t o r y of M i c h i g a n do:
A r k a n s a s do/
Florid a-.- .do. - ,
Totalfor 1833^.
.. "
551,153 59
554,681 78
360,240 51
•^ 226,285 68
451,319,73
. 1,121,494 97
_
8 9 , 4 4 1 18
- • 447,780 17
41,859 43
_'
. 1 1 , 9 7 0 52
692,426 09
693,522 40
450,242^70
• 296,522 58
. - 565,818 90
1,531,390 31
111,809 .34
. 563,264 92
'52,324 42
14,963 18
, - 3 , 8 5 6 , 2 2 7 56
• 4;-972:,284 84
.
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'_ .
'
-
511,482
-543,018
415,156
296/423
544,434
1,528,545
111,420
541,422
52,324
14,963
o
' 'DoUs.-
CIS.
47,230 5 5
Dolls.- Cis.
'
.. 475^812
459,839
. 374,138
334,860
531 ,.7-22
1,153 ,'054
108,018
501,272
18,114
10,847
82
82
51
02
54
83
09
79
27
86
-
94'
11,924 31
'169,0,18 84.
.692,426 09
• 7,314 "84 • 143,158'79
693,522 40
77
450,242 70
02
2 , 9 9 8 67--.
32', 088 01
' • 296,522 58 .
38• 99 20
42
'
565,818 90
21,384 48 •
- 1,531,390 31
58 .^ 2,844 73
, ' lll.,8G9 34
72
388 6221,566 66
563,264'92
56
275 70 •
52,324 42
42
14,963 4 8
18
- 4 , 5 5 9 , 2 2 1 99
A m ' t paid into.tbe T r e a sury.
3.65,8.32 30
4;972:,284 84.
3,967,681 55
ffl
00
CO,
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•
.
• State of Ohio 1st, 2d, & 3d quar-.
ters 1834 Indiana
do. _.
Illinois
;do._ Missouri
' do. '_;
. Alabama
do.
Mississippi
do. _
Louisiana
do. ^ _
Territory of Michigan do.
ArkanWs do. _
• . , ' Florida
-do'. ^
Totalfor 1st, 2d, & 3d qrs, of 1834
TREASURY DEPARTMENT,
347,804 30
-.427-, 735-74
222,458 19.
141,439 30
414,070 73
361,026 8.5' ..53;i08 31.
351,951 32
47,227 57
6,109 04
2,372,931'35
^
434,758 08
,353,288 15 / .7,^837.17
73,632 76
'534,669 81
489,143 46 : . 1,973 35 .: 43,553.00
278,145 10
264,226'01
,1,160 87 • • 12,758'22.
177,042,42
^176,009 61
1,032 81
546,032 48
539,898 49
6,033 99
100 00
454,342 34
. 448,6.52 43
786'58
: .1,903 33
67.985 14
. : 67,904 64.
' 80- 50,
'' _
439,949 90 . '• « 415,498 25
160 UO
24,291 65
59,034 44
i .59,034 44 _
7,636 30 •
.. .7,636-30
-.
. •
'
. ^
2,996,596 01 • 2,-821,291 78
_
.
•
:i9,065 27 "
156,238 96
2,996,596 01
352,473
' 483,727
271,663
168,720
507,145
. • 750,291
62,027
408,977
63,344
8,104
59
06
05
14
52
67
58
55
36
98
GO
00
Ul
a
3,076,475 50
,
Generat Ldiid Ofifice, Novemher 29,4834/
-
. -'
• •434,758 08
534,669 8 r
. 278,145 10177,042 42
546,032 48
. - 451,342 .34;
,- 67,985 14
439,949'90
59,0.34 44
, -^7,636 30
o
ELIJAH HAYWARD, ComQnissioner.
ffl
Ul
5,44
REPORTS OF T H E
[1834.
STA T E M E N T skowing tke amount ofi fiorfieited land stoclc issued and
surrendered at ike Uniied States land offices to tke 30ik ofi September,
1834 ; also, ike amount ofi military land scrip surrendered io the scime
period.
)
'
•
.
-
•
^
:
•
-^
. .
Military land
scrip.
Forfeited land stock.- "^^
••
Total am'nt is- Total am't sur- Total am't surLand offices." - . State or Territory. sued at theland rendered at the rendered at the
offices ' to the land offices to land -offices to
•30th Septeni- the 30ih Sep- the 30t.h^ Sepber, 1834. .
tember,/ 1834., tember, 1834.
Dolls. Cts.
Marietta
,
Zanesville,
Steubenville
Chillicothe
Cincinnati
Wooster.
Wapaghkonetta
Bucyrus
r
'
-
Ohio
clo.
, d o .
- ^.
-'
••
"-
•
do.
do.
do, ' - do.
- i
do.
-
-
-
-
Indiana
do.
do.do.
do.
r i
r "
-
272;,.771 ?6
' •• -" :
'
•
•
'
91
^ '624 25
11 • 212,072 62
57
1,599 93
41 ^ " 75,836 61
71
/ 10,204 93
72
. 1,700 00
32
.50,175 55
84
71,646 93
423,860 82
275,286,59
^.28,261 03^
- ^ 39,405^33
_ >_
J
•
•^
- • • .-•
_
Total for State ' •
' 5,485
42,339
-•^ 29,837
27,048
123,093
15,170
9,905
' 22,405
_
:
-"
- ,
93
7274
77
71
39
/ . - .i
•Total ibr State ,- ^
Jeffersonville Vincennes '
Indianapolis
Crawfordsville
Fort Wayne
Laporte . . • ' ,
5,370
.^23,891
. 48,103
51,007
132,418
U,978
-
:• Dolls., a s .
Dolls,- Cts.
07,666 36
33,989 88' :
26,384'72. '3,122 06^ . ^
. 4,588 38i ^
148 01
200 CO
68,433 05
49,810 93
1,175 00
291,^661 11
72,978 93
^8,556 88
308 33
.• 424,491 18
^
Shawneetown^
Kaskaskia . ',
Edwardsville
Vandalia . "
Palestine
i>
Springfield •
.Danville .
Quincy
Total for State
St. Louis ' "
Fayette
Palmyra
^Jackson
Lexington
'- .
Illinois - -'
' - • do.
- •
"^ -do.
.- - /
-> . do.
•' clo. • .do.
-,
t , dp.
do. . >
-. '
.• -24,485 2& , 17,151 87
1,485,83
10,002 21
4,198'.75
- . 625 00
•" 10,114 64 , * 11,303 15
. 35,970 69
2,285 10
13,001 9»
642 05
.. 1,350 €0
- .' 3,109 01 • - 5 1 , 3 6 2 03
_
. 7,387,50
_
_ ,'
•• • 963:44
:
--
.-•
,
'
. ^•
.
Missouri
do.^
do.
do.
do.
:
-
-
St. Stephen's
Cahaba _
iHuntsville
Tuscaloosa
Sparta ,
Demopolis >^
Montgomery ,
Mardisville
-
Total for State
-
-- '
38,689 93
/ 6,297,41 12,297 16
6,972 53
11,267 14
2,628-24,
"•
.
^
Total for State .,-
Alabama- •
do.
do.
do.
. do.
do.. , '
do. - -- .
do.
,
-
•>
_
-44,602 13
-
-
••
•
-
_
.
-
.
' ^
•
.,lil.7 27
18,:594 57
21,015 1.8
51,318'75
36,282i57. 61,121;64 -
'35,392 50
48,891 82'
.49,160'82
10,503 10
1,026 20
2,239 76
•
'
_
^
-
•
'
148,722 96
-
112,146 48
.
•
.•
-^
100 00
-,
424 ^60
147,638 80
IOOOO
•1834.]
SECRETARY OF THE TREASURY.
'5(6
STATEMENT C-^Continued.
Forfeited land stock.
Land offices.
Washington
Aug.usta
Mount" Salus
Columbus
Chocchuma
'- .
-.
Military land
scrip.
Total am'nt is- Total am't sur- Total am't sursued at the land rendered at the rendered'at the
Slate bl" Territory. pffices to ' the land offices to land offices to
30th .Septem the 30th Sep- the- 30th Sepber, 1834.
tember, 1834. tember, 1834.
Mississippi.
do. ^ Mo. , ^ do..
- ;
do.
-..
Dolls.. . Cts.
Dolls. Cts.
59,621 ,76
33,034 48
Dolls. Cis.
24,050'64
1,903 33
59,621 76'
57,085 12
1,903 33
3,291 28
3,089 15i
Total for State - •
3,'291 28
3,089 15
' Michi2:an
Detroit .. ; White Pigeon Prairie &
Bronson
•^doi
Monroe
do.
1,101 59
10,290 03
25,374 99
16 00
6,600 00
13,883 32
Total for Territory
1,101 59
10,306 03
45,858 ^J
Total for State New. Orleans . Opelousas
Ouachita.: - :
St. Helena'
Batesville ^ ^ - ,
Little Rolik
- '
Washington
• Fayetteville
- ,
Louisiana
ctoi
do.
do.
Arkansas
. do.
: do.
'-- do;
Total for Territory
Tallahassee
St. Augustine
-,
Florida
do.'-
11,200 00
11,200 00,
Total for Territory
Grand total of stock issued at the land offices
Add 'ariiount of stock issued at the Treasury,
under the 4th section of
'the act of the 23d c^f
May, 1828, for moneys
forfeited (on lands sold
at New York in 178Tiy
by Edgar and Macomb
-29,732 75
Aggregate
646,154 6Q
616,371 91
632,743 85
1,008,360 12^
TREASURY DEPARTMENT,
Geiieral Land Office, November, 1834.
VOL. IIL—35
ELIJAH HAYWARD,
Commissioner of ike Geiieral Land Office.
\
-
... , ' :D:-
-
^
-
,
•
fi
: •
. •.
•
S T A T E M E N T e.xhibiting the numher ofeach descriptidn df warrants which have been satisfied vnth scrip ; the quantity of land fior whick scrip has been issued ; tke amount ikereofi in money at f 1 25 per acre, witk tkeir several totals ;
togeiker witk tke whole number ofi certificates ofi scrip issued under the provisions of the acts of 30th.May ,1:830^ \3ih
^ July, 1832, and 2d March, 1833, up to tke Wtk day of November, 183A.
fi
•
' '
Description, of warrants,
i
-
Numberof
warrants. -
•
Gluantity of land'
in warrants.
• '
• . ' — - . . . . . = »
Amount in mone}^,-
Total numter of
certificates is.
sue'cl,
|656,877'-.50.
339,147 50
.• • . 122,187 50
6,850
3,558
1,641
m
Virginia State line and navy
Virginia continental line
»
UnitedStates
^
. ^
- •
' '
"•
i.
,. .
'- " '
.-
,
G E N E R A L L A N P OFFICE^ Nbi)emher 29,
•.
^
'^ ' ^ ^
-.,
' '•' 1
564
332
648
525,502
271,318
97,750
1,544„
894,570
1,118,212 50
hd
O
m
O
12,049
1834,
' .EU-J-AH/'HAYV^ARD,. Commissioner..
00
CO
1834.]
SECRETARY OP T H E -TREASURY,
•547
Report ofi tke Commissioner ofi tke General Land Ofiiice, witk statements
ofi the operations ofi ike Land Districts^ marked A and B.
G E N E R A L L A N D Oi^FiCEj
" , '^ fi[ovember2Q, 1834
S I R : l h a v e the hbnor to transmit, herewith, in duplicate^ the usual
statements of the operations ofthe land districts annually rendered to Congress, viz:: That marked, A is a statement, of public laiid sold ; of cash and
scrip received in payment therefor ; of incidental expenses ahd payments
into the Treasury,.on account ofpublic lands, during the year.ending 31st
December, 1833.
, / "
^
' .
That marked B is a statement containing similar infornaation foT the
firstj second, and thir,d quarters of the year 1834. ,
With great respect,
^
Your obedient servant,
'.;.;•
ELIJAH HAYWARD.
Hon.
L E V I WOODBURY,
V
Secretary ofi ike Treasury.
-A.
S T A T E M E N T ofi public lands sold, ofi cask and scrip received in payment tkerefior, and ofi^ incidental expenses and
payments into tke Treasury on accouni ofi public lands, during tke year ending 31st ofi December, 1833.
Land offices.
Marietta
Zanesville
Steubenville - Chillicothe
- :^
Cincinnati
_
Wooster
_
Piqua & Wapaghkonetta
Bucyrus
.-
State or
Territory.
Ohio
do.
do.
do.
do.
'^do.
do.
do.
Total for State
Jeffersonville .
Vincennes
Indianapolis
. Crawfordsville.
Fort Wayne .
La Porte
Total for State
Indiana
do.^
do.'
do. •
do.
do.
Lands sold, after dedactin°
Am't received in scrip.
erroneous entries.
Amounf re,ceived in
cash.
Military
Forfeited
Gtuantity.
Purchase
and stock. land'scripi
, money.
Acres, hdths.
Dolls. Cts.
Dolls. Cts. Dolls., Cts. Dolls. Cts.
21,285
75,969
7,934
•46,607
'25,708
27,886
99,753
240,007
34,107
95,460
, 9,918
58,433
31,976
34,872
128,481
299,176
33,810
26,433
8,164
23,476
26,211
33,339
89,622
270,423
551,153 59
692,426 09
511,482 94
ir,924 31
63,987
66,832
1^5,965
150,912
62,612
24,371
'79,984
83,.545
232,581
188,640
78,270
30.500
60,087
79,495
129.,653
170,032
73,404
30,375
3,609
3,450
160
79
69
83
54
29
63
78
68
15
06
94
06
32
74
66
554,681 78
21
43
07
39
72
58
693,522 40
196 13
97
47, 3,.397 59
453 19
97
97 - 570 55
73 4,478 0029 ' 983 10
26 1,346 04
28
499 71
37
17
55
38
72
58
543,048 77
Aggregate
receipts.
A.mount of Am't paid inincidenta^l to the Treaexpenses. sury from 1st
Jan.'.to 31sc
Dec;, 1833.
Dolls. Cts.
Dolls. ' Cis. • Dolls. -Cis.
^ 100.00
34,107 10
65,629 04
95,460 10
1,300 00 . 9,918 16
34,386 42
58,433 94
1,287 00
31',976 73
550 00 • 34,872.39
$7,513 05 128,481 3.5
28,253 33 299,176 32
169,018 84
692;426 09
16,287 .33 79,984 21
51
.^ 600 00
26
83,545 43
00 102,767 52 232,581 07
07, 18,528 ..94 188,640 .39
4,850 .00
16 do
78,270 72
125 00
30,500 58
7,314 84
143,158 79' 693,5^2 40
1.912 58
3,158 07
1,498i04
2,342-.39
3,065 69
r,900 88
3,985 95
7,224 99
37,530:10
15,938 70
•9,823 62
9,400 00
. 23,245 03
29,271 -58
91,050 00
249,553 79
25,088 59
475,812 82
2,751
3,289
.5,154
6,843
2,840
-1,404
57,390
74,529
103,159
147,837
58;847
-18,076
51
27
02
53
96
84
22,284 16
Ox
QO
o
m
O
12
39
04
53
74
00
459,, 839 82
CO
CO
-Shawneetown
Kaskaskia NEdwardsville'
yandalia
iJP.atesiine,
Springfield
Danville
Cluincy
Illinois'
do.,
do,
do.
do.
' do.
' eio.
do.
'28,936 30
29,235 00
92,261 07
21,615 84
22,043 90
109,642 25
26,901'38
,29,604 77
3 6 , 1 ^ 39
36,544 40
115,327 18
27,119 79
•27,554 87
136,893 40
33,626 72
37,005-95
^.34,047 11 2.073 28
'254 00
36,290 40
671 39
106,755 79
26i,219 79
27,529 "87
119,581 33
• 28,489^22
36,242 51
'36, n o .,39
36,544 40
^ 7^900 00 115,.327 18
27,119-79
900 00
25 00 -27,554 87
17,.312 07 136,893^ 40
33,626 72
5,13.7,50
37,005 95
763 44
1,823-58
1,803:53
3,097 26
1,563 88
1,687 50
4,478 17
1,730 12
1,850 10
36,613 00
36,231 89
106,725 9415,208 91
25., 202,92
114,521 SO
16,605-60
33,028.45
-3607240-51-
-450T242-70-
415^56-02- /2,-998-67. -32:,-088_aL 450,242 70
18.034 14
,374,138 51
53,783 17
68,553 85
90,727 16
24,310 49
..59,147 Dl
2,060-48
3,217'26
3,007-71
1,766 A6
3,236 04
57,367 00
'91,332<^82
84,392 20
25,000 00
.76,768 00
296,522 58
13,287 "65
334,860 02'
5000
00
oo
Ul
-Totarfor-State-:rSt. Louis
Fayette .
Palmyra _
Jackson
Lexington"
iMissouri
do.
-do.
^ do.
do.
Total for State _
St. Stephen's
Cahaba
Huntsville
Tuscaloosa
Sparta -.
Demopolis
Total for State .
Alabama
do. .
i -do. •
do.
do.
do.
43,026 22
54.843 10
6i;68'5 04
19,448-53
47,282 79
53,783 17
53,783 17
68,553 85 '68,454.65
90,727 16
90,727 16
2^1,310 49
24,310 49
59,147 91' ^59,147 91
99 20
226,285 68
296,522 5.8
'296,423 38
36,958 43
204,169 82
51,479 19
77,260;53
6,626 60
-74,825 16
46,210 19
256,900 73
64,302 30
43,924 21 2,285 98
252,659 60 4,241 13
50^228-26 14,074 04
80 07
96,510 94
.8,283 23
703 26
'92,828 18
46,210
256,900
64,302
96,591
8,283
93,531
19
73
30
01
23
44
2,250 11
7,161 98
3,170 53
3,213 73
1,168 00
2,937- 74
54,113 63
260,562 27
49,483 40
83,500 00
4,182 13
79,881.11
544,434 42 21,384 48
565,818 90
19,902 09
-531,722 54
451,319 73
96,591 01
, 8,283 23
93,531 44
565,818 90
99 20
•
^
o
-3
Ul
•a
STATEMENT A—Continued,
State or
Territory. •,
Land offices.
ox
Ol.
o
Lands sold,, after deducting
Am't received in scrip.
erroneous entries.
iamount received in
cash.
Military
Forfeited
Ciuantity.
Purchase
land stock. land scrip.
money. •
Aggregate
receipts.
Amount of Am't paid inincidental to the Treaexpenses.. sury from 1st
Jari. to 31st
Dec, 1833.
Dolls. Cts. Dolls. Cts:
Dolls. Cis.
Dolls. Cis. • Do'lls, Cis.
Acres, hdths. Dolls. Cis. •Dolls.' Cts.
•
Washingt'on
Augusta • .^ _
Mount Salus
Columbus
^
Chocchuma " «
Totalfor State:- '
-Mississippi ^ . , ^
do.
do. do.
do.
^
,56,671
34,145
582,552
208,642
239,482
30
70,845 84
68,.478-61
40
43,216-11
43,216 11
70- 730,683 18 • 730,20.5 68
60 330,149 76 330,149 76
97 356,495 42 356,495 42
1,121,494 97 1,531,390 31 1,528,545 58
-
2,367 23
-.
47^ 50
. 70,845
, 43^,216
730,683
330,149
356,495
84 11
18
76
42
2,434
2,308
6,652
-7,-486
7,072
27
00
20
58
88
61,200,00
25,800 00
517,012 66
219,840 40
329,201 77
1,531,390 31
25,953 93 1,153,054 83
- 27,500 38
79,654 55
4,654.41
.-417 12
1,831.92
3,223 95
, 4,034 87
388 62
111,809 34
6,507 86
108,018 09"
14,566 66 ' - 213,439 77
5,501 76
6,600 00 123,465 25
4,486 24
_. 400 00 226,359 90. . .•5,776 77
192 ,"910 34
103,062 45
205,300 00
2,844 73
o
Ul
O
•7
Louisiana do.
^ ^
New Orleans. _
Opelousas ' . Ouachita
St.Helena
-
do.
do.
•
-
. _
22,000 32:
63,717 .33
.
3,723 53
^_
-
89,441 18
Tptal for State -
27,500 38 • 27,111 76
79,654 55
79,654 55
4,654 41
4,654 41
111,809 34
illl,420 72.
388-62
'-'
Detroit
> > Michigan Territory
'do. '
-,
White Pigeon Prairie '_
do.
^
Monroe i
«
_
170,743 76 213,439 77 198,597 41
95,980 25 123,465 25 116,.865 25
181,056 16 ,226,359 90. 225,959 90
275.70i
Total for Territory'
447,780.17: 563,264 92
•275-70
-
541,422 56
21,566 66
563,264 92
15^764 11
1,042
19,250
82,754
-4,-970
50^
00
90
69
501,272 79
td
CD
00
Arkansas Territory
do.
_. . _
do.- " do.
Batesvills
Little iRock
Washington;
Fayetteville
Total for Territory
JTallahassee <^' "St. Augusfine^—:^
Totalfor Territory
Grand total
.-
Florida Territory —do
—____•-
28,618 98
10,641 54
8,930 12
4,133.78
28,618 98
10j641 54
8,930 12
4,133'78
1,328 78
i ; i 3 2 24
434 27
41,859 43
52,324 42
,52,324 42
.52,324 42
4,613 IS
18,-114 27 .
11,810 27
160 ;25
14,762 87
200 31
14,762'87
200 31
14,762-87
200 31
1,276 54
"554 48
10,760^27
87 59
11,970 52
14,963 18
14,963' 18
14,963 18
1,832 02
10,847 80
19
11
10
03
28,618
10,641
8,930
4,133
l , 7 n 83
98
54
12
78
22,895
8,513
7,144
3,307
3,856,227 56 4,972,284-84 4,559,221 99 ;47,23Q 55 '365,832 30
10,^81- 27
2,460,00
5,370 00
CO .
CO
Q
153,268 33 3,967,681.55
o
TREASURY DEPARTMENT, General Land Office^ November 29, 1834,
ELIJAH H A Y W A R D , -Commissioner^
m
o t --.
Ol
S T A T E M E N T ofi piiblic lands sold, ofi cask and scrip received In payment tkerefior, ofi incidental exp67ises, and pjayments into the Treasury, on accouni ofi public lands, during' tke first, second, Mud^tkird quarters ofi the year 1834.
Lands sold, after deducting
erroneous entries. ,
State
- Gluantity.
or Territory.
~ Land offices.
Acres, hdths.
_ '
Marietta
Zanesville ' ^
Steubenville' - Chillicothe " -,
Cincinnati
-'
Wooster
Wa,paghkonetta
Bucyrus'
Ohio •
-do. do. ^ -.
. do. ' i do.
Q]O'.
-'
-
do:
. do;
Total for S.tate -
. 9,359
24,706
3,008
16,054
17,617
. . 7,567
83,536
185,952
- Purchase
money.
Dolls. Cis.
63* • 11,-698 28
3^0,883 48
79
3,761 24
99
92 ,- .20)068 58'
22,i022 05
64
73 ^ 9,^459 66
13
104,419 01
47
232,445 78
347,804 30
Amdunt re• ^ ceived in
cash.
•434,758 08
Am't received in scxip.
Forfeited . Military
land stock'; land scrip.
Dolls.' Cts.
11,698
17,231
^3,3-28
11,974
- 17,804
9,289
88,~038
,193,923
28
45
82
01
96
56
04
05 -
353,288 15
Dolls. Cts.
735
382
141
4,117
70
94
49
24
09
10
1,101 60
7,837 17
Dolls. Cts'.
12,946
49
7,'953
100
100
*15,092
37,421
-• Indiana
.- do. '
do. •.
-, - do. .
do. ^
.do. •
Total for State •
,-.
50,732
40,482
126,717
91,744
60,826
57,231
30 ^ 63,415 58
09
50,602 89
78 ' 1.58,396 82
92.
114,681'06^
75
76,033 58
90. -.;71,539 88
427,735 74
. 534^^69 81
"54,808 06
^ 49,985-87
123,-636 68
114,481 Ot3
74,875 24
, 71,356 55
1,281 32
592 .02
489,143 46
1,973 35
'100 01
09
93
33
00
00
28
13
73,632:76
^
Jeffersonville
/Vincennes
Indianapolis
Crawfordsville
F!ort Wayne .
L a Porte; ,
Aggregate
.^ receipts.
•
Dolls: Cts.
Amount, of Amount paid
incidental ex- intothe Trea.penses.
sury from 1st
Jan. to .30th
•Sept. 1834.
Dolls. Cts.
1,045 58.
11,698 28
1,552 42
30,-^883 48
954 19
3,761.241,387 78
^20,068 58
• 22,022 05^ ^ 2,244 46 1,081 83
9,459 66
*4,404: 78
104,419 01
.232,445 78 . 0,397 04'^ '•
434,758 08
19-068 08
. Dolls.-' Cts:
O
8,372 80
" 18,725 61
1,500 00
3,415 22
- 24.920 75
10;022 91
- 85,596-43
199,919 87
Ul
352,473 59
td
O
•
7,326
- 25
34,760
200
1,058
183
63,415 58
20
00 " ' 50,602 89
14 ' ',158,^396 82 •
.114,,681 06
00
' 76,033 58
33
71,-539:-88- ,
33
43,553.00
, 534,669 81
3,303
2,835
4,847
4,291
.2,849
2,976
04*
52,847 21
24 V 61,283 14
66
• .127,364 85
10
118,161 46
61
58,601 24
54
.65,469 16
21,103 19
483,727 06
. * Stocks surrend'ered.at, and incidental expenses of,' this office, are exhibited as a proximate estimate, as the quarterly returns were not received for the
third-quarter.
'
.
^• .
• '
'
.
.' , •.
. • • ' . . ,
'
.'
^^'
CO
00
Shawneetown • Illinois
.Kaskaskia
- do. .
Edwardsville do.. '
Vandalia
do.;
Palestine
•do.
Springfield
do. Danville
do.
Q.uincy . . .
• do.
^-
6,513 19.
6,019 32
7,529 16
, 14,349 64
11,502.04.
14^378 51
103,807-74
85,153 03
106,481 40
15,919 J 7
14,116 30
17,659 37
- 17,138 69
13,950 95 - 17,438 69
50,912 36 ^
46,848 36
58,569 75
22,790 22
28,487 77 "- •28,187-77,
27,397 45
22,077 97
- 27,597 45-
505
• 28
426
40
14
510 83.
87
_
66
2,250,00
20.- - .1,700 00
- 300 00
. _'
, 160 00
7,497 39
300 00
200 00
•
J,
7,529
14,378
106,481
17,659
17,438
, 58,569
28,-487
27,597
16
51
40
37
69
75.
77
45
,965
1,070
3,439
• 1,272
1,248
2,200
1,832
1,561
^
' 13,6.50 .00
.10,717 76
98,345 00
15,000 00
20,963 25
55,992 00
29^852 57
27,142 47
45
12
86
45
28'
28
78
27
CO
CO
t
1
Ul
g22,458 19
Total for State- •
278,145.10
264,226 01
rri6Q 80
12,758 23:
278,145 10
27I7663.O5
13,590 49
0
H.
H>
^
-I
St., Louis,
Fayette "
Palmyra .
Jackson ^ . . Lexin.gton
Missouri
do.
do.
do:
do.
.
-
Total for State St. Stephen's
Cahaba
Huntsville
Tuscaloosa
Sparta
Demopolis "^
Montgomery
Mardisville •
-
.-
31,022-35•26,885 40
45,619 14
8,916 52
28,995-89
141,439 30
Alabama
do.
do.
do:
do.
do.
• do.
do.
1 Total for State -
:
'7,935
.. 108,054
. 19,457
57,580
6,446
123,175
18,331
75,088
414,070 73
Washington
18,262
Mississippi . Augusta
- . do.
- . '22,630
Mount Salus
do.
"194,074
do.
Columbus . / ' 99,954
98
88,
23
62
93
17
43
49
18
95
15
62 <
38,778,12
33,834 07_ '
57,039 84
11,145 47
36,244 92
37,745
33,834
57,039
11,145
36,244
31
07
84
47
92
1,032 81
_. < '
^' •
•
.1,032 8 1 '
176,009 61
11,169-47
132,647 04
.24,321 35
71,976 32
8,175 82153,969 00
33,468 03^
110,305 45 .
1,583
. 9,585 68889
131,757 97
•1,1,48
23,073 31
451
71,524 33
- ,8,175^82
•_
1,536
152,432 50
.33,468 03
109,880-85 ^; 424
546,032 48
539,898 49 ' : 6,033 99
22,842 16 ' 22,197 17^
28,288 26" . 28,288 26
242,601 87 ' 240,556 95
124,943-29
124,943 29
_
_
-" ..
177,0,42 42
_
•
100 00
•
_
50
^ -, _
-
-
100,00
644 99
_,141 59
- .
12 .. 17606 40-'
07
1,592 23
84^ - 2,137 37
47
1,019 87
92
.1,882 50
177,042 42
. • -
79
07
04
99
60
-38,778
' 33,834
57,039
11,145
-36,244
•
_ .
• 1,903 S3
-
8,268 39
47
04
35
32
82
00
03
45
1,143 94
3,'848 35
1,727 00
2,692 53
85693.
. 4,651 85
2,002i94
4,043 65
546,032 48
10,967 19
41,169
132,647
24,321
71,976
8,175
153,969
33,468
110,305
22,842
28,288
242,601
124,943
16
26
87
29
43,859
25,105
55,985
9,500
34,270
. 1,359
.1,698
9,834
3,372
60
62
61
80
69
00
22
00
23
168,720 14
Kl'
0
hj
^
^M
19,159 95
125,398 71
^.
27,175 CO
P3
77,300-00 - m •
11,883 49
t>
Ul
141,706 37
16,600 0 0 .
87,922 00 •
. 507,145 52
,
23,154 92
33,940 00
411,753 13
or .
238,839^88 - 0:1
•
OTf
•
ox
STATEi\IENT B—Continued. ^
Lands sold, after deducting
erroneous entries.^ ' -State ,
-or Territory.
Land -offices.
Gtuantity.
Amount received in
cash.
f4^
- Am't received in scrip..
Military
Forfeited
land stock. . land scrip.
V Purchase
money.
Amount .of Amount paid
Aggregate
receipts. ' incidental ex into the Trea- penses. J sury from lyt
Jan. to 30ih
- Sept. 1834.
r
• ,
•'
Acres, hdths.
• Mississippi -
Choccbiima
26,104 95-
Dolls. Cts.
i32,666 76
Dolls'. Cts.
Dolls. Cts. - Dolls. Cts.
Dolls: Cts.'
'32,666 76
'32,666 76
•
Dolls. Cis.
1,964:97 . ;
D.pm. cts.
42,603 75
{
Total for :State -
361,026'85
451,342 34 .' 448,652 43
1,903 33
786 58
451,342 34
18,230,60.
750,291 67
P3
K
^^
O
^.
Ul
Kew Orleans
Opelousas
Ouachita St. Helena
-. Louisiana
-. do.
do.-.
do.
- ^
;
2,937
' 12,696
51,018
1,333
13 ^ 2,937 13
27. . 12,615 77
46
51,018 46
^1,333 28
28
67,985 14
67,904 64
-
99,065^97
123,843-30
[ 112,874 97 ,
-
81,910 07
^ 170,975 28
Total fQrTerri'ry
Arkansas
Batesville,
69
02
97
63
53,108.31
Total for State Detroit s •
- Michigan
White Pig'ii'Prairie and Bronson . do.
Monroe
do. '
'2,349
10,157
.39,534
1,066
-
80 50
•
, 80 50
439,949 90
415,498 25
7,632.23^
9,540 28
.9,540 28
-
160 00 : 10,808 33
102,^87 54
102,387 54
-213,719 06 : 200,235 74
351,951 32
2,937
12,696
51,018
1,333
13,483 32
160 00 ^ 24,291 65'
_
^
13
27
46
28'
1,157
1,061
2,405
804
01
40,
75
90
12,621 ,07
48,606 51
800 00
.67,985 14
5,429 06
62,027 58
123,843 30 (
3,316 85
109,558-12
102,387 54
213,719 06
3,390 46
5,474 35
103,419 43
J96,000 bo
439,949.90:
12,-481 66
" 408,977 55
9,540 28'
1,360 08
23,610 00
OD
CO
do.
do.
do. ,
LittleRock
Washington
Fayetteville
Totalfor Terri'ry
25,085 U
7,956 45
6,552 78
31,357 64
9,945 558,190 97
31,357 64
9,945 55
^ 8,190 97
47,227^57
59,034 44
59,03444
Tallahassee
-^ Florida.
St. Augustine - - do. , ,
6,109 04
Total for Terri'ry
6,109 04.
/ Grand total r
•
_
.
-
,
„
7,636 30-
7,636 30
7,636 30
7,636.30
2,372,931 35 -2,996,596 01
2,821,291 78
.
T ^ R T T A S T T R V D E P A R T M K N^T:
General Land Ofiice, November 2^, 1834.
- : -
•
' -
-
-
-
-
'''. . ' - f i
- .'
19,065 27
-
31,357 64
9,945 55
8,190 97
1,959.65
1,143 08
1,386 31
27,709 36
5,200 00
6,825 00
:59,034^ 44
5,849 12'
63,344 36
7,636 30
981 53 ,
130 48
8,104 98
QO
CO
•
7,636 30
156,238 96 ^2,996,596 01
'
1,112 01
115,799 79.
Ul
8,104 98
3,076,47.5 50
-
§
0
ELIJAH HAY WARD, Commissioner.
Ul
vx
557
ITHE PUBLIC MONEY-.
DECEMBiER, 1834. : •
• '
..-TREASURY DEPARTMENT,
•
- - . December 12, 1834.
In conformity with a suggestion'maSe in the/annual re.port frbm this
department, 'the uiidersigned now proceeds to.submit to Congress' some
further considerations on. the present system of keeping and disbursing the
pubUc^maney.
.
.. :.
• . '.
It is one of his generai duties to present'tinnually a viewvOif the condition
bf oiir finances. An essential part of that conditibn is the nianner iii which
the revenue is kept, fromthe time it is. collected, until it is disbursed.-^ An^,
other of.his duties i?, to digest and prepare plan's fior its management;
and he is expressly required to " give information to the Legislature respecting alfmatters \vhich shall appertain to his office."
. -'^^
•'•-'•.
Considering the unusiial excitemisnt that h_as attended the measures and^
discussioris of the.past year, connected with the above subjects,,it would,^
probably,, be deemed a neglect or an evasion of proper responsibihty, if the
undersigned did not submit fulf information concerning the {DIaces where'
oiir revenue is now deposited and kept; the prliiciples on which the selection of them by this de'partment is justified; the mode in which the existing
system for the preservatioii and disbursement of the public money-has tjeen
found'tQ operate; and the advantages, or. disadvantages, which are'likely
tp result from a return to any former one, or from the adoption of any proposed imprpvements in the existing system. ' 'tie v/ilt,- therefore, proceed to
the performance of this delicate and difficult task with an unfeigned dis. trust of his competency to treat those subjects in a mahher becoming their
great importance, but at the same time with a.ififm resolution to endeavor
to discharge 'the duty, so far as. in his power, with fearlessness," impartiality,
and fidelity tb the public, In regard tothe plapes for keeping the funds of
the United States, it is believed that, under our first organization' of a common treasury, no such places wereevisr designated by law, uiiiless sometimes the loan offices, and unless, for such funds as were wanted in the
field, the mihtary chests accompanying the:army maybe so considered.
The residue of thej funds is supposed to have generally been deposited
for safe keeping, as the committee of Congress, when having charge of
them, or the Treasury officers, when such had ,been created, were pleased
to direct; and it is well known that by them banks were selected for this
purpose as soon as any were incorporated in convenient places, under either
State or Federal authjDrity.
.
< .
:
After the present constitution was adopted, the usage cbntinued the same
until 1809; ho law having -ever been previously passed, which required
the deposites of'public money to be made in'the first United States or any
State bank, But,"from 1789 to 1791, it appears.that the Bank of North
America,'in Pennsylvania, by which State as well-as by Congress it had
•558 .
REPORTS O F T H E
[1834,
been incorporated, continued to be employed by the officers of the Treasury under the direction ofthe Secretary, and in the exercise of his supposed
legal power over this subject:
^ ,
^ ,
The three Banks of Massachusetts,, New York, and Maryland, incorporated in those States, under those respecluve names, were also in the same
way next' selected and used. After 1791, the former United States Bank
was, by this department, voluntarily added.to the number. In 1809, by
the act of March 30th, the first express legislation took place as tothe use
of any banks whatsoever as places-for the public deposites, and that extended ionly to -'the public moneys in the hands" of disbursing officers, and
required them to be. kept, ^'wher ever practicable," in some " incorporated
bank," and that- bank to be selected or " designated for the. purpose by the
President of the United States." The deposites by collecting.officers were
left untouched, they havih'g been already, as, before named, usually placed
in banks, and those banks, sele'cted, not by the Treasurer,'or Congress, or
the,President, but by the Secretary of this department,.or by his direction,
under the .power confided to him^ by acts of-Congress, of'supervising the
finances and the doings of the;,subordinate officers in the Treasury.. A
committee qf the liouse of Representatives, May-22, 1794, liiade^a very
able report on the conditibn of the Treasury, in which, on this pointy they
remark, t h a t " the Treasurer, pursuant to general directions firom the Secretrxry ofi ihe Treasury, keeps the pubhc inoneys under his control iii the
several banks," &.c..'In;February, 1811, before the charter of the old baiik
expired, but aftqr its renewal.had .been, refused, Mr. Gallatin, by his own
.act, and not by orders to the Treasurer, and withbut consulting Congress,
then in session, proceeded to select other banks, incorporated by the several
States, and to remove to them the deposites qf the public'money. As ap.
pears in ^his report to the House of Representatives, January 8, 1812, he
entered into, arrangements with th.em, in many respects similar to those now
inoperation.
.
.
,:
.' '
After this change, the usage and law on this subject continued uiialtered
till 1816, when it was provided in the c*harter of the present Bank of the
United States, " that the deposites pf the money of the Uriited States, in
places in which the said bank and branches thereof may be establishe,d,
shall be made in said bank, or branches thereof,, unless the Secretary of
the, Treasury shall at anytime' otherwise order and direct; in which case,
.the Secretary of the Treasury-shall immediate]y^lay beforei Congress,, ifin
session, and,df not, immediately.aifter the comniencement of the ne.xt session,
the reasons for such prder-or'^direfction'.''
'^
'
^ 1 :
.. 'Whether this was pr was not intended to include the deposite of money in, the hands of disbursing.as weU .as,'collecting officers,.all difficulty
was avoided on that point by the President, in giving directions, as has
^lately been done, to..have the same hanks usqd by the former as were
used by the latter class of officers.
Ih the discussions of 1814,,;which led t o t h a t charter and the above
reservation, it was distinctly averred to be necessary that such a reservation or power should be retained, in order to insure to the .Government spnle^ further control over the h?ink, in case of the adoptiou of the
provision ,in .the bill .giving to the former only five but of twenty-five
directors; becaiise,'iri a case like that which has been Avitnessed durino* the past year, a distinguished advocate of the present charter, with
the spirit almost of-prophecy, .declared," twenty dh'ectors would always
1834.]
SECRETARY- OF T H E TREASURY.
559
vote down the fivelproposed to be appointed by the Executive, if theie
should arise a contest-between the Government and the bank. But
there was another meaiis.of protecting the Government againvSt the bank,
mo;:e,potent and certain than any such provisions:,let the United States
retain the power over its deposites, and.over the receipt of bank notes
in payment of duties and debts to'the Government,- and it \vould possess
a sufficient control .over the bank."
.
The power to remove the deposites. from the bank, thus reserved to
the Secretary of the Treasury i n t h e chdrter, was exercised in-repeated
instances, to a limited extent, within the first three years, after; the reservation was made, as well as. to a larger extent on a more recent occasion. But the power reserved to Congress in the charter, to withdraw
from the notes of the bank the credit given by the Gp vern mint's receipt
of them in payment |of all its dues, has never, yet been exercised,, though
still possessed in full force, and originally intended as a legitimate weapon to counteract or punish any improper coiidiict on the.part of the
bank towards the Government. It is well knovvn.that, about the 1st of
October, 1833, in the manner provided by the charter in the clause just
jquoted,'a change inj the places of deposite was .made from.4he United
States iBank and most of its, branches to certain. State banks, by the
direction of the Sedretary bf the Treasury, and under the controlling,
power on this subject exercised by that officer from the first organization
of this department; repeatedly recognised and approved by Congress,
before 1816; and at, tha|; time expressly reserved to. hini by Congress
in the charter to the present bank., ^ In consequence of the above-named
change in the place], of .deposite, the general accounts of the Treasurer
and most bf the public officers have, since last October, been gradually
brought to a close wijth the United States Bank and most, of-its-branches;
and arrangements.are in prpgress to dispense with the services of all of
them, on general subjects, before the charter shall expire,''and soon, if
practicable without great inconvenience or .ex;pense to the public.
For certain special objects, such as the payinent of the debt and of
pensioners, (the. last j not construed to include the persons provided for
by the acts of Congress of May^ 1828, and of .Jime, 1832,) the bank and
all its branches have yet been retained a^ depositories and agents, under
an impression that it had, by previous-acts of Cpngress, a, right to performithese duties,.until rehnquished by its own consent, or until the acts
were repealed.
^
,
i
^
After the charter shall expire, no difficulty is anticipated, in having,
iany ofthese diities, wihieh may then remain, discharged by State banks.
But if any should occur, it will beconie necessary to devolve these duties on some . responsible receiver . or collector already in office, or' on
sonie safe agent .not now in office, as has been the practice for years in
this country in paying pensions at corivenient places, near whicli there
was no State barik orl branch ofthe United'States Bank, and as has long
been the usage in some countries of Europe, by ^having the pubhc revenue in certain districts chiefiy received, kept, and transmitted through
private agents and brbkers. This kind of personal agency, howeyer, is,
in the opinion of, the undersigned, to be avoided, in all practicable and
safe cases, under our preseri,t system of selected'banks; because it
would render the system less convenient, less.secure, andi more coiripleix,
if hot more expensive! Hence, it has not yet been resorted to.
560
REPORTS OF T H E
[I83f.
But it was considered proper to mention this contingency, in ,order
that ils effects, if ever anticipated, may beforehand be duly weighed in
the eiamination of the whole subject; and to add, that if this cpntingency be extended tp the-whole establishment of Statebanks, as welf as of
the United States Bank, on the possibility that they may, all.cease.to exist,
or may > refuse, to receive and manage the public deposites, (however
improbable the occurrence of. such an event ..may beQ the fi'scal operations pf the Government could undoubtedly still prpceed, through the
personal: agencies, before jnentioned. It is ' admitted,, however, that it
would be at sonie inconvenience, and some increase of expense, unless
remedied iri a manner that may hereafter be developed; and would not,
in the opinion of this department, and iii thepresent cohdition of .things,
be so eligible a .-system as the present" one ; because banks, though exposed to some dangers and evils,.and though" not believed to he, necessary for the fecal purposes of any Goveriiment, and much less of orie in
the present happy financial situation of ours, are frankly" acknowledged
to be, in many respects, a .class of agents economical, convenient, and
• useful. ' .
•• _
• . '' i -•' ; • , . ' ' ^ •• ] • •
A document is .annexed.igiving, first, 'a schedule, of such State banks,
amountingto thirteen in nuniber, as had previously to about the-1st, of
.October, 1833, been selected and retained, in corinexio:n with' the United
,States-Barik; another list, of twenty-six in number, of such as were then,
and have since been, selected "^under the general'arrangements adopted,
for the chief deposite banks; and a third list,'of three,in number, of State
bariks, ^since selected;for -limited, purposes, and with' limited duties, like
many of those .before 1833.' , (A.)
' : , i
• "
,
•
Some of these selections,: and the- cbhsequent changes hi deposite, it
willbe seen, ^have heen made since the last-session-of Congress. ' But
as the reasons to justify the general-removal of the/public deppsites' from
the Uriited States'Bank were assigned to Coiigress at the proper time by
the proper officer, it is not ^deemed either necessary or pertinent to offer
any new ones in jiistificatiori pf the changes made since,^merely to com-'
plete the measures, previously arranged, commenced,-and vindicated. '
' But the power.of reirioval being distinct from the reasoris assigned for
the ac^ of remoyal, and having beeii exercised subsequentli^, wherever
, the new'batiks before named have, in suitable places, and in fiilfilment of
the system then adopted, and for the reasons'then^stated, heeif .selected,
it has been considered proper to suggest the usage and laws urider which
• this power of removal or selection has bee^n exercised by the Secretary
•of the Treasury on the last occasion, arid probably on all preyious ones.
The same" usage and laws will^ doubtless be considered a sufficient justiflcatiori for a continuance of the exercise of the' same power by this department, under a due sense ofits duties arid responsibilities,'untih Congress, the.body conferring the power, becomes convinced that it-is liable to
be used for reasoris not satisfactory, and shpuld therefore be withdrawn,
and either confided elsewhere, as; in the case of disbursing officers, it is
now bonfided to t h e President, or be reserved to be used only by Congress itself, whenever a case, arises in. ^vhich it deen^ the exercise of
such a power proper. The laws passed by Congress, and the fiscal re'• gulatibns made iiiycoriformity to them, now in truth govern the whole
subject. The money itself is. rather in t h e . virtual controlof thpse laws
and:of Congress, the body making them, than in the control of any one
1834.]^
SECRETAIIY OF T H E TREASURY.
561
officer, or any/nd mber of officers. ^ No executive officers of any kind
have even the possession or custody of that nione'y, except as mere ministerial agents, and then they have itin ^lursuance of those laws and regalations; and,'when those are constitutional, are bound, arid have a right;
to exercise it in the due and necessary administration of them.
' Their possession and.custody ofit exist generaliy in that way, though
thus becoming in almost every case a constructive, arid not an actual
possession or ciisto'dy, unless they are. collecting or disbursing officers,'
' who hold the money before or after it :gbes into the Treasury. But-even
then, they'usually deppsite the money early, in some'bank, as before explained, '
^: .
•• \ ,
'
"
'
While the money is considered fo^be in\ the Treasury, whether by
constructiori of law, or in point, of fact, it is ordinarily in the actual possesslonor custody of some third, person, in. most cases a bank'corporation:
and the Treasurer himself, or the Secretary ofthe Treasury, or any other
officer, however they may, in the manner, before namedj have the custody of the .nioney, or .'riaay alter the mere places of its deposite; are no
more empowered to take nioney out, or remo ve . it from the Treasury itself, than any stiianger, except to discharge an appropriation madeby
Congress, and on a warrant having the sanction of all the officers required
in ordinary eases by the laws and the established regulatioris.' A copy
of such a warrant, in the form invariably used the. last four years, is annexed, tor thici infor mation-of Congress. (B.) /
•'\
-Havirig described the places where our>evenu.e is now (deposited and
kept, and the .principles on \yhich the selection of them, A^y this department, is justified, tiie undersigned will proceed to oSefifome considerations.on-the-other topics proposed, as to the mode i n / H i c h the existing
system for the prieservation and disbursement of tfe'^P^Wic raoney has
been.found to. operate, and the advantages and dis^^dvantages w.hich are
likely to result fr oim a return to any former one./^'ivfrom an adoption of
ariy supposed improvements'in the existing syste'xi- On this pccasioUj and
in the present financial condition of the cbuiity, these are believed to be
not pnly legitiraate subjects ;of inquiry, but/suchs as require that all the
informatioiKin the'possession, of this defHtment, tending to elucidate
them, should be .^'omptly and unreserve4ly communicated to Congress.
To discharge thai duty with any ^^gree of clearness or satisfaction, it
will become indispensable, at the^risk/'of being .considered tedious, to ,
enterlntoan analysis of the subject, azid to submit such remarks as- aredeemed, appropriat'e—^,
,;<:// ,- .
\ ,'
.On the, con venience of the,location'of the.,: selected. State banks, when
' compared with, .any . other .system ^ for the accommodation, of the public
.officers-as wellas (Df the pu?/lic,creditors;.
• fi' . • •
Their safety as .depositories,' ; '^ -•
.-.
•
Their, coirfparaltive ,/bility. to"^transfer the public,funds to the placeswhere they are wanted,. and to perform; any other services properly required of a fiscal ageiit; \
- ,'
'
Their Gomriierciat utility in respect to .exchanges; ,
.
,
The crobdness ol the nioney in which their payments are made;
Their camparatilve aid as bearing on. commerce and pohtical economy
in the regulation [of the currency of the country at large; and, in con-,
nexion with these several topics,
•/.
'
The advaatages|Or propriety of resorting tp some other system instead
VOL. III.—;36
562
'
. . .REPORTS OF T H E , . '
'
. [1834..
ofthe present one, improved as it may be, and which other shall resemble that recently in operation under the United States Bank; and, in
order, to secure the supposed superiority of srich a. one in any respect^
to provide fora new incorporation . of'some national bank, either'with or
without an amendment of bur ^present constitution. .
1. In regard to the convenient situation of the selected bariks, whether
lpoking to the accommodation pfthe public officers or ofthe public creditors, it is believed to be fully equal to thai, of the United States Barik
and, its brariches. Some banks haye-been chosen in places in which
none wete before employed, and, in this respebt, facilities for-deposites
and paynients have been furnished nearer to some points where our cbllections and disbursenients are very considerable. . In this way, as- it is
now an established rule^ long practised, in most, cases, by this department, and revised and republished in 1827, to^make payments generally
atthe banks nefirest Jp the residence of the public officer or creditor to
be paid, or to the place where his services Svere performed, the payments
upder the present system have been-made equally near, and sometiraes
hearer than formerly.. The departures frbrn. this lis ual, course never
occur without the consent, and, indeed,,, the request-of the persons inter- •
ested., So far as these dephrtures may iri any cases, be deemed favor.s
to those persons, they .were formerly granted on application to the -de~
pcirtment, under such circumstances as the public interests, on the assignment.of satisfactory reasons, appeared to permit. T h e same course of indulgence is how pursued; it is that most convenient to thepublic in general,
as well as toth^ Treasuiy, and the' only one feasible iinder any system^
without incurrii-io- the unnecessary and inconvenient expense of furnishing funds-enoughXt every different point .of .collection and disbursement
to,meet, not merely-xthe ordinary.and usual expenditures in the neighborhood of each point^i^ut all the drafts which/caprice, speculation, or a
high rate of exchange, il^^ght induce officers or creditors to. draw on placesgreatly remo,te frqm their widence, or from the theatre of their publid
services.' , , •N
' ,•,'••,.'••.••. ,
•.
- •'
2. The safety Qf\the newly^elected banks is the next suliject of inquiry/
The chief change in thi^respee^ under thepresent systemj has heen in procuring the separate responsibilitj of several institutions.for separate and
smaller sums of;money, instead.'of tW sinde responsibilitv of one institu-.
tion, fpr.a very large sum, ahd inliavingithe guaranty of'State laws and
State supervision over the conduct and solvency of these-separate institutions, combined with the informatipk arid! cognizance of this department
and. Congress as to their icohdition and prospects^ by means of theiri weekly
returns'arid other general, sou:rces of intelligenie^, instead of the guaranty
of the acts of Congress, and tlie supervision ofrthe United States. Government over the single institution formerly and'chiMy employed. Considering these differencies,. coupled with the fact that theVleeted banks, withbut
disparagement to, others; are,?or ought to be, chosek fromthe most floiirr
ishing and secure; that they can be changed wheneyer any circumstance
may indicate a change to be prudent; and that collateral security can be
required whenever thes deposite is;;sQ laTge as to seem to render it judicipus;
that the- Gpyernment possesses, superior advantages in ca~se.of their embarr
rassment, and that. the. whole, capi tal stock must be lost before, the deposite
debt vvill become desperate; there certainly canbe noveiy dis^;dvantageo:us.
1834.]
SECRETARY OF ,THE^ TREASURY.
563
comiiarison in.theoi;y| between the safety to the Government under the pre' sent rather thari the former system. '
' ' ' • •.
^.
In practice, thus far, no .loss whatever has been sustained by a-uy of the
newly selected banks, nor does any particular reason exist-for anticipating
a loss. It is,due to them to remark, without derogating from the repiita., tion of other banking institiitions whose condition is less accura.tely knowii
to the. department, tliat the weekly returns of the'selected bank's show all
of them to beinai secure,.and"most of them.in a veryfidxirishing condition;
and that the whole of them' ,united,-on the 1st of July last, possessed specie,
in proportion to theii] notes in circulation, greater than did the Bank ofthe
United States, or the| Bank of England, on the 1st of January last; a:nd that,
their imniedia:t.e^ available, means to meet all the imrnediate demands upoi;i
them, including the whole of their Iclrge public and private deposites, have
^since been. cPnstantly irnproving, and are" qiiite equalto those of most bank-^
ing institutipns in existence, andto. what is required by the most approved
banking principles.
, '
' .^ " • •
- • • >•"
. A table illustrating this subject has been, prepared:from the latest returns
and. estimates accessible to the. department, .and is annexed. (A A.) The
losses which,have formerly been, sustained by the General Government
through the fiiilure ojf certain State banks, selected, according to the impressions of many persons, principally, if not entirely, between 1811 „ and 1816,
or.lDetween the expirlatiohof the'o.ld and the passage, oi; the new charter of
the United States-B'ank, have been frequently addiiced as objections to the
safety of the^ presenll. "system, and, ,\vithout spme detailed examination and
careful discrimmaticjn, are, it is freely admitted, calculated to awaken some
doubt as to its ultimate practical'security., /
' ' •
But it is a memor'able fact,' connected with this inquiry, though often represented otherwise] ihB.l not a •si/igle selected St^te bank failed between
the expiration of the old charter'andche grant of the/new one.; andthat
none of our losses-iilieluded in.our .nnavailable funds happened until some
time in 1817, after the United Stat/s 'Bank was in operatipn. Then, whether
«•' destroyed.by an exerticxi of tH'e'power of the Bapk" alone, or, as is more
probable, by numerolus.^auses combined, it appears, from a careful anal3^sis
of the unavailable iMds ^^^hicli we have now., and forrnerly. had .on hand,
that, some ofthe se?^<2ted State banks became embarrassed. :.
' ,
/
• From the course ojf public collections and disbursements, and the baL
ance' of trade /laving both been in favor of the,east against the west, 'and
from a desire't6 sustain the new operations of the 'United States Bank, a
transfer of fiinds thr<3ugh its- agency, and.a. consequent drain of specie from
the west^A^ deposite banks, then' took place. Then the Goverriment
stocksj 9(5iuii*ed by the patriotic loans of some .of the. State banks during;
the late:^5vaiv.wer:e in some degree sacrificed, in several instances, to enable'
theiii. too early and. suddenly to resurhe and support specie payments.; and,
by ineans of these and other causes united, seven out of about sixty selected banks proved unaJble to meet all the demands.on them with promptitude.'
Hadithe change to specie .payments been less sudden, and further time
heen given to transfer deposites .which,had long .been 'accumulating in the
paper of various banks, arid which were large in amount, .and very incorivenient and. expensijve at once to convert into specie and remove to a dis- ,
tailce, it has been cojnceded by an officer of the United-States Barik itself,
that no failures of the selected banks at that time would probably have
happened.. As it wjas, the whole indebtedness 'of the seyen, as deposite.
564- •
'
REPORTS O F - T H E
[1834,
banks, when they.failed, was only $139,010; and they have since paid to
the Government $1,33,169, on that and bills of theirs held by the Government elsewhere. These payments,.if all applied in the gross to discharge
their whole deposite liabilities, would leave due, independent of some interest, only the small sum of about $6,000; or, if applied to each,bank respectively, only about $17,000, as can be seen more:fully in'the tabular stateinent Whetherthe Government,, or the United States Bank, whichever ^
had most agency in the course adppted, acted with.indiscretion in pressing
them so suddenly, severely, arid in a manner so different from that^pursued
in, Engla.nd two years after, in,the resumption of specie payments there, it
is not now difficult to decide; especiallyvvhen we-find that, under all the
calamities from that cours.e, and other, causes, those seven banks have since .
adjusted so nearly their whole li^abilities as depositories,-and that oneof
them has adjusted eiyery' hability of every kind. .^.A statement annexed'
shows the sum, without interest, n o w d u e on any.account;^ from each of
these arid all bther embarrassed banks, and the year of both their failure
and selection, and distinguishesthose which were debtors, but. not depositories, of this departmerit (P.B.) Notwithstanding the continued opera^
tion of some of the, fornier causes, tlie low prices of produce, the high rate
of exchange iagainst the west in/favor of the east,, in 1817,,'l8, and '19,
and the, widespread ^.commercial distress in the latter year, briiiging-the
United States Bank^ itself to the brink'of'stopping specie payments, if'not
of bankruptcy, it will be^seen that only four iriore deposite banks suspended
payment between 1817'.and: 1821; and pf these four within those thre.e disastrous years, one only-was \rv 1818, "which has since paid allits debt; another in 1819, which owedonlYiabput:$1.7,OO'0, as a deposite bank ; and
two in 1820, both of which have settled pvery thing originally due.
Thus the truth on this much misunderstood and misrepresented subject
appears to be, not only that one faikre o i a selected bank didiiot occur'
within the period while no United States Bank was-in operation, but that
of those w;hicli afterwards stopped payYu'ent \yitliin three or four "years,
= chiefly from the causes,before mentioneb>, andxa part of which cause^s
produced eightor iten fold as niany failures in "Eogland, under the full
control and infiuence of a national bank there as we^J as here, four ofthe
number have since discharged all their liabilities; andxthe residue of the
habilities of all the pthers, as deposite banks, in thei mViner before estimated, is less than-$35,000. .This is not the tithe of the Hnii which has
frequently been lost to the Treasury by the failure of iiMiyidual rnerchants to discharge only their obligations for imposts;-.riot%qQal to., the
sum frequently lost by the failure of. riiany single disbursing li^^ents connected with the ^different departments ofthe Governmerit, and uf%r -laro-e
bonds for security;, not a sixtieth part ofthe three or four millions lost
by the United States Bank in that period of severe trial, arid- a iargev-portion ofit on the seaboard, near the close supervision of its principal officers; nor, indeed, but a ^small fraction ofthe loss sustained by the Gov^
ernment through the United States Bank itself, during, the same period,
by the failure of the latter to pay to the former the same arnount' of divir
' dends which otherwise would have accrued, or to.pay dividerids equal to
the interest the Government was " then paying the bank on the seven ^
millions of funded debt subscribed to its capital stock; or, by its failure,
during even the past" sumriaer, to, pay over the re'cent dividends on that
stpck which,actually accrued/and havebeen unfaithfully withheld from
1834.]
s: CRETARY • OF. T H E • TREASURY.
5B5
the United States, to an amount exceeding more than four times all the
above'losses by thIpse State banks. Without refererice to the indirect injury and embarrassment caused to our fiscal concerns, as well as to the
community, at the time of the short suspensioii of specie, payments by
some bf the State banks,it appears thati our greatest losses by public de^
unavailable funds of ariy kind, occurred among the
Statebanks selected, not between-1811 and 1816, but before or afterwards, andin aid pfthe United' States Bank. They occurred, likewise,
,and 1816, b u t i n 1821, 1824; and 1825, some years
after the latter Bank had ibeen in full operation, and had exercised ail the
thnctions inits power and inclination,'eiiher to furnish a sound currency,
or to regulate it, by improving the conditiori of the State banks.
AVith the causes of these last and most important failures, happening
from time to time, as the table shows, tothe very last year, this branch ot
our inquiry has rip particular conceriv except to discriniinate them ,froin
others, and from r^ny special connexion with the systeni that prevailed
from 1811 to 181f3. Whether they arose from an unsound policy pursued by the United iStates Bank, or from circumstances which, under, the
paper system, nbither legislation nbr caution can always avert, of ffom less
justifiable reasbns, and in spite of all the salutary, influence the national
bank could.exercise, itisii singxilarfact,' in praise of-this descriptipn of
publi.c debtors, the selected banks, that there.is not nbw due on deposites,
from the-whole of them which have ever stopped,payment frpm the establishment of the constitution to the present moment, a s.uhi.much beyond
- whait.is now^due to the United States from one mercantile firm that
stopped payment in, 1825 or 1826, and of whom ample security- was xe"quired, arid supposed to be taken, under, the responsibihty of" an oath.^
If we include tlile whole present dues to the Governmerit from discredited
banks, at all times and of all idnds, whether as depositories or .not, and
embrace even counterfeit bills;, and eve.ry other species of. unavailable
funds in the Treasury,.they will not exceed what,i's due froni' two such
firms. Of almost one hundred banks, riot deppsitbries; which, during all
our wars and commercial-embarrassments, have heretofore failed i n a n y
part of the Union in debt to the Goverriment oil their hills or othe-rwise,
it will be_ seen, by the above table, that the whole of them, except
•seventeen, have adjusted eve.ry.thing which they owed, and that the
balance due-frori^i those,'Without interest, is less than $82,000, Justice
to the State banking institutions as a body, whose^ conduct in particular
cases has certainly been ..objectionable, but whose injuries to the Government have been almost incredibly exaggerated, and' whose great benefits
to it, botlr during the existence of our two natiorial banks, and while
neither of therii existed, have been alniost entirely overlooked, has led
me to'make this scrutiny, ahd submit, its results, under a hope that it will,
in some degree, not only viii di cate them from much iin merited censure,
but justify this department for- the. confidence it fornierly, .and"in the
great improverrient of thei;r conclition and ofthe firiancial affairs of the Gov-,
ernment, has recently reposed in them.. .Under these circumstances,
so very fixvorable, vdth the new security ^and examiriations proyided for,
ifour former small-losses bythemy in -keeping and-paying over the public revenue, undeii circunistances.vSo very adverse, are compared with pur
large losses, eithei] in collecting or disbursing that vrevenue, • their present
"safety seems to be as great as"is consistent .with the usual 'operations pf
the paper sy'stem, or with the credit which must always be intr usted. by
5'66
,-. '
, REPORTS, OF T H E
[1834.
Government, in some v/ay or other, to agerits of.some kind in keeping
the pubhc money. In considering their safety, it should be constantly
recollected that the,owners and managers of banks, when properly regulated by legislative provisions in their charters, are,.like other individuals, interested to transact busiriess, securely; are desirous of making, and
not losing money; and that th.ese,circumstances, with the preference iii
case of failure belonging to depositors and holders of" their- bills oyer the
stockholders, unite.d Avitii the security, if mot priority,, given to the Government, render them, in;^ point of safety,.generally much superior to
individual agents of the United States. ' It is' .to be further remembered,
that niany of the'forme-iv losses occurred indirectly and remotely from
war and.embarrassnients, affecting deeply the whole icommunity as- well
as banking institutions, and from the injuriousMnfluence of. which calamities, banks,-whether of State or United-States origin, can, never
claim a'full exemption; that the correct principles of banking, were, at.
that time, less gerierally understood' and practised than at the; presen.t
time; that the .selected banks, by,the course of.pur bxpenditures and
collections, were then exposed to more onerous duties and hazards; and"
that less full .inforriiatibn of their true eoridition was then possessed by
this department ' '
•-.
,
.
,^
,: ' .
Inthe next place, the great increase iji banking capital,, from .about
fifty-three,. milliohs in, 1811,. to .seventy • millions- in 1814, . arid eighty-five millions in 1816,,and the still greater increase in bank note circulatipn, from about twenty-eight millions. at the first period,-to severity
millions in" the second, and one hundre.d and, ten milhons in, the third
period, with the sudden and grcBat reduction, in that circulation in 1817
and 1818 to about -sixty millions, produced a fluctuation suifficient, standing alone, to disturb or derange all the moneyed operations of society;
and which, sofar from^ bbing attributable iii a'great'degree to the mismanagement of the State banks,: though .some of them .unquestionably
acted wiih .indiscretion,, arose, as before suggested, .chiefly from; the\
miseries and misfortunes incident tp war; from the suspension of specie
payments-south ofthe Hudson in the autumn of 1814, beginning with
the invasion ofthe enetoy inthis quarter of the "couritry, and, the consequent necessity of remxOving the specie into t h e interior for safety; froiii.
the over-issues of paper, which naturally followed,that suspension;, and
from fhe large^andsiidden contractions produced by the general and hurried resumption of specie •payments in 1817.
- ,
Sorn'e ofthese-circumstances, rather than the want-ofa United Stateis
Bank, caused most ofthe small number bffailures.'among the State banks
which occurred between . 1811 arid 1816* and,, cbmbined. with a few
other circumstances, produced the more numerous and' calamitous failures'
of 1817 arid 1819, wh.ichhere, like those in .England .at the:same period,
spread from custpmers andi debtors to some ofthe local ban Ifs themselves;
notwithstanding any favprable influence exercised there or here, respectively, by the twp national banking institutions then in'.operatipn.. Indeed, theirs and.all their private baitks were/still compelled, during that
distressing, peripd, tb ,.refrain from, specie^, payments'] and our national
bank becaine^so embarrassed as tb be on the verge of suspending them;
3. The next inquiry relates to the cpriiparative abihty ofthe State banks
to transfer the public funds to. the ppints where they may be" needed, and
to perform:such bther services as are,usually required by.the Gbvern
1834]
SECRETARY OF T H E ' TREASURY.
g67
ment'of a mere fiscal agerit. Under lhe former system adopted with these
.banks in 1811,-Mr,.1. Gallatin, when reporting bn its success in these particulars, remarkied ."No difficulty heis_beeri experienced iii- the transmission '.of pubhc morieys, and, with the exception of Nprfolk and Savannah,
the revenue has generally been as well collected as heretofore.". Those
exceptioris soon ceased, and none now exist at any point of our widely
extended country, The ernbarrassments vvhich afterwards occurred, were
principally connected. with the currency, rather.than with the mere
transfers.'of the revenue, and will hereafter be;considered. Tliese last
continued-to be regular and efficient, considering the behigerant state of
the couritry,- and the'slowness, df communication, arid greater want of experience iri-'such operations, which then existed, compared with the present period. It is Conceded, however, ihat the use of the State banks as
fiscal age nts, has always caused some more detail and coniplexity in the
accounts kept by this depart.ment, and that more atterition is requisite,
than wo.uld be with a single bank arid its brariches to distribute the funds
seasonabjy and promptly to the particular places where they will be
needed for disbursements, .But these are rather increased - inconveniences and labpr to the head of this department and its clerks, than serious
obstructions to the due operations of the fiscal agent in actually making
transfers and disbursements. ' On a careful examination, these operations
.are now, when compared with, some former periods, ascertained to have
become greatly simplified, easy, and economical, in consequenc.e of the.
important arid fortunate changes which have occurred of late years in'the
places where our jcpllections .and expenditures happen to be principally
made. From .a ta|bular statement arinexed, ( C,) which has been prepared
with much care, it will be seen, nearly, w.hat has been,i for the present
• year, the amount,bf expenditure and collection in e'aph State "and. Territory.^ Though the ratio between them is,nbt found, to be in-every. State
precisely the same, yet they approach each other more closely in more.
cases tlian is generally, supiposed and, in the four great sections ofthe
eountry, the east and the .west, the middie .and thp south, are so equal
as to require .only very sniall transfers—not over three miUions in all—to
be made, to any cpnsiderable distance.. Besides this consideration, all
the surplus collections beyorid the expenditures, it willbe. seen, are riow
ki the eastern and middle, and not in the southern oi* .western States.
Jlence the trarisfers,"which mky ube: required 'iat a distance,^are chiefly
from the city of INew York tp the south and west, andin favor of which
city the course of trade is so fully established, that the trarisfers are now
effected usually by a mere warrant, w-ithoiit expense to ..the Government,
^nd without the rjisk and cost to^ any person-of transporting either paper
moriey or specie. - T h i s warrant, in fiivor of any bank- or creditor, iri the
west or 'SPuth, on. a -selected bank in ..New. i,Y'ork^. is-generally preferred
to the best pf bank notes, or to specie: and in all cases where money has
been required to-be transferred to 'either a great or small distance, and
could not, from the course of trade, be transferred . in a similar mode, sthe
connexions in business of thc principal selected banks are now so extent^
sive; the location| of safe State- banks at^important poin ts"" has become so
general; tiieir laiowledge of banking ^principles, and the restrictions
guarantying their security, have so much increased; roads, ban ais, and the
' facilities of intercourse by\steam and stages, and the augmented speed and
frequency of; mails, have so greatly improved,i that the selected bariks:
568.
', •, • REPORTS OF THE'• ' ; '
[18e74„
have, in general, been enabled to transfer any surplus; seasonably and
witho.ut expense to the Treasiiry, to any other State' or. quarter of the
Union, Avhere this department has found thepublic convenience or public wants required'it. This salutary charige'from the condition of our
affairs in some former periods, when the debt to be.paid on the seaboard
and abroad was'so very large, must in many particulars be permarient or
increasing, .and not temporary; arid is yery fortunate for'the interests
and harmony of our Union, as-well a's for. the easy, prompt^ and eflicient
operatioris ofthe Treasury. -Itjemoves any just ground of complaint or
apprehension, however Vwell founded -orice,^ that, under our present reduced tariff, and our present' restricted expenditures, as to subjects of internal', improvement, either the west or the south will be in-danger :of
losing a. due and useful pPrfion of. the public expenditure, ot of being,
drained of the public'money there first collected, whenever: and in-whatever proportions the duties; on-foreign, merchandise ma}^, in-the end, be
actually paid. ,
,^\
'.
• . \ \ .
. ' , '•
As will be noticed "more fully hereafter, the present state of things io
relation to these transfers and our other fiscal operationsvismost strikingly different from what it was in 1791 or 1816, when the two national
banks were incorporated, under the strongest represeritations of their being necessary to effect-the veiy great, costly, arid ""extensive transfers then
required, and to aid in the prompt, but then much more difficult, collection and disbursement of the reyenue. Even at and after the last named
period, these delays and difliculties were such, tha.t from two to four
months' previous notice was ofteri given before a distant transfer • could be
effected; and from 1816 to, 1826, tho.i;e trarisfers so drained "^the .west of
its funds, and chiefly its specie, as before mentioned, as .to constitute the
principar cause of embarrassment to some o'f the selected - banks . there
diiring that period. The present state of things in relatiori to those' sub-'
jects here i s ; also very unlike their conditiori in some other countries,
where a national bank may be-a very useful, if not in some degree necessary agent,.(.especially in the absence, bf wellrregulated private banks,)
to gather and transfer almost the. whole, revenue from reiiiPte points to
some common centre, and then to disburse it iri iarg.e expenditures, either
abroad, ox at places very distant-from those in Avhich it was cpllected.
But such is not our conditipn at .'present, thPugh formerly more reseriibhng
the largely indebted monarchies of Europe in this particular; and sucK,'^ it
is hoped,- may neyer become our'coridition, while the generaL welfare- can
be as well prprnpted,' the constitution pres'erved-. inviolate- and the union
of the States strengthened, by an increased regard from the General Government tb i^the interest and prosperity of each/great .section of country^so as to make it participate-in:a nearly equal degree, if pr,acticable, in the.
immediate benefits of the expendi tures of such sums a s i t has borne the
immediate burden of contributirig to the common, treasury. Under .this
view of our present collections and expenditures,, and of the balance of
trade between the Atlantic seabo.ard and the west, it is manifest-that the
distant trarisfers of our funds, ?q far as they become necessary,- .would, if
confided t o a single individual ;pr bank, be.'probably made profitable .-rather
, thanhurdensome..: ' • ,
. . .
• /.
'The-benefits supposed, to: have-been derived.'by this department from
the United Staites ^Bank for performing, that ;operation,, were af one time'
considerable. but,for some:.years.4-)astj'have been not on h/., overrated, hut/
1834.]
SECRETARY OF T H E TREASURY.
569
in truth, have been most ofthe time a source of profit to that institutipn,
by its previous knowledge obtained from'this department of the probable'
ambunts requirecl to be transferred to particular points, andhy providing
for then:! through the purchase of bills of excharige" and the sale of drafts
at arid oni the appropriate places.
. .
.' '
4.. This consideraltion leads us to the' next inquiry, concerriing the commercial benefits of the present systerii, in regard to exchanges, compared
v/ith the use .of a national bank in regulating and "^facilitating thbse exchanges. This, it will readily be perceived, though a point riiost strongly
urged in favor of thatj arid' against the present systeni, has little, if any,
concern with the coiirect discharge of duty by any. bank as a mere fiscal
agent ofthe Government.' The'B,ank of England seldbm or never did'
any business.of thati.'kind till.of late years ; and now, through her new
branches, to a very limited extent. This dealing in exchanges here <by
the nationa.1 bank is also an incidental business, usually belonging-to
shippTers aild Tcxporters, to brokers and private bankers, and conne6ted
withthe coramercial interest pfthe country, rather than with any financial object in^ the Treasury Department to justify, the incorporation of a
bank by Congress. Biit as a nierei incident,'and one soraewhat valuable
to the raercantile,community, the aid of any fiscal system in favor of the
domestic-exchanges o-f the country-is an/argument rnore pr less connected with its expe'dienpy; arid in that point of view it is acknowledged
that the apparent usefulness of the. national, bank has at times contrasted
very favorably with the State banks. By means of its. possession of the
public funds.^by the favorable course of many of the transfersi of them,
with itsaiumerous branches'and extensive correspondency, and with the
high credit giveri to it by the confidence and great privileges the Government has bestowed, |that 'iristitution certainly'increased .its business in
domestic exchanges from about four and a half millions," which it never
had exceeded at any"one;: time previous to 1827, to mpre than an average
of twenty-two'miilions at theseveral periods of its returns jn 1832. Un-•
. der these circumstances, this^business was perfoTnied, doubtless, with some
advantages to the publie, and with great profit to the bank. But the
State banks, as well a!s individuals, perceived that this.kind-of'business
would yield them a fair profit at the same rates, although their facilities
fbr.it were in some respects less; and hence, though ithey had always
been competitors for i|t to-a certain extent," yet they" did not prove; highly
successful in their .efforts till since 1832. From that time, the nuraber,
enterprise, credit,!, and extensive, connexions, of soiirie of the State banks
in the' west and southwest, have enabled them .to perform a large' portioii
of this business; in those sections, of country, being the sections' where
this kind of business lis greatest, and where alone it is'usually difficult,
expensive, or fluctuating. At the sarae time,ithey have performed it on
terms equally moderate and satisfactory to the community,' or they'would ~
not have been resorted^ to for its performance. A stateriient is annexed,
(D,) which shows the amount of exchanges held hy the Barik of the United
States and its branches^ running to maturity onthe 1st of September, 1832,^
1833, and 1834. Frc^m this the reraarkable fact appears, that-this, branch
ofits business, withiii a period of two years, has. fiiilleii,-from .about ninp^teen liiillions to little more than twelve ; andthat, in the Vest and .south,
it felhfi'om near fpurtden millions to about six, or considerably more, thaii
one half in only thos two years.' Nor is- it supposed that the' whole
570
E E P O R T S OF T H E
\
• [1834.
,dealings in domestic exchanges, by all institutions and persons in those
quarters, have i n that, period diminished. On the .conti'ary, this- department has evidence, in the returns on its files, that .only three of the selected banks in, the west and southwest were performing a business^ in
. domestic exchanges, early in 'September last, of nearly a" million more
than allthe seven - branches of the United States Bank situated in that
quarter of the country.. (E! )
.
, .' '•' .Whether the United States Bank has lost much of this employment by
either caprice, unnecessary contraction., or the fair competitiori of others ;
whether this course, exaggerated by rumor ,or not, has shown,*,by the
embaiTcissments and evils it caused, and which'^ no detached State banks
are able to" prpduce, that the, dealing in inland bills mightl to have been
liniited in the charter to the small amount usual during the first years of
the existence of the bank, or placed under certairi restrictions,, causing
this gi:eat and dangerous power to be used chiefiy for public purposes, to
equalize, or render uniform'and'low, .the rate of exchange, and, as. Mr. •
Crawford frankly informed.the bank, not "wjth a. view to increase itsprofits," the ^ undersigned will not pause here to investigate ;* because,
in any event, strong evidence is- furriished that a national bank is not
now necessary,'even fpr the performance of this; incidentat operation,
since- in the west and southwest,, and it is believed, if the inquiry were
made, in other quarters, the State banks haye, by actual experiment, been
i'ecentiy found to be coriipetent cirid willing for the satisfactory discharge
of it In reviewing the'conduct of the hank on this subject, and especially
during the last year, it may,be weU tP remember that its bfficers were;
distinctly admonished, as early as July. 3, 1817, that-it; ought- not to. deal
in iriternal exchanges '\with a view tp'the pe.cuniary errioluments of the
bank;"" and, whether.the rate was one-fourth; one-half, or one, or everi
ten per cent., the priiiciple ofi profit on' this subj'ect was not the • true one
for this pubhc institution, arid did not comport with the intentions of,.
^ Congress,.in .this respect, in chartering it. On this subject of profit ^frqm
the. domestic exchanges, isaid Mr. Crawford, ''it is-the-establishment of
the principle, and not the amount of the exaction, which -will exhibit,the
power of the Bank to lay contributions on the com.merce of the nation
- ad libitum.''^ The high merit claimed for the United.States Bank, in ai
coramercial point of view, is.sometimes^ extended to the foreign\as well
as doraestic exchanges.
,.. ' - > :
It has been asserted that the bank, by engaging in. the.purchase of foreign bills, at the south, and.'in the sale of them at the north, has raised
the price .obtained for them by thp planters and merchants at the south,
and lowered the price giyeri by the buyers and importers at the north.
This, if correct, would assuredly be a fortunate result to the planters and
impPrters. But, on a careful, examination of the prices for many years,
givenin the soiithern: quarter of the country, and demanded and received
in the northern one, it appears that.the purchases by the bank at the former have generally been much below the preraiura which it'has exacted,
and for which jt" has sold at the latter; consequently, either too. little has
|)een given ctt the forraer place,, or too much asked at the latter; and the
bank, by these operations, instead of acting disinterestedly, or on public
principles, is supposed to have made large profits, at the expense pf both
sellers and buyers—equal, itis believed,"if not superfor, to any luade in'
the like business by others, either before or since;its incorporation.^ Nor
1834.]
SECRETARY OF T H E TREASURY.
571
is it perceived that the bank; independent of the exclusive privileges' derived from the Governriient by the'universal receipt ofits notes for pub
lie dues, ppssessesany advantages for - this species of business over .city
banks or barikers, unless in a correspondence perhaps more extensive.
or laro:er funds abrpad, Iwhich, so far as used in corinexion. with the exchanges, are, for aright Iwhich appears,to the contrary,:,oftener employed,
if "the bank is selhng, to increase the premium, and to draw upon when
the. .premium is highest, than to lower it; or, if the bank is buying," to depress the premium stillj lower which j s given to>hippers and exporters.
The business^ in this description of exchanges, therefore, it is presumed,
willbe carried on with as ^great, if not greater, benefits, to the.community, under the new system of fisctd agency growing out of the increased
cprnpetitipn of those engaged and engaging in it, uiiiless the national
bank, (as w'ould'seem to'be clainied,, but'wluch it is soriiewhat difficult to
believe,) has performed it more from kindness and liberalit^r, or ..public
spirit, than for pecuriiairy profit At the same time, under a system of only,
detached and, independerit State banks,' the community will be relieved
from the dangers^ and in jur ies, to which it is exposed under a great, combined, and consolidated power of a single institution, with nuriierous
branches extended inito every sectibn of the couritry, seeking often to
control and mohopoHze, it is feared, solely forits own enhanced emoluments, the whole business of exchanges, hoth foreign and domestic. '.
5. The comparative goodness ofthe money in Vvlrich the payments are
riiade> under the preserit syste.m, is another, topic of inquiry possessing
much interest = The kind\of money in which jhe revenue is collected,
or the deposites made, continues by^ law to be the same as 'heretofore;
and consists ^of speciei-' or the bills of the United ' States Bank;' and,- by
usage, authbrized by the resolution oi" ,Gongr,ess,'in 1816, bf .such other
bills on specie-p'aying banks ^ as the depositories are willing , to receive ^ at par. and credit as cash. :No bills are riow received on special deposite, as was sometiraes practised between .1814 and 1818: and
hence,, in making paymerits to the public creditors, there is no temptation
to. make those payments, otherwise than has been the custom for some
years past, which is either.in specie or specie funds, -such as the bills of
the United Staites Bank, or the bills of other specie-paying banks. It is'
not known to this'de'par tment, therpforp, that any change has occurred
iri the kind of money iri which payments' are no\y made, except that the
collections, being probably effected somewhat less in bills of the Uhited
States Bank,'and morb in specie and the bills of the. selected State banks,,
it happens that the latter, bills,^ not .being\hke the former; by an act.of
Congress, a tender for-all pubhc. duesi^are, not so current and:useful for
all purposes, and hence are not so'often'delivered in. payraents. to the
publia creditors. Bpit, at ,.the same time, more specie is now paid to
them; and it may, iri aib cases, ;be now,• as heretofore, demanded and received iusiead. of bills-—not .any particular kinds of specie, such as pillared dollar^, for instance, preferred and wanted, frorii strongly settled
.prejudices, .sometiraes in the navy for particulaiv foreign stations, and in
-the army for particular payments to Indians, (because these kinds must
now, as-heretofore, be obtained through comity, or bought;in the, large
cities, and transpoitejd to the ^jac^es of disbursenient,) but" such specie as
is' by law. a tender iiji. all - cases. Indeed, not a single instance has confe
to the knowledge ofthe departrnent where a deposite bank, has attempted
572
•-;.•. •'. • REPORTS OF T H E
- - '
,
[1834
to pay a public creditor or officer in paper not there at par, or (unless
preferred) redeemable at a distance, or has refused to pay him specie,, if
requested. Many of them, much to their credit for liberality,, and greatly
to the public acconimodation, have, in furtherance Pf the views of Congress- in 'passirig the late acts regulating, ithe gold coinage., incurred,expense and inconvenience tP'procure and pay-out considerable quantities
ofthe new gold coin to pensioners and the jniblic creditors.
The effects ' of these changes have been7to, increase the quantity of
specie hi,the vaults of the selected banks; for the purpose of meeting the
iricreased demands for it, and to throw more specie, iristead of-United,
Suites Bank bills.:into general circulation.. . : .
• ^
¥/hile this has operated"'favorably to the."security of the paper system
inthis country, by enlarging the'specie'basis ~ on'which it partly rests,
the a!dmission is freely raade, that it has deprived travellers arid merchants, to some extent, pf the^ usual quantity of United States Bank bills,
which,'for purposes-of traveUing and transmission to a distance,: have,4iy
the privileges hereafter specified, acquired^'a generah and high, credit.
, Though these, facilities to those'Classes of persons are here, and. in pther
countries, chiefly obtained by the use of gold or. bills of exchange, (the
last furnished by banks or private bankers qn their ^correspondents in-distant cities,) yet hank notes are sPmetimes, when in highcredit at reraote
places,--eniployed fbr sirailar purposes, though at niuch greater risk from
accidents arid losses than bills bf exchange. But it is to-be rernembered,
in the estiraate of what i'riay,:iii any coramercial yiew,-be deemed preferable, in the payment to public creditors of the United States Bank notes
over othbr bank notes or specie, that the spperiority Pfthe former is derived
principally, if riot wholly, from the increased predit'imparted to them by
the legislative monopoly whichtliey enjoy in being a tender for all public
dues at places however remote from those where issued, and whiqh-Congress has not yet deemed it proper to withdraw,.or to confer on ally State
banks, and by the striking guaranty-which.Cbngress'has given for the sex u r i t y a n d due" nianagement .of the •United'States Barik.. This'last has
been dbrie, not only by conferring the privileges before named, but by risking-seven 'millions of dollars'in.its, capital stock;.trusting-:form6rly large
amounts of nearly twenty-five millions a year of public deposites to its conditional custody; bestowing on it what are, in soxne respects, the :benefits'
of certain agencies coriiiected with the public debt and pension.s; and un' dertakingjby.law, through its. committees and:this department, to watch its
busines,s aiid proceedings; and to have it prosecuted, or the deppsites, and
the ^privilege's as tp its bills, withdrawn-from it in the event of such misfeasances as'iriay be supppsed ta warrant either m.easure in the bpinion pf
those to whoiii the power is intrusted,'OT to whom it is reserved by the
provisions of the chcuter."
' . -,^
'
•
' • •> ''
Take away the monopoly, the privileges; andthe guaranty, 'which are
conferred'in exclusion and at the expense of the notes of State banks, and
little reason is .discovprabk why the iiotes of the former should circulate
wider, of with more credit, than those of other, banksi. of established reputation., But, in. that event, it is conceded both kinds of riotes wbuld probably
fail to perfbrm so well very distant functions, as they are now, som.Rtinieft
perfbrmed by. United States Bank bills," unless arrangements were made (to
which either is" cprapetent) to.haveia portion, of their bills redeemable at
distant places, as well as-at their-.own counter.s. Such an arrangenient has
1834.]
^SECRETARY OF T H E TREASUR'Y.
573
often been found ..successful in Europe,' prevails now as, to the five^dollar
notesissued bythe United States Bank, and has already been commenced
by some of the selected State banks. As the notes of the former must retire still-more from circulation at the close of its charter, such an arrange-'
ment, though by nb means necessary, could,- without doupt, at the'points
where the'course Pf travel and trade might indicate it to.be convenient and
useful, be beneficially for the banks, if npt forthe public, Iso extended, as to ansv/erall the travelling and comniercial wbints properl y^noticeable un,Biit gpld coin'and bilis of exchange are,
der this branch pf our inquiry.
'
in the opiniori ofthe undersigned, far preferable for those purposes. The
new coinage of gold, at a noiminar-value slightly exceeding what it is worth
in the mar ket'as, bulliori, has-been a measure required for twelve years past,
to secure its cireulatiqn in this cpuntry, and to pre\(ent its being. Hoarded
or. exported; and, as showii and urged by my predeqessor iiast winter, wa's
highly necessary, andj has very opportunely occurred to aid the present
system, not only inother^ respects, which need not be discussed here, but
as a safe and convenient, currency; instead of ariy kind pf barik bills, for
travellers at all distances, beyond.which bills of exchange would not be
superior to either of itherii^ _ But. whatever small gain, ih a-comraercial
view, is derived frbm the sanction to. the goodness of riotes of banks incorporated with exclusive privileges''and guaranties,, and watched over by the
General Government J rather' than by the State Governments, it would'
hardly be.contended that such a gain was ever deemed a justifiable^groundfor incorporating the present bank with all its monopolies, or could be. considered justifiable, for I incorporating any other similar to it, at-the present,
when all the advantages of. a paper of high andi^general credit for travellers
and merchants could,|perhaps, be o.btained, if. deemed necessary and desirable by^ Congress,, by merely- authorizing the issue of exchequer bills,,, or.
Treasury notes, in public payments, .when requested by the public "credit-;
ors,-and by providing for their gerieral credit and. redemption, by specie on
hand' derived from tfie revenue, and by the. receipt of them for alldues to
the Governraent, as is the'case now-with the notes of the United States
Bank. As they'would not, iri such case, be .issued in the form of loans,
. but only in payrnents,. no partiality or corruption could grow out of their,
eniployment;', and every object, deenied valu able as tp a pdper currency for
distant purpbses, could, he obtained as a ieyenue ineasure constitutionally.
But the details of such a rneasure will not mow be exarained, as no occasion appeairs to exist at present for its adoprion; and, as the safety or security-of the public, in respect to thb specie .onliand for their rederaption,
would at all tiines render it inexpedient,: unless foundby Congress to be
very necessary. : •-.•, • • -' ' • . i • . / • - • i' •- ••'- -•] fi' > :
• 6. In corinexion \|rith .the next inquiry, as to the benefit of the present
system, compared with a national bank,, irr reg-?i/a/f/z^ our currency, either
by s.upplying.a portion- of'it of improved quahty, or by controlling and
aiding the State banksin theii: issiues, this same; question'wjill incidentally
be examined in one .lather view; It.is not admitted that Congress, according tothe views of any large class of politicians^.^can possess^the constitutional power to incorporate a bank merely to regulate the currency; when
ihere is no 5'wcA .express grant, and when it can hardly be deemed, a legiti-r
liiate auxiliary to any other express grant. " To coin money, and regulate
the value thereof." the other express grant most frequently cited to support
if, is a power evidently referring to specie, and^not to paper, as the'latter is.
574
'
"-REPORTS O F ' T H E -
•
^
. [183-1:
iiot coined, rior its vdlneregulatedhf law; arid it is a power to be perform^
ed under the immediate control of Congress, and is'not to be delegated to
a corporation, t-o.be called;as has been significantly said,''-' the paper money
departmerit." . In. relation to • another power, sohietimes^ supposed to appi y tb this point,-viz.: "to regulate commerce with foreign nations, and
amongthe several States," nb persbn;i acquainted with the history of the
age in which the constitution was,adopted,-when commerce, inits common
acceptation of.'• trade," or" exchange iri articles of produce and merchandise," so much required regulation as to be ~'phe chief cause for-forming
the. constitution, and when only three-Pr four; banks ^existed-in the wliole
United. States, and those already-^ appeared to be well regulated, can suppose for a moment that this clause was interided to be applied to a paper
currency.;. Indeed, without "d.eeming it-necessary, in the,preserit comraunication, to enter .largely into the:constitutional argumerit connected with
-any of the inquiries under consideratipn, it may be'"noticedas,.an historical
fact,,that in 1816, though specie paymerits;were generally suspended, and
paiper money,In niany'parts bf tire country, was in a very:depreciated condition, a.number of the ablest advocates, then and now, of'a National Barik,
disclaimed'any idea' that one was then rieeded to re^z/ia^e the-currency.
The currency,'it was justly observed, was already regulated, and.well reg-,
iilated, " by the constitutiori," "to bq gold and silver." ' A national bank
was not needed to-reform it, nor had such a barik the power to -remedy the
evils under which the couritry theri suffered. But the great panacea was
a returri-to specie payments in such place's as had yielded to their susperision. That return, it is well known, long since took'"place, and still con-,
tinues;. and is supposed to-have been effected chiefly by a cessation of many
ofthe embarrassraenfs connected with the war; by the force-of priblic sentiment,, requiring that such a'return,, after,a peace of two years, 'should at.
least be. commenced; and by the passage of^'a joirit/resoluUonin Congress,
in April, 1816,.^substantially declaring that the revemie qught soon to;be
cbllected, as Ibrmeiiy, and, as the act of 1789 required,, in siDCcie albne, br,
as the construction of that act had a.lways permitted, in the riotes of speciepaying banks. - Though it is adnntted that sbme negotiations for the early
and general resumptibn of speci ei payments had not. succeeded befbre the
Uirited States- Bank commenced businesSjin'January,. 1817, yet there.can
exist little dPubt that the' above-resolution, as it was;riot to take effect till
•February, 1917, might, arid would, ere long, have gradually been enforced;
and; that the paynients pf specie; without the a-ssistance of the bank, would,
generahy,. though more slowly^ have" been resumed;^ Fortunate, indeed,
would it have -proved for the cbiintry, arid the Stafe banks, had such a
course, either in the terms .of the resolution, been-prescribed, or, i.n the
practice under jt,- been pursued, resembling that, adopted in England, under like circumstances, in-a niore careful preparation' and more moderate
progress, in respect-to the full resumption of specie payments, and thus
producing there neither erabarrkssriienf rior losses, instead of the more,sudden and. generah •resumption- effected here in January, 1817, for a few
'months, partly through the agency of the Uriited'StEttes Bank—a resumption which, whether caused by the bad adyice and errors of the hank, i^or^
as has been allegqd by some bf its officers, caused through the mistaken
policy of the .Treasury and the Government,; sooii terminated in stoppages
of payment and corisequent disasters amorig some of the State banks, which,
those officers themselves have^coriceded would, by a different'policy^ have-.
1834.]
SECRETARY OF T H E TREASURY.
575
probably been averted. From a conviction that the United States Bank
was not needed to restore specie payments, nor likely to be useful in regulating the currency, a number of its most distinguished supporters, then
and now on the stage of political life, insisted in Congress that it ought to
be established, chiefly if not solely, for the purpose of acting as a fiscal
agent to the Government; and hence, as there already existed banking capital
enough for all commercial objects, they strenuously argued that the capital
of the present bank should not exceed twenty millions, the amount deemed
sufficient for mere fiscal objects. As a further illustration on this subject,
and on the striking differences in the condition of the country and of the
Government at that period and the present one, bearing on the necessity
of a national bank at this time for any purpose, the debates of that day
are full of the supposed importance of having a fiscal agent, more general,
able, and efficient to disburse the principal and interest of our then accumulated debt of more than one hundred and twenty millions of dollars—
a debt which has now virtually ceased to exist; of having an institution
of enlarged means to be resorted to, in case of necessity, for new and sudden loans then deemed probable—loans for which a necessity neither exists now, nor is anticipated as likely soon to occur again, and for which,
if not small or temporary, even a national institution has more limited
means than is generally supposed; and of organizing a bank, whose notes
should at once be paid in specie, and should, among other favors and guaranties, have the privilege of being receivable as a tender for all public
dues, and thus, by aid of these favors and guaranties, becoming, in the
language of the committee, " the most certain means of restoring a specie
circulation," and thus, in the mean time, furnishing a paper medium more
uniform for the payment of imposts, lands, and taxes, than the greatly
depreciated currency which existed at that period in parts of the country
where specie payments did not. then prevail—a depreciation in the currency and a suspension of specie payments which do not now exist in any
quarter, nor is either apprehended as likely soon t> recur, so as to injure
any portion of the currency in which the revenue is now collected, or
essentially to diminish our present great quantity of about fifty-five millions of specie. Of this amount, exceeding about thirty-three millions what
was in the country in 1816, nearly one-half has within fifteen months been
obtained, independent, if not exclusive, of any policy pursued by the United
States Bank. Our first national bank was also acvocated, not only on
some of these grounds, but, among others, on that of an institution wanted
for loans to the Government, strongly urged under the example of the Bank
of England, originally created to effect merely such loans, and whose whole
increased capital of about seventy millions of dollars is at this day a loan,
and perhaps thirty millions more of its securities are vested in public stocks
or loans. The additional reasons were urged, and doubtless possessed
^reat influence, that its operations would essentially aid the community in
procuring means to pay the large taxes necessary to discharge our revolutionary debt of over seventy-five millions, and furnish facilities as a fiscal
agent in collecting those taxes and paying out that debt which the only
three State banks then existing, with only about three or four millions
capital, were not deemed competent, either in number or means, to accomplish—a deficiency of State banks and capital, which can hardly be considered as existing at this time, when we have over five hundred and forty
State banks, situated, more or less, in almost every State in the Union, and
576 .
''
' REPORTSOF. THE.
.
[1834,
possessing an aggregatecapital equal to morethan onehundred and seventy
milhons. Another argument urged at both periods, rather^ than the regulation of the currency, was the necessity ofa natipnal bank to make large
and difficult transfers pf money in the collectipn and disbursement pf the
revenue, and which has operated strongly in favor of the continuance of
the Bank of England, fqrireceiying frora distant points and aiding to trans' mit her vast revenue over the.^whole British empire. .But this argument
has previbusly been showii .to have no foundatioii-ori--which.to rest here at
this tiriie.
.
* .
• . \ . '
. ,
• •"
•
With these great changes in our financial^condition.,' it is difficult-to
discover why the General Government shpuld now exercise doubtful powers'to prolong the existence of a fiscal agent in th'e United'- States 'Bank,
. whenit has.beeix suifered to li,ve but the'term originally allotted for its
^existerice; the term then .deerried necessary and proper, and the. term
during which experience has shown it has. already .outlived, most of
the- legitimate grourids of expediency .ever-.urged atJany former peiibd
in favor ofits creation. • Much lessdoes.it seelii judicious to, extend this
term for a purpose, the regulation ofi tlie currency, for which such an iristitution is confessedly less needed than in 1816, .was. then advocated by
many as only a. teriiporary instrument until specie payments, were restored,
ari.d even for that purpose was declared by some/of its ablest .supporters
tobe neUher required nor competent.'
fi^:
. . .
\
-^
In a prospqctive view, which it is not the'part of sound poiitical/wisdom
to Pveiidok, i;f a statp of things, though nof at this moment existing, appeared nearly and rapidly advancing, in-which as strong reasoris seemed to^
prevail asjn 1791 and in il816, .for deeming'a national bank of some kind
• a necessary and proper' instrument, for^ the execution of some express
grantjiri the constitution, then, arid then, only,,,might it become urgent, ori
-the score of:precedent, to decide' how, far doubts, otherwise sohd ancl constitutional, were, reinoved by the close apprpa'ch of a state' of facts, or a
condition of pubhc affaib, without which the great mass of-any schpol of
politicians, or even, we riiay venture to say,, the Judiciary in this country,
have never deemed aiiT kind of a national bank, constitutional. One. of
the, most decided opppaents of the renewal of the ,old charter in: 1811,
cind who became.one. ofthe most decided advocates ofa. new one in I8I63
vindicated his change Df opinion to. his constituents on. the- very' grounds
that his views of the .'(institution itself remained, the same, but that the
facts which might render a bank " necessary, and ^proper'' under; the constitution, had entirely .changed between^ 1811 .and 1816. He ^ remarked,
"that \y lien the. applidation was made, to .renew^ the old charter of the
Bank of the Uriited States,, such an/ihstitutipn .did not appear to.'hini. to
be so necessary to the Mfiiment of any of the objects .specifically enuraer'ated in thq-cPnstitutioa as tb justify ,Congress^ in .assuming by construction a power to .establi,sh-'it;^ it Was supported: mainly^upon the, ground
thatit was indispensabie to the Trea-sury;operatipns. But the local-institutions i n the several Stateis: were .at that time'jii prpsperqus existence,
confided in by the. community, having, a confidence; in each other, and
maintainirig an jri.tercourse and. connexion :'the-rriost. intimate'. Many of
-them were actually employed by thq Treasury to^ aid that departmerit in
part ofits fiscal arrangements, and they appeared to him tb be fully capable of affording to it.allthe facihty thatit ought to desire Iri ah of them.
They superseded, in his judgment, the necessity of a national institution.
1834.1
SEiCRETARY O F T H E TREASURY.
577
But-how stood the ease in 1816, when he was called upon again tq ex-•
amine the power of the General Government tp incorporate a national
bank,'.^ A total change of circumstances was preseri ted 7—events of theutmost magnitude had intervened. A general suspension of specie .payments had taken place, and this had led to a train of consequences of the
most alarming nature." •
. ' . i
'
.
.
;
• Though these Way be unexceptionable views; as to one aspect of the
constitution, yet they do not by any means-raeet the great force of other;
constitutional objections,-whichneed not herq .be -examined; n.or do they "
touch the still more absorbing question ofthe inexpediency of any national bank, on, aiccount of high pohtical considerations connected,,
with the relative and proper ~ distribution of power between the States':
andthe General Governraent/ If all the deplorable facts which existed
in 1816, in respect to: our currency and other kindred subjects, .should
again occur, a national hank could not then,'in the opinfon of the undersi'crned, be vindicated as constitutional by those relying on thei hypothesis
just quoted, except! so far as its form, powers, and privileges were .
moulded and adapted to eifect those objects alone of. a public'character,
which might render its agency both, necessary and'proper to execute
some clear and-express grant in the constitution. But its unconstitu-'
tioriality, when. excbeding these hniits,/as well as in. .various otlier^
respects, arid its inexpediency even to" that .extent, would still be; .controverted ques tions; ^and to discuss which dbes.not appear ito be required ^or
pertinentin the presbnt eoridition of things; because, if looking to this
condition, as in some respects has already been done, and will soon be''
done more paiticularly in, respect tothe currency, it.has been found,- as
the uridersigned believes, thfit a dua hberality; is not able to concede the
existenbe of a case ijendering a nafional bank.necessary,.either to regu,
late the,, currency, c!r for any .other legitimate.object.- Still less would
suclr ,a. case he found by looking tP the future condition of things, as it-is
hkely to:prevail for maiiy yedrs. ^ Grounds less favorable fof any neces- .
sity of a riational bank, .on itny account, are likely to. appear-annually, asthe State banks are iso rapidly iniproving; and their specie basis is,becoming so greatly exitended.: In the event that hereafter the calamity of
war sliould unexpectkllybefall us, and render immediate-and large loans
indispensable, the superior ability of such a bank,-by the great and. accu.mulated funds.at its disposal,• to^ make tempbrary loans,.is conceded.
Butlfis.diie to the occasion and the subject to remark, that, unless by_its
charter, placed in: this] respPct under the control of tlie Legislative or Executive .Departments, it would ppssess also the power to refuse,or delay.:
to make loans; and, adverting to. the attitude hi which sbme,banks and
many,of their wealthy:proprietors, foreign or domestic, have somejimes,
duririg high'party excitement and war,,.stood, towards some.branches of
the Governmerit, the public can easily decide whether, in certain exigen-^'
cies rendering pecun ary relief necessary, they would be most hkely!" by
prompt and:large loans, to furnish voluntary aid to the.operations of the
Goyernment, or, like the Bank of England in 1796 and 1797, to retard
them, by refusals or |delays, tiU overcome, as there; by large premiums,
and the veiy profitable indulgence of a,suspension of specie paymerits
almost a quarter ofa c'entury. The sagacity of Mr. Madison, in' January,
1815, before the news of peace arriyed, led him tP put his veto on the
nationah bank bill, which had then passed both Houses of Congress,
TOL. 111.-37
578 . :
REPORTS OF T H E
[1834.
assigning,' among other reasons for his veto, that "the full aid arid
co-operation ofthe institution was not secured to the Government during
the war, and during the'period, of its fiscal eriibarrassments." On the
contrairy, in the severe contest and great wants of that war, when no
capital was in this.country coricentrated in aniy national bank, the political opinions influencing mariy indiyiduals and State banks did not prevent
them, in many parts ofthe Union,\from. coming forward by loans, .with
patriotic promptitude and enlarged hLierality, to assist in enforcing the
measures'of the Governmenti YYithoutthe aid bf such an insthution, for
this or any other purpose, that .perilous struggle was in tliis.way. and.
through the bravery of, our arniies-and navies, and the sustaining spirit
.and firmness of tbe great mass of the people,-, brought to a triumphant
close, and with much less derangement to the currency pf this country
than happened to that of England in the same and other contests, though
assisted by the--inimense caphal and.power of a natioiial bank, whose
h]fluence for good or evil, ip all respects,- had existed permanently for
morethan a century.
The singular cpntrast biatvyeen this country on; that occasion, with no-;
such, bank, and it:s antagonist, with a large an'dpowerfid'one, sb far as regards the longer suspension of specie paynients.there, and the much larger,
number.of fariures there amongiheir private and local banks, leads us"to
the consideration of the.actual,influehce exercised by, and often adduqed
in favor of, a national bank'in respect to the currency^, without reference
to the unconstitutionahty ofinexpediency of such an riistitutioin for either
that or other purposes, in either the existing or any anticipated condition
of things. Many profess to believe thc>,t the present United States Bank,
if not chartered'expressly to regulate the currency, exercises in fact, incidentally,a very salutary influence iri hs Jegulation,;'insomuch ihat,when
this influence shall cease, the present systein of dilate banks will inevitably sii:k into ruin, and our circulating meduim beconie. In- a. great measure, deranged and impotent.. An earnest desive is felt to exainine fairly^
and,as far as may be practicable withiri any reasonable limits, fpr a report
to Congress,, every important suggestion bearing materially on the present complicated subject; and if, by the salutary mifluence.of the present
national bank, in regulating the currency of the-country, it is .meant that
the bank supplies a'pai;t of it equal to-the amount of its' bills in circula- •
tion, an.d which partis pf a safe and useful character, then, as before^ all
the: beriefits ivhich it tlius cpnfei-s are' readily admiUed,-though, it must
be remembered, they exist at the ,expense and by the aclvan tages o f a
mpnopoly, and a public indemnify or partnership eritered inth by the
Governraent to increase the confidence to be placed in its bills. ^ When
it is. recollected that the whole pajier issues of bank notesin this country
hn the-lst of ..Tanuary last are .estimated to have been about ninety-four
mihions of dollars, and the bills of the United,States Bank cpnsiituted
only about sixteen millions, or little Pver. one-sixth of the whole, it becomes obvious thatthe small superior imporitance for certaiii commercial
purposes of the small proportion it. then furnished, cannot, amidst the
whole, be of very material. consequence; and njuch less can it be s®,
- when .we reflect, further,, that this sixteen millions of paper, now reduced
tpabout fiftieen. is fuitiished.to the public.at this time by withdrawing
Aonixirculatipn over fifteen millions of specie and almost two milhons of
State bank notes.'. The fbrmer of these, at leastj would be .deemed by
1834.];.
SECRETARY OF- T H E TREASURY.
^
.579
many, if less convenient for spme purposes, yet quite equal; as a circulating medium, forall purposes combined, to a like-quantity pf United States
Bank notes.
' : ^
: '
" . . - ,
It may be useful to Pbserve, further, frorn the table annexed,,(F/) how
very inefficient our national bank has been in this respectj when com,pared with that of England, which' supplies-by its own notes more than
double thq whole of the other paper currency of England and Wales, or
about eighteen millions of pounds sterling out of aboutvtwenty-five and a
half millions, or twelve times as large a- proportion as..our natiqnal bank
does. The document referred to exliibits the computed paper and specie
circulations of this country and. some, others at yarious periods, and is
calculated to throw shme" light on this subject, as it has been compiled
from the most-authentic sources-; aind where accurate returns could not
be obtained, its estimates'are believed to be erititled to safe reliance fbr
the general and comparatiye, purposes intended. Indeed, so.little aid is
conferred on our whole currericy by the United^ States ".Bank, that the entn^e
withdrawal" of all its [fifteen millions of bills and drafts .afloat, and, as.
would be natural in the operation,'the substitution for them'of its specie
no\y on hand,* could hairdly be perceptible hi its influence in any injurious way,' on our whole circulation. From the 1st of August, 1833; when
the removal of the deppsites became probable,: till the 1st of August, 1834,
•when the policy'of the bank, though, professed to bb .changed, had not
stopped its contractirig operatibn, it withdrew' about three millions of its
bills,, and about three and a half millions more of specie, from our general circulation; and yet that first operation atone would not have caused
much, if a.ny,- speciail inconvenience; pi;ovided that, while calhng: iri its
bills, either three million.s of specie, instead of them, had been issued, as
its public duty in relation to the country and the currency would seera to
have required^, or hadl it'not, at the sarae' time, performed "a second operation,/and withdrawn, besides the bills, three and a half millions raore Pf
specie to add.to the forraer large, quantity already in its vaults. In effecting this charige as tP thq whole aniount of the currency,: reducing it so
rapidly • over six-and a half mihions, the bank within the same period
curtailed its discounts about-seventeen millions, or <over one-fourth of
their whole amounti; arid thus, by both courses,, undoubtedly produced
some temporary embarrassinents .among its customers., These continued'
till the exterided. accommodations by many of the State banks, and the
great importations of specie, not only-sustained the eomrnunity. wanting/^
credit from new qua'rters, but replaced, by notes of theSState banks and
by coin, the amount of notes-of the Uriited States Barik called in; and of
the additiorial specie withdrawri from circulatiori and hoarded in its vaults.
Those importations', also, united withthe real prosperity pf the.country,
and the large balance of over tqn millions on ,deposite from the Treasury,
enabled the Sta.te banks, and especially the selected ones, to discount in
many places freely, cind to support a sourid paper currency in their own
neighborhoods, and to survive the shock''of those sudden reductions in
the circulating medium, and those great curtailments in discounts and iridulgencies on the part of'the United States Bank, aggravaited by qne of
the most extraiordinary political panic's that ever occurred in-this or any
other country.
'
To duly appreciate the reraarkable course ©f conduct on the part of
that institution, whether as effecting the regulation ofthe currency, or
580 ,
/. REPORTS-OF ..THE
.
[1834.
any other subject, it must be remembered, that whatever may have been
the unfiivorable opinion it entertained of'the conduct of this department,'
in changing the place of most of the deposites, under.the power reserved ,
to it' by the charter, the bank was stiil left in the enjoyment of some
millions of"deposites pf the public money;, was ^still the fiscal agent pfthe "Governraerit for all purposes in a nuriiber ofthe States; wa.s in all
of them its commissioner ot loans as to the- publie debt, and the agent for
pajdng all the-pensions granted before 1832; still retained the qxciusjve
privileges of having' its notes, -and,, by indulgence, even its drafts or
'checks, received every where, in payment of"all public d.ues.':.was still ai
public corporation,^ under various public and charter duties Ao the Government and the country unimpaired"; and still ,held the monopoly
of banking under the General Government in full force, and~ ihe benefit
of that Government as,a partner in its capital; to the extent of seven
milhons of dollars,,with the dividends on that capital in its posse:ssion,. as
from time, to time declared,., exposed to be seized, arid retained under .
any plea qf satisfying any doubtful claim it might choose- to present.
•In the^dreariestexcitements in Eiigiand, from "pressures, and panics of
all kinds, their .national bank has never> so conducted as to raise a susrpi-.
cion, whether wel I. or ill-founded, that its object, whatever'may sometimes
have been the effect of-its measures, v/as to increase the public emba.rrassinen.ts, or derange still further the -whole currency of the" country. . To be' sure; in conducting ofte.n as a mere- commercial body on. private .more
than public priiiciples, it^has at times.waited to be acted on by the commumty, .rather than acting .fijomits own .promptings; or ,by tlie importunities ',
ofthe ministry. In aid qfthe curreri.cyV Buty iri the "greatest moneyed^
convulsions, as in 1797, its discounts, or investraents in private arid pulDhc
loans, did not materially vary i.n .amount, instead of cur.taihng them> onefourth ; and its circulation was reduced only one-twentieth, instead of onesixth ; as, in 1819, its discounts Lncrea^ed q.uite one-fifth, instead of being:
contracted one-fourth, and its circulatibn was lessened only about onetenth, instead of oncrsixth ; and- as, in 1825, its 'dis,counts also iricreased'
onethird, instead of filling one-fourth, and its,circulation was not, on the
whole, lessened, at all, instead of one-sixth. The contrast.appears'still
greater when U is; seen thatthe specie of the latter at each period was-reduced one--half, and sometimes oveir that amount, instead of being increased
three millions ; sothat,. ori;mere priyate and banking .principles, a great re- '
duction, in-both its discbunts and circulatipn, wbuld have been defensible.
During the period before mentioned, the Uriited States .Bank, by thus
calling in:its bills, increasi,ng its-.specie; and remitting abroad for deposite
spraething.; like twp rnillions of its collections, prpbably xaused a mucli
greater vacuuiTi and derangement in our currency than would result from
the natural and ordhiary operatipn of closing upits whole Concerns within
twP years after March, 1836. : Then, it ought not, and .doubtless will riot,
either-hoard or deposite abrpad what is withdrawm from the \yhole circulating mediuni, by collections, but pay them out to its stockholders almost
ks rapidly.as received ; and iri .that way, like the formerhank;notwit.hstand-.
ing many predictions to .the coritrary: can easily and j'lidiciously-perform,
the operation of a final adjustment ofits afii'airs,: without-producing any
shock to the currency, or:any serious distress in the community.. It is thus
""that all the banks iri the Union^ every sixty or ninety days, collect and pay
out, without excitement or^embarrassment, a sum.prpbably five or. six times
1834.]
SECRETARY OF T H E TREASUR.Y.
581
larger than the whole capital of the United States Bank, and three or fbur
times larger than its whole amount of discounts or' loans. ''The distress
during the last winter and spring, so fer as real,'arose riot so much from
the large collections of the bank, though unexampled in amount in' ordinary banking^operations, ais from their suddenness, and,the permanent abstraction, in the .manner before:stated, of;six and-'a half millions- from the
whole currency^ojf the couritry; and/from the further ficts,. that an unusually early dema.nd among merchants for- money to discharge a'new. portion
of the duties in 'cash, and" the-shorter credits for others, aUowed by the
Government, both pccurred "at the same .moment/ i-To these were added, in
the west, the sudden vacillation and increased rates in do mes tic-exe banges,
adopted by the bank in that f)'ortion of the countiy where it had previously
"monopolizedso great a portion of that kind of busiriess.: 'Tlie additions
made to all these J2auses by the mere' panic, chiefly conflned tp 'the seaboard,
and chiefly'political rather than-commercial in its origin,, carinot be easily
computed;,, but itj evidently prevented mariy of the-State» banks from exteriding their discounts and loans so much and so quickly as they othqrwfee
would have done' and compelled others to curtail theirs with irijurious rapidity. • ' • • , I '
•; /, • ;
_'•'.''-.•
•".'•.'
But the great-qluantities of specie iraported duringthe wiiitenand spring;
the iricreased strerigth and^confidence of. the State banks," by raeans of the
pos.session of teri or eleven niihions of deposites; the gradual adjustraent of
mercantile dealings ..to. the nevir-system of paying duties, and the principal
cessation ofthe pknic in June, removed all serious'difficulties iri the money
market, and supplied all deficiencies in'the whofe amount of the currency
with State bank notes and specie, before, the United States Bank increased
its circulation, or .enlarged its discounts; and^ indeed, while it continued to
diminish both: I .
•
'.
'
In this instance, the currency, so far from being regulated by the bank in
a salutary manner, was> somewhat deranged bythe withdrawals and contractions to v/hicli it resorted,- arid much more so by the pohtical panic accompanying them. The result has- fortunately demonstrated, that whenever.//ze pressurelwouldbe renewed, the energies of the community and of
the State bariks, not only withorit the aid, but perhaps with the opposition
of the United^ Staltes'Bank, are competent to produce a thorough correction
of the,evil. Altliough the bank had not bieen rechartered, the deposites
restored, or its discounts and cirbulation" incre'ased, yet a Jittle reflection
;Convineed'm'ost of., the community that nq money was in fact withdrawn
from the country, br even ifrom circulation,-by a mere change in the place
of the deposites, or by the refusal ofa new chai-tqr: It is admitted that, in
some cases, the a|larms which were at first excited impaired imutual confidence/and either suspended, or rendered more sluggish, for'a time, the mo•neyed operations of society.. :But as the xoramuhity became satisfied that
ho s}3ecie had gone abroad to meet an unfavorable balance of trade, or rate
of exchange ; that no foreign distrust of ;the stabihty of our institutions,
and the pecuniary,abil ity of qur people, had arisen so as to prevent capitalists from continuing fornier, or making new; investmerits in this -country;
and that no actuall deficiency existed in the power to raise nioney from the
-occurrence of short crops, very low prices, war, or pestilence:' our whole
pecuniary difficulties appeared to have vanished even before the political
panic entirely subsided.
" "
*•
* . • , .•
Whether this panic was at all riecessary, whether it was right arid'patri
582
.
•'
REPORTS O F . T H E , .;
[1834,
otic to inflame and'extend it by the extraordinary means adopted, and who
ought to be held responsible to such unfortunate indiyiduals, chiefly among
the commerciaLconimunity, as may have suffered from its ravages, and
Irpm the barik's disproportionate curtailment of sixte'en or seventeen milhons of discounts, apparently to meet the-reductiori of only five milhons
:hi its deposites, and from its permanent withdrawal of about six and a half
millions in specie and bijls from the whole currency of the country,tvhile
its nionopqlies,'and most of its privileges, and high, duties to the Government and. the cpuntry, reihained .entirely unimpaired, are questions not
deemed proper, for-discus.sion in this communication,, but onwhich the
public, in due timb, will doubtless form a.just arid decisive judgrnent. - On
the inherent, and inevitablq evils, however, which are inflicted upon the
cpmraunity; as well as the currency, by such great and sudden, fluqtuations
iri the whple quantity of thp'currency, whether""springing frora wanton or
accidental contractioris arid expansions in discourits^ o.r frora other ^.causes,
there can> be but one/opinion, as triese -fluctuations tend unavoidably lo
produce changes in prices of all kinds, to alter the yalue of debts as well
as property, and to influence, rapre or less sensibly, the fulfilment of most
contracts, and the ordinary operations bf the whole system of wages, salaries, labbr, rent, interest; and income, of almost eyery description. Itis a
further remarkable fact, without referenceto theories'or expectations of'any
kind, that the condition W: our whole currency, or circulating 'medium/
(which terms it is convenient to u.se throughout this'report as syrionymous.)
was not, when the present fiscal systera was adopted the hist year, in so
ehgible and sound a statejafter the full influence of theUnited Statps Bank
had been exerted seventeen years, as that in which it was previous to the
last war. before its incorporation, and under.the more limited powers, capit a l a n d coririexiomwith the Government~of the forraer bank. The whole
specie in the cbuntry, compared with thq vvhole paper in circulahon, was,
in 1811, from twenty eight to thirty .millions of the former, to orily from
twenty-three to twenty-eight millions of the.latter ; while, jri 1833. the specie in thq country was abqut foitytwo miliions to about seventy-seven niillibns of paper in circulation, or a proportion, nearly one-half less. During
the existence of the present bank, so far from its increasing our specie, so
as to have it constitute a suiu equal to our whole paper circuktion,,as was
the case before A. D. 1811, and was again expected to becorae the case by
many who-voted for its charter; sP far from making it approach the ratip
of about 170 to. 140, which, it. bears in .Englarid under -their' narional bank,or of about 520 to-3(:),-which it bears in France under theirs, our specie
has never, since 1816, until the remoyal of the deposites and the, passage
of the hew coin bills, constituted a sum, whose pi'oportion was morethan
about 42 tp 77 of our whole paper currency, and has sometiraes been as
low as'about25 to 100 of it. This does not include what is in the vaults
of our/banks, whatever may,be the practice of comp,utingin Englarid; but
the table, (F,) in order that any proper corrections raay-be made, shov/.sfhe.
amount in. their vaults "during the same period. Notwithstanding this haz-.
ardous condition'of .the currericy, our, own coinage of gold and silver,
d.uring the last thirteeri years before 1834,,amouriting,in all, to about thirtytwo millions, has'fentirely, except seven or eight miliibns, been allowed to
quit the country, and in. several instanqes. to^ a considerable amount, has
been exported directly to Europe by the bank itself All the mari ufacture
of coin at pur pwn' mint, and all the expenses of it, have thus been, wholly
1334,]
,
SECRETARY- OF T H E TREASURY.
583
"'ost to us, except what, would be equal to.the result of .its operations,for
imly two or three years. The imports of specie, averaging, also, fi^om six
to seven raillions annually, have all been sufiered,. with the detention of
sniall amounts for cbin and manufactures, to depart without any successful
efforts on the part of the jmnk to restore the much, sounder condition of
the currency which existed urider the former institution. On the contrary,
how far. the present bank may hctye been, instrumental in preventing such
a restoration will be se|en vyhen we advert to the fact, thai, instead P.f issuing
bills, like the former in stitution, no lower than ten dollars,-and thus, sp far
as the bank itself wasj cpncerned, leaving room for specie to re in ain in the
: country,-and circulate for all smaller sums,:it has put forth not only a large
, a mou n t 0 f fi ve-do lla r Ibil-ls, but; since 1827, a still larger amountof fivedollar checks, or drafts, riot supposed by many to be warranted by its charter, for purposes .of circulatioh as a currency, and certainly any thirig but
useful in extending the speci.q,basis of our paper to its former desirable and
safe-proportions, .The permission once given by this department to receive
these checks, in payment ;o'f the public dues, has recently been withdrawn,
in the nianrier^and for the-reasons stated, in the circular annexed, (G.) The
notes and checks of this denomination, issued by thepresent Unite'd States'
Bank, and, in imitatiori of its:exaraple, the five dollar notes issued by the
State banks, are, estiraated to equal inaniqunt from qne-fifth. to one-fourth
of our whole paper currency ; and the drafts or checks ofthe United States
Bank, of all denoriii.nationSjUsed ^as a currency,-are computed, to equal
quite one half of its wnole cii-culatipn. In the.se particulars it has not only
departed from the salutary precedent .of the old- bank, but it has departed
from the precedents of the nationaibank of England, which, except dui-ing the, suspension of specie •payments, has not issued (unless for a fevv^
years, within more thari a century) any notes less than £ 5 , or somewhait
.over $23, in ariiount; and-the. national bank of FranPe has riever issued
any jess than 50.0 francs, or near $160, in araount. ;lt is not contended that
the present bank, or the forraer one, ever jDossessed'any chartered right to
.prevent the circulation, by State banks, of notes under, ten-dollars ; but
they both possessed t^he right to issue no such notes themselves, and to induce o.the.rs, by their example, by encouraging, sounder views and a more
commendable usage ;0n this point, to issue few or none of them ; and the
first,bank did, in thisjrespect, conduct in a.nianner highly.beneficial tq the
couritry, while Jhe other has entirely disregarded the'salutary precedent.
There is pne.higher" and raore difficult task in the diie. regulation ofthe
currency,.or circulating raediura, of any couritry, where it is composed of
both, paper and specie, i. This task consists in the preservation of the whole
araouut of the currency at any one tinie, not essentiahy reduced or increased
beyond the nat uraland average warits bf the community, in order to'prevent a ruinous:reductiori in prices, of all kinds, if the whole' currency be
greatly'reduced, and to'prevent an injuribus and.artificial increase of those
prices; if the whole currency be greatly increased. ' T h e evils frorii-either
change (supposed by many to be much aggravated under any paper money system, arid less likely tp happen. under a nietallic one,^ from the
greater difficulty in.obliiining or making an excess; and from the diminished contraction in case'of an" export of specie, "^^or, a^ panic) are too
palpable and well understood in pblitical economy to require, on this occasion, any illustration.' \
/-:
- , . ^f „
It is equally, clear that this kind of regulation of the currbncy, if perfornied
5S4 .
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REPORTS'OF THE
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[I&34.
at all, beyond what is efi'ected by the. mere qourse of trade, and the. operation of private interest in the State bcinks, arid other ways, must, w^henever
' the object is deemed of sufficient importance, and the means tp accomplish
it lawful and expedient, receiv-e attention from the Goviernment. But the
Goverriment cair- generally operate on this subject only through the issue
and withdrav^al of Treasury notes, in such form aind under such circumstances as will meet particular exigencies, or by some large banking institution created for this, among other public purpqses. ^ •'
'
.
The difficulties and advantages, though bothexist, connected with resorting tp' Treasury nbtes in ^such exigencies, need not now be considered; but
what influence the present Bank of the United States has exercised in averting or correcting those evils, compared with the State bariks, or with other
• systems, br other national banks that are or might be created, is considered
an inquiry yery necessary and pertinent Whatever elevated claims may
hav^e been/presented in fav^-oi; of the uhlity of the present bank in thus
regulating the currency, it-would be somevv^hat difficult to designate the
period and the exteiit ofit. iri any instarice, beyond self-defence, or beyond
what seemed requisite to save its own, specie. In the three riiodes by vyhich
the amoimt of the currency usually becomes deranged-^that is, by.excessive
issues of paper-in tinies of extraordinary prbsperity or-speculation, by great
exports of specie, and by hoarding it in a panic—it is not known that this
bank, with aU its public privileges, public objects, and public claims, has
generally pursued ariy system to remedy the eviis.^different froni that of all
or most of the State banks.' Thus, in a deniand for.specie for export abroad/
instead of atteriipting to.crieck it by the sales of bills of exchange at a lower
Tate, which it might draw on some fund providently and patriotically placed
abroad for relief of the commuriity in such an emergency, it has sometimes
joined, in the export of specie, arid is" supposed/seldom fo have-^drawn on a
fund abroad, bxcept when the market was such as to yield an enhanced
price, or,- on one or two occasibns, with a yieiw to; its iraraediate-safety, t o
le/senor avert a severe,run upon its own diminished specie.
\
' •.
If the demand for specie increased so as to press hard onlts bwn vaults^
and those of the State banks, hbw often, has it beeri known during such a
crisis, under any limitations; to become more liberal in its discounts to a
distressed community, and to fill up, with more paper or specie, the vacuum
. caiised, by the withdravval.abroad of the specie?.'i On the contrary, has it
not, though claimed' to be a public regulator of the currency, almost cori.*3taritly arid dangerously ag'gravated the evil of specie being withdrawn, by
acting as'a raere private comriiercial bank, and by refrairiing to piit into
circulation', during a drain,, riipre specie or still more paper, .and even by
withdrawing two or three times as much paper as there vvas specie exported?
Again:'when littleor no specie was exported or hoarded, and there wasno
vacuum to supply by paper, has it not then usually been more profuse in
its discounts, and, instead of conhacting.or regulating steadily, has it not
expanded injudiciously the whole arhount of,paper in circulation? It is
admitted that a bank, conducted on mere private "principles, is generally
not only rio aid to the currency'qh such occasions,'but it often/becomes, as
just shovvai: and must become, unless acting :on public principles, one of
- the-greatest enemies iq the, currency;" As its specie-is drawn'out largely to
''-export or hoard, such a bank, unless taking^due precautions beforehand,
from public ponsiderations, must contract at least two or three fold the
-amount of specie -withdrawn, and isi utterly unable tO'expand iits paper
1834.]
SECRETARY OF T H E TREASURY.
585
issues SO as to keep up thewhole gross amount of the whole circulation of
all kinds in the community; and, without such precautions, if aUeriipting
in such a crisis so to expand, it would speedily be exposed to have no specie
left to^susp'end the payments of it, and thus nPt only weaken public confidence-in the whole paper system, but derogate-from the character .and value
of all the paper abf'pad vvhich could not be proiriptly redeemed in specie.
No complaint is therefore made of the Uriited States Bank, so far as a private
institution, for acting on siich. occasions as a merejDrivate arid commercial
insritution should, arid in the only inanner calculated, under its present
- charter and our present laws, toi secure its own credit and that of its bills,
as a mere private banking corporation. , But-it is blamed,,as apublic institution, endowed with numerous arid very valuable public powersand privilegesVand ihaking lofty.claims in that character as a regulator of the currency of thewhole country, fPr not having oftener; by a cre.dit abroad, used
it in a manner to prdvent the large export of specie, arid for not trying with
more public vr.iews to reduce and not increase the rate of foreign exchange,
so as to render, the large export of specie unprofitable, and' the currency,
which it shonld aid, free, from much further danger when any particular
exigency of that descriptiori. occurred. Again: in the case of a dram of
specie, to hoard^during a panic like that of last winter, for instance; it is
blamed for npt having'come forward with public spirit and,for publio purposes-suitable" to its high public privileges; and, when the panic had not"
-e^^tended in so: great adegree to itself.as to .some of the Statq institutions
kiiovvn to be entirely solvent,'for not-having supplied by its own increased
loains, instead of enlarging by its curtailments, the-vacuum made not only
; by the "withdrawal arid hoarding of specie, but by the withdrawal also of
those parts of the paper currency which on such occasions are forced back'
on the State banks,, b.ojth in payments and for redemption.
- '
The Bank of England hasiobtained'the credit on two or three raeraorable
• occurrences of this kind, if not oftener, of having evinced something of this
public spirit, greatly to-the relief of the comniuriity, however late in adopting its course,,and hovvever stron giypresstjd to'it by the ministry before it
w a s commenced, and however decisive pledges, of co-operation it first obtained. The evidence pf its fayprable course towards, the community, at
tiines has already been stated,-in. describiiig its srnall curtaihhents. in discouuts and in circulatioii during a few such crises, compared with those
large ones made by the United States Bank during the^past year. But it
is quite certain that the latter institution,if not the former one, has forhorne
.gqnerally to render to the cbmmiUnity all, that benefit in preserving the '
equal' quantity or equiliibriuni of our whole national currency, which the
public had a right tP expect of it as a public instimtion.
t • .,
.There has been a double auistake on this subject;.&st, in claiming for
any national' bank, under the usual organization of- one so little differing
from a private ari'd mere coriimercial establishiment, a greater power and
performance, in this particular, than that to which it evervyas entirely competent; avrid, secPndly, in its not exercising, in,.some iiistances, for public
-purposes, a foresight, precaution, and forbearance, to which, it was clearly
competent by its great privileges and rnonopolies, and which a strong sense
of public duty and public .spirit required, and w^hich would, have proved
eminently useful to the public in preserving mbre uniformity in the whole
-amountof the'currencyl It is freely ackiiowledged that: this would have
been effected occasionally at some sacrifice of private ]>rofit, and sometimes.
586
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REPORTS-OF THE •
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[1834.
perhaps, as now constituted, at a small risk of private .safety; yet, it was an
imperative portion of its. official duty'towards the Goviernment. and the
pulilic to bestow due attention and expense on this vital subject. Mr.
.Dallas, in December, 1815, very properly observed, '^ the national bank
ought not to,be regarded simply as a.cpmmercial baink. ,It vvill not operate
on the,funds of the stockholders alone,, but much more upon the funds of
the, nation. ' its conduct, good or bad, will not affect the corpqrate credit
and resources/alone, but niuch more the credit and respurces of the Gbvernmqnt. In fine, it is-not.an iristitution created forthe purposes'of coraraerce and profit alone, but ranch more for the purposes of national policy,
as an auxihary in Some of the highest powers of the Government.", The
xhief extent of the beneficial influence which the United States Bank appears really to have ex.ercise.d in regulating the .whole amourit.of the currency, and the gqodnqss or secuiity pf that issued by the State banks; has
consisredin the check it sometimes, from riv^al.ship and self-interest, has
hiiposed bn other banks, bywatchin'g over and returning /their excessive
issues, and in which influence it acts on the same princi pie, though, perhap's, with less, publi.c beneflt than the. same amount of .banking capital
divided, ais in.Scotland and "^ew Erigland, into many separate hanking institutions. But this influence is liriiited principally to the ;larger Cities and
to their banks, as the United States Bank and most of ita branches are there
situated ;• and th^se pursue a practice, generally of.refusing tp receive at
].)ar the notes pf mo.st country banks, and hence,-:by not returning those
Iiotes promptly for specie, or requiring deposites orsec.urity to meet them,
cease to exercise over them but little of the .salutary check. against excessive issues usually wielded by one bank over another. It has probably
gone no'further than this for benefit or injury, except as thirty-five millions
of capital concentrated can be more beneficial.or injurious, as the power
is exercised on liberal^or mere selfish principles, than thatamount ofcapital
divided among,nunierous institutions ; arid as one bank with that capital;
and with the monopolies aind benefits, deri v^ed from Congress tore-enforce
it, could-control more widely than it could control without thqrii-. Private
interest beinglhe source and measure of this kind of regulation, oyer the
currency, it becomes highly probable thatagreat corporati.on,l'e'ss-amenable
to public opinion than.smaller ones, less incliaed/to .conform to it, as supposed/to be more able to set it at defiance with impunity; more tempted,
as possessing greater authority, "to feel power and forget right;'' with
fewer hand's and hearts connected vvith its immediate management to be
open to the promptings.of patriotism, liberality, and public accommodation,
than the same amount of capital aluongseverarsriialler institutions, might
push its coritrol Pver the weak much -farther at times than an enftghteiied
and'honorable self interest could justify, and raight occasionally exercise it
from.other and less legitimate motives than the salutary eriforceraqnt of
correct/banking principles. It has been adraitted hy one of its offlcers,
~tha.t "there are very few [State], banks vvhich raight nPt have been destroyed byan exertion of the ppwer of' the Bank" [of. the United States.]
Araong sniall local.or priyate institutions, as in Scotland, mutual vigilahce
over each other has alvyays proved a most useful bheck on their issues,.and
a most excellent regulator o.f the safety and amount of the, paper currency,
without the help of a national bank Pf any kind ; and the sanie vigilance
in Nevv .England, cPmbined with a similar foresight and shrewdness in
moneyed concerns among the. mass of her popiilatibn; has prevented the
1834.]
SECRETARY OF T H E TREASURY.
•587
gen eral. suspensiqn of specie payments, there at all times, as well when no
national bank existed, as when it did exist, and has reduced the failures
of banks there, as in Scotland, to a very small number, compared with
what have occurred at sundry tinies in other quarters bf the Union. The
small extent and benefits of this kind of .influmcebyatiational bank do notdepend upon mere speculative reasoning, but can,jn some degree, be computed.' A few recorded facts throw much-light on the question whether it
has been morq bbriefipial than that of State or local banks left fo their-own
intelligence, corapetitiori, and sagacity, undlr the restrictions imposed on
them by self-interest, by usage, and the State Legislatures. Before thefirst,
national bank was incorporated'here, among the three or four State banks
then in existence no failure whatever .occurred ; but under, and notwith-.
.stiindingthe irifluenceof .that bank, though much better regulated as to its
issues, and its mariagieraent in general, than the present one,, probably fifteen or twenty failures of State banks happened, preyious-to the expiration ^
of its charter in 18111. , Prom thaf timeito 1816,. during which period no
national bank was iri being here, .the whole numberof. failures did not
amoiint to more than five or six, though the, whole uumber of the banks
had increased from three or four in 1791; to eighty-four in 1811, iind to
two hundred and forty-two iri 1816.
But since the incorporation'of the pres.ent bank in the last named year,
the failures, of thq State banks, whatevervsalutary power the former has
exercised, have much'increased, and theyvhave been estimated iix part, and
in part ascertained, tp have exceeded one hundred and fifty' previous to
1830. In England, vvhere the full benefits pf a national bank-have been ^
enjoyed, and have been improving, so far as there deeined practicable,
more than a century and ajq^uarter, its" influence in preventing Pverissues
and failures ariiong the local aild private banks.has prayed to be veiy inconsiderable. During the same years, from 1816 to 1830^ iilclusive, the^comraissions of bankruptcy actually taken out against them.there were two
huridred and,six.; and the stoppages Pf payment in a portion of that time
having been' ascertained to he. imore than double the number of actual
bankruptcies, it is probable that, duringthe above period, oyer four hundred
and twenty occurred tjhere of what would be considered here bank failures ;
while the whole humiber here in that period \yas only about one hundred
and fifty, and, judging from the "account before giyen of our unavailable
funds, nearly one huridred of those last have redeemed their bills,^and many
of them resumed business. Indeed, in only four particular years since IS 13-,
two hundred and eighty-eight hank fuluies occurred there, computing, as
before, all the strippagjes at double the number of actual bankruptcies, and
which tvv^o hundred and eighty-eight is-^probably one huridred beyond the
number.of aU such failures in.all the United Staites from the commencement of our banking system, in 1781, to the present moment. The undersigned is aware that formerly the number qf private banks there was considerably larger than here, but it is now less than ^ double the niumbef of
State banks in operation here. Again:- frora 1811 tb 1816, inclusive, with
a natiqnal bank, there the failures vvT-ere, on the. above raode of coniputing,
over tvyo: hundred and twenty; while here, vvithout anysuch bank, they
were only flyq or six ; and in Scotland, without any such bank, they have
not for a century excee'ded three or four, and some of these three or four in
the end paid twerity shillirigs.in the pound.
Parallel years in many cases have been selected, iri order that the rela
588
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REPORTS OF T H E
[1834
tive operation of great cause's in the commercial world, affecting in som(
degree both countries, might not produce^ any difference in the compararive results, and that political economists m.ight truly assign to ihem,al
the influence in'these fiiil ures vvhich they dqubtless exercised, in defianct
of any power of either natiorial bank as at present organized and admiri
istered. One or two otheir circumstances are very striking; such as thai
kere, though without a natipnal bank, specie payments were not sus
pended till after the bccurrence of war and 'actual invasion ; though there
with a nafional bank, after war and the mere threat of invasibn, they
were suspended. They spread ihere over the vvhole country, but never
extended here into New England: and they continued there over a quarter of a century : though they lasted here, in general, short of three years
These diflererices may in part be owing to the niqre severe and pio'
traded wars in that country, and (in coiisequence of its vast debt, and
a large portion.of it being, owned on the continent, and/its distant dnd ex
tensive operations on larid and ocean requiring great funds and subsidies
abroad) may, in part, be owing to a money market, somevyhat more sensitive and fluctuating thari ours iri the rate, of exchange, and demand oi
specie' for export. .^But another essential difference has existed betweeii
the eoridition of the private and local banks here and there. Ours have
gerierally been'subje.ct to rigid regulations as joint-stock conipanies, under many salutary legislative restrictions on their issues; and-great pub•licity of late years in the conditionof most of them'. Theirs, till the last
yea.r, were left very much to the sole direction of the 'proprietors, and with
no publicity of their conditiori ; and with- httle check over them, except the
competition of each other, and the small iiidirect-influence of their" national iristitution. It-is not, therefore, believed to be arrogant or incon
' vsiderate to suppose that the bariking system in mgstof the United States
has been-quite as ciirefully, if not more judiciously, regulated by law than
in England, and has in practice here, whether with br without a -nationalj
bank,.been attended^ vyith fewer' and less ca.laraitous losses to the com
munity, or injuries .to. the currency. In further proof of this, duririg the|
last year; public opiriion gav^e rise there to some nevv legislative regula
tion's, resembling some of ours, and : especially as to .greater 'pubiicityl
about the condition of the Bank bf England'.. In fine, without this andj_
certain other legislahv^q regulations, united with,some provnsions incorpo
rated intp bank charters, which maybe enumerated hereafter, it is iri vain
to expect that either' national or State banks will ever be likely toperform
much "beyond whatis nierely incidental, and neither expensive nor trouble
some, in regulating the currency of the'Country.
.; , /
7. In respect, to the only proposed inquiry which remains, and vyhich
relates to ariy increased'security needed for'the present paper systera, and
•any desirable improvenients in the present deposite system, the undersigned
entertains an opinion that they can and ought to'be Pbtained, not from the
continuance hf a national-bank, whose influence has been so triflirig on
the currency, and whose povver^ as a fiscal agent, is novv so little rieeded,
but by alterations in respect to the State banks'by the States themselves,
in various.particulars heretofbre and herqafter shggested, ih cbnnexion
vvith such regulations and laws, bearing on the .general currency of both
coin and .paper, as it is competent for the General Goverriment to adopt.
Or if, contraiy to the expectations, of the- undersigned, iri the present, condition of the' country, or any condition soon anticipated,-these alterations
834.]" '
'SECRETARY OF. T H E TREASURY.
589
hould bo found ineffectual for all necessary and proper purposes confided
0 the. General Government, the iricreased security must arise frqm a still
urther abandonment and restriction of,paper than is now ,contemplated
)y this department,^ rendering the currency, if possible, in still hirger pro)ortions metahic, '^ r, ill the last resort, if that, ^and all other remedial
ueasures, considered [awful, should prove unsuccessful, any further securiies, improvements, or po^vv^ers, then deemed indispensable, .and not attainailcj consisteritly w th our.present,coristitution, must of course be sought
frorii what is not recei mmended,.and what is not belie v'ed to be feasible br judicious—an'aniendment of the,constitution in .relation to banks.
But the mischief justly to .be apprehended frbm alarge and powerful
morieyed corporatiori, coririected in any way vvdth' the General Government, the strong operations-of vvhich arb already, and always have been,
proper subjects of constant vigilance and vyholesome jealousy on the part
3f the people and'the'States, is so. great, that-it vvril be time'eriough,^
wheriever the people aind the S'tates shall consent to such an amendment,
and to the establishment of siich an institution, to discuss the proper pqw-^
ers, and restrictions of powders,. for it. It wiU then be time enough to.
discuss, also, vVhether it should be a bank of mere deposite, or one of
deppsite and discount, and, of paper issues; whether, a'single and central
institution, or divided into three' or'four separate establishments for the
<rreat sections-of our. jpommon icPuntry, with branches to each^; i whether
it be wholly public, and /ounded on public revenue and public credit, or
be^only in part public ;^ \\diether, in fine, it lie vvith some effective govrnmental coritrol, audi, if any,, to what specific extent,.'and by what
Ibody, public ^commission ers, sonip department, or Congress itself: or that,
wijthin the limits\of our free and happy institutipns, ithere shall be erected
one iristitution, of:a public character, and of a moneyed dominion independent of all others—the creature superior to the creator—and a.servant, .
|on public matters, intrusted with power to afthct the'^value' of aU property/
and the fulfilment of all contracts, and yet be placed in an'atfitudq to s.3t
thewhole public authorities at defiance. If a national baiik. of amy ethcient character, be toleratied, either before or after an amendment bf the constitution, itmust be obvious, that.one of two evris will occur—either, a great
moneyed power willexipt, independerit,^uncontrolled, and then in, fact uncontrollable ; or. such a power will exist with a due qqritrolby the Gqverriment, arid thus enlarge greatly/the present central infiuence of the latter,
without any increase of the present restraints on it by.the people and the
States, -Both are-dangerpus ; and,' after all 1 hese and similar conside/rations tbo numerous for recital here, the question will stilhrecur, whether somuch
is probably to be gained jby such-a natibnal bank, ^s vvill justify this indirect aibolition of most of the State banks, and this condensation, to almost
a single .point, pf all large^ pecuniary favors, indulgencies, and po\vers, and
as vvill .couriterbalaiice the strong constitutional dqubts which now exist
against such an institution, and those other doubts, of en lightened: and farlighted expediency, which,.in, the preseriti condition.of our virtual exemption from all. debt, pur prosperous .fiiian ees, flourishing commerce, improving currency, and easy fiiscal operations, wih, always spring up on every/
side against a grant eitheri fo.or by the General Government of any further
great, exclusive, and cpncen trated power over "associated wealth." The
undersigned wishes to be distinctly understopd as not favprable to a national
banking institution; and this being his opinion, vvHth or vvithout an amend
590
REPORTS OF T H E ^ .
[1834.
ment of the constitution, he does not.thqrefore recommend any such amendment.
"
.,
• •" ,
• .
^ Under existing circumstances, he trusts there is a large, class of the
community who do iiot consider it "prudent to renew exclusiye privileges,
already in their opinion become odiPus; to extend monopolies, already
abused ; or to confer increased capital and power, where,the exercise of
those now enjoyed has beeii concealed, and withheld^ frbm a fulhexamiriation by the public directors, and by Congress, through a comniittee,
whpse authority vv^as disregarded and contemned ;^or to grant to any new
iristitution what has always.been dbubted by niany to be expedieuit in any
state of thirigs, and is much more doubted in a state of things now so
essentiahy different from that which existed at the time of conferringthe
former charter; and', in fine, .to increase indirec'tl.y, if not directly, the
great strength of the General Government pf the Union, when not clearly
..necessary to execute, in. a diie'manner, the -express, powers intrristed to
its charge. Much of vvhat is expected, tb be gained by-such an iristitution,
whether enlarged.or otherwise modified, it itiiist be remembered, before
one shall in any Way be attempted, is rather founded on speculation than
experience, and may never be reahzed; while some of the expected gain,
as well as most "bf thp: advantages derived froiii the' present-bank, could,
without any constitutional difficulty, be probably realized frorii theState banks
under their present organization, with raerely-a few additiorial prbvisions.
'These^ are such as can properly be made by Congress'in respect to banks
which are public depositories, and others whpse notes are I'eqeived for public dues/^ Simjlar ones, vvithout doubt, willseas.onably be adopted by most
of the States themselves.; To these raay be added'such other provisions
as it is competent for the General Government to make, in relation to all
the banks situated within the District .of Columbia.
' The : character of those new legal provisions, which might tend to inlprove the present systerii of selected State" banks, and which come within
the competency'of the General. Government, is next to be considered.
One of them relates'to sbme essential changes ••connectedwith the.circulatiori of small notes,"'and is, in the first place, to refuse to contiriue the
use of any bariks as "public depositories, which after one year shall issue
any notes of a smaller denomination than five dollars, or, after three or
four years,-of a .sniaHer denom.iriation-thait ten dollars, and subsequently
"to extend this restriction further, or not, as expedience may require.
Ariothqr provision, is, after-those respective periods, notto receive in payment.of any public dues the notes, of any-bank riot cpriforming in its, issues'
to the sariie regulations ; and another is, to prohibit the circulation br issuer
of all such sniall notes in the District of Golumbia.
:/
Some have supposed it vyouId become necessary to,impp.se.a general
tax o.r stamp, as suggested by Mr. Gallatin; ori' the issues, of sniall -notes
in any part'^of the United States, and which tax.would be of a size effectually to preyent fhe injurious effects of such issues. But-this last measure
is not recoramended by the undPrsigned, for various reasons that need not
here be .detailed; rior is, it believed that such a measure vvill ever becPme
necessary, should: it be deeriied lavvful, as it raust be manifest, on a little inquiry and reflection, thatthe banks fhemselves, in regard to their:ov\ni safety,:
credit, and coriseqiuent emoluments, yyill in the end find no less beriefit than
the comniunity will, in the disuse of small notes. The salutary influence
has" before been alluded to, which, in respect to the imiirovement ofthe
1834.]
SECRETARY OF ' T H E TREASURY.
591
:urrency, was exercised by the old rather than t.hi:i present bank, in the
issue of no notes-smellier than ten dollars,'and which last denomination is '
lower than'any bank notes now^ in cu'culation in England, France, or Germany, and, it is believed, in any part: of .the continerit of Europe. This
disuse in any country where the-paper system prevails, is weh ascertained
to be the only easy mode.of retaining a full supply of s.pecie; so that it
may come to the reliefand security ofthe community during severe wars
and great coriimercial embarrassments, arid may help to sustain promptly
banks themselves, when hard pressediby a demand for specie, to hoard dur- •
ing a panic, or to expjort during an unfavorable rate of exchange.
. ,
A consciousness of the dangers attending the paper system hi England, '
with a specie circulation not sufficiently enlarged, induced their national
bank, when the resumption^ of specip payments was contemplated, "at
once to acquiesce in the proposition of Parhament to call in the'small
notes then abroad, though the least denomination was almost five dollars,
or one pound sferlingr and after four ye.irs to issue none les.s. than five
pounds, or nearly tweiity-fiveydollars.' The same hiiiitation was subse'-.
quently attached to the- private and couritry banks, to "take qff^ct in 1829,
and as.-to one and two ppund notes, except in Scotland arid Ireland,
after 1825, In these last countries, hbwever, it is understood the sraallest
deribmination of paper usually circulated at any tirae has not been less
than orie pound ; and the currency^of Scotland, without further restriction in this respect, could' riever probably, w r i h so little specie, have
continued so safe, and. its banks"in such high repute, had it npt beenthcit her great distance from London, the* centre for exporting specie, .
and of favorable exchange against the interior, rendered it preferable'to
the holders of bills on Scotch bariks, in times .of pressure or a panic, to
receive what they alvvays makp previous arrangeiTieiits to give—a draft
on some respectable bank rir banker^ in London,^ Situated like most of
the banks in the hrierior ofNew Encrland and New York are to^ Boston
and JNe^vv'York city. such a draft, instead of specie, has generally been
preferred to be-received from the Scolch. banks, as it would b e o f more
vedue in the exchange market, ani would not.expbse the holder to the
expense and incorivenience of transporting the specie three or four hundred miles to London', But the paper system'has not only b'een'greatly
strengthened for all purposes, and the foundatipiis of vspecief on whicli
confidence in it-generally and chiefly rests, have been much enlarged
wherever the withdrawal of small notes has occurred, but; a.'most dangerous weapon has' been taken from the hands of that class of the community rnost eaisily e|xcited iri amiere political panic, to embarrass a bank,
whose credit with the /commercial world may at the same hiomerit be
.entirely sound, and vvith °whqm, by means of the large'bills, or large
arnounts of them in their possession, no run would at first be attempted.
A ruri on bariks in all countries, when arising from political considerations alone, has uniformly comraenced with sraall bank notesy and by persons who, from their education^ pursuits, and pecuniary qondition, are
most readily infiuenced by the designing, and most likely tb be misled on
any sudden and exciting, occasion.. Npt so frequent illustrations on this
subject have occurred in this country, where the great mass of the community are believed tpbe more intelligent; but we-have not been wholly
free from them, arid when occurring here, their operation has always
been similar, and to be much deprecated. Thus, during the last winter
592
. REPORTS OF T H E
•:
" [1834.
and spring, had the political panic .extended to the great mass of society,
so as to have rendered them hostile and distrustful, jnstead of heing generally-friendly tovvards the State banks, it,must ^be obvious to all triat a
scene of infinitely greater embarrassmerit and ruin would,, probably, have
occurred with so many small riotes,- so widely distributed in some States
aniong all classes, and withbut a broader basis of specie in the conimunity orin thebanks to sustain, a severe run. Wherever there was added to
this, or occurred, instCEid ofit, any coramercial panic or discredit about any
particular banks, it wpuld, in rnost of those cases,..inevitably lead to a
stoppage of specie payments, unless some jmmediate, relief vv^as interposed
to meet it, like additional security for -the'ultimate solvency of such banks,
furnished or tendered in some form.or other by individual stockholders
and directors, or by a State, or bythe General .Government -Such relief
and seen rity were theii .offered in soiiie parts-of Virginia in-the first mode,
in New York in the second mode, and to all the deposite banks in the
third mode, through the confidence reposed in them, by their selection, and
the large funds intrusted, by the Treasury to their custody for safe-keeping.
It was only by thelast^of these "modes that the United-States Bank itself
was prpbably relieved from the.stoppage of specie payment early in 1819,
when its specie on hand at the close of. the previous year,, in the mother
bank and all its branches, was only about twb and a half millioris ofdollars,;
to redeem a circulation of about seven and one-third millions, and to meet
a liability fpr morethan nirie.mihipns of deppsites.. The-confidence given
directly and indirectly to the Bank of England, by the Government; in similar ways, contributed much to save it froiii commercial discredit, and
to keep .its bills nearly at par; in the opinion of some writers, for more >
than ten "years after it actuaUy, stopped specie payment in 1797,imd at a.
moment when its specie had become reduced to only £1,086,170, vvith a.
circulation to •lie-'redeemed of £9,>674,780. • Thb same confidence, probably,
prevented another stoppage in 1825-6, when its specie had fallen to
£1,260,000, with a'circu lation" of-over £25,000,000 to be redeeined, But
the withdrawalof small notesa'eq.uired by Parliament, to prevent, in some
degree, tho recurrence of such dangers, arid tb take the possession of these
means froim those most hkely to use them unnecessarily, iu a politicaU
panic, for purposes of embarrassment, has since had the beneficial.effect of
..strengthening, in a pressure, the banks theniselves,,by increasing the speciecirculation of that country, on vyhich the paper In some .degree rests, to. an
araount more than equalhng its whple paper" circukition : while here, th.e
last 3^ear, and ihefore this change was strongly recbmmended by this department, the specie circulation wascbmputed to be only about ane-seventh
the arnount ofthe whole paper;.and allthe specie in the country was only
about half the amount ofthe paper in actual circulation,
, ' •
This withdrawal has there, also, not only in a great nieasure "disarraed ,
the worst enemies of the banking system, in the period of a political pa'nic,
as before explained,- but. it has/rescued the poorer classes of persons from
alri.iost the whole inconveniences'fb which they chiefly were exposed by,
the discredit of bank notes, and: from, most of the losses they suffered by '
counterfeits. Thus, if rio notes circulate, of such small denoniinations,as
are usually required in nioney to effect the purchases and payments by
those classes, but they are furnished with silver and ^gold to effect such
objects, it; must be manifest that they at once become relieved from-any
considerable apprehension about the business and credit of banks, and the
•1834.]
SECRIETARY- O F - T H E TREASURY.
593
apprehension is properly devolved on the Wealthier and raore coraraercial
classes, i fpr whose benefit, chiefly, banking institutions are incorporated.
If losses, then, occur by the failure of banks, or the depreciation of their
notes, those losses reach in only, a small degree persons who seldom own
the stock, or keep iri their possession large notes-; but fall, as they should,
on the more opulerit, who not only own most of the stock in bariks, but
reap the chief profit and accPmriiodation connected with their establishment. In respect to counterfeits, these were so ranch cbnfined to the sraall
notes in England, as-itb furnish .an additional reason there for prohibiting
the issue of such notps; and they are in this country fDrobably in a ratio
often to Pne araong the sinaller-notes. The reasonwiil. on a httle reflection, be Pbvious ; as the less inforraed arid less affluent, to whora the small
bills are most frequently passed, are -less quahfied to detect impositions,
while they a r e less able to bear the losses fi'om. thqm, than the ^more
wealthy, whb rarely: are deceiv^ed by counterfeit bills.
. The withdravval of the. sraaller notes will, therefore, not only relieve,
"in some degree, all,^biit i n a great degree the raqsf expbsed portion of the
co.,mraunity, from fraiids and injuries, by counterfeit ibills ; but it will not,
at the same time, subject them to losses, in an equal degree, from counterfeit coin.. The vyeight of coin;.independent of other tbsts. is a ready, easy,
and almost certain liiode for all classes of detecting counterfeits of any
great value, since the specific .gravity of gold nearly exceeds twice that
of iany 'other nietal, except one,' and which one is' expensive, rare, and
unprofitable as a counterfeit.
•
,
.,
•'
.' The next essential charige to that qonnected with the withdravval of
'small notes from circulatibn, and which this departmeiit vvopMi^'ecommend
as an imprbyement in the present fiscail system qf employing State banks,
is, to require the'fullkt returns to be made by:those eniployed, in relation
to their actual capital] paid in ; their discounts, ciredlatip.^i,.specie, and other
eircumstances,lhrowing light on their probable ^afetyAind intelligent mode
•of coriducting business-/ This, coripled with- the p.^wer, through committees or comraissioners, to verify the correctnes^^'o/ stich returns, by actual
examination in cases of suspicion, will pWe ia highly conservative and
useful nieasure to botjh the pubhe^nnd th^^-^banks, as well as the Govern- ,
nient. It will ilPt only furnish to: the l4tter a sahitary facility in discovering and revising any lerrorsinjts depositories, arising from inadvertence or
rriisappreherisiori, but| ^vlll .increase its security, and, if the banks really
^ merit confidence,' will justly irisii're to them all that improved standing and
augmented trust withl the con;munity, which, in the end, must prove so advantageous,lri a pectilniary view, to their prbprietbrs. The late exarainatioris,ln England,:of l:he pibst inteUigent bankers and skilful financiers, led
to ai parhcira'entary provision, for the first time, in favor of miriute reports
from the 6ank ofi England to the Goyernment; and the average results of
which, quarterly, Are I required to be made public. In 1820, Mr. Crawford
went so far on yiis subject as, in some cases, to request of a bank a confidential ^-list of its .diebtors, showing the amount due by each." All mystery on the subject of I banking should cease. It is uriworthy the age in
which \ve live, and the fqrm, of government we support^; and the real
' condition of till banking, institutions, which claim public confidence and
credit, should be shovyn fir and vvid^, to all interested, fully to deserve that
confidence and credit. Thei next: changes of much importance recommended have been considered in detail in my annualreport, under-the re;
VOL. IIII.—38
594
REPORTS OF- T H E
.
[1834.
marks there offered in respect to the recent alterations in our gold coinage
and the further improyements suggested in that,-and in the operations W
thq mint.
_
'. ^ /
^'
The new coinage, and increased rapidity in manufacturing it, constitute
an, invaluable part of the present'and proposed system for gradually withdrawing small notes, and substituring gold and silver."^ l^his will increase
thequantity of silver in circulation, as well as introduce with"^it gold coio
that shall be of convenient denominations for general usCj and that.shafl
possess, a nominal value, so clearly, equal, if not superiorj to its market
yajuefor bullion, for ornamerital iiianufactures, and for exportatiqn to foreign markets, as to be hkely to preserve J t in commori employiuent as an
essential and large portion of the circulating medium.: The existence of
no Sriiall nptes, .and a similar mint and teiider ^system in Frariqe'to what
prevails here, has iritroduced and. preserv.ed in their circulation near 170
millions pf dohars iU; gold coin ; vv^hile in England, with a raint .system
less favorable, and a.ten.der systera,iiipre favorable to gold, it there constitutes quite four-fifths of the specie partof then/currency, and has increased
from less than 20 mihions of dollars in 1818, to riiore thari 200 millions
in. 1829, It constitutes yery large portions of the currency of many other
European Gqv^ernments, under v^arious regula.tions, often,less encouraging
than purs to its.circulatipn ;.and in ;a number, of the i^pari ish, American
republics, as well as Brazil,'it has a strong tendency to come into-more
geineraluse, under a change of taste, a conviction pf its benefits for larger
arid more distant payments, arid under the increased productibn of it frpm
the,mines, compared with that of silver,:both there and in this couritry.
Here, thei production ofgold. has, in ten years, augmeritetl; fro.m: about
|2,000 yearly,1Q. Pne and a half millions, or pne-flft'h of all the annu.al
prpducq in gold, of/jijurope arid Aiiierica. The ratio, of increase in the.
productiori.of gold has-been,'in,aU America, more than treble, siiice 1819,
wl)at it was the terKprevaous year3, when it^had been quite onq-fiftli beyond
its former amount; vYbile silver has decreased in about the. same ratio since
1819 as. sincel809, anCi whicKratio was nearly one-half
.^ v
Another change might be Useful, at:So,iiie futu re period, in point;of economy, and, atthe same time, cor4ucivG. to l h e prevention of tpp frequent
fluctuation in any system of impo-ts and incidental prptectipn to,domestic
manufactures. It is one:suggested ih.my.knnual. repoit, iwherieyer, a large
balanceof money shah be/on, hand^^fibr^afterinpermanen^^ deposite, that
either a smaU interest should be required eq.it, under certain circumstarices,
or that a. temporary investraent .of all abke .a specified araouHtj in the
Treasury shpuld be made: hi sornestpcks, squp.d and saleable, with, an "authprity to :dispQse ;0f them, whenever their proceeds may .be needed for publiq.use! The,particulars on this subject need notlie repeated here: thoucrh
spme provision.in relation tp tliem,.applicable tp>any.large su^^^
or defir
ciericy. whiqh may hereafter at, any tinie. unexpectedly hi\pperi, riiiglit prpye^^
prudqnt andprpiitablei:
/
i;
- , , ^
Shpuld a.regular increase or deficiency ocbur for a fevy years the;remedy.vypuld of'course be. qthervyise attain.ed by a change iii\the- tariff as;
thi?..propqsitton is. intended to apply only to ex:ces.ses or deficii3ncies,,pGe;aT
siqnal, temporary, and upexpected. Thq :0nly remaining chajigq that; will
bq^npitv. adyerted to,, consistf jn an improvement of the cuiTpncyand oifth^^
banklrig system:within,the i:)istrict,of Columbia.
.
; ;;'
T Q Rreyent mis^appi^hqnsioUj it maybe .proper to add; thatj by any re
1834."
SECRETARY OF THE TREASURY.
595
marks on this subject, it is not intended to recommend that any banking
institution should be organized here, with any power whatever beyond the
limits of this District, or with any peculiar powder over any other bank in
the country, connected with this department; or with any power not properly adapted fo objects belonging to the business- and Wants of the District
.alone. But the systeni "and operations of banking here have^ been generally
very unfortunate ; and it does riot appear to be very sound philosophy to
coiuplain of the State'banks, of their deficient organizatiori,'and their insecurity or failures, vvhen, of the banks incorporated by Congress,, whether
in this District or in the United States at large, (ibeiiig,.it is-believed, fifteen
in ah,) at least six, jirovrer onethird of the whole number, have, at'different times, failed, arid all of thera which were in existence in 1814 then
suspended specie paynients,^ as will be seen in "the document annexed, (H.)
Our-vvhole probable losses^ as, yet appearing by all of them, in all
Avays, though likely ,to be hereafter somevvrhat further reduced, exceed
onethird of a million, or a sum: equal i^ one-fpurth of the'whole amount
of all our unavailai)le funds. These residts, under the former legislation
by Congress, incorporating banks, are certainly not very-flattering,
though the mode of doirig businessin this District; and the'pecuhar position of it and its halnksj m~ay have increased' greatly and^necessarily their
risks 'and rnisfortunes. But the lessbh taught by all this^seeriasto be, that
greater caution would be useful and necessary'hereafter ih. legislating as
to banks in this District; and, in that everit, little doubt is cherishbd by
this departriient that, as most of-the old charters are about expiring, the
oppoitunity to introduce mpre nuriierous restrictions and secudties into
any renewed .ones| can be .advaiitagePusly improved,, and spme general,
legislation adopted tor the currency of the whole District, which may prove
highly useful. - It might be suggested here, in detail, vvh.at.,. in:the bpinion
of the undersigried, tho^e restrictions and seciirities ought tP be; in order .to
insure the contiriuarice of specie payments, whether by high penalties or
otherwise, such as tjo restrain excessive issues o-vw the amount of';specie on
hand, to render iridividuals liable ^to'the extent of their subscribed'Capital
nbt paid in; to check discounts'on too long :credits, and without ample
security; to preverit hazardous loans to their ovy'il-directbrs, or oh pledges
of their ovyn stock; and sev^eral other, important and.: iiiore jdoubtful corisideratioris,'like thei requirement of sqcurity fo the public,'by stqck or property,-or the personal hability of the proprietors. But, as"" the details on
these .and similar points might not be deemed pertinent, unless applications
were- aqtually pending for "new charters, the further consideratioivof .the
wliPlcApf them will be deferred.' The undersigned would, now only.urge
the early adoption of th^e general prpvisions,. which seem equaUy proper
and well adapted toj the present as thq future^ and under the:pld ^'^ frie hew
charters: that smetllnPtes^ in the raanner lately mentioried. should npt be,
allowed to circulate at all in the District after a limited period;; and that
inonthly, if not weekly, returns of the cbndition,'of all the District bcinks
should be cqrariiuriicated to Corigress or this department, actual examination be riiade yearly into their accuracy, and entire pubhcity given to the
results, whenever tljie public interests appear to require it.
The present system/of State bariks for; deposite, with the than ges and
regulations as to them and the currency, which the uridersigried has had
the honor to suggest in this report; is' respectfully recomraerided' to Congress
for adoption by a specific act of legislation; " He cherishqs great confiidehce
596...
REPORTS OF T H E ' / , . . • '
[1B34:
that the-syste.m of fiscal agency now recomraended for the Treiasury. so far
as regards the safe preservation and convenient disburseraent of public
moriey, will, continue to prove successful; and if not, in every respect,
equally so vvith the system preceding, it, or with anyother that could be
substituted in .the.forni of a national ^bank, yet that in some material re-!
spects it is, superiar, and in others so. little inferior, as not to justify an
abandonment ofit for any other beset with such/grave questions of general
expediency and constitutional poweiC .Public confidence in the correctness
of this conclusion may justly bestrengthened by our experience duiing the
past year,.when the newly selected State baiiks, though in the infancy of
the trial, with many novel difficulties to encoiinter.) and assailed by a panic
unexampled in this country, surr^ounded by extraordinary distress, real or
imaginary, without.the aid of the powerful means of the .Bank of the United
States, if not with those means in some places; and,with its generai cburse
of policy in aU places, in direct hostility, have yet passed through the fiery
prdealln perfect safety, without the failure of orie of them, and vvithout the
loss qf a single dollar to the Government: Besides this, the operations of
the Treas.ury,'chiefly conducted through, the 'agency of these banks, hav^e
proceeded, generally, yvith ,ease, promptitude-, and fidelity, even, in the
remotest sectibns of the Union; -arid :the/general currency of the country
has,in the" mean time, greatly improved, instead of ^deteriorated, Overtwen.ty raillions iof dollars have^ probably been added to the specie portion'
of it. The entries at the'custora-house,fr6m the 1st of October, 1833,'which
have^ been, receiyed, to 4th Deceniber, 1834, exhibit an excess of importa-tions over the.eiportS/of coin and bullion, ariioimting to $17,736,901; and
the arnount afri ved, but not there-en tq red, iii the same period, has probably-:
exceeded two.and a half millions', / I t i s gratifying to see by thq stateinent
annexed, (J,).that,i of those importations, gold, has constituted -aboutvfour
miliibns; and that they have thus greatly, and'very opportunely, aided the
efforts of Congress to enlarge that portion of our currency, by .giving a new
nominal value to our/gold coins, calculated to retaiii and increase them as
a permanent and. very iiseful part.of our general circulation. In the,continuance of the measures now in operation, vyith the changes proposed, it is,
anticipated that the metallic .basisof our paper currency will bestillfurther,.
though slowly, extended.by iriiportations and^the rich produce of our^niines,.
uritil it rests on .nearly as broad and solid a. basis as in .many countries.of:
:Eurppe; arid that this will ;happe:njn:due, season, withbut abandoning the
- use of banks and of paper for their appropriate duties. -The vvithdrawal. of
notesunder five dpllars wouldidiminish the paper circulatioii, vyhere theyexist, about bne-flfth qr pne-fourth; arid of riptes of five dollars, dbout one-'
fpurth rnore;'.leaving;gradually-a v^acuum t o be .filled by the additional
specie, a,nipunting to.nqar twenty^five milhons, or. equal io about orie-third.of orir whole paLper "circulation in'4833. The .State banks would: still find .
usqiul eriiplbyment.for muchpftheir present, capital aii,d present amount of
Qirqulation, and the requisite quaptityof specie .in the place pf their sniall,
notes could bq easily intrpduced if the, thirty-five millions capital ofthe United
States,Bank,, after the charter expires,.be diverted into.other-employment;
:because its circulation of about fifteen milhons. in-paper, would, in that
event, be:withdrawh ; ahd by the notes of the State banks, and by a.substitution of its own specie,.aided..by the,large im.po.rtations pf,specie lately:
^ made, the v^acuunithus created, and the increased wants of pur increasing
pqp,ulatibn,'v/ould both,be well supphed.-; If, as.the.present-^^^^^
1834,1
SE( RETARY OF T H E ' T R E A S U R Y .
597
perity of our fortunate country seenis to justify, a calculation 'be formed
that an addition of at least 400,000 persons is yearly made to its"whole
population, it wih, by computing eight dollars per head as the average
amount of our circu ation, require an anriual additiori tp it, in specie and
paper, of between three and, four millioUs. The araount of bank capital
now in the States, and of specie iio\y in and about entering thewhole
country, may be aniply sufficient at the present for all these objects and
changes. Nor is^ it perceived that any strong probability exists of their
soon becoming deficient The rate of excharige, which,' when .very unfavorable, is ahiiost the only cause that can leadito any considerable export
or vvithdrawal of ourj specie, has been, during most of the past year, much
below real par, vvhich is near seven per cent, nominal advance.
During that year ithas riever beeri,'-nor is it likely soon' to be, so much
above real par as to render the export of specie profitable^ and which, it is
understood; must be' frPm two fb two arid a- half per ceiit. real,.or somewhere betweeen nine and ten per cent, nominal advance. - As the rate of
exchange depends coiefly on. fhe balance of ,our foreigri trade and debtvS,
and on the remittances wliich are obliged to be made for ^meeting thera, it
will be seen that, vvl'iiie foreign goods undergo ne considerable nominal
increase in price, or in the quantity-wanted for consumption, (and it is to
be hoped'doraestic manufactures, by their present protection, by improved
experience and.skill, arid the indefatigable enterprise arid industiy of oiir
people,^are augmenting, riearly in the ratio of "our population,) the sum to
be paid abroad cannotj much increase, uriless our debt to be paid there, or,
the foreign capital invested here, has beconie larger, or the latter has become
mbre likely to be withdrawn,' But, so far frorii our public debt owned
abroad, being greater, arid thus continuirig on our resources a drain'of
either specie or domestic produce, to pay the interest and principal, as it
has injuriously done during the last forty years, we can justly rejoice over
ifs enure extinguishriient. Itis also believed that the in vestments of foreign ^
capita there in private stocks of various kinds have not altered in any con-"
siderable ratio. ^ They were abo.ut the same amount in'the tvyo, United
States Banks, though, from the difference in the size of-their capitals, seventenths .ofthe foriher were owned in Europe, arid probably iibout one-fourth
ofthe latter." From'the rate of interest here and abroad, and the estimated
stability and security of our institutions and Governments,"^ compared vv-ith
their ovyn, it is not apprehended that any great withdrawal-of foreign capital
is likely to take^ place from any private investment herb, so as to increase
essentially the amount. obliged to be paid therq. On the cbiitrary, the means
ta meet the reduced foreign demands are believ^ed to be much enlarged by a
rapidly extending cultlyatiori of our hew and fertile soil, and a consequerit
produchon of a greatejr surplus for qxportation at fair, if not high, prices;
and, bythe other great con^ervativ^q circuriistances'which"-exist in. the present state of our country, ,such as an augmenting population, an entire
freedom from national debt, a:large reductiori in the public taxes, and a
condition, ;as to education, skill, industry, and sound-morals, judicious
enterprise, and almbst every eleraent of national prosperity, advancing
yearly, it is hoped,'higher and onvv'ard. It is not, then, presumptuous to
anticipate that fhe baljihce pf trade,, or rate of exchange, is riot likely again,
very soon, to become sp imfavorable as to cause any great export of specie.
Another'hirge drain of it froni this country to India, during the last fifteen
years, and which, from the nature of our trade there,, seemed inevitable
598
.
. REPORTS OF T H E ^
" '.
' [1834.
and permanerit, has been chiefly stopped,^in its direct course, by exports pf
domestic manufactures in its place, arid by bills of bxchange; but which
last, it is conceded, must still be met in Europe ;• though, after a useful delay,'
and in consequence qf the sale there of part of the ^return ca-rgoes, arid of"
our increased surplus abroad from exported produce, they will be met by a
diminished withdrawal of specie from this country.^ As flattering a prospecf is therefore opened to the condition of our currency hereafter, as could
exist under the present form of;our constitution, construed,.as it is, to render
the pj;opriety of a,charter to-any kind of a bank without the limits of this
District very doubtful, and not to prohibit the incorporation of;banks by
.the States;,unless organized iri such a form as to be tantamount to a mere
emission of bills of cre.dit, founded (as was doubtless contemplated in the
prbhibriion in the constitution, that "no State shalhemit bihs of credit") Pn
mere credit, and thatthe credit ofthe State alon.e.
:
, Taking our systerii of a currency, then, as it is sifpposed to be established by the constitution, being, as regards- the General Government, a
purely'metahic currency, but leaving banks with paper issues, founded on
a capital paid in, and pot on the mere ereditof a State,-to be incorporated
for local purposes, within the States and this District, wheriever corisidered
expedient, i t i s believed tha^tthe present fiscal arrangements, with, the riiodifications previously mentioned, will continue, to be as prosperous as the
nature of the paper system-, when.it furnishes any considerable portion of
the currency, will ever permit. By a change pf our,constitution, or by an
entire change in thb legislation^of the States and of Congress, it is admitted
that, this country might adopt a purely 'nietallic system, throughout, vvithout
the use of any kinds of banks or bank paper ; and thus avoid most pf the
injurious fluctuations in -the whble amount of the currency so generally
incident tp the paper system, and re move chibfly the dangers and disasters,
alvvays more or less attendant on/the cre.c/i/ involved ,in the paper, but
..which do not, and-cannot, so much.attach to coin, vv^henmad.e, as-itis here,
of materials whose inherent value for purposes of ornaiiierit and manufacture is :nearly equal to its iipminal value as coin. Yet, until tliese everits
shall occur, it is the part of sound philos.ophy and true political wisdorri to
improve to the utmost, cons isten tly \vyith consti tutionaldifffculties, our present
mixed currency. When it is re'membered that, after long experience,'ah
most every natioiivof Europe, and .especially the most enlightened and commercial ones, have,; though-possessing full power to abolish wholly .the
paper systeni, deemed it gpod economy and a great conveiiienceto retain it
to a certain extent, fpr the larger and,, more distant.operations in commerce
and finance ;, when it is considered that'the paper systein is generally supposed to increase the activity of .the surplus moneyed capital of a country,,
by collecting it into banksj and-distributing it. spe.edriy, as needed, and to
make a less quantity of circulating medium, employedin this way; answer the
sanie "purposes of society with a larger quan tity,othervvise eraployed; and
when it is coraputed by raany—whether justly and'wisely, need not here
be discussed—that, through the issues Pf .paper over t h e amount of specie
in the vaults of banks, the pubhc is enabled tP obtain a temporary use of
so-much more money, ;as if, to that extent, arid for that purpbse, it were a
real addition to.^thb specie:capital, :and at the same time to realize a.saving
ill the wear and loss of the specie i n the vaults, which ,it, would ^otherwise
sustain in actual use, thequestion becoraes .very doubtful = whether, in tbis
comraercial and widely exterided country, the anticipation can be-justified,
1834.]^
SEQRETARY OF T H E TREASURY.
599
that the States/or the people vvriU soon, if ever, consent tb the total disuse of
banks of paper issues. But it is niore probable that the discussion and increased interpst attending this subject vvill terriiinate here, as in Erigland,
hot iri abolishing all country or local banks, though Parliament, like the
Statqs, possess undisputed povver to do it,; but, for the present at least, in
only exercising grea'ter care in the regulation of these banks by the States,
and in creating, by both State and United States legislation, a broader basis
of specie in circulation,-for the increased security as well of the banks as.
of the coraraunity, and for the great and desirable iraproveraent of the currency of the country. The undersigned, however, would'not be understood as inculcating 'an opinion that even iDy such increased security, or by
any guards and restrictions qf any kind, the State banks, or banks of any
description', can be placed entirely beybnd the possibility pf erabarrassraent
and failure. Besides revulsions in trade arid prices, sprhigirig frPni ordinary causes,:orextraJprdinary discoveries and improvenienrs in the nuraerous arts and labors of life, and vvhich, while civirizatiori and liberty shall
last, raust frequently create changes in yalues of all kinds, arid especially
in the worth of.the precious metals, all banks, like individuals, either directly or indirectly, by various accidents to fhemselves or their customers,
such as robbery, fire, tempests, and wars, are ex:posed to occasional ^and
severe losses. In fine, the there credit irivplved so deeply, in the whole paper systerii, as a system, ia a circumstance froni the evils of which, granting its benefits in Pther respects, it is not in the power of human ingenuity
wholly to escape.
: >
.
> •
: The vice" or danger is inherent in credit itself, when so extensive ; credit,
that the bills^will be redeenied, and this' credit depending not lonly on h e
faithful conduct of the'directors and officers bf the bank; arid the exemptibn of its property on hand from inevitable casualties, but on the solvency
and punctuality of the great mass of its customers, exposed in their persons and fortunes to those thousand accidents by flood andfiield,from which
nothirig rnprtal is secure, and agairist which. Govbrnmerits the most rigid
and vigilant, any more than iridividuals, cannot effectua.lly guard. Governmerits cannot be admiriistered without giying some credit to debtors,
and to collecting, keeping, and disbursing officers.V Changingthe name of
the debtbry or the debitor himself, from an individual to a bank or corporation, does not produce .any charm on-the ..nature Pf the: transaction, and
does not prevent it from still restirig ori credit, and being, in some'degree,
liable to all its darigers and disasters. ' \
;^
;
But the consequent embarrassraents, though often inevitable, are in a
greater degree inseparable, frorri a'paper than a raetiilhc system; and it istherefore desirable either to avoid the former,- whenever it can be legally
effected,'and without an exposure to equal injuries of a different character,
or to restrict it, in the safest forms practicable, to its origirial and riiost useful, pur poses. It is gratifying to refiect, however, that the credit given by
the Government, swhether to bank paper or bank agents, has been accompanied, by smaller losses in the experience iinder the system* of State banks
in this country, at their worst periods and under their severest calamities,
than any other kind (jf credit the Government has ever giyen in relahon to
its pecuniary transactions. Hence, unless the States, and the United States,
should both deera it proper; graduaUy, and in the end bntirely, to dispense
with the paper system, (and which ev^ent is riot anticipated,) theGovernment
cannPt escape occasional losses from that quarter, arid can never hope to
600,
• REPORTS OF T H E
[1834 „
escape all losses from banks as fiscal'agents, except by the. employment in
their place of other and individual agents, vylip.will probably be found less
responsible, safe, convenient; and economical.
' :
AH which is respectfully subniitted.
.
- , • • , LEVI WOODBURY, . ; \ ._
,
,
Secretary ofi tke Treasury.: ^
Sckcdule ofi documents accompanying the supplemental report ofi the
' ^
Secretary ofi. tke Treasury. ' • ' . , •
A. List of selected State banks used as depositories pf-the public money,
and times of selection. '
- . .
'
•; ' '
A A. Statement of the iraraediate means of,selected State banks, to meet
demands^on them.
.
>"
. *
B. Form of Treasury warrant-now in use.
-^
: ' . ,'
B B. List of-old deposite banks that stopped, payraent, and. of others in: debted to the Goverriment, with the araounts dueto the UnitedStates,
-. tiraes of selection and, failure, (fcc. /
/ . -. .
C. Stateraqiit of appropriations, expenditures, and collections in each State
in 1834.
D. Araount of doniestic exchanges onthe 1st of Septerabeivl832,''33;aiid
'34, by branches of the Bank of'the United States.
E. Amount of domestic exchanges by three, of .the . selected. State banks^
'' about the 1st of Septemher, .1834. ' '
:
'
F. Table of the circulation in specie and paper ofthe United.States, and
several other couritries, at several different periods. •
• G. Circular relative to the receipt of branch drafts or checks of the United
States Bank, fbr public dues.
,
- , •
H. List of banks incorpor-ateid by Congress in the District of Cohmibia
and in the United States"; when incorporated ; when selected as depositpries of the Government; v\lien stopped payment; and the amount
then due to the Unifed States.
• i "
I. Statement of. araount of imports, and-exports of specie from 1st October^
1833, tp 30th Sept.ember, 1834,-with statement annexed of importsand
exports of specie since 30th,'September, 1834,,as per returns received
, at the Treasury Department to the 4th of December, :i834o
1-834,])
' "
' •
SECRETAEY OF THE'.TRE ASURY.
•
'
•
.
'A-
•
•
•
601
.
L I S T ofi selected State Banks.
Dates of selection
prior to 26th September, 183'3. .
Names of hank
1st. Merchants' Bank of Sakei
Bank of-N'ew.London - '
Bank of Newport ' - ,Bankof Bristol j - \ - . -•
Farmers and Mechanics' Bank of Alhany . Bank of Harrisburg '• ~ ' \ ".
.Branch of Farmers' Bank, of Delaware, New
- Castle - •
"
•"
Bank of Virginia, branch at Petersbnrg
Bank of "Virginia,-branch a't Fredericksburg Bank of Virginia,.branch at ^Lynchburg
Bank of iMichigan
- .1
^-• • Bank of Middletow^n ' -v , , Mechanics' Bank,. iNew iBajven s^
- ' -
Prior to
1819
Prior
Prior
Prior
Prior
Prior
1820
1819
4819
1829
1819
to
to
to
to
to
Prior to.
Prior iO
Prior to .
Prior to
Pfior to. •
April . 21,
Februa'y 26,
1820
1829
1829
1831
1824
18,24.
1830
Remarks.
For deposiie and
payment onlv.
Do.
\ Do..
Do.
Do.
• Do.
•
Do.
Do.
.Do.
Do.
Do.
Do.
• Do:
^ .
• SELECTED.
2d. Merchants'Bank, Bosto.n-|Commonwealth Bank, Boston •Manhattan Company, Newl York
Bank of America,'New York -^
Mechanics' Bank, New York TGriTard Bank, Phiiladeilphia •
Union Bank of Maryland
Septem'r26, 1833 On usual terms.
Septem'r26, 1833Do.
'
Septem'r26, 1833
Do.
Septem'r26, 1833
: Do.
Sept.em'r26, 1833
Do. ,
Septem'r'26,. 1833 '- • Dd..And again
August 18, 1834
Do. •
Septem'r26, 1833
•Do.
Between Oct. 1,
and Dec. 31,1833.
Ociober 9, 1833
October 9, 1833
October 28, 1833
Novem'r 4, 1833
Novem^r 4, 1833
October 9, 1833
O.ctober 9, 1833
October 9, 1833
Novem'r 4, 1833
Novem'r 4, 1833
October /.), 1833
October 9, 1833
Octob.er 9, 1833
Do.
Do.
Do.
D6'.
Do.
Do.
Do.
^Do.
Do.
Do.
Do.
Do.
Do.
Subsequent to 1st
-•. January, 1834. ,
Xuly
22, 1834
Moyamensing Bank, Phjiladelphia '- Louisville Savings Institution' ^ '
- .August 13, 1834
Februa'y 12,« 1834
Branch Bankof Mis.sissippi, Columbus
7, 1834
Farmers and Mechanics' Bank, of" Michigan - July
Commercial.Bank, Cincinnati August IB, 1834
Merchants and Manufacturers'. Bank, Pittsburg October 6, 1834
Do.
Do.
•Do.
Do.
Do.
Do.
Maine Bank, Portland.
'Commercial,Banif,"Pdrismorith - '
;.
Bank of Burlington
-j'
Farmers and Mechanics' Bank, Hanford
Arcad'e Bank, Providence
-•
-*
Bank of the Metropolis -|.
- ,
'Planters'Bank, Savanriah
" • .Branch -Bank of Alabamla, Mobile
Union Bank of Louisiana,- New Orleans
• Commercial Bank, New ,Orlen.ns, '
Franklin Bank,.Ciricinnati
-, , -'
Union Bank, Nashville, Tennessee ' . Planters'Bank of Mississippi, iNatchez
SELECTED.
3d. Bank of Virginia, Richmond
-
Branch Bank df Virgiiiia, Norfolk
• Bank of Augusta, Georgia - -'
. '
October 9, 1833) For deposite and
and July 15, 1831'^ payment onlv.
July
9, 1833
Do.
August. 20, 1834
' Dd.
A A.
,,-
-
C O N D I T I O N , . i n cerlain res'pects, of selected deposite .banks.
'
J
•
"
•
.
1st January, 1834:^
Notes in "circulation
Public deposites- Other deposites Dueto banks
Due from.banks - '
Notes' of.^other banks
Specie
'-
^ - #7,797,714 00
9,363,162-00
7,826,112 00
.'- •3,959,647 00
28,95(3,635 00
• '
• .,
S3.114,471 00
" 3,880,254 00
2,921,361 00
9.,916,086 00
1st" July, 4834.
1st April, 1834.
S8,183,373
12;586,506
7,655,050
4,232,351
po
00
00
00:
. -Z'
32,657,280 00
Isl October, 1884.
^8,073,944
12,000,245
7,513,548
1,960,635
:"8^5,847,554.00
12.261,580- 00
6^380,466 00
4,336,000 00
00
00
00
00
S3,413,769 QO
. 3,840,626 00
4,572,753 00
85,058,773 00
3,297,346 00
5,820,023 00
12,600,908 00 " .28,825,600 00 ' 11,8,27,148 00
31,548,372 00 .- n,176,142 00
S4,72l,891 00
4,251,240 00
3 627,777 00"
NOTE.—With a view to aid in a comparison ofthe condition of these banks with that of some others, the returns of a few are" given below, as near to the
1st of J,anuaTy, 1834, a,sjhey can be obtained:"
_.
"'
•
• :
^
•,"^
,
Ul
OAll State banks about the beginning of 1834, Being
the last return,and .estimate obtained.
Bank of the Uniied States, January 1,- 183j{.
Bank of England, near January 1, 1834.
K
819,208,379
Circulation.
$77,738,782 00Circulation
Pablic deposites , 4,230,508
Public and private
Private deposites - , 6,734,866
deposites
' . - 66,365,027 00
Due toother banks-. • 1,535,709
Due- to otiier banks 25,888,395 00
S24,S87,420^'()0 iDCre from other banks
Dae from banks 30,8.29.907 00' Notes of other banks
Notes of olher banks
17,081,704 00 Specie"
Specie
169;992,.205 00
72,799,031 00
00
00
00
00
Circulation
- S"98,'i99,60p 00
Average depo-^
" sites, public
and.p ri vate. i- 67,592,800 00
•" 83,058,870 do Specie 841,779,200 00*
^ 1,982,640 00
10,031,237 00
31,709,462 00 15,072,747 00
155,792,400-00
41,779,200 00
* Securities, 8115,880,600; but aslh.ese are stocks chieily, and those in our banks are not com.puted,.they are inserted in a note. They are, however, in
England
a surer and larger resource than here.
'
^
'
^
^pj^
iS34.]
SECRETARY OF T H E TREASURY.
603
TREASURY DEPARTMENT.
WARRANT.
TREASURY.
To Jokii Campbell, Treasurer ofi the^ United States,
;
greediig:
No. 105.
Pay to^A.-B.;. marshal of the district of
, or
orderj out of the appropriation, named in the margin,
fifty dollars, on. accomit o.f his salary fbr the qnarter
" For^'compensation
Qf tus^rlcr auoTnoys ^ ending .the 30th of September, 1834. ' Agreeably to a
and marshals."
j certificate of the Comptroller of the Tr.easury, No. 2012,
^ "
1 dated 1st.October, 1834, recorded by the Register. For
[so doing this shall be your warrant.
Given under my hand and the seal of the Treasury,
^-—L-^—-^ this . first day^ of Octpber, in the year
|LS.
one thousand eight hundred and thirty1
- • '^'ifanmen?^." ^^^^^*' and of independence the fiftyninth.
XEVI WOODBURY,
Secretary ofi tke Treasury.
APPROPRIATION.
$50.
Countersigned,
JOS. ANDERSON,'
• , Comptroller.
Recorded,
T. L. SMITH, Register.
The cashier of the Bank of C. D. will pay the above warrant agreeably
to its tenor.
: JOHN CAMPBELL, .:
Treasurer ofi ike Uiiited Siates.
Received payment of the above warrant from the cashier of the Bank,
of C. D.
A. B. .
• Marshal ofi District ofi -
B B.
<D ^
-pi
(D OT t i
> 2 '^
c6 B 2
Deposite.banks stopping payments.
.^j
J^ CO
^=3 ^
•-; c j
o
•>.
^
Cu
rt
Virgipia Saline Bank
- '
Juniata Bank, Pennsylvania
Banik of Washington, Pennsylvania
Cumberland Bank, Alleghany
. Somerset Bank - ..iMiami Importing and Exporting Company
Hank of Wilmington and Brandywine -
Bank of Muskingum
-
-
Dolls. Cts Dolls. Cts.
1817
4,050 00
1817 '13,815 00
1817
4,.500 00
1817
6,440.00
1817 . 3,060 00
1817 106,213 76
181-7
940 00
10,615
5,023
5,263
.13,.804
97,522
940
32
77
.39
46
76
00
139,018 76
133,169 70
125,322 00
125,322 00
T
1818
Farmers and iMiechanics' Bank, Cincinnati
1819,
17,182 43
1820
1820
131,906 61
63,893 51
131,906,61
63,p60 36
195,800 12
195^866 97
Bankpf .Kentucky aiid branches - .:Planters and Merchants' Bank," iHuntsville
-5 S «
fe ff U - T 2
O r^'-.^ 2
ffff''-'"
^ cu. o ^
3 ^ ^
P ff 0 - 5
c\ w <v cd ''
<
Year.
o
•
.ff 2
O -£3 '
<^ . -
Dolls. Cts.
Dolls. Cts.
-4,050 00
3,200 00
6,071 00
1,176 61
2,.484,57
55,273 41
8,791 00
D
17,217 61
When selected. In whose hand for
settlement.
63,828 98:
•<1'
.Dolls. Cts.
10,021 00 Before
3,200-00 Before
2,^84 57 Before
1,176 61 -Before
55,273 41 Before
• 8,791.00 Before
Before
19,783 58
1817 Solicitor.1815
Do.
1815
Do.
1815 Ag'tB'kColumbia
1816 Solicitor.
Do.
1815
1817 Paid.
o
81,046.59
Before
.17,182 43
Ojicer.
Year.
1815
Paid.
36,966 01 AfterJan. 1,1818 Solicitor.
Be.fore
1815 Paid.
After Jan.,1,1818 Paid, except an
B-Prin cipal
amount equal to
overpaid
interest.
66 85
A.—Actual payments, which, being deducted from the amount originally due, leave the sums now due. by ihese banks respectively.
B.—This arises froin the amount of interest paid by the bank. '
^ '
D.—The balance due would be only 83,413 15, deducting the whole payment in the case of the Somerset Bank from the whole.
00
. oo.
Bank of Vincennes
Bank of Missouri - Bank of Edwardsville
•
-
.
-. r
-
1821
1821
1821
50,984 73
38,854 78
81,751 13
168,328 27
113,552 22
46,800 00
500,271 13
171,590 64
328,6^80 49
4,447 97
,188 00
4,259 97
35,104 03
39,364 00
2,082.01
1,148 99
.7,780 49
8,928 48-
48,000 00-
-•
48,000'00
49,148 99
. 7,780 49
56,929 48
-
- "l822
- Centre Bank of Pennsylvania
-
- -1823- —3-^231-00-
'Franklin Bank,.'Alexandi:ia'
-
-
- Germsn Bank of Wooister
.
1823
168,328 27 AfterJan. 1 , 1818 Solicitor.
113,552 22 After Jan.l ,1818 Solicitor & ag't.
46,800 00 After Feb.l ,1819 Solicitor.
219,313 00.
152,407 00
128,551 13
48,000 00.
51,231 00
2,082 01 :
-
328,680 49
.
Bank of Columbia
1824
- ,
284,870 70
69,583-09
GO
CO
|4^
215,287 6i
215,287 61
October,
1800. -
• Solicitor.
Ul
Offirp Rank IT
—STTW^ashin gton-r
1819 District attorney.
o
.Ag't U. S.'B'k.
o
Bank of Illinois, Shawneetown .•Farmers and Mechanics' <Bank, HidianaBank of Steubenville
-
-
-28,367 85
1825 . 28,367 85
39,432 14 _ 20., 266 -30 19,165 84
1825
. - ' 1825
.4,159 76
.28,367 85 AfterJan. 1 1818 McRoberts, D. A.
23,325 60 AfterJan. 1,1818 Solicitor, (secured, probably.)
1815 Solicitor.
134,-086 38 Before
35,913 62
134,086 38
56,179 92
181,620 07 . '4,159 76 V185,779 83
170,000 00
KJ
237,799 99
Bank of Tombeckbee
Bank of Nashville. ^
-
-
-
1827
138,754 00
1828-
'6,267 00
79,981 36 ' 58,'772 64 . 25,138 00 , 83,910 64 After Jan., 1818 Solicitor.
.' --
6,267 00
- ^-
6,267 00 Before
1815 Solicitor.
O
as'
Deposite baiiks stopping payments.
•
Amount due the
10th of-November, 1834, oh all
accounts.
CU
Amount now due
from them, not as
depositories,- but
on their notes.
'ff
QJ
Amount now' due
as .depositories, '
^deducting whole
.payments.
OT
."^
•Am'nt paid hefore
ahd since February ,27, 1823, on
all accoitnts.
OO
t
•Amount.to credit
ofthe Treasurer, ^
as deposite bank-'
when it.stopped.
B B—Continued.
Doljs'. Cts.
DoUs. Cis.
20,623,05
When seiectccf. In whose hand for
settlement.
•
^
•
'
Ymr. Dolls. ~Cts^. Dolls. Cts.^ Dolls. Cts.
•
Year.
Oficer.
• J
Bath Bankof Maine
-.
. - .
-
18'31
•
Baiik of Alexandria
-
1834
Grand total
•-
So,169 65
15,146 60
2.0,623\0'5,
-
27,500 30
6,300 00
21,200 30
-J • • ' 21,200 30 Feb, 1799, and
October, 1818.
855,410 29
920,260 16
Before .
1815
Solicitor, (secured., probably.) :
,O
Ul
. ^c.
1,764,235 05
fi
District attorney,
(secured, probably.)
155,794 84 1,076,055 .00
O
m
C.—The second column shows the amount due from each bank as a depository when it stopped; but the bills of some were on hand in o.ther banks, as
special deposites, when they failed, orin the hands of officers of the Governm'ent. ' The banks were.indebted for them as.well as their deposites, and
have made payments on account of the whole.
,
i
.^ ,
^
,
. "
No. interest is computed in any cases when the account has not been settled; .but when a settlement is made, it is charged.~
Since the above table was completed, it has been ascertained that probably some riioi-e money has been collected, which will be paid soon.
Most of'the papers on this subject have*, been consumed. The whole balance, therefore, of unavailable" funds, without interest, it is presumed will not
vao^'much from•^l,150,000.-(November 21, 1834.)
. '."'.''^.
fi
00
Z,0
J3 B—Continued.
QO
CO
When 1 Amount per Per statement" Per statement Paid since Dec. Due November In whose charge.
stopped statement, Febi of-Sth March,' of 14th P e c , 14, 1832, and
10, 1834-..
Banks not depositories'of piiblic anon ey, .but payment. 27, 1823, re- 1830, unpaid. 1832, unpaid. not crcvlited.
their bills in.possession in February,, 1823. , ,
maining unpaid
Year.
,
-
"
•
\
' ' '
""
' - '
.
' '
.
Dolls. Cts.
Dolls. Cts.
Dolls. Cts.
19,865 00
2,463 00
64 00
198 00
1,8.35 00
59.5 00
10,900 00
1,375 00
3,21700
' 2,380 00-.
9,575 00
1,311 00
,2,839 00'
4,0.59.57
797 00
• 6,598^06
9j865
2,463
64
198
00
00
00
00
- 9,865 00
2,463 00
. , 595 00
10,900 00
595 CO
Dolls. Cts.
Dolls. Cts.
- Officer. / •
Elkton iBank, Maryland
.. - . Alexandria Society, GranvillejOwl Greek ' - - / -- ,
"Western Bank of Virginia,-Parkersburg. .
Farmers' Bank, iNew Salem Farrners and Mechanics' iBank, Greencastle
Commercial Bank, Lake Erie -.
Bahk of Sornerset and Wooster
Merchants'iBank of"Alexan dria
- Huntingdon iBank, Pennsylvania
Lebanon and Miami Banking Company
Farnaers and Mechanics' Bank, Pittsburg •
' Urbana iBanking Company , - ''
Bedford Bank, Pennsylvania . Eieatucky Insurance Company ' • '-"
Farimers'B.an-k, Canton ;
- ' ' -
-\
: S GO
-
. .S„s.
s:3
o
•
-
^ vg^
<V
rs §
OT ff
-
§§
^ - O T
•
3,217
2,380
9,575
1,311
2,839
^4,059
797
6,598
00
00
00.
00
00
57
00
06
9,865 00
2,463 00
-.
~64 00
198 00
-
198 00
1,835 00
^ 595 00
• 10,900 00
3,217 00
2,380 00
9,575 00
1,311 00
2,839:00
4,059 57
797 00
6,598 06
3,217 00
2,380 00
' 9,575 00
1,311 00
2,839 00
4,059 57
797 00
6,598,06
• si
ff a)
i 9,758 00
•-9,758 OO'
1,360 00
.1,360 00
23,905 00
'23,905,00 •
cu •••;
3,.846 00 - , 3,846 00 '.
796 00
927 22
927 22
G 108,664 10
94,657 85
Add the sums now due from the old deposite banks, on all accounts '_^
Unavailable funds of .all kinds, without intei est, Nove inber 10, 1834
Union Bank, Pennsylvania
-. ' Marietta and Susquehannali Trading Comp'y
Farmers and Manufacturers'^Bank, Chillicothe
Bahk of Cincinnati
-,
-.
Susqu.ehannah Bridge and Bahking Conipany
Sundry small-=hi'otes and counterfeits -"
--
li
9,758 00
1,360^00
23,905 00
3,846 00
,1,858 00
'
927 22,
83,693 85
7,900 00"
1,360 00
23,905,00
. 3,846 00
796 00-
927
15,453 00 < , 81,835
1,076,055
1,157,890
22
85
00
85-.
SQ
Solicitor.
Solicitor.
g
Paid.
Solicitor.
Paid. •
-•
Solicitor.
Paid.- •
Paid.
^
Solicitor. •
Solicitor.
g
p
£;
^
^
Q
^
Disirict attorney.
PaidtQ Bank of
Steubenville, it
is believed.
District attorney.
Paid..
"-
P^.
H
^
^
i
-
' G —The original amount was larger by perhips half a million, and was mostly in small sums on abbut one hundred different banks; but all was paid
before If23, except the above sum, v^iee lis: in report from Secretary of (he Treasury to House of Representatives, February 27. 1823,
-^
•
o
•-1
•REPORTS. OF T H E ,
608.
[1834-
c. •
A 7^ABLE' ofi ihe whole appropriations fior the year 1834:, ofi the erpe%
ditures firom^ them, and ofi' the collection's during that year in the seii
ral States a n d Territories.
'
'
fi
Whole appropriations for
' 1834.*
Expenditures from them
in 1834.
Collections in 1834.
VERMONT
Speciait
Pensions
Army
Miscellaneous
S20,000
200,000
2,000
10,000
232,000
Deduct 20 per ct.
not expen d,ed
46,400,
' this yeait,
Balance
.«;I85,600
Customs
,S179
Customs
174,954
Special "
38,000
Pensions N
180,000
Army and fortifications
60,000
Miscellanpous , 30,000
Publicdebt • '
20,000
Deduct as above
348,000
69,600
Balance
278
400
NEW I-IAMPSniRE.
Special
•
' 42,000
Pension's
.
160,000
Arm-y
lOyOOO
^Miscellaneous
'10,000
- * Besides the appropriations made for the year 1834, there .was a balance of old appropriations-unexpended of about six millions; and, besides the collections made in 1834, there was
an available balance in the Treasury on the 1st Jariuary, 1834, of about ten •millions,.being
niore than enough to pay the old appropriations then outstanding. The actual expenditures in
1834, out of the appropriations for. that year, correspond so nearly with the collections in 1834,that they illusirate the objects proposed in this table, without extending"it to the old appropriations or collections made Before January, 1834, and then remaining.unexpended.
t T h e apportionment of the several appropriations am.ong the Slates and Territories has
been, made in. conformity to what was specified in-the acts of,Congress, and the estimates for
the year, and are termed "special" whenever the person-of object, such'as a creditor, fort,
offic'er, navy yard, &e., was known to be within atny'State. The other designations need no
explanation, except that under ar?ny, navy, JI^C,,'are not included such sums ini connexion with
them as weri3 before included under the word "special;" andthat our expenditures abroad
are arranged to the States whence'the remittances are made ; and that the payments required tobe made in particular States for public convenience,:th'ough the "objects of expenditure are
situated elsewhere,'have been, charged to those States. .The word " army" "includes every
thing under the administration of .the War Department, except what is'otherwise enumerated.
t i t is estimated that about five millions'of the appropriations made for 1834 will not be expended within that year, and hence the deduction has been.made of -twenty per cent., or about
the sum of five millions, for the present year. The amount of collections is made up from
actual returns for the first three quarter's of this year, and from estimaf:es for the, fourth quarter, which will probably proye very near the true'result.,
,1834.]
SECRETARY G.F THE'TREASURY.
609
TABLE C—Continued.
tVhole appropriations for
^
,
1834.
Expenditures/roi^ them
. in I63i.
Collections in 1834.
SHO,000
50,000
f-Tavy. ^
^ublic debt
'^,
'
\ -418,0pt?
[[Deduct 20 perct. : . . ' . .
not -expended ^
this year
, i83,'b00
S16,373
Balance
$334,400' Customs'
Balance
1,572,800
Customs
3,590,572
Balance
304,800
Customs
119, HO
Balance
^ 244,000
Customs
Eastern
2,920,000
MASSAOriaSETTS.
493,000
350,000
370,000
'Speeial
Pensions,
Army' •
Miscellaneous
.Public debt
'Navy
100,000
300,000
350,000
:
1,966,000
Ded'ct as above 393,200
IIHODJE ISLAND. '
Special ,
Pensions
Army
Miscellaneous
Publicdebt
iNavy , •
116,000
75,000
110,000
40,000
30', 000
10,000
Deduct as above
381,000
76,200
CONNECTICTJT..
Special
Pensions
Army
Miscellaneous
Public debt
15,000
200,000
' 60,000
10,000
• 20,00,0
. . i 305,00(^'
Deduct.as above 61.,00Q
Special '
Pensions '
Army
Miscellaneous
N a v y •,
Puhlic debt
Foreign inter-
'47,89,0
2,948,908
662,000
700,000
500,000
-100,000
.500,000
2,000,000
100,000
Ded.'as above
4,562,000
-912,400
Balance
VOL. IIL—39
' '3,649,600 I Castoms
9pG^i.,49i
610,
KEPORTS OF THE .
[1834.
TABLE C—Continued.
Whole appropri'ations for
1834.
•
Expenditures from theiri
• \
in 1B34.
\
Collections ih 1834.''
N E W JERSEY.
Special
'
Pensions
'Miscellaneous
$6,000
110,000
20,000
136,000
Deduct 20 per ct
not expendecI
27,200
. this year
Balance
SrO8,'GO0
Customs
,S8,5I6
Balance
2,795,200
Customs.
2i;058.,G43
Balance
160,809
Customs
13,261
, 1,374,400
Customs
:M,17S
FENNSYLVANIAi- • i
Special ,
JPensions
Miscellaneous
Army
Navy.-'
Publicdebt
Fdreign intercoufse
424,000
250,000
60,000
700,000
-160,000
I ,800,000
IOO,000
3,494, OOO''
Ded. as above . 698., 80O
DEL.4WARE. .
Special
Pensions
Army
Miscellaneous
36,000
5,000
150,000
10,000
2.01,000
Deduct as above ^40,200
.
MARYLANI).
48,000
Special
Pensions
40,000
Army
1 ,300,000
80,000
Navy
Miscellaneous
50,000
Public debt •
.200', 000
Ded. as a.bove
1,718,000
343,600
Balance.
DISTRICT O F COLUMBIA.
Spec, and civil 2, 013,000
Pensions
,11,000
Navy
400,000
Army & Indians 550,000
Debt:
250,000
Miscellaneous , 500,000
Foreign "intercourse.
100,000
'
3,824,000
Ded as above
764,800
Balance
Middle
.• 3,059,200
11,148,000
Customs
- $33,4.7.3...
Miscellaneous.-,, 5:50,000 ^
583,473
l^.,2.m,,297
1834.]
SECRETARY OP THE TEEASURY.
611,
TABLE C—Continued.
rhole appropriatibns for.
Expenditures from th.em
in 1834.
\ \ Collectious. in, 183,4.
iSpecial
S5O0,OOp
[Pensions
-. 200,00p
iMiscellafteous
50, OOf)
fArniy
1^075, OOp
[ Navy
1,000,oop
2,825,000
Deduct 20 per ct.
not expended
565^000
this year •
Balance
' $2;260 000 ^Customs
- S.M0,i61
NORTH CAROLINA.
Special
Pensions,
Army
Miscellaneous
37,000
100,000
20,000
20,00|0
177,odo
Deduct as abpyc: 35,400
Balance
141,600
Ciistoms
34,8
"r^
SOUTH CAROLINA,
Special
, 5 1 ,.0(^0
Pensions '
- 50,OQO
Publicdebt
50,0p0
Navy
30, Opo
Miscellaneous
50, OQO
Army
' 200,000
Deduct as.above
431,000
86,2p0
SJDecial .
Pensions
Army.
Miscellaneous
Navy •
Indians
180,000
40^000
.140,000
20,000
20,000
20,000
.
/ • • • •
Balance
34U';800
Customs
303,835
Balance
336,000
Customs"
48,260
420j0p0
, Deduct as above .84,000
Special
120,000
Pensions
6,000
Army & Indians 180,000
Miscellaneous
40,000
346,000
Deduct as above 69,200
Ciistoms.
Lands
Balance
276,800
.$Bii^m
"isifm---.
1,004,957
612
REPORTS OF THE
[1834:
TABLE C-^Continued.
Whole appropriations for Expenditures from them
1834.
in 1834.
Special '
Pensions ,
Army & Indians
'Miscellaneous
Collections in 1834. ^
$12,000
\.2,000
292,000
10,000.
.
316,000
Deduct 20 per ct.
not .expended
this year
63,200'
Balance ^;. . ^252,800 V Lands ^
,$,1,021,785
Special
'
18', 000
Pensions
• 20,000
Army & Indians 316,:000
Miscellaneous . 20,OQO
- Deduct as above
374,000
74,800
Lands
Custbms •
Balance
Special
ibTavy
Aimy
'$674,641
46,659
299,200
721,300
205,000
150,000
50,000
^
'
405,000
Deduct g,s above 81,000
Customs
Lands
.324,000
2,800
South-and
Southwest \ 4,235, 200
3,277,982
Balance
TENNESSEE.
Special
Pensions
Army
Indians
, - , 500
110,000
24,000
250', 000
'
384,500
Deduct as abo v e 76,900
Special
Pensions
Army
Miscellaneous
-V 1,800
- 1,000
Balance
307,600
Balance
§96,000
30,000
180,000
150,000
10,000
370,000
Deduct as above 74,000
1834.]
SECRETARY OF THE, TRE ASURY.
613
TABLE C—Continned,
i hole appropriations for
"
1834. ""
Expenditures from them
. in 1834; .
,
Collections in 1834.
|;?S2,000
[Special
125,000
['Pensions
40,000'
f Miscellaneous
Army
145,000
' 120,000
Indians
712,000
Deduct 20 per ct. .' ,
not expended
this year .
142,400
-Special ' '
Pensions ^ '
Miscellaneous
Customs,
Lands -
SH ,985
.431,448
Balance
\$569,600
Balance
176,800
Lands
667,167
Balance
142,400
Lands
248,374
Balance
654,400- Lands
231,696
$433-133
163,000
' 48,000'
10^000
221,000
D.educt as abov.e 44,200
Special
Pensions
Army
Miscellaneous
140,000
18,000
,10,000
10,000
Deduct as above
178,000
35,600
Special
, Pensions
Army
Indians ^
Miscellaneous
80,000
18,000
450,000
250,000
20,000
- 818,000.
Deduct as above 163,60p
Special
Pensions
Army
Indians
Miscellaneous
110,oop
8,O0p
584,Oop
-2O0,bOO,
20,000
922,000
Deduct as above 184,406|
Lands •
Customs
Balance
737,600
469, [-88
2,114
—••
471,302
(614
[1.834.
RiEPORTS OF THE
TABLE C—Gontinued.
Expenditures from them, i '
Whole appropriations for
•. 1834.,
1
•
Co-llectiohs in-1834.
ini834.
,
r
1
1
'ARKANSAS.
Special '
$20,000'
Pensions- ,',,
2,000
Army '& Indians 110,000
132,000
Deduct 20 per ct.,
not expended
this year
' 26,400
.
•
'
•
•
;
Balance
'
•
..
'
'
'
:
.
.
•
$105,600
Lands
Western'
- .
-
; - • $70,558
$2,990,000
,
•• ,- -^ . •; • '
$2,122,530
The whole expenditures of appropriations for 1834
The whole collections in, 1834 '
- -
$21,293,200
20,624,717
Expenditures less than collections in eastern States
Expenditures less tlian collections in.middle States
28,908
' 1,127,297
$1,156,20'5
Expenditures more than collections in south and southwestern States
Expenditures more than collections in western States
, -.
957,218
867,470
$1,824,688.
- ' '
1834.]
'
'
•
615
-SECRETARY OF T H E TREASURI'
•• D .
•
'
,
.
•
.
i D I S C O U N T S , onkomestic hills of exchange hy United Slates Bank.
1st September, IRS-J, 1st September, 1833, 1st September, 1834,
i
I
•••
• \
Of Portland
.$113,622 64
Portsmouth 83,709 00
.^
Boston,,
•1,031,290 1.5
j5. .• , Burlington '251,505 59
.~. HaTtford " 54,768 62
'
456,512
29 '
Providence•
m.
Buffalo
287 263 38
'c3 -^ . .Utica
,. ' • - •
168.200,62
.a
.49.8202 91
New York.. o
1,72.7,913 57
Philadelphia
f^
.
291324 1 5 ,
Balfini'ore
• . Washingtori i ;• 115',340 08'
5,079 653i 00
', $230,490
162,535
3,975,569
• 397 667
89,491
646,332
3^6,128
333,549
. 759,635
1,608,883
• 207:196
, 207,690
43
09
30
60
34
72
84
70
97 ,
60 '
21
54
8,945171 34
o '
O
CO
8,346,389 5 2 ' ' 5,702,488 -78 •
>
^
•
.,
J
, 6;i46,968 85
188 938 17 ' '642.8'88 50
285,429.23
Richmond - 1
• 94,:992'08
328,720 78.
. 278,239,39
Norfolk
116.079 70
228,424 89
' 138,007 69 ,
Fayetteville 290,624 65
376,435 -91 . . • 202,653 48
Charkstoji .-.143,638 92
231,620 86 '"
469,609 37 '
Savannah ., '582,044 '92
243,75'5,16
,. 784,424 03
Mobile
l,595;i51 36
4,278,375 446,014,^243,80
New Orlearis
^
c/3 .
$361,089 40
108,061 55
1,753,334 58
177,784 01
. 70,997 55
721,546 01
. 240,231 .30
• 51,619 00
1,138,033 07
, 1,256,208 43
241,625 67
26,483 28
540i,450 34 • 408,574 45
Pittsburg
332,739 77
Cincinnati - ,, • 660,513 00,
306,086 62
Lexington - • 587,350 J i
_' Louisville ,-' 1,283,694 69 ^ 880,478-12
573,957 69 . 293,030 05
Nashville • s.t.'Louis • - . 1 5 2 , 7 7 0 75 •' 79,312 02
1,758.,'695-83 . 2,439,193 29
..Natchez' ..-•
Total
.,16.210
94,622
112,003
139,264
^ 36,383
68i95,9
2,116,338
22
82
67
67
60
22
86
4,739,414.32
"2,583,783 06
. • - $18,98^475'46 .$19,287-,174,''44
$12,196,172 10
'5,557,433 04
-
3,465,420 19
M SCO U N T S : o n
di \mestic hills of e i-ehan-o-e hy the -/"allow insr' selected
State banks, running io maturity early in SejJteniber, 1834.
Frankliii-Bank. Ciricinnati, September 6, 1834 i $529,664 49
Planters'Baiik,'Natche'z, September 1, 1834
-. 1,655,327 07
1,155,552 63
Union Bank, Nashville: September 16, .1834
$3,340,544 19
616
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1810
1815
1829
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1833
-1834
1834
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Scotland T ,1832
Irelanid
England and Scotland .1811
2111
;_
287f
i29h • Uh m.38„^
93h 20U . 9h 343
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•
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13
2201 m. .
. .
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.144 m.
288-
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105^
422to440 m.' "
•355 m>.
1789:
1829 ~
450 mi
•'56"
1833
175 350.
30
^ 1834
527 m.
30
1812
Russia
"ll3 m . 191815 ^. _ .
^
•
351m.
'
1824 •
Austria
54 m. 1830
48"m.
48 m.
Prussia
- 43 m.
18051830
9
_•• .'-i
Holland
^ - 1830 "• J
5
' '
Spain •.
-.
- 1782
• 86^m;.
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' Europe ' "' 18.24_ 1,11U m.'
Europe and America 1829
1,725 m.
"575 m . .
•
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13'
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-
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England,'. Scotland,
.1829"and^Ireland
^uglMd,_HaleSi-and_
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France,
1789
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I Gallatin.
Gallatin. .
_ .
.
^'^
'
'
_ Necker.
_ Feuchet.
Gallatin.
< . •
''.
Estimate and Marshall.
.
.
_ Estiniate and French papers.
__ Gallatin-.
• _ _: Siorch.
Sup. Encyclopedia Britannica.
-_
_ McCulloch.
_
_ 'Sup.Encyclopedia ^Britannica.
_
_
•
_
_
_
'•
' • _
•
_
^
i_
_
•_
• •
•
-
.
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MeCallodi.
McCulloch'. •• •
Sup. Encyclopedia Britannica.
Sup. Encyclopedia Britannica.
Gallatin.
1. Dep&sUes in hB,nks,hB:U ofwhich should, probably, be deemed circulation, are, as not being generally so computed, omitted in this comparatiye statenient, as, well as any portion of ordinary drafts and bills of exchange, which enter into real circulation. It is apprehended that the specie in Europe
;in banks is, in some cases, computed as in,actual circulation, and that no deduction is made from actual circulation, in consequence bf/notes or bills on
hand. Hence the llth, 12th, and.13th columns are not fil!ed:up as regards Europe.
\
^
2. Humboldt thiinks that, ln_rich and commercial eountries, if circulation be specie,, there is needed over S12 per head; e. g. in France;;"o\^er SIO in England ,
and Holland; and about S5 in less rich and commercial cduntriesi Bjit McCulloch thinks England would need S960'm. if all specie, or over S60 per head.
3. All denominations ofmoney are, iri the .above table, reduced to dollars, witho'ut attention to small fractions; thepound sterling'at S l BO; and. where the
kind of pape'r or specie was unknown, the sums-are entered across the dividing line. Some of those entered as estimates, ^dive compiled,-in'part, from
actual returns; and some of those'^consid.ered anonymous, are frbm writers^of auihorily, but the riames have not been recollected with certaint)^ The
sums .stated, it will be seen, are in milliohs ai'id large fractions, which were'con sid ered near enough for the purposes of comparison..
CO
•
_
._
_
' _
_
_
. _
_
.
._ .
-•
•
- J
^
•
'
•
_
CO
CO-
_ '
.
•
•
-
fi-'H
•_
-
lieport to fJOTT^
Gallatin.
:^
' Hopkins and Martin.
Marshall.
White's reports., February, 1831,
-'
and esiimates.
- ^
. ._<
Anonymous and returns.- .
Anonymous
and
returns.
_
_
Marshall.
. _ .
.
.^ '
_ - _ Marshall.
'-_
_ • Marshall.
• - - Gallatin."
•
' _N
14
21
_
_
_ .: _
_:
_
>
Ul
618
-
. ^
: -• •
.REPORTS O F ^ T H E ' ,.
G.''- :
.
'
-[1834.
'
',
•
Circular to the collectoi-s ofi the customs and all receivers ofi public 7non4
Whereas, by the act of Congress parsed 31st July, 1789, it is jirovidl
'^ that the duties and fees tb be collected by -virtue of this act shall be rl
ceived in gold^and silver coin only;'' "and, by a usage under that act, anc
£1 similar one as to-the payment for public lands, it was custornary to re|
ceive only specie; and the notes or billsof banks redeemable in specie^ untilj
1814; and after a different practice, adopted in 1814; Congress, on the,
30th Aprilj 1816, resolved, " that, from and after the 20th day of February
next, no such daties, taxes, debts,, or sums, of money accruing, or becoming
payable to the Uiiited States/ ought, to ^' be collected or received otherwise
than in the legal currency ofthe United States^ or Treasury notes, dr notes
of the Bank of the United States, or in notes of banks which are payable
and paid on demand in the said legal currency of the United States:" and
whereas the practice, under that resolution conformed to its provisions till
January 21st, 1828, when permission by this'departmerit, under certain
assurances from the Bank of the United States, wab given that drafts or
checks of that bank and its branches should be received,, for the .pubUc
dues, thbugh said driafts or checks were iiot notes of the bank, riot being,
like notes, signed by the president and cashier thereof, nor originally made,
payable to bearer, nor, according to the subsequent decision of the Supreme
Court, coming within the'desctiptioh of a note or bill: and whereas Congress have never authorized the issuing, of such drafts for the purpose of
circulation as curreincy, and have refused, though urgently and repeatedly
requested, to'^permit the issuing' even of notes of /the bank of the smaller
denominations, so signed; and the great exterit to, which the said drafts of
small denominations have been put hi circulation, as currericy, seeming to
be directly repugn ah t to the spirit .of the act incorporating the bank, and
of the subsequent proceedings of Congress ; and doubts having arisen as to
the legal liability ofthe bank to redeem the said drafts in specie, under the
penalty provided in the charter for the non-payment of ,'• its bills, notes, or
obligations;" and the counterfeits of the said drafts having become very
numerous, arid difficult of detection, and thos'e who sell or ufte'r therii being
likely to escape, punishment, in;conseq.uence of questions which arise in
prosecutiiig them under the said charteryit is, therefore, deemed prdper, iri
order that.the clearly expressed yiews o^Congress should be enforced, and
the agents of the deparhnent protected from risks and losses by said drafts,
to revoke the permission granted in .1828 ; but, with a yiew to give due iioitice to the community and bank.of the contemplated change, not to allow
the reyocatioh to take effect till-the period hereafter mentioned.
Hence, in conformity to the requirements of the aforesaid acts and joint
resolution of Congress, all collectors of the customs, and ah receivers of
\public money, are hereby enjoined, that, after the Ist'day of January next,
they shall not receive, in payment of duties or of public lands, any coin or
paper e.xcept such as is described in said resolution, viz: ^'the legal currency of the Uhited States, or Treasury notes, or notes of the Bank ofthe
United States, or notes of banks which are payable and paid on-demand in
the said legal curi-ency ofthe United States.-'
., ' i ' .
' /•:
• •'„• - y , •• • fi - LEVI-WOODBURY,
-„ ^ '.
''••.•
- Secretary of the Treasury.
TREASVRY DEPARTMENT, November 6, 1834:.
When chartered.
. '
BANKS. '
/
,
•
'
'
• •
' \ :
.
When selected as public depositories..
,
- '
iJ—j
When stopped
- payment. ,
'
In the District of Columbia.
• Bank of Alexandria . Bank of.Potomac
. Mechanics' iBank of Alexandria
Union Bank of Alexandria , Franklin Banl^ of Alexandria iFarmers' Bank of Alexandria Bank of Washington^ -
•
_
^
-
.
:
'
1st United States Bank 2d-United States Bank -•
.-"''"
'
- •
By Virginia, 1792. Re^ TFebrl799-and-in^ 818- -Aprtl7-1834——
/ newed Feb. 18, 1811..
- • 'V
February 16, 1811.-"
March 3, 1817.
,
. D o i
-'.
October, 1819i
• - ' D o : - • ^>
. ' 1823
February 16, 1811.
Nov. 13, 1834
February 15,.ISlli
April, 1834
1811 and 1817
•
Bank of.the Metropolis - ..March 3,-1817
:Do.
Patriotic Bank -^
Central Bankof Georgetown and
''<
Do.'
Washington Farmers and Mechanics'-Bank,
^Do.
Georgetown February 18,. 18H: •
Union Bank, Georgetown
:
Bank' of Columbia, Georgetown Maryland, 1793
Two Uriited States Banks.
When resumed. Amount of Government deposites and Government stock,
when stopped..
.
'
^
'
•
"
•
•
.
February .25, 1791.
April 10,1816
^
•
•
'
-_^
.
,
-
•
"
"
"
~^—
'
_
•
H
^
b^
^
•
S14,000 00. .Stock owned by' pension funds, bought in-1811
and 1817.
.
.
•
^
'
%
•
•
July, 1834. • :
• . , -
^
'
- _
1800 .
"^.'
' _
-
"1824
H3'
October, 1834;
April, 1834
:^
-.
-S 284,870' 70 !deposite, and
S99,502 60, stock owned by
pension funds, and bought in
1809-arid 1819.
., '
^
K"
ff
><
•
January 1- 1817.
NOTE.—All of the abDve, wliich were in operation in Sesptember, 1814^ suspended specie payments till 18,17.
• '
,48,000 00.;
-
April, 1834
,
o
.f27i,i500 30.
'
[
• October, 1833.
Ul
i.
O
S T A T E M E N T e x k i b l t i n g the quarterly imports cind'exports ofi gold and silver bullion and specie, firom ihe 1st Octo^ . ^~
;
l)er, 1833,.to 3f)th Septtember,18M.
—
\
^ ^
',-
' c_
IMPORTS.
.
^
.
.
Districts.
. .
-
•
•
?
'
Bull iori.
-
I .
••
,
-
-
-
http://fraser.stlouisfed.org/
Dollars
Federal Reserve Bank of St. Louis
Silver.
.i.-
^ '
•
. Gold.
••
,
^
^
Bullion.
Ul
O
.
- . ... Silver. •
' Gold.
, Silver.
Gold.
Silver.-
^' _ .'
3,161
2,412
103,958
135,445
•
.
>
Gold., •
-
' . 36,308
24,232
4,768
9,640 " 11,87536,661
171,764,
2,435 ' 57,364
176,342
639,363
38,864 .
2,400 -^ .257,780
• ' 300
15,511
/-_
_,
,1,663 ;
-1,117
25,251
10
106,159
1,800'
710
3,'-eoo
' <5,372 1,490,127
858,614
_
_
_
216,91693,246
92,849
35,316
•
P^
K
r^
U
.'
. '• '
62,466
.2,053
92,434 ^ 70,522,
6,130
45
180
_
"
;
Specie.
-
Gold. '
c' . -
^
- .
_
. _
- •
_
~_..
2d. auarter, 1834.
.
.B.ullion. '
Specie. •
_,
•
Boston
^
New York _ ^
Philadelphia
Baltimore _ .
Charlestori _
New Orleans
All other districts
,' - .
,, - ' ^ .
., .
.
1st auarter, 1834.
4th auarter, 1S33.
^
•
•
Silver.
^J
H
•s
H
-
16,039
9,732
37,087
20,641
3,563
. 34,093
24,023
2,416
53,357'
94,237
•
116,841
1,544,845
13,192
94,490
279,748 2,368,241
^
^ t ^ A XJl. J
fi
•
^
,
•
.
•
'
-
•
•
•
'
"
'
'
i
•
.
CO'
CO
' ^
:•-
IMPORTS.
•
I
. - " • ' - .
/
"
•
-
•
.^
I
Q
(
\.
'
'
2d auarter, 1834—
Continued.
:
•
3d auarter, 1834.
'.
—
•
•
'
Totalr———
.
•
• • -
••'
•
.
•
•
>^-
Districtsi,
O
Aggregate.
Specie.
Bullion.: .
'
•
Spe -i.'^-
-J •
Specie. -
• Bullion. • .
. .
Gold.
Silvpr
GokL
^Silver..
Gold-
vS ilver.
-Gp.ld.-../ .Silver.
Gold..
Silver.-- ;
-
>
Ul
Boston
New York _
Philadelphia
iBaltimore _
Charleston _
New Orleans
AU other districts
•
-
_
..
_
_.
_
_
. _
_
_
:_
'26,856 - .76,254
- 477
208,183
3,753,353- 156,842 -94,615
9,466 . 127,790
2,959
2,860'
41,051
840
'57,96r
52,400
2.049,107
• 41,989
393,055
Dollars 342,594
6,498,571 159,801
95,092
, 13,785
2,299,299
, 5,065
8,098
." 736
81,633
2,408,616
82,070
'114,858 27,732 111,905'
2,057,662 261,443 243,142 2,722,688
17,231
45
9,08922,459
10,968118,953
4,860 59,344
5,150
58,508
2,416
1,198,865 24,023
2,412
251,184
. 163,985 3,161
: 251,652
6,622,142
423,540
267,826
59,761
5,596,713
866,805
" ' 473,3.59
9,849,415
449,905
3!12,998
64,911
5,681,660
1,123,-562
3,676,782 330,308. 419,264 3,147,799
14,088,439
17,985,810
a
STATEMENT I—Continuecl.
o
.^
. EXPORTS. ^
7^
'
-
••'
y*
'
.- -
Districts'.
--
'.
\
;
/
'.
.
- • ;
V.
•
'
-
•
"
,
.
'
•
. 4:d:» Oj.TWftr, ia^*? •. ^
-.
. 1stiCluarter, 1834. .
• - ,
.2d auarter, 1834. ' -
o
Bullion.
Gold. ;
•
-
•
-
Bostori
NewYork^..
Philadelphia
Baltimore _
.
Charleston ^
New Orleans
All other districts
/
.'.
" ' . . :
9~570
_ _
Dollars
Silver. '
, '
Gold.
Silver.
18,100
19,093
242,600
, .23,923
72,156
36,445
.B .Ullion.-
• Gold;
Silver. ;
Specie.
Gold.
_ .
/
• Silver.
Bullion.
Gold.
Ul
• ."Silver.
.
»
_•
>^
'Si. " , ._
-_
_^
_ x
-
.Specie.
;9,570
'"963
~958
8,331,
1,260
364,775
. ^963 . 46:, 482
741,059
1~628.
3^111
500
6,722
M,680
--93,700
.
3,111
"
1,628'
18,902
.
6,0001,000
, 800
101,500
00
•
'
-
^
Hfe^
CO
S7'i^TEMENT I—Continued.
'
.
•
,
.
,
•
•
-
^
.
-
QO
CO
-"" -"
-
'
Ul
— —
'
2d^auarter, 1834^ '
-Continued.
_
-BistJ'i^cts.'-_--
-
3d_.auarter, 1834. ,^
- '
Total:
.-
~
/
'
-
"
'
•
.
' "
'
.
.
•
'
-
'
.
,
•
Boston'
- '
New York _
Philadelphia
Baltimore «
Charleston .New Orlearis
All other districts
--
.«
_
_,
-
_
_ _
, _
"
Specie.
•
Gold. •
Silver.
70,738
37,155
9,163
3,050
65., 842
61,008
156,750
2;4C0
• 1,000
84,000
Specie, ;
- iBullion.
Gold.
. Silver.
sTooo
Bullion.
Gold.
Silver.
Gold.
51,080
- 7,385
l',585
250
34,146
279,930
3,760
1,000
12,681
, _
^ 1907000
:
^ '
'—-1'
• - Specie. ,
Silvef. - Gold. .
2:,H9i
O
-'
140,418
70,355
22,428
3,300.
3~358
- 8,331
Aggregate.
o
^ Silver; '
436,188
364,861
232,666
• 31,Mb
.
14 ,.€00
3,260
_ 639,575
576,606
-iK
450,488
255,09440,745
.14,000 ,
. -6,618
647,906
V
.
D.ollars
122,506
376,600 .-
-'
.
60,300
.•
-
'
50.8,836
12,681 , 2,591 .248,190.
1,727,995 1,991,457
Cl
P3
NOTE.—The above statement is compiled from the Collectors^quarterly returns,.except for the third quarter of 1-834, and the returns for iNew Orleans for
the second quarter of 1834, which were taken frpm the weekly returns miade to thei Secretary's office
T R E A S U R Y DEPARTMENT,
Registei'''S Office, October 31, 1834.
T. L. SMITH, Register,
. 05
CO
-
.
.
S T A T E M E N T I—Continued..
T-A',.
,'_
fi-^:y-
[
I M P O R T S and Exports of sjyecie firom tke 30ih September, 1834,'of5 per. returns received firom^ collectors ofi customs^
X^
• r to the Ath ofi pecember, 1834c,
.fi
, ^
,
0-;
•
" ' . - - - .
IMPORTS.
'
'
ii.
-.
EXPORTS.-
-
•-
, . Districts-
Aggregate.
Coin.
,,Bulliom
.Aggregate.
Coin.
Bullion.
o
. Gold.
Silver.
Gold.
^ Gold.
Silver.
Silver.
Gold.
Ux
' Silver.
O
- "
Boston
_
_
_
New York _
" ^
' _ /
Phila:6.eiphia,
Baltimore ._
• _
New Orleans . ^ >Z.
Charleston _ './
- - Other ports 1 Cx* . ._
Dollars ^ ^ ,
500
27,160
'
^
27;160
^'65
1,264
, , r,829 ..
309
491,078
25,174
11,8.33
.260
40^,991
-996,893.
44,623
14,886559,300
41,800
'I,5i5,l31
69,862
27,983
559,560
-31,851
217,298-
^ 249,-149
500,505
1,873,991
2,463,485-
-
425,792
110,240
14,982
4,000
430,572
127,567
25vl40
.. -4,000
5,758
127,900.
133,658
38,023
682,914
720,937
• -4,780
• 17,327
10,158
-
B
• .
f-
-/
--
TREASURY.DEPARTMENT, DccenioCv ^^ 1334^
GD
CO
2^^
RECAPITULATION.
.
.
CD
CO
I M P O R T S and Exports ofi Specie Jfrom 3Qtk September, 1833,^o 4,th Deceinber^ 1834, as appear on tke custom kouse
>
/
reiurns receiyed to that day.
•"
.
- EXPORTS.
• lIvIPORTS.
.)
'
• ^
Aggregate.
'
^
..Bullion.
Coin.
Bullion.
Aggregate.
• . Coin;
o
For the year ending 30th
September, 1834 1
From SOth September, 1834,
to 4th December, 1834 ^
''
Dollars ._ '
'Gold.
Gold.
Silver.
Gold.
Silver.
330,308
419,264
3,147,799
14,088,439
560,505
1,873,991
2,463,485
3,708,304
15,962,430
20,449,295
Silver.
Silver.
Gold. .
O
27,160
1,829c .
357,468
421,093
17,985,810 /
12,681.
12,681
2,591
' 2,591
248,190
1,727,995
1,991,457
38,023
682., 914
'720,937
286,213
2,410,909
2,712,394
ff
hH
Aggregate excess of imports oyer exports
TREASURY DEPARTMENT, Deceniber 4^
^17,736,901
Ul
1834.
\ E S T I M A T E of the amount ofi specie entering the country, within tke above pei'iods^ beyond w k a t k a s been carried outj
and ivhich does not appear on tke custom-house books.
Specie
^
Add excess from former statement
-
..
„
.-^
.
;
=.
-
.
..
-
=
\,
«
.
»
.
^
.
'
Total
-.
.
-
82,500,000
17,736,901
„
-
^20,236,901
Ci
INDEX
TO
REPORTS O F ' T H E . S E C R E T A R Y OF T H E TREASURY
ON T H E
FINANCES,
THE PUBLIC DEPOSITEE, AND THE CURRENCY
UNITED STATES, FROM 1829 TO 1836, INCLUSIVE.
OF
THE
•A.
Page
Appraisement of goods under the act of 28th May, 1830.—Difficulties existing in-the
91
Appraisement of goods be made at value,in the place of importation,
and not by foreign invoice.—Recommendation that the
94
Appraisers of imported goods, arid suggesting an additional appointment in New York.—Remarks on the arduous duties of
12
Appropriations unexpended at the close of 1829, and applicable
to 1830
6
unexpended at the close of 183Q, and applicable
to 1831
'
'
• 86,87,89
unexpended at the close of 1831, and applicable
to 1832
^
218,219
unexpended at the close of 1832, and applicable
to 1833 '
- \
284
unexpended at the close of 1833, and applicable
to 1834
379
unexpended at the close of 1834, and applicable
to 1835
464
unexpended at the close of 1835, and applicable
to 1836
,
'
628
unexpended at the close of 1836, and .applicable
to 1837
681
for various public objects on the payment of the
public, debt.—Recommending
226
by . legalizing the seizure, by the Bank United
States of funds in its own hands.—The Secretary of the Treasury complains of-a probable
undue exercise of power by the Judiciary, instead of Congress and the Executive, to make
470
by Congress greatly exceeding the estimates, and
the necessity ftom this cause for larger surplus
on the 1st January of each year.—Remarks
o f Secretary of the Treasury on the effect of
473
766
INDEX.
Page.
Appropriations in doubtful- cases of constitutional right in the
474
General Government.—Remarks on
expenditures and collections in each State in
608
1834.—Statement of the
receipts and expenditures forl833,1834, and 1835.
654
—Statement of the estimates
Army, more desirable as regards the regulation of the tariff for
revenue.—A fixed amount for the ordinary peace establishment
.472
of the
Attorney General on me claims of the Bank of the United States,
fir damages on protested bill of exchange on
France—Opinion of the
508, 513
on [the seizure of the dividends/on stock of
united States in Bank of United States, to
pay damages, &c. on said protested bill of
exchange on France—Opinion of the
517
Attorneys and marshals, and Custom-house and land officers.—Provision of law necjessary to compel the surrender of books and
papers by
.
12
Attorneys and customhouse officers.—Relative to dividing com12
missions for compensation of
Attorneys.—Propriety of requiring bonds from: district
700
Austria,at different periods.—Currency;of
617
B.
Balances in the Treasury, on 1st January, 1828
5
1829'
5,85'
1830
85,217
1831
217,283
1832
283, 377
1833
377, 463
1834
463, 627
,1835
627, 679
1836
' 679
Balance, on estimate, in Treasury, on 1st January, 1837
680
Balance in Treasury on 1st January of each year.—Remarks on
the effect of appropriations by Congress greatly exceeding the
estimates, and. the .necessity from this cause of a larger
473
Balance expected to be in the Treasury on Jam 1,1830.—Estimated
6
1831,
do.
10,86
1832,
do.
218
1833,
do.
284
1834,
do.
378
1835,
do.
464
1836,
do.
628
1837,
do.
682
Bank United States.—Dividends on stock of the, for 1828
5;
1829
85
1830
217
1831
283
INDEX.
.767
Page.
377
Bank United States.—Dividends on stock of the, for 1832
1833
463
1834
627
1835,
679
first three quarters of 1836
679
in 1829.—General remarks on subject of the
bank and stock in the
9
in 1831.—General remarks on subject of the
bank and stock in the
223
in 1832.—General remarks on subject, of the
bank and stock in the
294
in 1833.—General remarks on subject of the
bank and stock in the
337, 384
in 1834—General remarks on subject of the
bank and stock in the
451,468, 557
in 1835.—General remarks on subject of the
bank and stock in. the
647
in 1836.—General remarks on subject of the
bank and stock in the
685
to the payment of the public debt by 3d March,
1833.---Application of thestopk in the
222
Statement .of advantages in the fiscal operations
of the. Government, by the agency, and recommending a renewal of the charter of the
223
regarded as an object of great importance, as
concerns the Treasures of the Government
and the currency of the country.—The 234
in paving part of the public debt.—Agency
of the
294
and placing them in State banks.—Reasons of
the Secretary of the Treasury, on 3d December, 1833, for removing the deposites of, the
public money from the
<337
Docurnenh transmitted with said report viz ;
A.—Report of the Government directors, Bank United States,
22d April, 1833 \
357
B.—Report of the Government directors: Bank United
States, 19th August, $33
'
364
C.—Instructions to the collector at Philadelphia, 26th September, 1833
*
368
D.—Letter selecting the (krard Bank of Philadelphia as a
depository of public mone^ 26th September, 1833
369
Note.-r-Similar letters to Commonwealth Bank, and the
Merchants' Bank, at Boston; the Manhattan Company,
Mechanics' Bank, and Bank of America, at the city of
New York ; and Union Bank of Maryland, at Baltimore
369
E.—Letter to United States Bank at Philadelphia, to deliver
to collector of the customs there, all duty bonds to United
States payable on and after 1st October, 1833
369
Note.—Similar letters were addressed to the offices of the
Bank of the United States, at Boston, New York, and
Baltimore
369
768
INDEX.
F.-^-Letter from c ollector, Philadelphia, transmitting contract
executed by the; Girard Bank
G.—Contract exe> Mited by the Girard Bank
Note.—Similar contracts were executed by the Commonwealth Bank, a nd .Merchants' Bank, of Boston'; the Manhattan Company, Mechanics' Bank, and Bank of America,
at New York Union Bank of Maryland, at Baltimore ,
Bank of the Metropolis, Washington City'; Bank of
Virginia, at Ri<^hmond, for' itself and branch at Norfolk.:
Planters' Bank of Georgia, at Savannah, and. the Union
Bank of Louisiana, also, Commercial Bank, New Orleans
H.—From the pre sident of the. Girard Bank, announcing the
execution of the contract
I . — T o the Maine Bank, at Portland, selecting that institut i o n s a depository, &c.
Note.—Similar.lei ters sent to Commercial Bank, Portsmouth,
'New Hampshire ; branch of Bank of Alabama, at Mobile ,
Planters' Bank* of Mississippi, at Natchez ; Union Bank
of Tennessee, Nashville;. Franklin Bank of Cincinnati,
Ohio , Bank ofYirginia at Richmond, branch of Bank
of Virginia,• at Norfolk, Bank of the Metropolis, City of
Washington, Bank of Burlington, in Vermont; Arcade
Bank, Provider]ce, Rhode Island, Farmers and Mechanics'
Bank-, at Hartfo: d, Connecticut, Union Bank of Louisiana,
and Commercic .1 Bank,-New Orleans
K.—Frorn .the pi •esident of Maine Bank, at Portland, with/
contract executed by that bank
L,—Contract exe 2U ted by the Maine Bank, at Portland
Note.—Similar contracts were executed-by the Commercial'
Bank, at Portsmouth, New , Hampshire, Farmers and
Mechanics' Bank-of Hartford, Connecticut; Arcane Bank;
at. Providence, Rhode Island, and Bank of purlington,
Vermont From president of Franklin Bank of Cincinnati, with
contract executed by that bank
N.—Con tract exe< :u.ted by Franklin Bank 'A Cincinnati
Note.—Similar
Dntracts were executed by Union' Pank of
Tennessee, at Nashville, Planters'- B/nk of Mississippi, at
Natchez ; bran h of Bank of Alabama, at .Mobile
O.—Regulations of Secretary of the/Treasury approved by
the President o:f the United Statesi>r deposites of the public
money in selected banks, by disbursing. officers of the
Government
•
p.—Communicatons from Secretary of the Treasury to the
Departments of State, War,-and Navy, relative to deposite of public money in the hands, of disbursing agents
Bank United- StateSj that this bank was not necessary for tile Government or the pepple ; regulation of de-,
positesin State banks, and improvement of
the currency.^Reasons of the Secretary of
the Treasury, on 15th April, 183'4, for removing the deposites from the
Page.
370
370
370
371
372
372
373
373
373
-374
375
375
376
376
.451
INDEX.
.769
Page.
Bank United States, for seizing upon dividends on stock.to secure
the amount of damages on protested bill of exchange for French
indemnity.—The Secretary of the Tree^sury corhplains against
the
'
468
•Bank United States, opinion of the Attorney General on said seizure
517
Bank United States, for damages on account of the removal of the
'deposites.—Remarks of Secretary of the Treasury relative to
demand by the
478
Bank United States, for said damages,—'Opinion of the Attorney
General on claim of the
508, 513
Bank United States, for' damages and other costs on the bill of
exchange, for the French indemnity, and opinion of Attorney
General on same.—Correspondence and statement of charges by
the
•
509
Bank United States, in 1832, 1833, and 1834,—Amount of domestic exchanges by the branches of the
615
Bank United States—Circular to all receivers of public'money, relative to receipt of checks or drafts,of branches of the
618
Bank United States, in relation to tHe stock owned by the United
States therein.—Correspondence between the Secretary of thes
Treasury and the
663
Bank United States, near the 1st January, 1835.—Condition of the
670
Bank United States, near the 1st December, 1835.—Condition
of the
>
674
Bank United States, concerning the- amount due to the United
•States on account .of stock held in that bank—Correspondence
with the
715
Bank United States, &c,, concerning amount and distribution of
the proceeds of its stock.—Report of committee of
717
Bank United States, with estimate of their value on 3d March,
v
1836.—Debts and effects of the
719, 733
Bank United States, in relation to delay in furnishing certain information concerning the interest of United! States in that bank and views of the Treasury Department concerning the amount
due to the United States,—Letters to the president of the
736
Bank United States.—Letter to C. C, Cambreleng,. H. D. Gilpin,
and John White, relative to the same
'
741
Bank is agreeable to the' constitution, and indispensable to the
fiscal operations of the Government.—Opinion that the establishment of a national
224
Bank stock owned by the United States.—List of canal and
536
Banks.—Suggestions concerning the payment of interest on deposites in'
478
v
Banks as depositories of the ,same, December 12, 1834.—Report
from the Secretary ,of the Treasury, stating the present
system of keeping and disbursing the public money, and
reasons for reinoying the deposites from the Bank United
States, and selecting certain State
557
Banks selected as depositories of the public money, on certain
terms, to December. 1834,—List of
601
Yol. in.—49
770'
INDEX,
Page.
Banks selected as depositories, and means to meet demands on
them.—Condition Jin certain respects, of
Banks with that of the Bank of the United States and Bank of
England.—Comparison of the condition, as regards circulation,
deposite, specie, &c.? of State
Banks and, others indebted to the Government, with amounts clue
the United States at, the time of failure.—List of old depositeBanks about September .1,1834.—i^mount of domestic exchanges
by three of,the selected State
Bank paper and specie of the United States and several
countries of Europe, at different periods.—Circulation or currency of*
Banks incorporated by Congress in the District of Columbia.;
when incorporated; when selected as depositories of the Government; when stopped payment, and amount then due to the
United States. List of
Banks and the cur]'ency, in 1836.—Explanatory remarks concerning the depos te
Banks in 1834 arid 1835, &c.—Statement of the condition of the
Banks which were selected as depositories near the 1st January,
1835.—Condition of those State
Banks which were elected as depositories near the 1st December,
1835.—Condition of those
Bank notes >;of a less denomination than five dollars.—Circular to .all coll ecting and receiving officers, with instructions not to receive
Banks.—Remarks ojn the keeping of the public money, and state of
the deposite
Banks and in circul ation in 1833,1834,1835, and 1836.—Specie in
Banks near Novemlber 1, 1836.—Condition of the. several deposite
Banks near 1st Jim e< and 1st November, 1836„—Recapitulation of
accounts of depo site
Bank of "^Vooster, a deposite bank,, on 7th November, 1836.—Condition of the Banks of deposite and the Mint, to 1st December, 1836: the
amount of drafts 'and warrants issued and unpaid, and amount
subject to draft; and the amount of future transfers ordered.—r
Amount to the c redit of the Treasurer of the United States in
various
Banks, relative to excessive bank credits, and encouragement
thereby to. speculate on, and monopolize purchases of, public
lands.—Circular to deposite
Bills of exchange in 1832, 1833, and 1834.—Amount of domestic
Bill of exchange, (see French indemnity.)—Protested.
Bonds.—Remarks (relative Xo custom-house in 1829
1B30
1831
1832\
1833
1835
1836
602
602
604
615
616
619
646
664
670
674
678
690
696
746
758
759
760
764
615
9
88
234
. '287
369,381
633
684
INDEX.
Bonds from district attorneys.—Propriety of requiring
Books and papers by attorneys, marshals, custom-house and land
officers.—Provision |of law necessary to compel the surrender of
Bounties on vessels employed'in the fisheries.^Remarks on
Bounties and allowances to vessels employed >in the' fisheries in
1828.—Amountof
'
Bounties and allowances to vessels employed in the fisheries in
1829.—Amountof
' Bounties and allowances to vessels employed.-in the fisheries in.
1830.—Amount of
.
Bounties and allowances to vessels employed in the fisheries in
183L—Amountof
Bounties and allowances to vessels employed in the fisheries in
1832.—Amountof
.
Bullion imported each ;year from 1821 to 1829, inclusive.—Value of
.771
.700
12
12
18
96
236
297
386
128
C.
Canada, and other adjacent foreign territories.—Suggestions for
regulating importations from
Canals to, a proper extent.—Remarks on the propriety of encouraging the construction of roads and
Canal and bank stocks held by. the United States in I834.~i-List of
Capital.—Considerations regarding the exercise of the money
power of the Government to regulate the unequal action of
Cash payments and short credits upon the revenue.—Effect of
Chickasaw Indians in 1836.—Receipts and expenditures oh account of the
Circular to collecting and receiving officers, with instructions not
to receive, bank notes of a less denomination than $5
Civil, diplomatic,, and miscellaneous expenditures, (see Expenditures.)
Civil, diplomatic, and miscellaneous expenditures for present and
ensuing year.-^-Estimate of. (See Estimates.)
Clearances.—Amount of passports, and.—(See Passportsc)
Coast to the Navy Department, &c.—Remarks on transfer of the
survey of the
Coasting vessels be applied to vessels coming from adjacent foreign territories.—Recommendation that regulations for
Coasting trade to prevent smuggling.—Suggestions for regulating
the
Coffee imported from 1821 to 1829, inclusive—Quantity and
value of
Coffee exported from 1821 to 1829, inclusive.—Quantity and
value of
"
€offee imported in 1828.—Quantity and amount of duty.on
1829.—Quantity and amount of duty on
1830.—Quantity and amount of duty on
1831.—Quantity and amount of duty on
1832.—Quantity and amount of duty on
13
233
536
16
381.
681
678
482
13
14
146
193
19
98
238
299
388
772
I-
INDEX,
Page,
Coinage of gold of \ alue of one dollar, and regulations for the
Mint.—Remarks concerning
icerning the
479
Coinage at the Mint, coins in bank, circulation, &c.—Remarks
relative to increase
694
Coins of the value of one dollar, and information relative to coinage at the Mint in 1834.—Recommendation for making gold
479
Coins have upon the duties on imports—Effect that relative and
true value of foreij n
94
Coin in 1833-'4—In iportations of gold and silver
620
Collection of duties, ( see Duties.)
Collection of duties in 1828.—Expenses of
18
1829.—Expenses of
96
1830.—Expenses of
236
I 1831.—Expenses of
297
1832.—Expenses of
386
Collectors.—(See Custom-house officers.)
Collector of the customs'at Philadelphia relative .to deposites.—Instructions to
36.8
Collectors not to recefve bank notes of a less denomination than
$>5.-^-Circular to
678
Colleges.—Quantity c f land granted to States, for
662
Commerce with the W est Indies.—Suggestions for improvement of
15
Compensation to custom-house officers.—Relative to inequality,
&c. of*
12
wnpensation.—Recommendation that the commissions allowed
to collectors on bonds be divided between them and district
12
attorneys as
Consumption of impo: ts (see Imports.)
370, 373, 374, 3,75
Contracts made with deposite banks
Cordage, (see Duties oH.
Cordage in 1829 and 1-830—Amount of\ duties secured on
270
Correspondence of Treasury Department with Bank United States
in relation to bill of exchange oh France
505
Correspondence with the Bank United States concerning the
amount due the' Un ited States on account of the stock held in
that bank
710
Cottons, (see Duties or
Cotton recommended for protecting duties
230
Cottons in 1829 and 1830.—Amount of duty secured on
270
Cotton for various periods from 1792 to 1834.—Quantity and
value of exports of
659
:Cotton trade.—Remarks upon the importance of the
685
Credit system.—Suggestions of improvement in the mbde of collecting, duties on imports, or
15
Credit.—Remarks on tpe importance of a national bank in maintaining the public
223
Credits on revenue borbds..—Statement of the effect or operation
upon the revenue of he act of 1:4th July, 1832, abolishing long
381
Currency of the United[States.—Opinion o f L . McLane,Secretary
of theTreasury, in D(jcember, 1831, as to the important agency of
a national bank in establishing and preserving the
224, 234
INDEX.
.773
PageCurrency, on 15th April, 1834.—Recommendation of R.B. Taney,
Secretary of the Treasury, for the establishment of the
Currency, on December, 3, 1833.—Recommendation of R. B.
Taney, Secretary of the Treasury, for the establishment of the_
Currency.—Remarks of the Secretary of . the Treasury stating
present mode of keeping and disbursing the public money, as
regards the regulation of our
-0
'
Currency, in the United States and several nations of Europe, at
different periods.—Circulation in specie and paper, or
Currency in 1836.—Explanatory remarks concerning the deposite banks and the
Currency of specie, by refusing to receive, on, .the part of the
United States, bank notes o.f a less denomination than $5.—
Circular to encourage the
Currency of the United States.—Remarks on the operations of
the Mint and the
Custom-house bonds.—(See Bonds.)
Custom-house officers.—Relative to inequality, &c. of compensation to
' •
Custom-house officers.—Provision of law necessary to compel the
surrender of books and papers by attorneys, marshals, land and
Custom-house officers.—Remarks concerning the compensation to
Customs.—(See Receipts from.)
Customs.—Receipts from.—(See Receipts.)
Customs.—Estimate of receipts from.—(See Estimates.)
Customs for 1836.—Explanations of estimates of receipts from
Customs.—Relative to inadequacy of compensation to officers of
the
'
Cutter service.—Relative to pay of officers in the revenue
Cutter service.—Suggestions for thev improvement of the revenue
451
337
573
,616
646
678
694
12
12
700
631
226
92
481
P.
Damages on bill of exchange.—(See-French indemnity,)
Debentures.—(See Drawback.)
Debt in 1828.—Payments on account of public
5, 32
1829.—Payments on accounit of public
- 85. I l l
1830.—Payments on account of public
87, 253
1831.—Payments on account of public
283, 317
1832.—Payments,on account of public
377
1833.—Payments on account of public
463
1834.—Payments on account of public
627
1835.—Payments on account of public •
479
1836.—Payments on account of public
681
Debt on 1st January, 1829.—Amount and description of the funded and unfunded public
7
1830.—Amount and description of the funded and unfunded public
7,43 87
(
1831.—Amount and description of the funded and unfunded public
87, 122,219
774
INDEX
Page.
Debt oil 1st January, j.832.—Amount, and description of the fund220,268
ed.and unfunded public
f833.—Amount and description of the fund286. 330
ed and unfunded public
J.834.—Amount and description of the funded and unfunded public
380,422
|835.—Amount and description_of the funded and. unfunded public
466,. 504
1836.—Amount and description of the funded an$ unfunded public
681
Debt.—Estimates in 1|329, of expenditures for present and ensuing year.on account of the public
6, 10
1830, of expenditures for present and ensuing
86, 89
year on account of the .public
1831, of expenditures for present and ensuing
219, 221
year on account of the public
1|832, of expenditures,for present and ensuing
285,288
year on account of the public
l|833, of expenditures for present, and ensuing
379
year on account of the public
1834, of expendituresrfor present and ensuing
465
year on account of the public
1|835, of expenditures for present and ensuing
629
: year on account of the public
lp3v6, of expenditures for present and ensuing
year on account of the public
681
Debt redeemable in 1829.—Amount of public
7
1530.—Amount of public
8
8
1831.—Amount of public
1832.— Amount of public
IS33.—Amount of public
1£34.—Amount of public
1£35.—Amount of public
629
1536.—Amount of public
Debt and reduction of duties.—Advantages anticipated from the
17
payment of the publ: c
Debt shall be paid.—Relative to .the fiscal operations of the Government when the public
90
Debt, (see Surplus.)—Surplus fund applied to payment of public.
Debt on the 3d March, 1833.—Calculation for the total extinguishment of the public
222
Debt.—Remarks concerning the agency of the iBank of the United
States in paying part of the public
294
Debt on 1st January, 1.834.—Calculation for the total extinguishment of the public
379
Debt be brought to the seat of Government.—Recommendation
tiiat the books and papers relating to the public
384
Debt, and not applied for. on 1st October, 1833.;—Statement of
423
moneys previously dyanced for payment of-the public
Debt.—Remarks concerning the final payment of the public
474
Debt, and amount rem lining unpaid on 1st January, 1836.- -Remarks on the final e xtinguishment of the public
62°
INDEX.
.775
Page.
Debt and army land warrants received in payment for the public
land.—Amount of certificates of public
661
Debt, funded and unfunded, and its condition in 1836.—Remarks
on expenditures on account of the public
*
.
681
Debtors to United States for duties in 1831.—Recommending relief to insolvent
235
Debtors.—Suggestion, for continuance of act for relief of insolvent
700
Denmark.—Amount of first and second instalments under treaty
with
,
283
Denmark in Treasury in 1836.—Awards under convention with
714
Deposites from the Bank of the United States, and placing them in
State banks, with names of, and instructions to, same.—Reasons of the Secretary of the Treasury, on 3d December, 18333.
for removing the'
337
Deposites of the public money in selected banks by disbursing
officers of the Government.—Regulations of the Secretary of
the Treasury approved by the President of the United States*
for
376
Deposites from the Bank of the United States.—Reasons of the
Secretary of the Treasury, on 15th April, 1834, for removing
the
"
451
Deposites in banks.—Suggestions concerning the payment of interest on
"
478
Deposite banks and the currency in 1836.—Explanatory remarks
concerning the
646
Deposite banks.—Remarks on the keeping of the public money,
and state of the
690
Deposite banks near 1st November, 1836.—Condition of the several
746
Deposite, banks near 1st June and 1st November, 1836.—Recapitulation of accounts of
758
Deposite bank, on 7th November, 1836.—Condition of the Bank
ofWooster, a
^
,759
Deposite banks on 1st December, 1836.—Amount to credit of the
Treasurer of the United States, <fcc. in the
760Deposite banks to prevent encouragement of monopolies in purchases of public lands by excessive bank credits.—Circular to
764
Deposite banks.—(See Banks.)
Depositories for the same.—Report of the Secretary of the Treasury, December, 1834, stating the present system of keeping
and disbursing the public money, and reasons for selecting
certain banks as
•
557
Depositories of the public money in 1834.—List of banks selected
as
601
Depositories >of public moneys in the District of Columbia, &c.—
List of
619
Diplomatic expenses.—(See Expenditures.)
Directors of the Bank of the United States.—Reports of Government
357, 364
Direct tax in Treasury in 1836.—Surplus proceeds of property
sold for
714
776
INDEX.
District of Columbia; when incorporated;. when selected as depositories of the Gjcovernment: when stopped payment, and
amount then due to United States.—List of banks incorporated
by Congress in the
Dividends on stock of| the Bank of the United States.—(See Receipts from.)
Dividends on stock.—(KSee JBank of the United. States.)
Drafts of branches of the United States Bank for dues.—Circular
to collectors of customs and receivers of public money, relative
to receipt of checks or
Drawback of duties in 1828.—Debentures for
1829.—Debentures for
1830.—Debentures for1831.—Debentures for
1832.—Debentures for
Drawback.—Regulations for storing goods for the benefit of
Drawback.—Duties charged on'carriages and horses from adjaM cent foreignoterritories without benefit of
Drawback of duties, in 1829.^—Debentures for
Drawback on refined sugar in 1829.—Debentures for
Duties on imports and tonnage, (see Receipts from customs.)—
Amountof.
Duties, (see Collection.)—Expenses of collection of.
Duties on imports.—Pjan proposed by Mr. Ingham, in 1829, for
reduction of
Duties on woollen goocjs.—Construction of law relative to calcu. lating the
Duties on carriages and horses, without benefit of drawbackTravellers, from adjacent foreign territories to pay
Duties,on imports, or the credit system;—Suggestions for improvement in the mode of collecting
Duties.—Advantages anticipated from the payment of the public
debt and reduction of
Duties in 1828 on imports not produced or manufactured in the
United States.—Amount of
Duties of Great Britain for 18 9 0.—Tariff of
Duties of France for 1822.—Tariff of
Duties of Russia for 1822.—'Tariff of
Duties of Naples for 1824.—Tariff of
Duties under tariff acts of 1830.—Reduction in 1831 of
Duties, as to retain sufficient for the support of Government and
payment of the public debt—Suggestions so to regulate the reduction of
Duties, owing to different valuation of goods.—Difficulty in establishing uniformity in the
Duties, owing to the difference between the relative and true value
of foreign coins.—Inequality in
Duties, specific and1 ad valorem, and expenses of collecting same
in 1828.—Value and quantity of imports, and amount of
Duties, specific and ad valorem, and expenses of collecting same
in 1823—Value and quantity of imports, and amount of
Page.
619
618
18.
96
236
297
3.86
13
13
96
96
10
11
13
15
17
44
45
61
71
78
89
90
92
94
19
97
INDEX.
.777
Duties, specific and ad valorem, and expenses of collecting same
-in 1830.—Value and quantity of imports, and amount of
237
Duties, specific and ad valorem, and expenses of collecting same
in 1831.—Value and quantity bf imports, and amount of
298
Duties, specific and ad valorem, and expenses of collecting same
in 1832.—Value and quantity of imports, and amount of
388
Duties on enumerated articles in 1828.—Quantity and amount of
20
1829. —Gluantity and amount of
98
1830.— Quantity and amount of
238
1831.—Quantity'and amount of
299
1832.-^Quantity and amount of
388
Duties to subserve the wants of the Government after the, payment
of the public debt.—Propriety of a revision and alteration of the
tariff of
226,229
Duties in 1831.—Amount and prospect of payment of bonds for
234
Duties secured on woollen goods, wool, cottons, iron, hemp, cordage, and su<rar, in 1829 and 1830.—Amount of
269
s
Duties to be refunded under act of 14th'July, 1832.—Estimate of
287
Duties to. the wants of the Government.—Suggestions in 1832 for
the reduction of
28.8
Duties. -Considerations regarding the execution of the act of
14th July, 1832, for refunding certain
292
Duties under act of 14th July, 1832.—Effect upon the revenue of
short credits and cash
381
Duties in 1834.—Opinion that the,revenue would not admit of
any reduction of
383
Duties for , protection only should be abandoned.—Suggestions
that
384
Duties, and free of duty, in 1S32,1833,1834, and 1835.—Value
655
of exports, and consumption and value of imports paying
Duties on imports, so as to reduce them to the wants of the Government.—Suggestions for change of
687
Duty, in each year, from 1821 to 1829, inclusive.—Value and
quantity of merchandise free of
124
Duty ad valorem, from 1821 to 1829, inclusive.—Value and quantity of merchandise subject to
129
Duly, specific, from 1821 to 1829, inclusive.—Value and quantity
of merchandise subject to
/
139
E.
Edgar & Macomb, at New York, in 1787.—Amount of stock
issued at the Treasury for lands sold to
Effective, (see Funds.)—Funds not.
Estimated balances, (see Balances.)
Estimates of receipts for present year, in, 1829
1830
1831
1832
1833
1834
271
6
86
218
284
378
-464
778'
INDEX,
Page.
Estimates of receipts | for present year, in 1S35.
1836
1
Estimates of receipts for ensuing-- year, in 1829
1830
'I
1831
1832
1833
1834
1835
I1836
Estimates for 1837.—Explanation of the
Estimate of expenditiues for present year, in 1829
1830;
1831
1832
1833
1834
1835
1836
Estimates for 1836, wnth suggestions on probable changes, to
1842.—Explanation; of the
Estimate of expendituii|es for ensuing year, in 1829
1830
1831
1832
1833
1834
,
1835
''
1836
Estimates of revenue.4—Considerations connected with receipts
from sales of lands ajnd from customs, to be taken into view in
future
Estimates of revenue, -Remarks relative to the operations of land
sales, and reduction of duties under the tariff,'on the
Estimates, appropriations, and expenditures, for 1832,-'3,-'4
Estimates of receipts from public lands for 1836.—Explanation of
Estimates of receipts as: to customs and lands for 1836.—Difficulties in,
Estimates of receipts from miscellaneous sources for 1836.—Explanation of
Estimate of expenditures for 1836.—Explanation of the
Estimates, appropriations, receipts, and expenditures, for 1833; '4,
and '5.—Statement of
Europe, at different peiiods.—Circulation in specie arid paper, or
currency in the United States and several nations of
Europe in 1824.—Curr :ncy of
Europe and America ir 1829. -Currency of
Exchanges by the branc hes of the Bank of United States in 1832,
'3, and '4.—Amount of domestic
Expenditures, (see Esti mates of.)
Expenditures, including public debt, for 1827
628
679
9,10
88
220
286
380
466
629
682
683
6
86
218
284
378
464
628
679
631
9, 10
88
221
286380
466
629
682
90
470
535
637
639
640
641
654
6f6
617
617
615
5
INI)EX,
779
Page.
Expenditures, including- public debt for 1828
5, 27
1829,
85, 105
lflSO
,217,246
1831
283, 310, 377
1832
377= 400,' 535
1833
463,484/535
1834
627
1835
679
three quarters of 1836
703
Expenditures, civil, diplomatic and miscellaneous, for 1828
5, 27
1829
85,'105
1830
217, .246
1831
283,310
1832
377,400
1833
463,484
1834
627
1835
679
Expenditures, civil, miscellaneous, and diplomatic, for three
quarters of 1836
703
Expenditures, military service, ihcludingfortifications, ordnance,
Indian affairs, pensions, and arming militia, for
1828
5, 28
1829
85,106
1830
217,247
1831
283, 311
1832
377,402
1833
463, 486
1834
627
1835
679
Expenditures, military service, including fortifications, ordnance,
Indian affairs, and arming militia, for three quarters of 1836
704
Expenditures, navai service, gradual increase, &c., for 1828
5, 31
1829
85, 110
1830
217,2.52
1831
283,315
1832:
377. 406
1833
463, 493
1834
627
1835
679
Expenditures, naval service, gradual increase, &c., for three
quarters of 1836
711
Expenditure on account of the public debt in 1828
5r32
1829,
85, 111
1830
217,253
1831
283, 317
1832
- 377,408
1833
463,494
1834
627
1835
679
Expenditure on account of the public' debt for .three, quarters of
1836
680
Expenditures.—Remarks relative to the powers exercised by the
Treasury regarding incidental
11
TSO'
INDEX,
Page,
Expenditu.res for 1832 -'3,-4.-—Estimates, appropriations, and
Expenditures in each State in LS34.—Statement of the appropriations, collections, a Lid
Expenditures for 1836 -Explanation of the estimate of
Expenditures, for 1833 '4,-5.—Statement of estimates, appropriations, receipts, and
Expenses of collecting} the revenue, (see Duties.)
Exported from 1821 ,o 1829, inclusive.—Quantity and value of
foreign merchandise
Exported from 1821 tc 1829, inclusive—Total value of foreign
merchandise
Exported in 1834.—Ajnount of bullion and specie imported and
Exports in 1829.—Estimated amount or value of
1830.—Estimated amount or value of
1831.—Essiimated amount or value of
1832.—Esstimated amount pr value of
1833.—Esstimated amount or value of
1834.—Estimated am'ount or value of
1835.—Estimated amount or value of
1836.—Estimated amount or value df
Exports and consumpllion for 1^832,-'3,-'4, and '5.-^Value of imports free and pay in ^ duty, and value pf
Exports, and consumption of foreign merchandise, from 1789 to
^tatement of imports
1835, inclusive.—St
Exports, and value of exports of domestic produce, from 1789 to
-1835.—Statement of• the whole value of
Exports of co.tton for a
\\arious periods from 1792 to 1834.—Quantity and value of
Fees of office, (see Compensation.)
Finances for 1829, b} S. D. Ingham, Secretary.—Report on the
1830, b} S. D. Ingham, Secretary.—Report on the
1831, by Louis McLane, Secretary.—Report c>n the
1832, by Louis.McLane, Secretary—Report on the
1833,by Roger B. Taney, Secretary.—Report on the
1834, by Levi Woodbury, Secretary.—Report on the
1835, by.Levi Woodbury, Secretary.—Report on the
1836, by Levi Woodbury, Secretary.—Report on the
Finances.—Remarks elative to the acts requiring from the Secretary of the ^Freasn ry an annual report on the
Fire-proof building.,—Relative to loss of valuable papers by the
destruction of the Treasury building, and the necessity for providing a
^
Fiscal.operations of the Government when the public debt shall
be paid.—Remarks relative-to
Fiscal year.—The Secretary of the Treasury, recommends a
change in the
Fiscal year.—Suggestion for a change in the
Fish.—Relative to" duty on salt, and drawback on pickled
535
608
641
654
174
216
625
9
88
220
287
381
467
631
684
655
656
658
659
5
85
217
283
377
463
627
679
223
385
90
479
701
93
INDEX.
Pish imported from 1821 to 1829, inclusive.—Quantity and value
of
=
Fish exported from 1821 to 1829, inclusive.—Quantity and value
of
Fisheries.—Remarks relative to bounties on vessels employed in
the
Fisheries in 1828.—Bounties and allowances to vessels employed
in the
1829.—Bounties and allowances to vessels employed
in the
1830.—Bcjunties and allowances to vessels employed
in the
1831.—Bounties and allowances to vessels employed
in the
1832.—Bounties and allowances to vessels employed
in the
Fishing vessels.—Regulation of licenses for coasting and
Foreign coin has upon the duties on imports.—Effect that relative and true value of
Foreign merchants.—Suggestions for establishing, a fair competition in trade between American and
Fortifications, &c., military service, (see Expenditures.)
Fortifications.—Remarks as to cause for reduction of appropriations for
France for 1832.—Tariff of duties of
France.—The Secretary of the Treasury complains that the Bank
of the United States had seized upon dividends upon stock, to
secure the amount of damages on protested bills of exchange
for the indemnity from
France.—Loss to the United States by the discriminating duties
in favor of silks and wines of
Franbe.—Correspondence and statement of the charges5 by the
Bank of the United States, for damages and other costs on the
bill of exchange for the' indemnity lrom
France at different periods.—Currency of
France in 1836.-^Re'ceipts and payments on account of indemnity from
^
France.—Remarks concerning the reception of instalments due
under the treaty with
Frauds on the revenue by smuggling.—Suggestions for preventing
Frauds on the revenue -by smuggling spices.—Suggestions for
preventingFrauds in purchase of the public-lands.—Circular to prevent
Free of duty in each year from 1821 to 1829, inclusive.—Yalue
and quantity of merchandise Fund, (see Surplus fund.)
Funded and unfunded debt, (see Debt.)
Funds not effective in 1829
1830
.
Funds not effective or available in 1831
«
1832
.781
Page,
170
214
12
18
96
236
297
386
12
94
94
472
61
468
476
509
617
681
700
13
91
764
124
6
86
218
284
782
INDEX.
Funds not effective ir available in 1833
1834
,
1835
1836'
Page.
-
379
475
628
680
Go
Gales & Seaton.—Pecuniary transactions of Messrs.
363
Ghent, in Treasury in 1836.—Balance of awards under treaty of
714
Gold coins of value of one dollar.—Recommendation for authorizing the,making of
479
Gold and silver cur rency in the United States, and various other
countries, at different periods.—Amount of
616
Gold .and. silver bullion and specie imported into the- United
States in1833-'4.-j-Amount of
*
620
Gold and silver bullion and specie in 1833-4—Amount of imports and exports of
625
Great Britain in 1830.—Tariff of duties of
45
Great Britain—Relative and true value of the pound sterling of
94
Great Britain at different periods.—Condition of the Bank of
England, and currency of
602, 616
H.
Hemp.—(See Duties on.)
Hemp recommended for protecting duties
Hemp in 1829 and* l:830.—Amount of duties on ~
Holland in 1830—C jrrehcy of
Hospital fund in tru .st in Treasury in 1836.—Amount of navy
• Hospitals,—Relative ;o sites for marine
I.
Illicit trade with adjacent foreign territories.—Suggestions to prevent
Imported and on tonnage in 1828.—^Quantity and amount of duty on enumerated e.rticles
r
Imported arid on tonnage in 1829.—Quantity apd amount of duty on enumerated articles
Imported and on tonr age in 1830.—Quantity and amount of duty on enumerated,exticles
Imported and on tonn age-in 1831.—Quantity and amount of duty on enumerated articles
Imported and on tonnage in 1832—Quantity and amount of duty on enumerated EJticles
Imported into the United States in 1833-4*—Amount of gold and
silver bullion and s pecie
Imports for year ending Sep. 30,1830.—Estimated am't or value of
r
183L—Estimated am't or value of
1832.—Estimated am't or value of
1833.^Estimated am't or value of
230
270
617
714
701
13
20
98
238
298
.388
^
'620
88
220
287
381
INDEX.
.783
Page.
Imports for year ending Sep, 30,. 1834.—Estimated am't or value of
1835.—Estimated am't or value of
1836.—Estimated am't or value of
Imports from adjacent foreign territories, to prevent illicit trade.—
Suggestions for .the regulation of
Imports, the like of which'arejnot produced or manufactured in the
United States.—Amount of duties in 1828,s on .enumerated
articles of
Imports in each year, from 1821 to 1829, inclusive1—Value and
quantity of
Imports in each year:, from 1821 to 1829, inclusive.—Total value
of all
'
Imports, &c—Comparison of increase of population with the consumption of
Imports free and paying duty, for 1832-3-4, and '5.—Value of exports and consumption, and value of
Imports, exports, and consumption of foreign merchandise from
1790 to 1835, inclusive.—Statement of
Improvements to a proper extent.—Remarks on propriety of encouraging internal
Incidental receipts, (see Receipts.)
Indian affairs, military service, &c., (see Expenditures.)
Indians—Remarks on cause for reduction of-appropriations for
Indian schools in Treasury, in 1836.—Funds for support of
Insolvent debtors to United States, for duties in 183,5, &c.—Recommending relief to
Insolvent debtors.-—Suggestion for continuance of act for relief of
Interest on deposites, in banks.—Remarks on subject of demanding
Internal improvements and other objects.of a general n a t u r e Remarks on necessity for retaining means to provide, for works
classed as
'
Ireland in 1832.,—Currency of
Iron.—(See Duties on.)
Iron recommended for protecting duties
Iron in 1829 and 1830.—Amount of duties secured on
467
631
684
13
44
124
173
633
655
656
233
472
714
235
700
478
472
617
230
270
J,
Judiciary, instead of Congress and the Executive, to make appropriations, by legalizing the seizure by the Bank of the United
States of funds in its own hands.—The Secretary of the Treasury complains of a probable undue exercise of power by the
470
L.
Land granted as bounties during the late war,, arid to certain
States and Territories, for colleges, roads and canals, seats of
Government, saline reservations, and common schools, to
October, 1835.—Total quantity of
Land Office, of the operations of that office in 1831.—Annual
report of the Commissioner of the General
of the operationsaof that office in 1832.—Annual
report of the Commissioner of the General
662
271
f_331
m
INDEX,
Page,
Land* Office, of the operations of that office in 1833.—Annual
report of the Commissioner of the General
428
of the, operations of that office in 1834.—Annual
report of the Commissioner of the General
537
Land Office in 1831—Considerations showing the necessity
of additional aid in :he General
^
273, 281
Land Office in 4833,—Considerations showing the necessity
of additional'aid in the General
430
Land Office^—Precautions against the destruction by fire of the
archives, title-papers, &c., in the General
430
Land Office, and means necessary to bring them up.—Statement
of arrears of business in the General
433
Land Office.—Remarks of the Secretary of the Treasury, relative
to the increased business and operations of the General
482
Land Office.—Remarks concerning the business and supervision
of the Treasury Department over the General
699
Land patents for the President.—Additional labor, in the General
Land Office, caused by the law authorizing a secretary to sign
430
Land cases.—Difficulties, from the want in the General Land
Office of the statutes and the reports of adjudicated decisions
of courts in the several States in
431
Land office in Indiana, in 1831.—Recommending an additional
273
Land offices in 1830 ar d 1831.—Amount of registers and receivers'returns, and operations of the several
276, 278
in 1831 and 1832.—Amount of registers and receivers' returns, and operations of the several
333, 335
in 1832 arid 1833.—Amount of registers and receivers' returns, and operations of the several
435, 437
in 1833 and 1834.—Amount of registers and receivers' returns, and operations of the several
540, 542
Lands in 1S31.—Operations and difficulties of the offices of Surveyors General of public
271
in 1832.—Operations and difficulties of the offices of Surveyors General of public
331
in 1833.—Recommendation of additional provision for
surveying the public
432
Land officers.—Provision of law necessary to-compel the surrender of books and papers by attorneys, marshals, custom-house
1
and
12
Lands.—Receipts from kale of, (see Receipts.)
Land, and quantity sold.—Receipts in cash and scrip, and incidental expenses, from sale of public:
in 1828^
5,24
in 1S29
85, 102
in 1830
217,242
in 1831
283, 305
in 1832
377,395
in 1833
463,548
in 1834
t627
in 1835
679
in three quarters of 1836
679
INDEX.
Lands, for present and ensuing year, in 1829.—Estimate of receipts from public, (see Estimates.)
Lands, to the States in which they lie, and distribution of the proceeds among the several States.—Recommendation for the sale
of the public
Lands United States1.—Payments on lands sold .prior to. July 1,
1820, under act of March 31, 1830, and supplemental act of
February 25, 1831, for relief of purchasers of public lands,
and suppression of fraudulent practices at the public sales of
Land sold at each land officeimder the cash system, from July 1,
, 1820, to December 31,-1832.--Quantity o f
'''
Land sold, amount jpaid therefor, <fcc., from 1787 to 183$.—Nett
quantity of public
Land prior to opening the land offices in, I787rl792, and 1796.—
Statement of special sales of public
...
Lands to October. 1835.-:—Amount of public debt, army land
warrants, United States and -Mississippi stock,, forfeited land
stock, and military scr-ip received in payment for the public
Lands.—Circular to receivers of public moneys, and to^ deposite
banks, relative to excessive credits, and encouragement given
thereby to frauds,'speculations, and monopolies in the purchase
of the public
,t
Lands for 1836.— Explanation of estimates of receipts from
Land scrip in paynient for lands, at the,land offices in Ohio and
Indiana.—Suspicion of fraud in-the reception of an undue portion of
Land scrip received in payment for lands in Ohio, Indiana, and
Illinois, in 1830, ,1831. 1832. and first three -quarters-of 18,33.Amount of military bounty
Land stock issued to Septemher- 30. 183.1.—Total amount of forfeited
,
'
'
Land stock issued under acts May 23,1828, March 31, 1830, and
July 9, 1832: and. also, the amount received in payment to
September 31, 1833. -Amount of
'
"Land stock and military land scrip issued and surrendered to
.
September 30, -1834.—Statement of amount of forfeited
Land warrants issued to November 14, 1831.—Quantity and
amount of scrip issued for Virginia and United-States military
Land warrants issued to November 30,1833.—Provision for satisfying Virginia and-United States military"
Land, warrants satisfied with scrip . quantity of land for which
scrip has been issued r amount in money. number of certificates
of scrip issued under acts May 30, 1830, July 13, 1832, and
March 2, 1833, to November. 1833.—Number of each descrip„ tion of
Land warrants satisfied. with scrip quantity of land for which
scrip has been;issued .. amount in mgney.. number of certificates
of scrip issued under said acts to November 15, 1834.—Number of each description of
Laws, and their due execution.—Considerations regarding the
necessity for enacting conciliatory
Digitized for VOL,
FRASER
iii —50
.785
Pag e
227
280
438
660
661
661
764
636
429
449
271
444
544
281
429
448
546
232
786'
INDEX,
Page-
fishing vessels - -Remarks concerning
Licenses for coasting
£the regulation of
ouses.- •Remarks concerning the number
Light-boats and
and utility of
Light-houses.—Rernarp-relating to the improvement and regulation of
-
12
482
652
M..
Machinery has upon h uman economy and labor.—Considerations
regarding the effect that
16
Macomb at New York in 1787.—Amount of' stock issued at-.the
Treasury, for lands sold to Edgar and
271
Manufactures to a certiin extent.—Propriety of protecting American
,
229,290
Manufactures merely Are to be abandoned.—Suggestions -that, du384
ties for the protection of
Marine hospitals.—Relative, to sites for
7Q1
Marshals, custom-house and land officers.—Provision of law: necessary to. compel the' surrender of books and papers by attorneys
12
Measures.—Relative t(j> the preparation of the new weights and
481
Merchandise.—(See Imports.)
Merchandise in the, Treasury in 1836.—Amount of unclaimed
714
Military service.—(See Estimates "and. expenditures for.)
Militia, &c.,/military service.—(See Estimates and expenditures
for.)
Millrea of Portugal.—Relative and true value of the
94
Ministers in foreign countries.—Relative to the inadequacy of
compensation of public
227
Mint.—Information concerning the operations and suggestions
for the proper regulation of the
480
Mint, and specie in ba:iks, circulation, &c.—Remarks concerning
the currency, operations of the,
694
Mint on December 1, 1836.—Amount to credit of Treasurer in
the
762
Miscellaneous expensed.—(See Estimates and expenditures.)
Mississippi stock received in payment- for the public lands to October, 1835;—Amount of
661
Molasses in 1828.—Quantity and amount of duty on
19
Money power of" the Government, to regulate the unequal action.
of capital.—Considerations regarding the
16
N.
Naples in 1824.—Tariff of duties- of
78
Naples received and awarded in 1835.—Indemnity from
679, 681
Naples.—Relative to payment of third instalment under- treaty
1
with
»
701
Naval service, including the gradual increase of the navy.-—(See
Estimates and expenditures for.)
INDEX.
.787
Page.
Navigating interest,, and its depression in 1830.—Remarks concerning the
Navigating interest.—Suggestions for the improvement of the
Navy pension fundj in trust in the Treasury in 1836.—Amount of
Navy hospital fund, in trust in the Treasury in 1836.—Amount of
90
231
714
714
O.
Officers of the customs.—Relative to compensation to
Officers of the customs.—Remarks concerning the compensation
to
,
Ordnance, &c., military servicc.-^(See Expenditures.)
1'2, 226
700
P.
Passports and clearances iii 1828—Duties on
1829.—Duties on
1830.—Duties on 1831.—Duties on
Patent Office in 1836.—Receipts and expenditures on account of
'the
'
Pensioners.—Cause of reduction of appropriation for
Pension funds in 1836.—Amount of navy and privateer
Pensions, military service, &c.—{See Expenditures.)
Population with" the consumption of imports; &c.-^-Comparison
of increase of
Portugal.—Relative and-true value of the millrea of
Post Office in 1836.—Receipts and expenditures on account of the
General
Pound sterling of Great Britain.—Relative and true value of the
Power of the Government to regulate the unequal action of capital.—Considerations regarding the money
,
Powers not defined bylaw, as regards the custom-houses and land
offices.—Remarks relative to the exercise of
Privateer pension fund in 1836.—Amount of
Protested bill of exchange.—(See "French indemnity.)
Prussia at different periods.—Currency of
Public debt.^-(See Debt.)
Public money.—(See Deposites.)
18
96
236
297
681
472
714
633
94
681
94
16
11
714
617
a
Quantities of merchandise:-^(See Value.)
R.
Receipts.—(See Estimates of.)
into the Treasury from all sources'in -1827
1828
1829
1830
-
5
5,85
- 85,217
- 217,283
788
INDEX.
Page.
Receipts into the Treashry from all sources in 1831
283, 377
377, 463
1832
463, 627
1833
627
1834
679
1835
into the Treasury from all sources for 3 quarters of 1836.
679
and estimate for fourth quarter
5, 18
Receipts from customs in 1828
85, 96
"I
1829
217, 236
1830
283, 297
1831
377, 386
1832
463, 627
1833
627
1834
679
1835
from customs for 3 quarters of 1836, and estimate for
679
fourth! quarter
Receipts from lands in 1828
5, 24
1829
33,85,102
/I' 1830
217,242
1831
283,305
•'
1832
377,395
1833
463,627
. 1834 t
627
1835
679
from lands for 3 quarters, of 1836, and estimate for
fgurth quarter
679
Receipts from barik stock in 1828
5, 26
1829
•
85
J 830
217
1831
283
1832
377
1833
463
1834
627
1835
679
!
k for 3 quarters of 1836, and estimate for
;er
679
828
5
829
85
830
217
831
283
832
833
834
835
rter
is,
3 other
quarters
than ofcustoms
1836, and
and lands,
estiinated
in 1831
1829
18281830
for- 35, 463
377
627
309
246
679
104
26
INDEX.
.789
Page.
Receipts from all sources, other than customs and lands, in 1832
1833
1834
1835
from all sources, other than customs, and lands from 1st
January, to 30th September, 1836
Receipts, appropriations, and expendituresin each State in 1834.—
Statement of
.
,Receipts from customsin 1836.—Explanations of the estimates of
Receipts and expenditures in 1833/ 4, and '5.—General statement,
of estimates, appropriations
Receipts and expenditures on account of the Post Office Depart.
ment in 1836
Receipts in Treasury held in trust for certain objects in 1836
Receivers of public ! money relative to receipt of checks or drafts
of branches of the Bank of the United States.—Circular to all
Receivers of public money, to prevent frauds, speculations, and
monopolies, in thle purchase of the public lands.—Circular to
deposite banks and
R evenue.—{See Receipts.)
Revenue laws recommended.-r-Modification of.
Revenue.—Considerations taken into view in 1830, as regards future estimates of the
Revenue to the wants of the Government, after the payment of the
public debt.—Observations regarding the reduction of the
Revenue cutter service.—Relative to pay of officers in the
Revenue cutter service.—Suggestions for the improvement of the
Revolution.—Further provision recommended for the soldiers of the
Roads and canals to a proper extent.'—Expediency.of encouraging
the construction of
Roads and canals.—Quantity of lands granted to States and Territories for
Russia at different periods.—Currency of
Russia for 1822.—Tariff of duties of
-
399
483
627
679
713
608
631
654
681
714
618
764
12
90
224
92
481
227
233
662
617
71
S.
Saline reservations.—Quantity of land granted to States for
Salt in 1828.—Quantity, and amount of duty on
1829.—Quantity and amount of duty on
1830.—Quantity and amount of.duty on
1831.—Quantity and amount of duty on
1832.—Quantity and amount of duty on
Salt and drawback on pickled fish.—Relative to duty on
Salt imported into: United Stated from 1821 to 1829, inclusive.-Quantity and value of
Salt exported from 1821 to 1829, inclusive.—Quantity and value
of
.
'
Schools.-^Quantity of land granted to States for common
Scotland -in 1832.—Currency of
Scrip.—(See Lands.)
662
19
97, 98
238
299
389
92
166
210
662
617
790
•INDEX.
Pag-.e
Seats of Go.veriim'ent.— Quantity of land granted to States for
Selected State banks.—Report of Secretary of the Treasury, December,, 1834, on the present system of keeping and disbursing
the public money in •
Selected as depositories of the public money.—List of banks
Sefected banks.—|(S.ee Banks.)
Sicilies, in Treasury in'L836.—Amount of awards, under the convention with thje King of the Two
Silks and jvines.-4-Loss to United States by discriminating duties
in favor of French
Sinking fund act in 1820.—Reserved under the.
Sinking fund in 1830.- Estimate of sum anticipated to be at the
disposal of the qommi ssioners of the
Sinking fund in 1830.- Funds placed at the disposal of the commissioners of thje
Smuggling or illicjit trad e with adjacent foreign territories.—Suggestions for preventing
South Carolina inlresisti ng the execution of the revenue laws in
1832.—Relativej to steps taken to counteract the measures o f
Spain in 1782.—Cjurrency of
Spain in 1836.—Receipts and playments on account of indemnity
by
Specie imported into United States in each year, from 1821 to
1829, inclusive
.Specie exported frbm 18^1 to 1829, inclusive.—Amount of
Specie imported irito United States .in 1833-4.—Amount of gold
and silver bullion and*
Specie imported and exported in 1833 4.—Amount of gold and
silver bullion and
Specie, by refusing to resceive, on the part of the United States,
. bank notes of ai less denomination than $5.—Circular to encourage the circulation'of
Specie in banks, circulation, &c., in 1836.—Remarks .concerning,
the currency, operations of the'mint, and
Specie in circulation anc. banks in 1833-'4-'5-'6
Spices.—Suggestions for preventing frauds on revenue by smuggling, and for reducing duties on
Spirits in 1828.—Quant: ty and amount of duty on
1829.—Gluantity and amount of duty on
1830.—(Quantity and amount of duty on
1831.—Gluantity and amount of duty on
1832.—Quant: ty and amount of duty on
Spirits imported into Un ted States from 1821 to 1829, inclusive,
—Quantity and value of
Spirits exported fromJ 321 to 1829, inclusive.—Quantity and
value of
Spirits and refinedj sugar in 1828.—Drawback on distilled
_ 1829.—Drawback on distilled
1830.—Drawback on distilled
1831.—Drawback on distilled
1832.—Drawback on distilled.
662
557
601
714
476
10
88
13
295
617
681
128
176
620
625
678
694
696
91
19
98
238
299
388
143
190
1-8
96
236
297
38.6
INDEX.
.791
Page.
State banks.—(See Banks.)
State~ in 1S34.—Statement of appropriations, expenditures, • and
collections irl each
608
States and Territories, for colleges, roads and canals, seats of
Government, saline reservations, and common schools.—Quantity of land granted to certain
662
Steamboats for the preservation of life and property.—Remarks
relative to regulation of
^
_
700
Stocks constituting the public funded debt in 1829
7
1830
7, 43,87
1831
87, 122, 219
1832
220,268
1833
286,330
1834
380,422.
1835
466,504
1836
681
Stock of Bank United States, for payment of public debt in 1833.
—Disposal of shares of the
222
Stocks to meet appropriations in case of deficiency in the Treasury.—Suggestion to empower the Secretary to sell bank and*
477
canal
"
"
'
Stocks owned by the United States.—List of canal and bank
536
Stock received in payment for public land.—Amount of Mississippi and United States stock and forfeited land
661
Stock in that bank.—Correspondence with the Bank of United
States relative to
663;
Stock—(See Land)—Forfeited land.
Stock of—(See Banjk United States.)'
Storing goods for benefit of drawback..—Regulations for
13
Sugar in 1828.—Quantity and amount of duty on
19
1829,.—Quantity and amount of duty on
97, 98
1830.—Quantity and amount of-duty on
238
1831—Quantity and amount of duty on
299
1832.-^Qiaantity and amount of duty on
388
Sugar imported into the United States from 1821 to 1829, inclusive.—Quantity and value of
147
Sugar exported from 1821 to 1829, inclusive.—Quantity and value of
194
Sugar recommended for protecting duty
230;
Sugar in 1829 and 1830.—Amount, of duty secured on
270
18Sugar in 1828.—Drawback on distilled spirits and refined
1829.—"Drawback on distilled spirits and refined
9&
1830.—Drawback on distilled spirits and refined
236
1831.—Drawback on distilled spirits and refined
297
1832.—Drawback on distilled spirits and refined
386
Surplus fund on 1st January,. 1830-.—Amount carried to the
7
1831.—Amount carried to the
87
1832;—Amount carried to the
219
1833.—Amount-carried to the
285
r
1834.—Amount carried to the
379
1835.—Amount carried to the
465.
792'
INDEX,
Surplus fund on 1st Jajiuary, 1836.—Amount carried to the
1837.—Amount carried to the
Surplus revenues-Considerations regarding the disposition of
Surplus in the Treasury in banks, on interest, or invest it in safe
stocks, for the purpose of income or revenue.--Suggestion for
deposite of
Surplus in the Treasury in 1836.—Explanation relating to the
Surplus in the Trjeasury in 1836, and suggestions for the disposition of it.—Remarks concerning the
Survey of the coast to the care of the Navy Department.—Relative to the transfer of
Surveyors "General of public lands, and operations of those offices
in 1831— Additional clerks'required in the offices of
Surveyors General of public lands, and operations of those offices
in 1832.—Additional clerks required in the offices of
Page.
628'
'681
228
477
643
'686
482
271
331
T
Tariff.—(See Duties on imports.)
Tariff of duties o|f Great Britain in 1835
45
France in 1822
61
Russia in 1822
71
, Naples in 1824
78
Tariff acts of 1830.—Reduction of duties under
89
Tariff of duties eqpal to the necessities of the Government:—Considerations shoying tie "propriety of rendering the
229, 289
Tariff of duties for.protection of .manufactures.merely, sjbould. be
. abandoned—Suggestions that a
384
Tariff act of 183$.- Inconveniences arising from not repealing
the
700
Tax in the Treasury in 1836.—Surplus proceeds of property sold
for direct
-I
714
Teas imported in 1828.- -Quantity and amount of duty on
19
'1829.- -Quantity and amount of duty on
97, 98
jl S30.-J— Quantity and amount of duty on
238
1831, Quantity and amount of duty 011
299
1832. -Quantity and amount of duty on
388
Teas imported in each 3 ear from 1821 to 1829, inclusive.—Quantity and value of
145
Teas exported from 182|L to 1829, inclusive.- -Qu an tity and value
of
192
Tonnage, (see Duties.)-j-Duties on imports and.
Tonnage and ligljt money in 1828.—Amount of duties on
18
1829.—Amount of duties on
96
1830'.—Amount of duties on
236
1831.---Amount of duties on
297
1832.—Amount of ditties 011
386
Tonnage employed in foreign trade in 1828.—Quantity of
18
1
- '
'
1829.—Quantity of
96
1
1830.—Quantity of
236
297
1831.—Quantity of
INQE3L
"'93
Page.
Tonnage employed in foreign trade in 1832.—Quantity of
Trade with adjacent 'foreign territories.—Suggestions for the regulation of3 and to prevent illicit
Trade to prevent, smuggling.—Suggestions- for regulating the
coasting
Trade with the West Indies.—Suggestions for improvement of
Travellers from adjacent foreign territories are obliged to pay
duties on carriages and horses without benefit of drawback
Treasury building, and the necessity for providing a fire-proof
building.—Relative to the loss of valuable papers by the destruction of the '
Treasury office on an enlarged scale, and fire-proof.—Recommendation for rebuilding
Treasury warrant.:—Form of
Treasury Department.—Concerning the reorganization of the
Trust for certain objects.—Receipts into the Treasury held in
380
13
15
13
3S5
482
603
701
714
U.
Unavailable funds.—^(See Funds.)
Valuation or appraisement'of goods under act 28th May, 1830.—
Difficulties existing in the
Valuation of goods—Difficulty in establishing uniformity in the
duties owing to different
Value of goods be taken at the place of importation, and hot according to foreign'invoice.—Recommendation that the
Value and quantity of merchandise on which duties accrued in
1828
Value and quantity of merchandise on which duties accrued in
1829
'
'
Value and quantity of merchandise on which duties accrued in
1830
Value, and quantity ;of merchandise on which duties accrued in
1831
Value and quantity of merchandise.,on which duties accrued in
1832
'
Value of all imports from 1821 to 1829, inclusive.—Total
Value of foreign merchandise exported from United States, from
1821 to 1829, inclusive.—Quantity and
Value of imports paying duty and free of duty, and value of exports and consumption for 1832, 1833, 1834, and 1835.—Statement of the
o
Value from year to year, (see Imports—Exports.)—Estimated.
Vessels.—-Regulation of licenses for coasting and
fishing
Virginia and United States military land warrants.—(See Lands.)
91
92
94
19
97
237
298
387
173
174
655
12
INDEX.
Page.
W.
13
W arehouses for stbring' ^oodSj &c. recommended.—The erection of
603
Warrant.—Formlof Treasury
Warrants, <fcc. received in payment for public lands.—Amount of
661
military land -|
Warrants.—(See Lands
481
Weights and measures.—Relative to the preparation of the new
West Indies.—Su'ggesti Dns for improvement of trade with the
15
Wines in 1828, {Quantity
'~
19
and amount of duty on
97, 98
1829.-4-Q.uar tity and amount of duty on
237, 238
1830.-4Quar tity and amount of duty on
298, 299
1831.-|Quar tity and amount of duty on
1°832.-^-Quantity and amount of duty on
387, 388
Wines imported; from 1821 to 1829, inclusiye.—Quantity and
142
value of
j
Wines exported jfrom 1821 to 1829, inclusive—Quantity and
value of
j
189
Wines—Loss to |the United States by discriminating duties in
476
favor of French silks and
230
Wool and woollen goods recommended for protecting duties
Wool and woollens in 829 and 1830.—Amount of duty secured
269
Woollen goods.—[(See "^uties on.)
@FedFRASER