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T A B L E

k
k

OF

C O N T E N T S

*
Mr. Hamilton on Public Credit
^Report by
Mr. Hamilton on a National Bank J ^ Report by
Mr. Hamilton on Manufactures
J. Report by
^^Report by Mr. Hamilton on Establishing a Mintt
^wieport by Mr. Hamilton on Public Credii
^ R e p o r t by Mr. Gallatin on the Finances
'J I 7
TReport by Mr. Gallatin on the Finances
Report by Mr. Gallatin on the Finances
-}• Report by Mr. Gallatin on the Finances
^Report by Mr. Gallatin on the Finance*
V, Report by Mr. Gallatin on the Finances
Report by Mr. Gallatin on the Finances
*^Report by Mr. Gallatin on the Finances
Report by Mr. Gallatin on the Finances
Report by Mr. Gallatin on the Finances
"^Report by Mr. Gallatin on the Finances
^Report by Mr. Gallatin on the Finance?

Fag<?.
-

-

Report by Mr. Gallatin on the Finances
..Report by William Jones, (Acting Secretary
P^ Report by William Jones, (Acting Secretary
° R e p o r t by G. W. Campbell on the Finances

<0

VOL.

I . — 1

CM




-

the Fiuances
the Finances
-

January,
December,
December,
May,
January,
December,
December,
October,
November,
December,
December,
November,
December,
June,
December,
December,
November,
December,
June,
December,
December,

17.90
1790
1791
1791
1795
1801
1802
1303
1804
1305
1806
1807
1808
1809
1809
1810
1811
1812
1813
1813
1814

3

54
78

133
157
216
252
£62
285
297
331
356
373
391
398
421
443
468
488
499
523

252

REPORTS OF T H E

R E P O R T ON T H E

[1802.

FINANCES.

D E C E M B E R , 1802.

In obedience to the directions of the act supplementary to the act entitled " An act to establish the Treasury Department," the "Secretary of the
Treasury respectfully submits the following report.
T h e permanent revenues of the United States, exclusively of fees,fines,and
penalties, which in a general view of the subject may be omitted, consist of
duties on merchandise and tonnage, proceeds of the sales of public lands,
and duties on postage.
T h e duties on postage, which were, in the annual report of last year, estimated at 50,000 dollars, have, during the year ending on the 30th day of
September last, yielded 50,500 dollars. T h e decrease of ship letters, the
extension of the establishment through unproductive roads, and the acceleration of the progress of the mail, may, however, cause some defalcation in
the receipts of the ensuing year.
Three hundred and twenty-six thousand and fifty-two dollars and eight
cents have been received, during the same year, on account of public lands;
of which sum, 17,162 dollars and 50 cents were paid into the Treasury, in
evidences of the public debt, and 179,575 dollars and 52 cents in specie;
the local situation of the land offices not having yet rendered it practicable
to draw the balance from the receivers of public moneys.
Three hundred and forty thousand acres of land have been sold for six
hundred and eighty thousand dollars, during the year endingon the 31st day
ot October last; of which quantity, near ninety-seven thousand acres were
sold on account of pre-emptions claimed by purchasers under John Cleves
oymmes, and two hundred and forty-three thousand acres are the result of
current sales T h e annexed statement (A) designates the quantities respectively sold in the several districts, and the annual payments receivable
on account of the balance of nine hundred and sixty thousand dollars due on
these and the preceding sales.
T O
? w t h u S e l e V T ] ' r e s u l t s 1 1 a P P ° a r s Probable that the annual r e c e i p t s
under this head will not, on an average, fall short of the sum of four h u n d r e d
thousand dollars, at which they have been estimated.
Although it had been anticipated that the receipts into the Treasury on ac-

^

S T S ^ E T t f f merchandlse
tonnage, could not, for the present year,
" f / ! 1 ^
restoration of peace in Europe ; yet the sum Actually paid
has exceeded the most sanguine expectations t w e l v e million two hundred and eighty thousand dollars have been received during the c o u r s e of
da
n f ' S °n,i!he
y o f September last; a sum larger, by two
millions of dollars, than the amount received for the knme duties during the
preceding, or any other year; and which exceeds, by twelve hundred thouthG a
S S r f 8 ? t e heretofore collected in anyone year, on account
1)0111 t h e i r a
sl
P° « n d t h e internal duties, repealed by an act of last session.



1801.]

SECRETARY OF THE TREASURY.

217

This excess, which had not been calculated upon, is considered, alone, as
amply sufficient to cover any possible defalcation which might, during the
next and ensuing year, reduce that branch of the revenue below last year's
estimate, of nine million five hundred thousand dollars. Such defalcation
is not, however, apprehended ; for, although there are not yet sufficient data
precisely to ascertain the effect of peace on the amount of duties, those which
are in the possession of this department tend to corroborate the presumption
that that sum at least (nine millions and a half) will hereafter be annually
received. The statement (B,) which exhibits a comparative view of that
revenue for each quarter, during the last two years, shows that the amount
of duties accrued during the first nine months of the present year, exceeds
eleven million three hundred thousand dollars : and, after deducting three
million five hundred thousand dollars, amount of debentures issued during
the same period on account of re-exportations of foreign goods, leaves for
those three quarters a balance of more than seven million eight hundred
thousand dollars, subjcct to no other deduction but the expenses of collection:
and from the knowledge already obtained of the importations during the
present quarter, as well as from the gradual diminution of re-exportations, no
doubt remains that the nett revenue, accruing during the whole year, will
exceed the estimate.
From present appearances, the whole of the permanent revenues of the
United States may, therefore, be reasonably computed at ten millions of dollars ; of which sum, seven million three hundred thousand dollars are appropriated for the payment of the principal and interest of the public debt,
and two million seven hundred thousand dollars are applicable to the current
expenses of Government
According to the estimates for the year 1803, those expenses will, exclusively of a sum of one hundred and eighty thousand dollars, wanted to cover
the navy deficiencies of the years 1801 and 1802, but including sundry
permanent appropriations which make no part of the annual estimates,
amount to two million six hundred and sixty thousand dollars : to wit—
For the civil department, and all domestic expenses of a civil
^ nature
$680,000
For expenses attending the intercourse with foreign nations,
including prize causes and Barbary powers 250,000
For the Military and Indian Deportments
S30,000
For the naval establishment, calculated on a suppostion that
six frigates shall be kept in constant employment 900,000
$2,660,000
Neither the payments due on account of the convention with Great Britain, and which will, for three years, amount annually to eight hundred and
eighty-eight thousand dollars, nor the instalments and interest on account of
l
he 200,000 dollars loan obtained from the State of Maryland, for the city of
Washington, are included in that calculation, as they may be defrayed out of
the following resources, which make no part of the permanent revenues, viz:
1st. The surplus of specie in the Treasury, which, as the whole amount
there will not at the close of the present year fall much short of five millions of dollars, far exceeds the sum which it is prudent to keep.
2dly. The uncollected arrears of the direct tax, estimated at four hundred
thousand dollars. And.



234

REPORTS OF T H E

[1S02.

3diy. T h e outstanding uncollected internal duties, amounting to near
seven hundred thousand dollars.
T h e only embarrassment experienced during the course of last year arose
from the difficulty of procuring the remittances necessary to meet the large
instalments of the debt due in Holland. T h e impossibility of obtaining
bills on that country, to the amount wanted by Government, and the loss
which, on account of the rate of exchange, must be incurred by remitting
circuitously through England, induced the Secretary of the Treasury to
recommend, in a report to the commissioners of the sinking fund, (marked
C.) a recourse to bank stock, as the most favorable mode ot remitting.
Of the five thousand shares in the stock of the Bank of the United States,
originally subscribed by the United States, 2,780 shares had been sold
in 1/96, by virtue of the act entitled " A n act making provision for the
payment of certain debts of the United States," and lor the purpose of
discharging a part of the debt due to the bank. T h e remaining 2,220
shares were now, under the same authority, sold at 45 per cent, advance. T h e 1,287,600 dollars which they produced, were, in conformity
to the provisions of the said act, applied towards discharging an equal
amount of that part of the debt which had become due to tlie bank before or
during the year 1796; and the purchaser of the stock sold, at the same time,
to the Treasury, an equal sum in bills on Holland, at 41 cents per guilder:
the securing ot which larjre amount, at that rate, was the inducement, on the
part ot Government, to dispose of the bank stock on those terms. As the
dividend usually received on the bank stock sold, and the annual interest
payable on the debt due to the bank, thus extinguished, were nearly equal,
tne July half-yearly dividend on the stock was, in fact, the premium paid
or the purpose of effecting the remittance ; and Government has thereby
enabled to obtain, without raising the price of cxchamre, the whole
temtef S T

t

0

l n e e t t h e P a y m e n t s d l , e i n Holl

«™d> till the month ofSep-

Exclusively of, and in addition to, the debt of 1,287,600 dollars thus paid
tt> the bank out of the proceeds of the sales of bank shares, a sum o f e i g h t
million three hundred and thirty-four thousand seven hundred and fifty seven dollars and eighty-nine cents has been paid out of the Treasury during
the year ending on the 30th day of September last, on account of the p r i n c i ffS
H n ^ ' 1 6 public debt; and the payments in pan of the p r i n c i p a l
ot the debt made during the same period, have been as lolloweth:
1st T h e payments on account of the principal and interest
ot the domestic debt have been
.
$4 6 2 S 105 39
I- rora which deducting one year's interest on the same 3,47o',259 75
,

Leaves a sum, applied to the reimbursement of the principal
of the six per cent, and deferred stocks, of
2d. Paid to foreign officers, and for the registered debt
-

1 157 845 64
' 9^603 18

3d Principalofdomesticloans(exclusivelyof the 1,287.600
dollars paid out of the proceeds of bank shares)
' -

202,400 00

deDCeS of

ubUc d e b t

0

t u £r
P
P ^ for lands
oth. T h e payments on account of the principal and interest of the foreign debt have

-

.

From which sum deducting one '
^3,310,874 32
year s interest and charges,
e< ual t 0
l
8462,731 00



V l 6 2 50

1801.]

SECRETARY OF THE TREASURY.

217

And, on account of the different
rates at which bills have been
purchased, and of sundry bills
returned for non-payment,and
now in suit, a further sura of $S2,284 98
$545,015 98
Leaves applicable to payment of the principal

-

- $2.765,85S 34
4,152,869 66

Amounting altogether to four million one hundred and
fifty-two thousand eight hundred and sixty-nine dollars
and sixty-six cents; and, if to that sum shall be added the

1,287,600 00

paid on account of the principal of the debt due to the
bank, out of the proceeds of the sale of the bank shares,
the total amount of debt extinguished during that year
will be found to exceed five million four hundred and
forty thousand dollars - $5,440,469 66
The balance of specie in the Treasury, which, on the 1st day of October,
1801, amounted to 2,94S,718 dollars and 73 cents, had increased, on the 1st
October, 1802, to the sum of 4.539,675 dollars and 57 cents; making a difference in favor of the Treasury of 1,590,956 dollars and 84 cents ; which
last sum added to the above-mentioned payment of 4,152,869 dollars and
66 cents, made out of the Treasury, on account of the principal of the public debt, makes an actual difference in favor of the United States of more
than five million seven hundred and forty thousand dollars during that
year.
F
The payments on account of the principal of the public debt, from the 1st
day of April, 1801, to the 30th day of September, 1802, (exclusively of, and
in addition to, the bank debt discharged out of the proceeds of bank shares,)
amount to
-$5,339,886 44
Viz.
On account of the domestic debt
- $1,334,912 81
On account of the foreign debt
- 3,302,543 63
And in repayment of temporary loans 702,400 00
And if to that sum shall be added the increase of specie
in the Treasury during the same period, which (as the
amount on the 1st April. 1801, did not exceed 1,794,044
dollars and 85 cents) amounts to 2,^45,630/2
The difference in favor of the United States, for those
eighteen months, will be found equal to eight million
eighty-five thousand five hundred and seventeen dollars
and sixteen cents $gjjg>517

lb

Of the annual appropriation of 7,300,000 dollars, for the principal and interest of the public debt, near three million nine hundred thousand dollars
will be wanted to pay the interest which falls due in the year 1803: and the
residue, amounting to three million four hundred thousand dollars, may



53

REPORTS OF THE

[1802.

be considered as the sum applicable, during that year, to the extinguishment of the principal of the debt.
From all which it results, that so long as the United States shall not be
afflicted by any unforeseen calamity, and whilst the public expenditures shall
be kept within their present limits, there docs not appear any necessity for
increasing the public revenues.
All which is most respectfully submitted by
ALBERT

GALLATIN,

Secretary of the Treasury.
TREASURY DEPARTMENT,

December 16, 1802.




A.
STA TEMENT

of lands sold in the districts of Cincinnati, Steubenville, ChUlicothe, and Marietta, shewing the moneys
paid thereon, and the amount due on the let qf November, lb02.
Quantities
of land.

Sales *h<•n mod,'.
Districts where sold.

Period.

Amount of Amount Amount paid
purchase of sale rx- on purchase.
money.
penses.

Amount due
oo purchase.

Amount
of forfeitures.

a>

P3

O
From
Cincinnati
Pre-emption
Steubenville
Chillirothe
Marietta

lands in do.
.
.




.

Nor. 1, 1801
do.
do.
do.
do.

Acres, kdtta. Dolls. Cts. Dolls. CU.
Nov. 1, 1809
do.
do.
do.
July 1, 1802

months
do.
do.
8 month*

47,506 00
96,6W> 50
164,146 62
99,766 40
1 2 5

95,012
193,379
MS,891
59,532
3,801

00
00
21
80
50

340,000 77

6b0,019 51

451
1,415
1,551
300
18

Dolls.

Cls.

Dolls. Cls. Dolls. Cls

00
45
00
00
00

33,918 Ori
56,068 60
113,116 25
17,212 25
1,252 16)

61 793
137,310
215,171
42,320
9,552

3,735 45

220,867 31*

459,152 19*

94
40
99
55
31|

w
H

71 99
70 00
65 32

O
73
H

33

207 24

H
H
w
W
in
G
&

STATEMENT

A-Continued.

Periods of payment for the instalments

due, per the above statement.

YEAR WHEN PAYABLE.

Total.

Districts where payable,
Amount in 1803.

Cincinnati
Steubenville

Chillicothe

-

-

Marietta
.
Add instalments, due per statement, for 1801

Deduct, paid in anticipation for lands purchased previous to November 1, 1801

$12,398
18,056
1,440
18
181,8-21

Amount in 1804.

Amount in 1805.

10
88
00
94
474

•06,855 96

109,107 48

870,954
78,427
14,1!*)
951
170,689

243 138 394

345,959 61

335,221 44

65,20*
13,84s? 57
551 12*

30
104
23
124
68

Amount in 1806.

818,895
53.48H
12,838
631

98
50
75
124

85,854 354

$6199,104
215,174
42,320
2,552
551,018

34
99
f.5
314
634

1,010,170 83

W
H
s
o
»
«5
o
n
^
M

50,558 504

ft

959.612 324

TREASURY DEPARTMENT, Register's




Office, December

6, 1302.

J O S E P H NOURSE,

Register.

Q
C
O
ro

li.
A STA TEMENT

exhibiting the amount of revenue accrued on account of duties on importations,
from the 1st day of October, 1800, to the 30th day of Sejitember, 1802.
c
D m s on

Quarters
ending

Dec.
Mar.
June
Sent.
Dec.
Mar.
June
Sept.

Merchandise.

31,1800 81,291,916
2,746,225
31, 1801
0,231,092
30,1801
6,845,774
30, 1801
4,803,985
31, 1801
31, 18024 2,688,302
30, 18084 5,153,384
30, 1808A 3,408,248

payments

Debentures Boon tie.-*
Gross
Tonnage. Pass
issued.
and
revenue, a
ports and
allowclearances.
ances.
837,393 83,314 til ,379,937 85,246
4,616
29,564
1,445,411 77,215
5,316
49,957
7,077
1, SOt. ,244
3,786
45,968
7,645
2,233,320
3,740
43,644
2,275,133 10,933
3,116
31,698
1,259,976 87,077
4,490
41,616
6,718
1,422,944
2,4-10
36,899
7,687
778,883

82,946,740
1,257,779
4,373,011
4,054,563
2, f)66,303
1,376,063
3,769,888
2,661,067

Into the
Treasury.

Debentures.

for each

quarter,

orraTAifDiNo at s s n or emu qcartkr.

Bonds.

Debentures.

Nett
revenue.

U>

H
Q
50
P3

H

5C
^
82,090,760
2,172,630
8,868,068
2,991,747
2,715,33-1
2,859,479
3,208,883
3,515,242

$1,362,583 811,952,834
1,323,772 11,017,357
1,468,474 12,8I7,H38
1,801,194 14,167,515
2,082,484 14,067,868
1,768,894 11,759,698
1,591,218 12,081,392
1,113,858 10,670,822

$2,256,132
2,377,771
2,815,541
3,247,667
3,440,316
2,931,998
2,763,694
2,098,669

89,696,702
8,639,586
10,002,297
10,919,848
10,887,098
8,887,580
9,317,698
8,672,153

a This column shows the true amount of gross revenue accruing during each quarter, (after deducting from the total nmount of duties the amount of
debentures, bounties, and allowances, granted lor or in heu of drawback on the re-exportation of foreign articles,) and subject to no other deductions but
the expenses ol collection.
b The accounts of several small ports, for these three quarters, are on estimate.'




9
to

C
T!
F3

H
93
H
fe
C
ta

to

to

260

REPORTS OF THE

[1802.

C.
At a meeting of the commissioners of the sinking fund, on the Tth of
June, 1802:
Present—The Secretary of State,
The Secretary of the Treasury,
The Attorney General of the United States.
The Secretary of the Treasury reported to the board, that provision lias
already been made to meet nearly all the demands which will become due
in Holland, during the course of the present year; but that it is necessary to
make immediate provision for the payments on account of principal and interest which fall due there, during the first five months of the year 1803,
and amounting to four million four hundred and thirty-nine thousand eight
hundred and thirty guilders, and payable at the following periods, viz:
1st of January
872,700 guilders.
1st of February 986,350
"
w
1st of March
601.000
1st of June
.
.
.
.
1,979,780
«
That, from the great diminution of trade between this country and Holland, he has ascertained, during his late excursion to New York and Philadelphia, that it is impracticable to obtain bills on Holland to that amount ; that
the rate of exchange is already forty-one cents per guilder; and that any
attempt on the part of the Government to procure the large amount now
wanted, would indubitably raise, considerably, the rate of exchmge:
f% That if it shall be attempted to remit by the way of England, the loss will
be also considerable; the present rate of exchange with lhat country being
now above par, and raising, and would indubitably be enhanced, should Government come into the market for large purchases : and the rate of e x c h a n g e
between England and Holland being, by the last advices, ten guilders eight
stivers per pound sterling, nor likeljMo become more favorable, which, supposing the whole amount in bills on England to be procurable, (which is not
believed to be the fact,) at 168, would, including the commission of one per
cent, m England, amount to forty-three and a half cents per guilder:
That the Bank of the United States, having been applied to. has r e f u s e d
to undertake to contract for making the nece^nry remittance • and that the
two only considerable offers made to the Secretary are now submitted to
the board, viz:
The Manhattan Company offer to remit the whole, at the rate of fortythree cents per guilder.
Alexander Baring offers to remit guilders 3,140.487 161, payable in
Amsterdam, at the following dates, viz:
1st of January, 1803
ChTU

TY

-

.

.

605.000

guilders.

i
< March u
•
'
•
685,000 * do.
Is of i
425 000
do
1st of June
.
.
.
.
1,425,487 1 6 | do.
and, at the rate of forty-one cents per guilder: provided, however, that the
United States shall sell to him the two thousand two hundred and twenty
shares of the Bank of the United States, owned by the United States, at
forty nve per cent, advance, or at the rate of five hundred and eighty dollars
per share: which last proposition is recommended by the Secretary of the
1 reasury as the most eligible; as, exclusively of the advantageous rate of ex


1801.] SECRETARY OF THE TREASURY.

217

change thereby secured, the transaction will not have any unfavorable effect
on the rate of exchange generally, and, by so considerably diminishing the
demand, will enable the United States to obtain what is still wanted, at a
reasonable rate; and because, in his opinion, the price obtained for the Bank
shares is more than could be obtained were they thrown in the market for
sale, and more than their intrinsic value. Whereupon, it was
Resolved, by the Board, That the Secretary of the Treasury be author
izcd to sell the shares of the stock of the Rank of the United States belonging
to the United States, and that the proceeds thereof be applied to the payment of the capital or principal of any part of the debt of the United States,
which had become due to .the Rink of the United States before, or during
the course of, the year 1796, and which remains still unpaid, in conformity
to the provisions of the act entitled "An act making provision for the payment
of certain debts of the United States," passed on the 31st day of May, 1796.
JAMES MADISON, Secretary of Stale.
ALBERT GALLATIN, Secretary of the Treasury.
LEVI LINCOLN, Attorney

General.

Attest:
EDWARD JONES, Secretary

of the Board

of

Commissioners of Sinkiug




Fund.

I N D E X .
A.
Agriculture, the effect of funding the public debt on, 6.
productiveness of, contrasted with manufactures, 78.
promoted by manufactures, 88, 92, 104.
Alloy, proportion of, used in gold and silver coinage, 135, 141.
Why it is used in coinage, 142.
Annuity proposed, as a plan for funding the public debt, 17, 43, 99.
Army expenses of 1802, estimated, 222.
of 1803,
do
253.
of 1804,
do
263.
of 1805,
do
286.
of 1806,
do
298.
from 1st April, 1801, to 31st March, 1805, 326.
of 1807, estimated, 331.
of 1S0S,
do
358.
paid, 374.
of 1809, estimated, 375, 392.
paid, 399. . (to
J«
from 1802 to 1807,420.
of 1810, estimated, 400.
paid, 421.
of 1811, estimated, 423.
paid, 443, 466.
of 1812, estimated, 444.
paid, 46S, 484.
of 1813. estimated, 470, 489.
paid, 490, 492, 499.
of 1814, estimated, 500.
paid, 523, 532.
of 1815, estimated, 530.
B.
Balances in the Treasury, in 1801,
1802,
1803,
1804,
1805,
1806,
1807,
1808,
1809,
1810,
1811,
1812,
1813,
1814,




223, 224.
255.
263.
287.
298.
332.
357.
374.
391, 399.
422.
443.
468.
488, 499.
525.

554

INDEX

Bank, plan of a national, proposed, 54, 72.
capital stock, of what amouut, and how composed, 72.
the United States may be a stockholder, 75.
Bank of the United States, a renewal of the charter of; recommended, 3o9.
Bank shares, dividends on, in 1901, 221.
sold, 254.
proceeds of, 317.
Banks, benefits resulting from, 55, 97.
number of, in the United States in 1790, 65.
objections to, considered, 57.
stock of, how composed, 59.
favor the increase of the precious metals, 61.
tend to lower the rate of interest, 67.
•
_
Bounties considered as a mean of encouraging manufactures, UO, 130.
C.
Claims of American citizens against Prance, amount of, assumed and paid,
264, 266, 288.
Coffee, additional duty on, proposed, 22.
imported and consumed from 1790 to 1798, quantity of, 241.—See
Merchandise imported
Coins, foreign, comparative value of, 135. 142.
circulation of, to be prohibited, 155.
Coins of the United States, of what to be compow>d,tind how denominated,
152
Commercial restrictions, effects of, on the revenue in 1807-8, 398, 409.
Commerce, benefited by funding the public debt, 5.
promoted by manufacture*, 90, 104.
how affected by the French and British decrees, 376.
Compensation of officers ot Government in 1790,45.
Connecticut, claim of, in 1789, 35.
Creditors of the United States, not expedient to discriminate between the
classes of the, 7.
Credit.—See Public Credit.
Customs, where paid, and the amount, from 1st April, 1801, to 31st Marcn,
1805, 319.
,

-

it

Debt, amount of interert on the domestic, from 1776 to 1791, 33.
Debt.—See Public Debt.
Debts due to States, to be assumed by the United States, 10, 28.
supposititious account of the, 30.
statement of the, 35.
provision for liquidating, 164.
Direct taxes, collected in 1801, 221.
arrears of, in 1803, 263.
receipts from, in 1801 to 1805, 317.
receipts from, in 1814, 524, 526.
an increase of the. recommended, 531.—See Revenue,




^nvds

f*

555

INDEX.

Drawback of duties, considered in reference to the encouragement of manufactures, 114.
amount of, from 1790 to 1799,239.
system of, proposed to be modified, 378.—See Merchandise imported.
Duties, additional, proposed on wines, spirits, teas, and coffee, 22.
Duties on imports, tariif of, proposed to be modified, 218,227.
cost of collecting the, 218, 227.
an increase of, proposed, 219,242, 378, 401, 424,448.
Duties on imports and tonnage, estimated for 1790, 53.
^
for 1795,170.
Duties.—See Internal Duties, Protecting Duties, Imports, Merchandise.
Dutch debt, created in 1790, 166.
amount of, in 1794, 206.
amount of, in 1802, 225.
instalments payable to 1809, 250.
difficulties in remitting instalments of the, 254,
amount of the, in 1803,276.
R
Embargo, its effects upon the revenue considered, 377, 503.
Estimates of receipts and expenditures for 1791, 45, 53.
1795,170,18o,2l4.
1801-2, 222.
1802-3, 253.
1803-4. 263.
1804-5, 286.
1805-6, 298.
1806-7, 331.
1807-8, 357.
1808-9, 375.
1809-10, 399.
1810-11, 422.
1811-12,444,448.
1812-13, 469.
1813-14,488, 500.
1814-15, 526, 530.
Exemption of nujeriajs ^ manmawun»
materials for
^
Expenditures.—See Receipts and Expenditures.
Exportation.—Sec Re-exportationF

^

<

Finances, the effects of a n a t i o n a l . . ! ' in administering.be, cons.dered, 54.
Finances, state of the, in 1801,
1802,
1803,
1804,
1805,
1806,
1807,
H08,
1809;




21b.
252.
262.
285.
297.
331.
356.
373.
(June,) 391.

556

INDEX.

Finances, state of the, in 1809, (December.) 398.
1810, 421.
1811, 443.
1812,468.
1813, (June,) 48$.
1813, (December,) 499.
1814, 523.
Fisheries, benefited by manufactures, 107.
Florida, imports and exports to and from, for tho years 1799 to 1802.20a,
281 to 284.
Foreign intercourse, expenses of, from 1801 to 1805, 325 — See Receipts
and
Expenditure*.
Foreign officers, provision made in 1792, for paying certaui, 166.
France, claims against, assumed by the United Stales, and paid, 264 6,288.
Frauds on the revenue, how prevented, 23.
F u n d i n g system established in 1790, 165.
G.
Gold and silver, amount of, increased by establishing hanks, 55.
proportion of, in the United Stales, in 1790, esumated. 141.
1.
Imported articles, and the duty on each.—See Merchandise
imported.
Imports from Great Britain in 1810, duties accrued on, 456.
a table of duties chargeablo on, in 1801, 227.
Imports, value and quantity of, from 1790 to 1800, 229 to 238.
_
amount of duties accrued on, from 1790 to 1799, 239.
quantity of consumed in the United States from 1790 to
duties accrued on, from October 1800, to October 1802, 259,
duties accrued on, in the years 1802 and 1803, 290.
1801 to 1804,297.302,311.
1804 and 1805, 337.
1805 and 1806,362.
1806 and 1807,379.
1807 and 1808,403.
1808 and 1809, 426.
1809 and 1810, 451.
1810 and 1811, 47S.
1811 and 1812, 505.
1812 and 1 8 1 3 , 5 4 4 . — c h a n
dise imported.
„
Incidental revenues received from 1st April, 1801, to 31st March, lbOo, o
—See Revenue.
Internal duties created in 1794,159.
Internal duties, receipts from in 1800, 218, 243.
cost of collection, 219.
receipts from, in 1801 to 1805,317.
outstanding, amount of in 1803, 263
proposed to be increased, 531.—See R»v*nvr .
Internal improvements, surplus revenue maybe applied to, 359.
Inventions and discoveries promote manufactures, 114.



INDEX.

557

L.
I^ands.—See Public Lands.
Laws creating revenue, and providing for the public debt, reviewed 157
Limitation act, passed in 1793, 167.
Lorui recommended to supply a deficiency in the receipts. 392, 400 423
448, 471, 491.
'
'
'
'
Loans, foreign, amount of on 31st December, 1789, 31.
I^oans preferred to taxes to meet the exigencies of a war, 377, 401.
Loans, amount received from, in 1810, 443.
1812, 468, 486.
1813, 488, 492. 499, 516.
1814, 524, 527.—See Revenue.
I*oans, term3 on which they were obtained, 441, 491, 492 to 498; 519 to
522, 528 ; 535 to 540.
l»uisiana, provision for the purchase of, 264.
imports and exports to and from, for the years 1796 to 1802,
265, 281 to 284.
M.
Manufactures benefited by funding the public debt, 6.
expediency of encouraging, 78.
advantages of, 85.
encourage emigration, 87.
effects of, on commerce and agriculture, 90.
objections to encouraging, considered, 91, 103, 107.
progress of, in the United States, 102.
necessary to the independence of a country, 106.
sectional jealousies on the subject of, considered, 107.
how to be protected, 109.
materials for. exempted from duty, effect of, 113.
articles of, requiring particular encouragement, 118.
Massachusetts, amount due to, in 1789, 35.
Mediterranean fund, created, and estimated product of the, for 1805, 286.

duties constituting the, cease 1st January, 1809, 356.
a continuation of the, recommended, 378,401,424,448.
annual amount of.—See Merchandise imported, and
Revenue.
Merchandise imported and consumed, from 1790 to 1S00, 237, 241.
(paving ad valorem duties) in 1795 to 1800, 234.
(the quantity re-exported deducted) in 1801, 312.
1
1
1802,270.
1803, 291.
1804, 303.
1805, 338.
1806, 368.
1807, 380.
1808, 404.
re-exported in 1807 and 1808, 409.
imported, (the quantity reexported deducted,) in 1809, 427.




1811', 474.
1812, 506.
1813, 545.

55S

INDEX.

Mint, plan for the establishment of a, 133.
expenses of a, how defrayed, 143, 150.
M o l a s ^ f ^ J t e d and consumed from 1790 U 1793, quanuty of, 211.
>
See Merchandise imjxjrled.
N.
National bank proposal to be established, 54.
Navy expenses of 1802, estimated, 222.
1803,
do
253.
1804.
do
263.
ISOo,
do
2S6.
1806,
do
298.
from 1st April. 1801, to 3ist March, 1S05, 327.
of 1807, estimated, 331.
1808,
do
358.
paid, 374.
1S09, estimated, 375, 392.
paid, 399.
from 1802 to 1S07, 420.
of 1810, estimated. 400.
paid, 421.
1811, estimated. 423.
paid, 443, 466.
1812, osti mated, 441.
paid, 468, 484.
1813, estimated, 470, 489.
paid, 490, 492, 499.
1814, estimated, 500.
paid, 523, 532.
1815, estimated, 530.
New Jersey, claim of, in 1789, 35.
New York, claim of, in 1789, 35.
Non-importation act, modification of the, proposed, 425.
O.
I
Officers of Government, compensation allowed to the, in 1790, 45.
P.
Paper money, the expediency of emitting, considered, 64.
Passports and clearances, amount of revenue derived from, in 179"
1798, 241—See Merchandise
imported.
Penalties and forfeitures for infractions of the revenue laws, to be distriDited to informers and custom-house officers, 425.—See Revenue.
Postage of letters, receipts from, in 1901 to 1805, 317.--See Revenue.
Post Office, revenue derived from the, to he applied to the sinking fond,
review of the law establishing the, 159.
Premiums, effect of granting, on agriculture and manufactures, 113.



INDEX.

559

Protecting duties on imports considered as a bounty on domestic fabrics, 109.
the constitutional power to levy considered, 112.
Prohibitions of imports and exports may be resorted to for the encouragement and protection of manufactures, 109.
Public credit, plans for the support of, 3, 157,172.
a national bank necessary to the support of, 54.
essential to the prosperity of the nation, 197.
defined, 198.
Public debt, advantages of funding the, 5, 98.
nature of the provisions for funding the, 7,161.
of what it consists, 14, 168, 347.
plans for funding the, 17, 43, 45, 161.
plans for redeeming the, 22, 27, 165.
may constitute a part of the capital of a national bank, 72, 75,
157.
laws relating to the, reviewed, 157.
plan for completing the system for liquidating the, 173.
revenues pledged for the payment of the, 168.
amount of foreigu and domestic, in 1790, 14, 22, 31, 33.
1795, 169, 201 to 210.
1802, 223, 248, 250, 279.
when it may be redeemed, estimated, 172, 225, 251, 354.
amount paid, in 1802, 254.
1803, 264, 276.
1804,288,296.
1805. 299, 310.
from Apr. 1.1801, to March 31,1805,328,329,333.
in 1806, 333, 345.
plan for consolidating the, proposed, 333,347 to 3oo.
amount of the, in 1806, 349.
K
Q94 0 f ; i QK
estimated amount that maybe paid, m 1809 to 1824,354,355.
amount paid in 1807, 358, 371.

in 1811, 445,461.
from April 1, 1801, to January 1,1812, 463.
amount on Januan; 1, 1812, 446, 464.
amount paid m 1812, 468,480. ^
1814, 534.

t

t

^

^

T

T

^

J

l

1 r i 219 244
p r ^ S f e of'the. pledged for the public debt, 163.
S d T l S O l , 220, 246.
intrusions on the, to be prevented, 221.
sold in 1802, 252, 257.



pubhc debt,

560

INDEX.

Public lands, sold in 1S03, 262, 274.
1804, 285, 291, 315.
1905, 297, 308.
receipts from, in f W l to 1905, 31 / .
sold in 1806, 331, 34s.
1807, 356. 368.
1809. 373, 3>*5.
1809.398, 411.
sold from 1800 to 18(0, 421, 432.
sold in 1811,449.
,
tI .
JJO
may be applied as a bounty to soldiers enlisting, 448.
sold in 1M2, 478.
1813, 511.
1814,550.
*
m
Public vessels sold, 222.

I ]

3

|

R.
Receipts and expenditures, estimated for 1790, 45, 53.
1795, 170.
comparative view of the, for 1795, 214.
in 1901, 216.
1902, 252.
1803. 262.
1804,285.
^
from April 'l, 1801, to March 31, 1805, 317 to
330.

'

in 1806, 331.
1807, 356.
1808.373.
1809. 391, 395, 398, 419.
1810, 421, 438.
1311, 443. 466.
1812, 468, 482, 486.
1813, 488, 492, 499, 616, 532.
1814, 523, 533.
Re-exportalion of foreign merchandise in 1807 and 1909, 409.
Revenue, frauds of the, how to be prevented, 23.
s
plan for increasing the, 24.
laws relating to, reviewed, 157.
for what purposes pledge, 168.
how to be increased in the event of war, 361, 378.
an increase of, proposed, 219, 242, 378, 401, 424, 448, W4from what sources derived, and the amount in 1795, t&', *
1801,216.
,
1801 to 1905,31'»




322.
1808,395.
1909, 419.
1810, 438.
1811, 466-

v

561

INDEX.

Revenue, from what sources derived, and the amount in 1812,482,492.
1813, 492, 516, 518.
1814, 532-3.
See Receipts and

expenditures.
S.

Salt imported and exported from 1790 to 1800, 233.
and consumed from 1790 to 1798, quantity of, 241.—See
Merchandise imported.
Salt duty expires 1st January, 1808,356.
a renewal of the, recommended, 449, 490.—See Merchandise
imported.
Sinking fund, plan of a, proposed, 27.
established in 1790, 165, 171.
made permanent in 1792, 166, 169.
operations ofof the, in 1802, 260. 1795, 167, 1/1, -411.
proceedings the, to 1st January,
state of the, in 1806, 346.
in 1810, 440.
in 1813, 498.
South Carolina, claim of, in 1789, 36.
Specie increased by the operation of banks, 55.
Si>ecie payments suspended by banks, 529.
S & 3 mortal
"

WgS&SffSV^X

Merchandise imported.
SDirits foreign and domestic, additional duties proposed on, M.
Stamp dutfesexpire 4th March 1803 218 2 2 1 . - ^ / ^ ,
State debts, ought to be assumed bv the Union, 14, 28, 30.
amount of; estimated, So, 3b.
provision for liquidating the, 164.

S ^ i ^ E S SSSrESbTlW quantity of, 2 4 , - S ,
S u r p K ^ y C f t *

'o —

'

- P —

S

'

359

'

T.
J Ko lovipd 449. 490.—See Direct taxes.
Taxes, internal, proposed to be kmea

- S e e Merchandise >mPorlJ r - f r o m 1 7 9 0 to 1799, 240.
Tonnage, amount of American and foreign, from 17W to ^
^


Tot, i.—36


in 1803, 290.
1804, 302.
1805, 337.
1806, 362.
1807, 379.
1808, 394, 403.

INDEX.
Tonnage, amount of American and foreign, in 1909, 426.
181 li 473.
1812, 805.
1813, 544.
Tontine, proposed as a plan for funding the public debt, 20, 45.
Treasury u
treasury notes, amount authorized in 1812, 469, 492.
1813,492.499,518.
1914, 525. 529, 532, 541-2.
in circulation in 1914, 529.
an increase of the rate of interest on, proposed. 530.
y.
Virginia, claims of, in 1789. 36.
W.
Wines, additional duties proposed on, 22.
imported and consumed, quantity of, from 1790 to 1798, 241.Maxhandisc imported.




END OF T H E F I R S T VOLVME.