The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
table
k
k
of
contents
*
M r . H a m i l t o n on Public Credit
^ R e p o r t by
M r . H a m i l t o n on a National Bank J ^ Report by
M r . H a m i l t o n on Manufactures
J. Report by
M r . H a m i l t o n on Establishing a M i n tt
^ ^ R e p o r t by
^ w i e p o r t by M r . H a m i l t o n on Public Credit
^ R e p o r t by M r . Gallatin on the Finances
Report by M r . Gallatin on the Finances
'J IT7
Report by M r . Gallatin on the Finances
-}• Report by M r . Gallatin on the Finances
^ R e p o r t by M r . Gallatin on the Finances
V, Report by M r . Gallatin on the Finances
Report by M r . Gallatin on the Finances
* ^ R e p o r t by M r . Gallatin on the Finances
Report by M r . Gallatin on the Finances
Report by M r . Gallatin on the Finances
" ^ R e p o r t by M r . Gallatin on the Finances
^ R e p o r t by M r . Gallatin on the Finance?
Report by M r . Gallatin on the Finances
. . R e p o r t by W i l l i a m Jones, ( A c t i n g Secretary
P^ Report by W i l l i a m Jones, ( A c t i n g Secretary
° R e p o r t by G. W . Campbell on the Finances
<0
VOL.
I.—1
CM
-
17.90
FAG<?.
3
December,
1790
54
December,
May,
1791
1791
78
133
-
January,
1795
157
-
December,
1801
216
-
-
December,
1802
252
-
October,
1303
£62
-
November,
-
December,
1S94
1305
297
-
-
-
the Fiuances
the Finances
-
January,
285
December,
November,
1806
331
1807
356
December,
June,
1808
1809
December,
December,
November,
1809
1810
1811
421
443
December,
June,
1812
1813
468
488
December,
1813
December,
1811
499
523
373
391
398
180f>.]
SECRETARY OF THE TREASURY. .
331
REPORT ON THE FINANCES.
DECEMBER, 1806.
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 and estimates :
REVENUE AND
RECEIPTS.
The nett revenue arising from duties on merchandise and tonnage,
which accrued during the year 1804, amounted, after deducting that portion
which arose from the additional duties constituting the Mediterranean
fund, to
- $12,673,458
And that which accrued during the year 1805, amounted, after making a similar deduction, (as will appear by the
statement A.) to
13,083,823
It is ascertained that the nett revenue which has accrued during the first
three quarters of the year 1806, exceeds that of the corresponding quarters
of the year 1805; and that branch of the revenue may, exclusively of the
Mediterranean fund, be safely estimated, for the present, at thirteen millions
of dollars.
The statement (B) exhibits in detail the several species of merchandise,
and other sources, from which that revenue was collected during the year
1805.
It appears by the statement (C,) that the sales of public lands have, during
the year ending on the 30th September, 1806, exceeded 473,000 acres.
The actual payments by purchasers have, during that period, amounted to
850,001) dollars, of which sum near 700,000 dollars has been paid in specie, and the residue in stock of the public debt. The specie receipts from
that source may, after deducting charges, and the five per cent, reserved for
roads, be estimated for the ensuing year at five hundred thousand dollars.
The receipts arising from the permanent revenue of the
United States may, therefore, without including the arrears
of direct tax and internal revenues, the duties on postage, and
other incidental branches, be computed for the year 1807, at $13,500,000
And the payments into the Treasury during the same year,
on account of the temporary duties constituting the Mediterranean fund, are estimated at
1,000,000
Making, in the whole, an aggregate of
-
- $14,500,000
EXPENDITURES.
The permanent expenses are estimated at 11,400,000 dollars, and consis1
of the following items, viz:
I. The annual appropriation of eight million of dollars, for
the payment of the principal and interest of the public debt,
of which sum, not more than 3.600,000 dollars will, for the
year 1807, be applicable to the payment of interest
$8,000,000
332
REPORTS OF THE
' [1S06.
II. For the civil department, and all domestic expenses of
a civil nature, including invalid pensions, the light-house and
mint establishments, the expenses of surveying public lands,
the fourth instalment of the loan due to Maryland, and a
sum of 130,000 dollars to meet such miscellaneous appropriations, not included in the estimates, as may be mnde by Con.
gress
III. For expenses incident to the intercourse with foreign
nations, including the permanent appropriation for Algiers" •
IV. For the military and Indian departments, including
trading-houses, and the permanent appropriations for certain
Indian tribes
.
V. For the naval establishment -
81,150,000
200,000
1,150.000
900.000
§11,400,000
The extraordinary demands for the year 1807, already authorized by law, amount to two million seven hundred
thousand dollars, viz:
The balance of the American claims assumed by the French
convention,which remained unpaid on the 30th September last
amounting to
.
.
.
$700,000
And the two millions of dollars appropriated by
the act of 13th February, 1806, making provision
lor defraying any extraordinary expenses attending
the intercourse between the United States and
foreign nations -2,000,000
2,700,000
Making altogethci
814,100,000
Prom which it appears that, besides a siirplus of four hundred thousand
dollars, the resources of the ensuing year will be sufficient to meet the current demands, and to discharge, without recurring to the loan authorized by
eXtra0rdinar
foreign E c o u ^
y appropriation of two millions for
It is here proper to state, that, under the authority given by that act, a
S f i f c B ? t '° n o f d o l l a i s fc*" «P™d in Holland to t L ministers
S , e m i n S ^ n ? n r v ° w \ e d t r e a t W l t h Spain. Should the credit U used.
h
,0 n W , H
,
ft c h a f S e d to the proper appropriation : but, although the
fl ;
expenditure of the year 1807 V.ll n t h a t case be
,lh0ns as stated in thc
ml y r Z k " l i ^ f t°u t W ° mme
'
"bove O r n a t e , the genethen
npcessar
the 3
L 1 L hG , 0 e d f r a *d Wil1
**
y ^ replace in H o l l a n d
i f f e r e n t oh
tha
forei^
d
X
t
h
T
7
°
)
«
*
»
the pavment of the
foreign debt, to which it now stands charged
T ^
1805 t o i S C ^ f i n f ^ e
tt^fiStt772?''if*
inthJ ™ » r J nV ^
m
a m o u n t
^ «
30th day of September,
n the m h
da
°
y
of
September, 1806, to
W1
"' f ° D a c c o u n < of the heavy payments to be made
°
n t h
'
f0f
,hG
Pnb,ic
d e h t
'
P " ^ b l y e d u c e d , o n the
1st January, 1807, to a sum not much exceedingfour millions of dollars.
prm.ic
j)F,RT.
sm
s
nap
^
f
i
n
°
* h e Proceedings of the commissioners of the sinking fund, marked (E,) shows that a considerable portion of the annual ap-
i
180f>.]
SECRETARY OF THE TREASURY.
.
333
propriation of eight millions of dollars was applicable this year to the reimbursement or purchases of the domestic debt. No more than 17,517
dollars and 61 cents was offered at market price, and accordingly purchased. I he reimbursement of the navy six per cent, amounting to 711.700
dollars was therefore effected on the 30th day of September last; and that
oi tne nveand a half per cent, stock, amounting to 1,847,500 dollars, is adverI", u l s t d a y o f J n m m r > ' n e x l - The payment of the last mentioned
sum will be made by the Treasury in the course of this month. Although
a more than usual portion of the appropriation for the calendar year 1806
tails, for that reason, on the last quarter, it appears by the statement (D,)
11,0
Payments on account of the principal of the public debt have, during the year ending on the 30th day of September, 1S06, amounted to near
three million two hundred and fifty thousand dollars.
It appears by the same statement, that the payments on account of the
principal of the public debt have, from the 1st of April, 1801, to the 30th
September, 1806, amounted to
$21,203,903 55
1 he payments on the same account, to be made by the
Treasury in the course of this month, are—
For the reimbursement of the five and a half
Per cent, stock
.
.
.
.
$1,847,500 00
1* or the annual reimbursement of the six
Per cent, and deferred stocks
.
.
993.389 19
2,840,889 19
$24,041,792 74
And making the total of principal of the public debt, reimbursed from the
1st of April, 1801, to the 1st January, 1807. more than twenty-four millions
°f dollars.
« During the same period there have also been paid to Great Britain, in
satisfaction and discharge of the money which the United States might
nave been liable to pay in pursuance of the provisions of the sixth article
of the treaty of 1791, two million six hundred and sixty-four thousand dolors; and to the holders of bills drawn by the minister of the United States at
^aris, on account of American claims assumed by the convention with
France, a sum exceeding three million and fifty thousand dollars; neither
which sums is included in the preceding statement of debt redeemed.
pf the four and a half per cent, stock, amounting to 176,000 dollars, it will not
be practicable, unless purchases can be effected within the limitations prescribed by law, to apply, during that year, the whole of the annual appropriation of eight millions of dollars. The unexpended balance, together
with the appropriation for the year 1808. will enable the United States to
reimburse, on the lst of January, 1809, the whole of the eight per cent,
stock, which is irredeemable before that day.
B"t in order that Congress may have a clear view of the situation of the
Public debt after the year 1808, and be enabled to decide on the propriety
making further legislative provision for that object, it appears necessary
to state distinctly: 1st. The operations which will take place in relation to
the debt during "the years 1807 and 1808. 2dly. The several species and
aggregate of debt which will have been extinguished between the lst April,
334
REPORTS OF T H E
'
[1S06.
1801, and the 1st January, 1809. 3dly. The several species and aggregate
of debt remaining unpaid on the last mentioned day. 4thly. A comparative
view of the revenue and annual payments on account ot the debt alter that
dav
'
I ' The payments to be made during the years 1807 and 1808, on account
of the principal and interest of the public debt, cousist of the following
items viz*
Interest and reimbursement of the six per cent, and deferred stocks
- 86,688,296 08
Of which sum, the sum required for interest is $3,512,337 83
And the reimbursement of the principal will
amount to-
-
3,175,958 25
$6,688,296 08
Interest and charges on all the other species of debt - 3,529,45* 50
Principal ofthe eight per cent, and four and a half per cent.
stocks
- _6.53Bt400 W
Making altogether
-
That is to say, for interest
And in reimbursement of principal
$16,756,153^58
- $7,041,795 33
- 9,714,358 25
816,756,153 58
This sum exceeds by only 756,000 dollars the sixteen millions appropriated by law for those two years; and that difference may be supplied, accordin? to law, from the surpluses of revenue already accrued, which are sutficient for that purpose, and which it will be eligible to apply in that manner, in order that the United States may not continue to pay an interest of
eight per cent, any longer than they are compelled to do it by the terms ol
the loan.
II. The amount of debt redeemed from the 1st of April, 1801, to the 1st
January next, has been already stated to be
- #24,044,792 74
And the principal, which will be reimbursed during the
years 1807 and 1808, amounts, by the preceding statement, to
9,714,358 25
Making, together, more than thirty-three million seven
hundred and fifty thousand dollars, reimbursed between
the 1st April, 1801, and the 1st January, 1809 .
Which sum consists ofthe following items, viz:
T h e whole of the foreign debt T h e whole ofthe loans formerly obtained from the Bank
ofthe United States, and ofthe navy six, five and a half, four
and a half, and eight per cent, stocks
Annual reimbursement of the six per cent, and deferred
stocks
Payments in various species of stock, for public lands,
stock purchased, and unfuudcd debt reimbursed.
10,236.108 0a
_
12,537,600 00
„
10,631,575 6<
^
353,867_~<
$33,759,
i
I
1S06.J
SECRETARY OF THE TREASURY.
335
III. The debt remaining unpaid on the 1st day of January, 1809, will
consist of the following items :
Unredeemed amount of old six per cent, and deferred
stocks, reimbursable only at the rate of eight per cent, a
year, (for principal a id interest,) on the nominal amount $27,142,357 21
Three per cent, stock
.
.
.
.
19,019,48156
80,000 00
1796 six per cent, stock, redeemable in 1819 i/ouisiana stock, reimbursable in four annual instalments,
in the years 1818, 1819, 1820, and 1821
- 11,250,000 00
Amounting, altogether, to near fifty-seven million and
five hundred thousand dollars.
$57,491,838 77
The I/)uisiana stock cannot be reimbursed before the period fixed by the
contract. The gradual operation of the annual reimbursement will extinguish the old six per cent, in the year 1818, and the deferred stock in 1824;
after which year the only remaining incumbrance will be the interest on
the three per cent, stock, which, in its present shape, may be considered as
irredeemable. Purchases cannot be relied upon, as the application of even
an inconsiderable sum would raise the stocks above the prices limited by
law. It follows, that all the species of debt on which the entire annual appropriation of 8,0tK),0(H) dollars could operate, will have been reimbursed
prior to the year 1809; that the remaining debt cannot, without some modifications assented to by the public creditors, be more rapidly or completely
discharged than is here stated; and that the annual payments on that account will, after the year 1808, and prior to the year 1818, be reduced to the
interest and annual reimbursement, amounting to near 4,600,000 dollars,
as will more fully appear by the annexed table, marked ( G.)
IV. The revenue derived from customs during the year 1802, which was ,
a year of European peace, was much less in proportion than that of any of
the immediately preceding or following years, and yet exceeded ten millions of dollars. As it has been ascertained that the population of the United States increases at the rate of thirty-five per cent, in ten years, the revenue derived from customs for the year 1812 may be estimated at thirteen
million five hundred thousand dollars; to which adding only five hundred
thousand dollars for the annual proceeds of the sales of public lands, will
give fourteen millions of dollars for the total revenue of that year, or for
the average revenue of the years 1809—1815. And this must be considered as a very moderate computation, since it does not include the revenue
derived from New Orleans; is predicated on the supposition that the wealth
of the United States increases in no greater ratio than their population;
and does not exceed the sum which, exclusively of the Mediterranean fund,
was received last year into the Treasury.
The annual payments on account of the public debt will, during the same
period, amount, as has already been stated, to 4,600,000 dollars. All the
other expenses of the United States, whether domestic or foreign, of a civil
nature, or for the support of the existing military and naval establishments,
do not at present exceed 3,500,000 dollars. The total annual expenditure,
allowing four hundred thousand dollars a year for contingencies, may therefore be estimated, after the year 1808, at eight millions and a half; which, deducted from a revenue of fourteen millions, will leave a nett annual surplus
of five millions and a half of dollars.
REPORTS OF THE
336
\1803.
T h e question now recurs, whether a portion of that surplus would not be
most advantageously employed in hastening the reduction of the debt? whether some mode may not be' devised, to provide, within a short period, for its
final and complete reimbursement, and thereby release the public revenue
from every incumbrance? This can only be effected by a modification of
the debt assented to by the public creditors; and a conversion of the old six
per cent., deferred, and three per cent, stocks, on terms mutually beneficial, into a common six per cent stock, redeemable within a limited
time, has appeared the most simple and eligible, if not the only practicable
plan, that can be adopted. For its details, a reference is respectfully made
to a letter written in January last to the chairman of the Committee of
Ways and Means, a copy of which, marked (F,) is annexed. It will only
be necessary to state, that if such a plan should be sanctioned by Congress,
and accepted by the creditors, those several species of debt, amounting, on
the 1st January, 1809, to something more than forty-six millions of dollars,
would be converted into a six per cent, stock, amounting to less than fortymillions of dollars, which the continued annual appropriation of eight millions of dollars would (besides paying the interest on the Louisiana debt)
reimburse within a period of less than seven years, or before the end of the
year 1815: as will appear by the table marked ( H.)
The total annual expenditure for those seven years would then, allowing
still 3,500,000 dollars for current expenses, and 400,000 dollars for contingencies, amount to something less than twelve millions of dollars; which, deducted from a revenue of fourteen millions of dollars, would still leave, after
the year 180S, a clear surplus of more than two millions of dollars, applicable to such new objects of general improvement or national defencc as the
legislature might direct, and existing circumstances require. And after the
year 1815, no other incumbrance would remain on the revenue than the
interest and reimbursement of the Louisiana stock, the last payment of which,
in the year 1821, would complete the final extinguishment of the public
debt.
All which is respectfully submitted.
ALBERT GALLATIN,
Secretary of the Treasury.
TREASURY
DEPARTMENT,
December 5th, 1806.
A.
STATEMENT
exhibiting the amount of duties which arm,*.l n»
r.of debentures issued on the exportatimif
f^gZmZehaZdZe
o / C ^ / i T ' ^ ' ' a " d
clearances;
and
<
expenses of collection during the ymrs 1§04 and 1805
' 1 paymeni*
& bouuU(s
allowances, and for
or Duties on
Vears.
Merchandise.
1804
1805
ft*),374,053
29
23,601,709 56
Tonnage.
Passports and
clearances.
'
#17,334 00
18,951 00
#6,686,483 00
8,955,745 00 |
Uoualies and
,lk,w
»«0»-
Grose revenue.
I
, E p o s e s of colI
lectiAn.
CO
Nett revenue.
O
73
W
H
>
#209,249 28
215,731 20
(a)Gross revenue for the year 1805
Deduct interest and storage •
#14,689,975 72
13,358 96
Gross revenue, per statement B
14,676,716 76
#192,741 51
190,671 01
(o) #13,721,412 06
14,689,975 72
#1*1,895 8ft
554,836 76
#13,236,516 21
14,135,138 96
73
,d'^rence bc,tween
»bore statement for the year 1801 and
h a t r e n d « » d to Congress last SMion, arises from accounts b£ing included
n the above which were not rece.vcd at the time the statement rendered
last session was made out.
H
STATEMENT
of the amount °f
fortgn tonnage tmj.loycU i n f ^ j , lrade
taken from the records of the Treasury.
'
1806,
„
73
W
A m e r i c a n tonnage in foreign trade
Foreign tonnage
.
.
.
_
*
"
Tons
922,298
87,843
Total amount of tonnage employed in the foreign trade of the United States
Proportion of foreign tonnage to the whole amount of tonnage employed in the'forcign trade of the United States
-
£
1,010,141
8.7 to 100
TREASURY DEPARTMENT,
Register's
Office, November 27,
1806.
JOSEPH NOURSE,
Register.
CO
CO
N
338
\1803.
REPORTS OF THE
B.
STA TEMENT
exhibiting the value and quantities, respectively, of
merchandise on which duties actually accrued during the year 180").
(consisting of the difference between articles paying duty, imported,
and those entitled to drawback, re-exported;) and, also, of ths nett revenue which accrued, during that year, from duties on merchandise,
tonnage, passports, and clearances.
GOODS PAYING DCTIES AD VALOREM.
33,506,584 dollars, al 12J per cent.
7,248,6-27
do.
15
do.
405,470
do.
20
do.
Additional doty on 841,537,612, at 24 per a .
41,160,681
$4,188,323
1,087,294
«l,094
1,038,440
00
05
00
30
6 , 3 9 5 , 1 5 1 35
ai
a
b
c
d
c
Spirits,
7,641,207 gallons
29.2 cent*, average Sufijnr.
68,046,865 pounds, at 2.6 do.
do.
Salt,
2 , 8 1 6 , 4 5 5 bushel*,at 20
do.
Wines,
2,604,611 gallons,at 3 0 5 do. averape Teas,
3,354,381 pounds, at 19.9 do.
do
Coffee,
4 , 8 1 6 , 2 7 4 do.
at 5
do
Molasses, 9 , 3 9 6 , 4 4 6 gallons, at 5
do.
f All other articles
Deduct duties refunded, after deducting therefrom duties
collected on merchandise, the particulars of which could
not be ascertained, and difference in calculation
2,232,901
1,746 ,979
563,291
793,794
669,190
240,813
461.322
764,165
85
85
00
85
37
70
30
81
13,867,611 11
96,661 88
8 1 3 , 8 4 0 , 9 4 9 23
338,111 79
3) per cent, retained on drawback*
Extra duty of 10 per cent, on merchandise imported in
foreign vessels .
Nett amount of duties on merchandwe
Duties on tonnage
Light money
- X -
156,430 35
5 9 , 3 0 0 86
215,731 20
18,954 00
Duties on passports and clearances
Sundry accounts not yet received, estimated at 1
Gross revenue, as per statement A
Dsduct expenses of collection
Nett revenue
-
202,937 54
14,372,031 56
-
'
14,606,716 76
70,000 00
14,676,716 76
554,836 76
TTl21,880~00
180f>.]
SECRETARY OF THE TREASURY. .
339
Explanatory Statements and Notes.
A. Additional duty o f 2 | percent.
3 | percent, retained on drawbacks I
I
I
hstra duty oflOp^r CCIIL on merchandise imported in foreign vessels
SI,038,440 30
6,647 72
6,227 15
1,051,315 17
« Spirit*—
Grain
1st proof 317,954 gallons, at 28 cents
'id
da
8,247
do.
29 do.
3d
do.
32,406
31 do.
do.
4th do
57.544
34 do.
do.
5th do.
1.7J3
40 do.
do.
6th do.
•
43
50 do.
do.
Other material*, 1st fc Sid do. 1.137,012
25 do.
do.
3d
do. 3.061.619
28 do.
do.
4th da. $996,394
do.
32 do.
5th do.
29,159
do.
38 do.
6th do.
106
do.
46 do.
r,641,207
b Sugar—
Broim
Whit-
89,027
2,391
10,015
19,564
689
21
284,253
857,253
958,526
11,080
48
12
63
86
96
20
50
00
32
08
42
76
2,232,901 85
58,885,220 pounds, at 2* ccnts
9,161,645
do.
3 do.
1,472,130 50
274,849 36
68,046,865
1,746,979 85
f Salt, imported, barbels of 56 pounds 3,782,988
Erpoit-d .
.
.
.
lfi,503
Amount of bounties an4 allowance*, SI90,674 04, reduced
into bnsheb at the present rates 953,370
965,873
2,816,455 at 20 cents
Pay in? duty, bushels of 56 pounds
A Wines—
Madeira, 1st quality 21
do.
Sherry and St. Locar
Oporto and Lisbon
Burgundy and Champagne Teneriffe, Fayal, and Malaga
Other, in bottles
in casks
« Teas—
Bohea
.
Souchong
•
Hyson
Other green
.
.
.
Extra dutvon teas imported from
other places than India
206,159 gallons, at 58 cents
2.909
do.
50 do.
303,135
da
40 do.
293,734
do.
30 do.
3.931
do.
45 do.
816.621
do.
28 do.
66,692
do.
35 do.
911,430
da
23 do.
563,291 00
119,572
1,454
121,254
88,120
1,768
228,653
23,342
209,628
22
50
00
20
95
88
20
90
2,601,611
793,794 85
461,516 poands, at 12 cents
1,144,223
do.
18 do.
18
478,924
do.
32 do.
1,269,718
do.
20 do.
55,381
205,960
153,255
253,943
92
14
68
60
649 03
3,354,381
$669,190 37
Explanatory
Statements and Notes— Continued.
QUANTITIES.
/ A l l other articles, v i z : ]
Domestic spirits from domestic product
Heer, ale, and porter
Cocoa Chocolate
S u g a r candy loaf
other refined
Almonds
Currants
Prunes and plums
Figs
Raisins in jars, and Muscatel
other Candles, tallow
wax Cheese 8oap •
Tallow
Mace Nutmegs
Cinnamon
Cloves
Pepper
Pimento
Chinese casMa
Tobacco, other than snuff and cigars
Excess of im- Excess of exportation over portation over
exportation.
importation.
gallons
do.
pounds
do.
do.
do
do.
do.
do.
do.
do
do
do.
da
do.
do.
do.
do.
do.
do
do.
do.
do.
do.
do
do.
Cts.
7
8
1,339
909,639
9,119,057
4,285
826
7H0
237
144,202
41,378
107,907
220,054
850,2*8
1,971,201
94,175
9 , 4ti3
77.910
215,259
478,651
19,071
25,967
14.911
47,771
2
3
Ut
9
6|
2
9
2
2
2
11
2
6
7
2
U
125
50
20
90
602.970
6,339
75,795
4,544
Rate of
duty.
6
4
1
6
Excess of du- Excess of
drawback
ties over
drawback. over duties.
$93
16,771
42,393
128
94
70
15
2,884
H27
3,358
1,401
17,005
29,568
1,883
147
5,401
4,305
7,179
18,588
12,983
2,982
9,554
73
12
11
55
99
20
41
Ol
56
II
0H
76
02
50
78
70
18
77
50
90
20
$ 3 6 , 1 7 8 20
253 56
3,031 80
979 61
Total.
Snufl
.
.
.
.
.
indigo
.
.
.
.
.
Cotton
.
.
.
.
.
Powder, hair
.
.
gun
Starch
Glue
Pewter plates and dishes
Anchors and sheet iron
Hoop and slit iron
Nails
Spikes
Quicksilver Ochre, yellow, in oil
•
dry, yellow Spanish brown
W h i t e and red lead
Lead, and manufactures of lead
Seineo
.
.
.
.
.
Cordage, tarred
• ' ' •
untaired Cables
Steel
.
.
.
.
.
Heinp
* ...
Yarn, untarred
T w i n e and packthread
.
.
.
Glauber salts
Coal Fish, dried pickled salmon
.
.
.
mackerel
all other
Glass, black quart bottles .
.
.
window, not above 8 by 10 •
10 by 12
all above 10 by 12
Cigars
.
.
Lime
Boots
-
.
.
.
.
.
.
-
-
-
-
-
-
-
-
-
-
-
-
.
.
-
.
.
-
.
.
.
.
.
.
-
.
•
.
.
-
-
-
,| 0 .
|
<Jo.
ilo.
.
do.
do.
- •
do.
do.
do.
da
do.
do.
do.
do.
do.
do.
du
do.
do.
do.
do
do.
do.
cwt.
do.
do.
do.
do.
bushels
quintals
barrels
do.
do.
gross
- 100 sq. ft.
do.
do.
M.
casks
pairs
10
25
3
4
4
3
4
4
14
1
0
1
0
U
1
1
2
1
4
2
2»
2
100
100
225
400
200
5
50
100
60
40
60
1C0
175
225
200
50
75
655
21,602
3,132
ttP
26,132
261
1,312
2,717
11,131
I,605
70,067
4,571
5,511
332
1,750
20
75
31
W
H<
60
48
96
30
25
58
89
84
52
12
43,785
44,489
193
15,812
1,521
1,253
9,717
115,725
12
35
96
30
78
06
00
00
12,3*4
KM
24,927
70,923
6.H32
6,097
4,200
9,104
32,686
8,083
11,432
32,984
299
1,835
00
00
15
r>0
00
80
40
40
40
25
25
00
00
25
6,82-1 20
2 25
Explanatory
Statements and, Notes—Continued.
QUA NTITIKS.
/ All other articles--continued.
Shoes, silk
all other, for men and women
for children
Cards, wool and cotton
playing . .
Excess of im- Excess ol' exportation over portation over
exportation.
importation.
pairs
do.
do.
dozen*
packs
9,921
34,993
300
1
13.790
-
Ilnte of
duty.
Excess of
duties over
drawback.
Cts.
96
15
10
50
95
$9,300 00
5,948 95
30 90
60
3,147 50
800,340 99
Excess of
drawback
over duties.
Total.
$30,180 45
S764.1G5 84
T R KASURY
DEPARTMENT,
Rrgista's
O
OJice, November 27, 1800.
JOSEPH
NOURSE,
Register.
H
K
a
&TA TEME NT of the lands sold in the districts of Marietta, Zanesville, Steubenville, Chillicothe, and Cincinnati,from
(he 1st of October, 1S05, to the 30/A of September, 1806; showing, also, (he amount of receipts from individuals, and
payments made by receivers, din ing (he same period, with (he balances due, both on October 1, 1805, and Oct. 1, 1806.
In the hands j Due by individof receiver*,
uals, October
Oct. 1, 1805 1
1, 1805.
Lands sold.
Offices.
Marietta
Zanesville
Steubenville
Chillicothe
Cincinnati
Acres.
Purchase money.
M :
3,809.26
62,356.904
124,061.62
95,561.04
187,413.72
$11,497
124,713
265,864
295,531
393,750
473,211.631
Receipts by receivers from
individuals.
Payments by receivers.
On acc't of pur- On account Into Treasury. T h e part for
expenses.
chase money. of forfeitures.
Repayments.
CA
w
o
73
74 * 3 , 167
5,3*3
99
0-2 58,901
74 100,664
53 61,027
30
42
471
65
96( !
1 , 0 0 1 , 3 5 8 02 2 9 9 , 4 4 4 11
$23,053
60,465
557,768
436,995
1,016,693
50
all
494
37
424
2,091,305 854
$12,063
49,885
956,880
993,965
314,310
9I|
66
414
664
634
850,106 284
00
744
92
59
53
$5,988
41,074
223,762
212,830
275,878
614
85
7*4
91
26
1,588 784
a789,535
ill
$16
113
314
302
811
8585
2,107
7,094
7,219
10,225
354
58
121
75
24
27,262 M l
n
$15 56
t,168 38
H
>»
73
789 17|
©
1,973 114
•r
;
Balance due on Oct. 1,1806.
Offices,
Marietta
Zanesville
SteubenvilU
Chillicothe
Cincinnati
Total balance
due Octobcr
From individI, 1806.
By receivers.
ual*.
$22,487
149,293
566,752
417,891
1,090,133
354
?6|
101
44 i
32
89,458
7,332
91,165
82,101
99,481
57
41}
641
99i
99|
•2,245,557 58* 289,030 G2
$.32,015
149,615
657,917
499,993
1,195,615
924
771
74|
41
314
- 9156,632 31
a Paid into the Treasury, in stock transferred to the United States
Paid in speeir, by warrants on receivers:
Foi payments made by themselves
.
- $573,008 46
For payments made by individuals
.
.
.
22,550 22
595,558 68
48,666 721
Payments by receivers, to be covered by warrants 800,857 71|
Moneys paid by individuals to the Treasurer of the United States, in the
year ending September 30,1806, included in the above amount of warranis for "payments made by individuals," but not yet staled in the
accounts of receivers
.
.
.
.
.
.
.
2 , 5 3 5 , 1 8 8 204
T o t a l sales of land, from the opening of the land offices to September 30, 1805
.
.
.
.
.
.
Amount sold since, as above stated
S
Pi
H
73
Pi
</>
C
73
11,322 30
$789,535 441
1,912,602.321 acres.
473,211.634
2,385,813.904
£
OJ
M
•U
W
S T A T E M E N T C—Continued.
E&TIftlA
TE showing when the instalments, which compose the balance due from individuals, will become payable.
Offices.
Remaining due in
1806.
Marietta
Zanesville Steubenville Chillicothe Cincinnati •
Becoming due iu
1H07.
Becoming due iu
1808.
Becoming due in
1809.
Becoming due in
1810.
Total.
294,391 34)
$6,090
31,185
901 ,617
151,091
911,959
87,775
51,470
190,393
198,307
951,996
8-1,016
43,091
1-26,089
93,196
293,787
89,597
17,015
30,656
21,366
•1&5.104
822,487
142,293
566,759
417,891
1,096,133
913,933 184
601,097 98
82,117 09
17,391 851
95f
50 J
93*
99<
051
09»
3«H
36 J
88|
59i
653,913 3 1 |
911
99
86)
964
791
490,319 8 5 |
97
491
OS*
06*
62J
956,970 931
DEPARTMENT,
Register's
Office, December,
5C
W
O
9,245,557 S8|
to
O
n
• Of this sum, $37,738 79 is due December 31, 1811, for ihe last instalments of pre-emption sale?.
TRKASURY
351
361
101
441
32
180T>.
JOSEPH NOUKSE,
Register.
i-M
cn
180f>.]
345
SECRETARY OF THETREASURY..
D.
AN EST1MA TE of the principal redeemed of the debt of the United
Stales, from 1st October, 1805, to 30/A September, 1806, inclusive;
showing the redemption of the principal of the said debt, from 1st
April, 1801, to 30/// September, 1806.
e £ £ i -s £
If?
g Js —
ON ACCOUNT o r T H E DOMESTIC DEBT.
-
The amount of warrants issued on the Treasurer of the United States, on account of the
interest of the domestic debt, and of the reimbursement or purchases of the old six per
cent, and deferred stocks, from 1st October,
1805, to 30th Sept 1806, wa> 34.476,047 88
Deduct interest which accrued
during the same period, calculated quarter-yearly
$3,154,343 16
From which deduct
gain on purchases
437 96 b
3,153,905 30
Reimbursement of the navy six per cent, stock
Payments made in certificates o f the debt o f
the United States, on account of lands
Payments made to foreign officers, and for
certain parts of the domestic debt Payments on account of domestic loans
•3 S3
Q. p
s ^ S l
'C-c — "
c.
-<-r
c
JZ t- C ~ • — I- 0/
ZJ t- ~
, O
S - S H-g-
O 2
H - -
81.322,142 68a $5,157,603 16
711,700 00
86,479,745 84
711,700 00
167,400 35
94,617 81
262,018 16
222 26
74,109 24
3,440,000 00
74,331 50
3.440,000 CO
1,047,647 77
9,188,460 28
10,236,108 05
O N ACCOUNT O F T H E FOREIGN DEBT.
The amount of warrants issued on the Treasurer, exclusive of $5,950, repaid into the
Treasury, and 85,668 53, commissions
to agents purchasing bills of exchange,
was
81,803,765 06
Deduct interest accruing thereon,
viz:
On the Dutch debt, including commissions and charges 115,474 00
On the Louisiana stock,
including comrniss'us 678,073 50
793,547 50
Deduct gain on exch'ge 37,430 21
756,117 39
3,249,113 06 17,954,790 49 121,203,903 55
«
817,517 61
1,304.625 07
V i z . Six per cent, and deferred snick? imrdiasoJ
On account of reimbursement of ao.
1,322,142 68
b
T h e unredeemed amount of six per cent, and deferred stocks purchased, *
Paid for at 97t per cent.
Gain
TREASURY
17,517 61
17,070 65
437 96
DEPARTMENT*
Register's Office, November 27. 1806.
JOSEPH
NOURSE,
Register.
346
REPORTS OF THE
\1803.
E.
At a meeting of the commissioners of the sinking fund, on the 28th day of
April, 1806—Present:
JAMES MADISON, Secretory of State.
A L B E R T GALLATIN, Secretary of the Treasury.
JOHN BRECKENRIDOE, Attorney General.
The Secretary of the Treasury laid before the board a report, dated the
26th of April, 1806, which was read, and is as follows:
" That the current payments to be made by the commissioners of the
sinking fund, during the year 1806, are estimated as followeth, viz:
Reimbursement and interest on the domestic debt Instalments and interest on the Dutch debt, payable from the
lst January to the lst June, 1S07, and which must, therefore, be remitted in 1806
.
.
.
.
One year's interest on the Louisiana stock -
$1,5S5,000
Amounting, altogether, to And leaving, in order to complete the annual appropriation
of $8,000,000, a sum exceeding 81,730,000, (exclusively
of the interest which may be redeemed by the payment of
said sum.) to be applied in such manner as the board shall
direct
.
.
.
.
.
.
.
6.267,407
1.004,032
678,375
1,732,503
8,000,000
" That the said sum may be applied either to reimbursements or purchases of the public debt.
"That the only portions of the debt which may be reimbursed, are—
The navy six per cent, stock, amounting to
$711,700
The five and a half per cent, stock, amounting to 1.847.500
And the four and a half per cent, stock, amounting to
176,000
" And that it is now submitted, whether, previous to advertising the reimbursement of the five and a half per cent, stock, it might not be advisable
to ascertain whether a more advantageous application may be effected by
purchases in the manner authorized by law."
Whereupon, it iras resolved,
1. That the sum which, after making the current p a y m e n t s mentioned
in the preceding report, shall r«ma:n to complete the annual appropriation
of eight millions of dollars, be applied in the following manner, viz.—
to the purchase of the eight per cent., old six per cent.? and deferred stocks,
at a price not exceeding the rat^s fixed by law: givmir the preference, in the
first place, to the eight per cent., and, in the next placo, to the deferred
stock; provided that the President of the United States shall assent to such
application: and, secondly, in case that a sufficient quantity o f stock cannot
be purchased, to the reimbursement of the navy six per cent, stock, and at the
180f>.]
SECRETARY OF THE TREASURY..110
option of the Secretary of the Treasury, either to the reimbursement of the
five and a half per cent, stock, or of so much of the bills drawn on the Treasury by the minister of the United States at Paris, in conformity with the
convention between France and the United States of the 30th of April,
1803, as will be necessary to complete the payment of the said eight millions
of dollars.
2. That the Treasurer of the United States be the agent, under the superintendence of the Secretary of the Treasury, for making the said purchases;
tiiat the said puichases be made by receiving sealed proposals for any sums
which may be offered ; and that the said agent forthwith advertise to receive
such proposals until the 13th day of June next, inclusively.
3. That notice of the reimbursement of such stocks as may be reimbursed,
be given by the Secretary of the Treasury, prior to the 1st day of July next;
and that the date of reimbursement be, at his optiou, either the 1st day of
October, or the 1st day of January next.
JAMES MADISON, Secretary of State.
ALBERT GALLATIN, Secretaru of the Treasury.
JOHN BRECKENRIDGE, Attorney General U. S.
Attest:
EDWARD
JONES,
Secretary to the Commissioners of the Sinking Fund.
F.
T R E A S U R Y D E P A R T M E N T , January 20, 1806.
SIR : I had the honor, in my letter of the 28th ultimo, to suggest that a
conversion of the old six per cent, deferred, and three per cent, stocks, into
A
new six per cent, stock, would promote the intention of the legislature
,0
extinguish, within a fixed period, the whole debt of the United States,
for a l>eUer understanding of the subject, a recapitulation of the several species of stock, which, on the first day of this year, constituted the public debt,
18
necessary. The first class embraces the several species of debt reimbursable on or before the 1st day of January, 1809, viz:
DUTCH
DEBT.
I The amount of principal remaining unpaid on
the 31st of December, 1805 " Guilders
Of which there had been remitted, previous to that
day, in addition to the interest of the year 1806,
a sum more than sufficient to discharge all the
instalments payable in the same year, and
amounting to
Leaving for the balance of principal unprovided for
-^ine hundred and twenty thousand dollars of that
sum falls due in the year 1807, and the residue
is payable in two equal instalments, of 240,000
dollars each, on the 1st days of February, 1808,
and 1809. The whole amount, therefore, will
5,500,000
2,000,000
3.500.000 = § 1,400,000
348
REPORTS OF THE
\1803.
have been paid by the Treasury, before the end
of the year 1808.
II. Eight per cent, stock, irredeemable till after
the year 1808.
The original amount of that stock was
$6,480,400
tOf which had been paid, in payment for public
lands, prior to the lst of January, 1806
50,900
Leaving the amount unredeemed
Partial purchases may, perhaps, be effected withm
the limitations prescribed by Congress, during
this and the two ensuing years; and, at all
events, the whole will be reimbursed on the lst
day of January, 1809.
III. Debts reimbursable at the pleasure of the
United States, viz :
Navy six per cent. stockFive and a half do.
Four and a half do.
$6,429,500
711,700
1.847.500
176,000
2,735,200
10,564,700
Which will also be reimbursed before the year
1809, unless the price of stocks should render it
more advantageous to purchase some other species of the debt.
The second class consists of debts payable at more
distant periods, which it does not appear practicable to anticipate, viz:
I. 1796 six per cent, stock redeemable in 1819
80.000
II. Louisiana stock, redeemable in four annual
instalments, the first of which is pavable in
1818
'
11,250,000
The old six per cent., deferred, and three per cent,
stocks, constitute the last class, and amount to
the following sums:
The nominal amount of the six per cent, is
- 28 180 000
Of deferred, is 13,660,000
Of which has been redeemed, bv the annual reimbursement of eight per cent on account of principal and interest, (omitting fractions.) viz
On the six per cent, stock, at the
rate of 30.16 per 100 dollars
- $8,500,000
On the deferred stock, at the rate of
11.30 per 100 dollars
. 1,54(^000
41,840,000
10,040,000
unredeemed amount on 1st January, "
1806, (in round numbers)
.
.
\ 31,800,000
11,330,000
180f>.]
SECRETARY OF THE TREASURY. .
349
The nominal amount of three per cent, (in round
numbers also)
.
.
.
.
$19,050,000
$50,850,000
Total amount of the public debt
-
$72,744,700
Although the old six per cent, and deferred stocks are still considered as
a six per cent, stock, they are both, in fact, an annuity of eight per cent, on
the original nominal amount, which, extinguishing the principal by degrees,
will cease for the old six per cent, in the year 18IS, and for the deferred in
1824. A certificate of six per cent, stock, of one hundred dollars nominal,
was considered on the 1st January, 1806, as equal to sixty-nine dollars and
ninety-four cents real six per cent, stock, because thirty dollars and sixteen
cents of the principal had been discharged by the annual reimbursement of
eight per cent.; instead of which, it was, properly speaking, an annuity of
eight dollars for twelve years and something less than nine months. And,
in the same manner, a certificate of deferred stock, of one hundred dollars
nominal, was considered as equal to eighty-eight dollars and seventy cents
real six per cent, stock; instead of which, it was, strictly speaking, on annuity
of eight dollars for eighteen years and something less than nine months.
The proposition now submitted to the Committee of Ways and Means, is,
that in exchange for the present six per cent, and deferred, a common six I
per cent, stock shall be offered to the public creditors, equal in amount to
the unredeemed amount of the present stocks, and redeemable at the pleasure of the United States: provided, however, that no partial payment shall
be made on any new certificate or credit, but that Government shall be obliged to reimburse, at a single payment, the whole amount of each such
new certificate or credit, and to give previous reasonable notice of such
intended reimbursement Although peculiar circumstances may prevent a
general acceptance of that proposal, the exchange would certainly be advantageous to the creditors; because, 1st. It is difficult to calculate, and
inconvenient to reinvest, four times in each year, the portion of principal
reimbursed, which makes part of the quarterly dividend; and every stockholder who does not fully thus reinvest, insensibly consumes his capital.
2dly. An annuity for a limited term of years is uniformly sold at market
for a price less than its intrinsic or arithmetical worth, as may be exemplified by the market value of every lease, and of every estate, less than the
absolute fee. For that reason, the navy six per cent., which is redeemable
at the pleasure of the United States, has always been worth, at market,
something more than the old six per cent, and deferred stocks; and these,
in England, do not even command a higher price than the American five
and a half per cent, stock, w h i c h is also redeemable at will. 3dly. The time and
manner in which the new stock would be reimbursed, would, as far as it is
practicable, prevent any great fluctuation in its price, and fix its market
value at par.
The exchange would also be advantageous to the public: 1st. Because
Government will thereby be enabled to reimburse the whole in less than
nine years, instead of eighteen. And, 2dly. Because, supposing that circumstances should render a resort to loans necessary, the terms on which
these may be obtained will, in a considerable degree, depend on the price
of the existing stocks. It is therefore desirable that that species, the price
of which has a tendency to regulate that of all others, should be as valuable
350
,
REPORTS OF THE
\1803.
as its rate of interest will admit; and it has already been stated that the
present six per cent, and deferred stocks, being an annuity for a number of
years, are generally worth less than their intrinsic value. It is believed
that that effect was sensibly felt in the operations connected with the purchase of Louisiana.
The advantages of the proposed conversion being reciprocal, no sacrifice
should be made by the United States, in order to insure the assent of the
public creditors; those who may refuse it, will continue to receivc the eight
per cent, annuities, and these "will, as has been stated, cease in the years
1812 and 1818. It appears, however, proper that such remaining annuities should be designated by their proper name, instead of carrying on the
face of the certificates of stock the deceptive appearance of a six per cent,
stock. The annexed printed table, exhibiting the amount of principal
redeemed on the first day of each quarter, shows the difficulty to persons
not well versed in those transactions, of calculating the frtie nominal value
or unredeemed amount of a stock which is perpetually diminishing, whilst
its apparent nominal amount still remains the same. It may easily be
understood how it may, in some instances, happen, that the stockholder
consumes his principal, whilst he supposes that he is only living on the
interest; and how it does sometimes happen, that ijrnorant pnrcha«»crs. thinking that the whole apparent nominal amount, as expressed on the face of
the certificate, is still due by the United States, are induced to pay for stockmore than its real value.
It is therefore proposed that it should be enacted by law. that in every
case where it shall be necessary to issue new certificates, either in lieu of
such as may be lost or destroyed, or by reason of a transfer of the property
itself, or from the books of one office to those of another, the new certificate
should, on the face thereof, express the true amount of the annuity due.
and of the time when it shall cease, instead of stating, as at present, the
nominal amount of the stock which was originally due.
A conversion of the three per cent, into a six per cent, stock cannot be
so easily effected; nor, indeed, without some apparent sacrifice on the part
of the United States.
A three per cent, will always be worth more at market than a six per
cent, stock, which produces an equal interest.
1st. Because there is a possibility that its nominal amount mav ultimately be reimbursed.
2d!y. Because, supposing it to be a perpetual annuity, the principal of
which shall never be reimbursed, its market price is regulated not only by
Ic aI o r
g
market rate of interest in America, but by thr price of similar
foreign stocks, and by the demand for American stocks in foreign countries.
More than eleven millions of dollars of the American three per cent, stock
are held by persons residing in England, Holland, and other foreign countries. 1 hat stock is never worth less than sixty per cent, of its nominal
amount, when the old six per cent, stock is at par. It cannot, therefore, be
expected that the holders will assent to any modification which will not
secure to them advantages at least equal to those they now possess; and
the question to be decided by the committee and by Cbnjrress. is, whetlter
that debt shall henceforth be considered as a perpetual encumbrance on the
nation or whether such a compensation shall be offered to the creditors as
may induce them to accept a conversion which will secure the object here
tofore contemplated—the total extinguishment of the American debt. It may
180f>.]
SECRETARY OF THE TREASURY. .
351
not be improper to add, that even to those who may think the accomplishment of that object either unimportant or impracticable, and taking into consideration such a state of things as may render new loans necessary, the
existence of a three per cent, stock is ineligible. To a nation already encumI bered with an immense debt, and subject, on account of her relative situation, to peace and war establishments of great magnitude and corresponding
expense, the annual sum which it maybe necessary to pav, in order to obtain extraordinary resources, bccomes the primary consideration; and that
T>ecies of stock which, in proportion,to its rate of interest, is the most valuable at market, will naturally be created. The political and geographical
situation of the United States permits at least a hope that, under every contingency, the reimbursement ofthe debts which may necessarily be incurred will, at a subsequent period, be attainable, and that the principal will
not be increased for the sake of diminishing the intermediate payments of
interest. As the ultimate value which a three per cent, stock may reach at
market has natural limits, and the probability of its reaching that value
rests on uncertain contingencies, it is presumable that the assent ofthe creditors may be obtained on reasonable terms, and no greater sacrifice should
certainly be made than the ad vantages expected from the operation will justify. In appreciating the value of the new six per cent, stock which the
creditors would receive, not only its nominal amount, but also the additional annuity which will be payable till the stock shall be reimbursed, must be
taken into consideration. It will, on that account, be eligible to provide that
it shall not be redeemable till after all the eight, five and a half, four and a
half, and navy six per cent, stocks, as well as all the stock which may be
created in exchange of the old six per cent, and deferred stocks, shall have
been reimbursed: a period which, supposing no adverse circumstances to intervene, may be estimated at about eight years. Thus, supposing the three
per cent, to be converted into a six per cent, stock, at the rate of sixty per
cent, of its nominal amount the creditor would at the end of eight years receive sixty dollars, and, in the meanwhile, an annuity of three"dollars and
sixty cents, instead of three dollars, which he now receives; both which
provisions may be considered as nearly equal to a redemption at the rate of
sixty-five dollars. It may be added, that this new stock would be worth
roore at market than the six per cent, created in exchange of the old six per
cent, and deferred, and probably more than par. The Louisiana stock,
which is irredeemable for twelve years, is now worth, in England, one
hundred and five; whilst the old six per cent, is only at ninety-five
Per cent. Whatever reasonable rate may be paid for the proposed conversion, the United States will provide, at a fixed price, for the redemption of
the debt; and the creditor, besides receiving an intermediate additional interest, will exchange the uncertain contingency of a supposed increase of
value for the certainty of a reimbursement, greater than the highest price
which the three per cent, stock has ever yet reached. It has already been
stated, that more than eleven millions of dollars of the three per cent, stock
18
held by persons residing: in foreign countries. About fourteen millions
ofthe unredeemed amount of the six per cent, and deferred stocks, is in the
same situation. As it will be more difficult to obtain the assent of that class
°f stockholders, particularly as relates to the three per cent, stock, it might
also be agreed that the interest due to them on the new stock should, like
that on the Louisiana stock, be paid in Europe; a provision which, without
costing much to the United States, will be a strong inducement in favor of
REPORTS OF T H E
352
I
\1803.
the proposed modifications. Nor would it be impracticable to provide for
an exchange of certificates in Europe, which would remove the objection
arising from the delays and dangers incident to a double transmission of papers across the Atlantic. Some subordinate details may be introduced in
the law; but these outlines will be sufficient to couvey an idea of the plan
which appears to be the most simple and the cheapest mode of effecting the object contemplated. Still, it is less the plan thus respectfully submitted, than
the subject itself, which I have been desirous of bringing under the consideration of the committee. Although an ample appropriation has been made
for the extinguishment of the whole of the public debt, the nature of the
greater part of the stock will, unless some modification shall be obtained,
prevent or considerably retard the accomplishment of that object. If no alteration shall take place in the nature of that stock, the commissioners of the
sinking fund will, after the year 1809, have no other means of applying
near one-half of the annual appropriation, than by making purchases. Annual purchases, to the amount of near four millions of dollars, would necessarily raise the old six per cent, and deferred stocks above par, and the
three per cent, stock to the highest price of which it is susceptible. As
a necessary consequence, the commissioners would cease to purchase; and,
without any real a d v a n t a g e being obtained by the creditors, the I nited
States would continue to be encumbered for a number of years with the
eight per cent, and in perpetuity with the three per cent, annuities. Years,
perhaps, the most favorable for the extinguishment of the debt, would elapse,
and periods might follow when the pressure of the annual payments would
be sensibly felt. T o improve the present time, appears the most provident
course; will, it is believed, conform with the public opinion; and is most
consistent with the former acts of the Legislature.
I have the honor to be,
Very respectfully, sir,
3 r onr obedient servaut,
ALBERT GALLATIN.
H o n . JOHN
RANDOLPH,
Chairman of the Committee of Ways and Means.
p
S T A T E M E N T F — Con tinned.
TABLE showing the amount of principal {on the calculation of 100 dollars) redeemed at certain quarter-yearly periods,
until its final extinction, by the United States, of their stock, bearing an interest of six per cent, per annum, arising
from the payment of dividends of eight per centum per annum, under the /fro vis tot is of sundry acts of Congress.
r
1 January
^April
July
October
January
April
July
October
January
April
July
October
January
April
July
October
January
April
July
October
Januury
April
July
October
Amount redeemed.
1, 1796
1802
_
1, 1797
1*03
_
m
1 1798
1804
_
1 1799
1*05
-
_
_
1 1800
1806
_
_
1 1801
1807
_ _
-
9.
9.08
2.06OI5
2.09135675
4.122727101
4.18456*00*
4.21733652*
4.311046576
6.375712274
6.471347958
6.56*41*178
6.66SM4450
8.76t .94*617
8 808456846
9.031929639
9 . 1 <>7408583
11804819712
ll.474.m508
11.640610940
11.821310071
13.998629725
14.20*609171
11.421738308
11.638061383
Amount redeemed.
Amount redeemed
1803
1808
1*03
1809
1801
1810
1805
1811
1806
181-2
W07
1813
_
16. 867635349
1 110499879
17. 367157377
17 15270; 1737
19 80207970*
20. 190400904
20 •193317817
20 8007175*5
23 II27JK148
23 459419918
23 811310563
21 168480291
26 531017424
26 928979616
27 332997121
27 742900730
30 159044841
30 611499005
31 070601354
31 536660371
31 .001)710279
34 . 51!)855933
33 .037653773
35 .563918679
!
i
1808
-
1814
180S)
1815
1810
-
1816
1811
1817
1812
1818
1813
1819
Amount due Jnly 1, 1818
Interest thereon
Amount of last payment, payable 1st October, 1818 and 1824
38 096666858
:w 668116860
. > 24813*613
39 836860603
49.434413603
43 070929807
13 7169 (3751
44.37271*660
47 03*339890
47.7430149*9
48.460073713
49.186974819
'I 9217791!I
52.703651133
53.191205900
54.£9661898*
57.111068273
57.967734297
5 8 837250311
59.719809066
62.615606202
63,554840295
61.508162*99
65 475785313
Ara't redeemed.
1820
1814
1815
1*21
1816 ! 1822
1817
1818
1823 !
!
1824
V)
68.457929123
69.484790996
70.527062*19
71.5*4968761
74.658743293
75 77V994449
76.915303809
7*.069681866
81.34006*866
*2.458669899
83.695549948
84.950983197
88.925947945
89.548626664
90 >91*56064
92.955983904
95.639062413
97.073648349
9*.529753074
100.
M
Q
0**
a
>
-3
P3
P3
>
to
a
81,470,946,926
22,053,703
1,492,300,629
T h e real value 100 dollars nominal will be found by deducting the amount redeemed in anv one quarter, from 100 nominal dollars, expressed
in the
y
stock
bearing mteiest at six per cent.
j
05
w
A TABLE
of the annual payments
to be made on account of the public debt, from the year 1809 to the year 1824,
if no modification of the same shall take place.
Six per cent, stock of 1796.
Interest and reimbursement of
Years.
Si* per cent, stock.
•
•
-
# 3 , 9 0 1 , 4 9 9 11
1,964,397 43
91,093,65ft
1,009,053
1,092,655
1,092,055
1,699,666
1,099,055
1,099,066
613,507
93
93
93
93
93
93
93
36
Interest.
81,M00
4,890
4,800
Principal.
880,000
Interest and
chirges.
Hill " ' '
From 1609 to 1817
1818
1819
1820
1821
1822
1833
1824
After 1834
Deferred atock.
Louisiana stock.
Interest on three
per cent, stock.
Total in each
year.
Principal.
•3,813,500
3,813,500
3,813,500
3,812,500
8570,583
570,683
570,583
570,583
570,583
570,583
570,583
570,5*3
570,583
25
25
25
25
25
25
96
9ft
25
84,599,531
6,424,836
5,070,539
4,815,739
4,645,739
I M,!!
29
60
18
18
18
IS
1,661,939 18
1,181,150 61
570,583 25
Nora.—After the year 1824, the three per cent. stock, amounting to 19,019,481 dollars, will still be doe, and the annual payment o f t h e interest, amounting
to 070,683 25-100 dollars, continue ever alter
jq
180f>.]
SECRETARY OF THE TREASURY.
.
355
H.
A TABLE of the annual payment* on account of the public debt, from
the year 1S09 to the year LB21, on the supposition that the old six per
cent., deferred, and three per cent, stocks shall be converted into a new
six per cent, stork, redeemable within seven years; and that the annual
appropriation of eight millions of dollars shall be continued till the
final reimbursement of that new stock.
Louisiana and 1796 six per
ceut. stocks.
Proposed 6 per cent sto^k, issued
in exchange for the old 6per cent.,
deterred, and 3 per cent, siocks.
Years.
18.19
1810
1811
1811
I8l.»
1814
1815
lsn
1817
1818
1819
18 JO
1821
Total in each
year.
Interest.
Principal.
Interest.
S2,370,30l
2,073,i»07
1,759, I U
1,425,717
1,07».379
U97,8l'l
225,575
84.914,899
6,941,693
5,»6,08R
5,889,453
6,242,821
6,U17.390
5,012,776
$684,800
681,800
684,800
684,8'J0
681,800
684,800
681,800
684,800
684,800
681,800
514,800
340,000
170,000
Principal.
$2,812,500
2,892,500
2,812,500
2,812,500
$8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
5,923,151
684,800
681,800
3,497,300
3,407,300
3,152,500
a 2,982,5*0
« T h e whole of ihe public debt will ihea have been completely reimbursed
K.
COMPARA TIVE VIEW of thr annual payments U be made on account of the principal and interest of the public dtbt, after the year
18U8. agreeably to the principles assumed in the two preceding tables
murked G and H.
Years.
1809
1810
1811
1812
1813
1814
1815
1816
1917
Annual payments, agreeably to table
G.
84,599,531
4,599,531
4,599,531
4,599,531
4,599,531
4,599,531
4,599,531
4,599,531
4,599,531
Annual paymeats, agree- |
ably to table
H.
Years.
1818
$3,090,000
18:9
H,000,000
1*20
8,000,000
1821
8 , 0 0 0
1822
8,000,000 !
8,000,090 I
1823
5,923.131
1824
681,800
After 1824, in
6*1,800
perpetuity,
Annual payments, agreeably to table
G.
Annual payments, agreeably to table
H.
86,421,836
5,070,539
4,815,739
4,615,739
1,663,239
1,663,239
1,184,151
$3,497,300
3,407,300
3,152,500
2,982,500
The whole debt
extinguished.
570,583
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 lst April, 1801, to 31st March, 1805, 326.
of 1807, estimated, 331.
of 1808,
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 aiuouut, and bow composed, 72.
the United Stales 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 ill 1790, 65.
objections to, considered, 57.
stock of, how composed, 59.
favor the increase of the precious metals, 61.
tend lo lower the rate of interest, 67.
•
_
Bounties considered as a mean of encouraging manufactures, 110, 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 die public debt, 5.
promoted by manufactures, 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 lst April, 1801, to 31st Marcn,
1805, 319.
,
-
it
^nvds
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, *TC-
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, tariifof, 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, 2b0.
amount ofthe, 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
materials ^
for manmawun»
^
Expenditures.—See Receipts and Expenditures.
Exportation.—Sec Re-exportation.
^
<
F
Finances, ,he effects of a nationalbauk in administering.be, centered, 54.
Finances, state ofthe, in 1801,
1802,
1803,
1804,
1805,
1806,
1807,
H08,
1809;
21b.
252.
262.
2S5.
297.
331.
356.
373.
(June,) 391.
556
INDEX.
Finances, state of the, in 1809, (December.) 398.
1810, 421.
1811, 443.
1812, 468.
1813, (June,) 488.
1813, (December,) 499.
1814, 523.
Fisheries, benefited by manufactures, 107.
Florida, imports and exports to aud from, for Uio 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.
Funding system established in 1790, 165.
G.
Gold and silver, amount of, increased by establishing banks, 55.
proportion of, in the United Stales, in 1790, estimated. 141.
I.
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, 208.
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 1WJ9, 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 lst April, 1801, to 31st March, lbuo, 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
r
418, 471, 491.
'
'
'
'
Loans, foreign, amount of on 31st December, 1789, 31.
Loans 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 49S; 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.
124
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 n n d consumed from 1790 U> 1793, quanuty of, 211.
See Merchandise imjxjrled.
N.
National bank proposed to be established, 54.
Navy expenses of 1802, estimated, 222.
1603,
do
253.
1804.
do
263.
1S05,
do
2S6.
1806,
do
298.
from 1st April. 1801, to 31st Maxell, 1S05, 327.
of 1907, estimated, 331.
1808,
do
358.
paid, 374.
1S09, estimated, 375, 392.
paid, 399.
from 1802 to 1807, 420.
of 1810, estimated. 400.
paid, 421.
1811, estimated. 423.
paid, 443, 466.
1812, estimated, 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
1798, 241—See Merchandise imported.
Penalties and forfeitures for infractions of the revenue laws, to be districted to informers and custom-house officers, 425.—See Revenue.
Postage of letters, receipts from, in 1801 to 1805, 317.--See Revenue.
Post Office, revenue derived from Oie, to be 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 ofthe, 168.
amount of foreisru 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.
KK
Q94 0 f ; i Q
estimated amount that maybe paid, m 1809 to 1824,354,3^.
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
pubbc debt,
j S ^ f f i f f i S S
1795 and 1801,
1 r i 21Q 244
p r ^ i b of'the. pledged for the publie debt, 163.
S d T l S O l , 220, 246.
intrusions on the, to be prevented, 221.
sold in 1802, 252, 257.
INDEX.
560
Public lands, sold in 1S03, 262, 274.
1801, 285, 291, 315.
1905, 297, 308.
receipts from, in f W l to 1905, 31 / .
sold in 1806, 331, 34*.
1807, 356. 368.
1908. 373, 385.
1809.398, 411.
sold from 1800 to 18(0, 421, 432.
sold in 1811,448.
,
tI .
JJO
may be applied as & bounty to soldiers enlisting, 448.
sold in 1M2, 478.
1813, 511.
I b l l, 550.
*
I ]
3
m
|
Public vessels sold, 222.
R.
Receipts and expenditures, estimated for 1790, 45, 53.
1795, 170.
comparative view of the, for 1795, 214.
in 1901, 216.
1802, 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.
1811,443. 466.
1812, 468, 482, 486.
1813, 488, 492, 499, 616, 532.
1814, 523, 533.
Re-exportation of foreign merchandise in 1807 and 1908, 409.
Revenue, frauds of the, how to be prevented, 23.
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, 4 ^ 448, 504.
from what sources derived, and the amount in 1795, t&', l v '
1801,216-
s
„lT
1901 to 1805,317.
322.
1908,395.
1809, 419.
1810, 438.
1811, 466.
v
INDEX.
561
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 lst 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
January,
proceedingsofofthe,
the,toinlst1802,
260. 1795, 167, 1/1, -411.
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
o'W-See
Merchandise imported.
Saints foreign and domestic, additional duties proposed on, 22.
Stamp dutfesexpire 4th March 1803 218 2 2 1 . - ^ / ^ ,
State debts, ought to be assumed by the Union, 14, 28, 30.
amount of; estimated, So,
provision for liquidating the, 164.
S ^ i ^ E S SSSrESbTlW
S u r p K ^ y C f t *
quantity of, 2 4 , - S ,
S
'o
'
359
'
T.
J KO I^IHPW 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, t—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
notes, amount authorized in 1812,
469, 492.
treasury u
1813,492.499,518.
1814, 525. 528, 532, 541-2.
in circulation in 1814, 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.
@FedFRASER