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UL

TABLE O F ' C O N T E N T S .
'

Report by; Mr. Dallas on tlie Finances Eeport by Mr. Crawford on the Finances
Report by Mr! Crawford on the Finances
Report by Mr.'Crawford on the Finances
Report by Mr. Crawford on the Finances
Report by Mr. Crawford on the Finances
.Report by Mr. Crawford on the Finances
Report by Mr-Crawford on the Finances ,
lieport by Mr. Crawford on the Finances
Report by Mr. Crawford on the Finances
Report by Mr. Rush on the Finances Report by Mr. Rush^ on the Finances Report by Mr. Rush on the Finances . Report by Mr. Rush on the Finances Eeport by Mr. Crawford on the state of the




•

Page.

December, 1815
5
D.ecember, 1816
73
-^
,r
December, :i817
88
•
November, . 1818
lo
i
- ..
. December, 1819, 144
December, 1820
167
,. - .
December,, 1821
198
.December,. 1822 .217
; December,^ 1823
247
•December, 1824276
-^
313
December, 1825
December, • 1826 ^ 353
- ,
-~
:
December, 1827
. .-< . .
388
December, 1828
->
- . 439
Currency of the United States, in 18*20
481 .

' ^ '^^ w'

8 31

1820.']

SECRETARY OF T H E -TREASURY.

167

• REPORT'ON THE FINANCES;/;
'
DECEMBER, 1820.
In obedience to the directions of the ^'Act supplementary tq the act to >
estabUsh the.Treasury Department," the Secretary ofthe Treasury respectfully submits the following report.
I. OP THE

REVENUE.

- The nett rev,enue arising frorn imports and .tohria.ge^ internal duties, direct tax, public lands, postage, and other incidental receipts during the year
1817, amounted to
.
.
.
$24,365,227 34
Yiz: Customs, (see statement A) - $17.524,775 15
Internal duties
> - ' 2,6.76,882 •77
^
Direct tax
- 1,833,737 04
Pablic lands, exclusive of Mississippi
stpck
-, , :
2,015,977 00
Postage, and other incidental receipts ^
313,855 38
That.which accrued from the same sources during the year .
1818 amounted to
-'
v .r.
- ..26,095,200 65
Yiz: Customs, (see statement A)"- $21,82^,451,48 •
Arrears of internal duties
947,946 33
Arrears .pf direct tax 263,926 ,01
Public lands,, exclusive of Mississippi
: ,
.
stock
- ^.- .
. -, 2,464,527 90
Postage, dividends on bank stock, and ,
other incidental receipts 590,348 93
And that which accrued from the same sources durins: . , >
theyear 1819 amounted to
.
, .'^
. .^21,435,700 69
Yiz : Cuistoms, (see statement A) - $17,116,702 96
Arrears of internal duties, (see state- v ment B)- .-.. ... ..--... ;227,444 01
Arrears of direct tax, (see statement B)
'.80,85Q 61,,
Public lands, exclusive of Miss'pi stock 3,274,422 78;
Postage, and other incidental receipts
' 61,280 33
- First instalment from the Bank of the
United States,and dividend on the
..,..stock in that bank
675,000 00
It is ascertained that the gross aniount of duties.on mercha.ndise.and,tpiinage, which accrued during the first:thr.ee. quarters of the present year, ex-,
eeeds $13,340,000 ; and the sales of public lands during the first two quarters^of the year exceed $1,240,000.. .... ^ ..;i,. ....... ,. . . ; ..
,
The. payments into the Treasury, during the first three quart'ers of the
present year are estimated to amount to ••-./. ••• -.;
$16,819,637 49
Yiz: Customs..;
.
-. . .
$12,378,513 12
Public lands, exclusive of Mississippi
stock ^ .
..
- 1,124,645 32



68

REPORTS OF-THE

[1820.

0

Arrears of internal duties
Arrears of direct tax
Incidental receipts
Moneys received from loans
Repayments
-

$104,769. 20
579,749 14
2,545,431 47
86,529 24

And the payments into the Treasury during the fourth
quarter of the present year, from the same sources, are estimated at t $3,430,000 00
Making the total aniount estimated to be received into
the Treasury duringthe year, 1820
-20,249,637 49
Which added to the balance in the Treasury on the 1st
^
dayof January last, amounting-to
- '-'
- .2,076,607 14
Makes the aggregate amount of
- ' - • ' ^ $22,326,244
The apphcation of this sum for the year 1820 is estimated as Allows, viz:
To the 30th of September, the payments have amounted
to
. $16,908,413 80
Yiz:
•
;• ^ . ^ • .
••
;
Civil, diplomatic, and miscellaneous expenses,
-$2,078,573 2.5
.. '
" Military service, including
. ibrtifications, ordnance, Indian department, revolutidnary
and military pensions, arming
the militia, and arrearag^es .
"
'
'
prior to the 1st January, 1817 .6,043,068 00
Naval service, inci tiding
the permanent appropriation
«
.
^
'
for' the increase of the navy 2,946,762 00
Public debt, \ including
$1,142;879 55, for the redemption pf the Mississippi
certificates - 5,840,010 66

63

, j :

fej
4
-^
^

During the fourth quarter it is estiinated
the payments wilLamou'nt to 3,056,000 00
Yiz:

_

- •

Civil, diplomatic, and mis.
cellaneous expenses - 450,000 00
Military service - ' • - 1,900,000 00
Naval service
--.
- ^806,000.00'
Public debt,.to the 1st Jan-'
•.
uary, 1821 - • ' -'
•- 4,900,000 00
,Making the aggregate amount of

-

And leaving on the 1st of January, 1821 , a balance
against the Treasury, estimated,at




24,964,413.80
$2^638,169 -17

1S.2Q.]

SECRETARY. OF T H E TREASURY.'
I I . OF THE PUBLIC DEBT.

169

,

The funded debt which was contracted before the year 1812, and which
was unredeemed on the 1st of October, 1819, as appears by statement No. 1,,
amounted to
-"
. . ..
- $23,668,254 71
And that contracted subsequent to the 1st day of January, 1812, and unredeemed on the 1st day of October, 1819,
as appears by the same statement, amounted to -..
- 68,060,336 29
Making the aggregate aniount of
-.-. ^-' , - $91,728,591 00
Which sum agrees with the amount, as stated in the last .
annual report as unredeemed on the; 1st of October, 1819,
excepting the suni of $63 49, which was then short estimated, and which has since teen corrected by actual settlement.
In the fourth quarter of 1819, there was added to the
\
above sum, for Treasury notes brought into the Treasury
and cancelled, the following sums, viz:
• '
- '
In 6 per cent, stock ^
-' . $4,152 18
In 7 per cent, stock
- - . .10,525 00
14,677 18
. Making
- . - $91,743,268 18
From which deduct Louisiana six per cent, stock, reimbursed on the 21st of October, 1819
-,$2,601,87114And deferred stock reimbursed between
the 1st of October, 1819, and 1st of January, 1820
- ^
-,
...
242,0.63 47
2,843.934 61
Making the pubhc debt which was unredeenied oh the
Isf day of January, 1820, as per statement No. 2, amount to $88,899,333 57
From the 1st of January to the 30th of September, iur
elusive, there was, by funding Treasury notes, and issuing
three per cent, stock for interest on the old registered debt,
added to the public debt, as appears by statement No. 3, the
> .
amourit of
-.
.$34,550 19
.
And bv the loan authorized per act of
.
May 15th, 1820 . - 2,545,43147
2,579,981 66
Making
- $91,479,315 23
From which deduct the amount of stocj purchased dar- .
ing that period, as per statement No. 3 $40 34
And the estimated reimburserrient of de, .
,
ferred stock
-. .
^- .,
253,752 78
253,793 12
Making, on the, 1st of October, 1820. as appears by statement No. 3, the sum of ' , ; - $91,22S,52211
To which add, in the fourth quarter of 1820, on^account
,.
of the loan of the 15th May, of the same year - - . ' 4.54,567 66.




Making

-

- $91,680,089'77

170

^ REPORTS OF T H E

'

[1S20.

There will be reimbursed of the principal of the deferred stock,r on the. 1st January; 1821 ; . . - - - .$249,444 16
Sincethe 30th September last, the residue.
^ ^
oftheLouisiaha stock has become redeemable, amounting to /
- 2,216,408 78
$2,465,,852 94
' Which, if discharged before the 1st day of January, 1821,
will leave the public debt unredeemed on that day, as esti- . . . .
mated
* ^
- .
-$89,214,236 83
The- Treasury notes yet in circulation are estimated,.
as appears by stateinent No. 5, at
-,
-•

.,' :
... $27,656 00

The whole of the awards made by the commissioners
appointed under the several acts .of Congress for thein^.
demnification of certain claimants of public lands, (as. appears by statement,No. 6,) amount to
- v -- $4,282,151" 12
Of which there has been received'at the General Land.
Office
-;. ;
..
- $2,439,308 31
And there was paid at the Treasury, 66
per cent, on $1,731,635 69
- 1,142,879 66
3,582,187 86
Leaving outstandirig, oh the 30th September. 1820

-'

$699,963 26

I I I . OP THE ESTIMATES OP THE PUBLIC REVENUE AND EXPENDITURES
'
FOR THE YEAR 1 8 2 1 .

In forming an estimate of the.receipts into the Treasury for the year 1821,
the amount of revenrie bonds outstanding on the 30th day of September
last, the sum due for pulDlic land, the ability and disposition of the community to purchase, and especially the quantity|aiid quality, of land intended
to/be: exposed at public auction in the course of the year, present the
data upon which the. calculation must be made. As a portion of the duties
which accrued- inthe fourth quarter of the present year, and in the first and
second quarters of .the next, jform a part of the receipts into the Treasury for.
thfe, latter year,^ the amount received will exceed or fall short ofthe
estimate, by the difference between the. duties which actually accrued in
, those qriarters, and are payable within the year, and the amount at which
they had been estimated.
, . i, , . ...
The receipts intolthe Treasiijy may,also considerably exce^^
fall short
of the Slim estimated, in consequence oif th^ issue of a greater or less amount
of debentures payable during the year 1821 than had b(3en estimated.
The ..degree of punctuality with which the revenue bonds are discharged,
upon which the estimate is formed, must necessarily affect the amount that
wilLbe received into theTreasury.
.. ,.. ..
...
, . ^
, .
If the accruing revenue of the present arid two succeeding'•quarter's should
exceed that of the corresponding quarters of the present and last ye.ars ;,if
the amount .of the debentures which may be issued and ni.ade payable, so as
to affect the receipts of the year, should be less than that of the preceding
years since the peace, compared with the gross aniount of duties secured



1820.]

SECRETARYOFTHETREASURY.

171

within those years respectively; and if greater punctuality inthe paymentof
the revenue bonds no.w outstanding should be observed than during the last
nientioned period, the receipts from the customs will exceiecl the estiniates
now presented; and they will fall short of it, should all these contingencies
be unfavorable, as has been the case during the present year.
The revenue bonds .outstanding -on the 30th of September last; are esti-\
mated at 18,770,000 dollars. . Of this "sum, 3,130,000 dollars are in suit; of
which about 1,250,000 dbllars will not be collected, on account of the insolvency of the debtors; leaving the amount of bonds outstanding upon which
collections are to be made, estimated at 17,520,000 dollars.' The amount
vof duties secured during the 1st, 2d, and 3d quarters of the year 1820, is
estimated at 13,35.0,000 dollars, and that of the whole year .may be estimated
at 165500,000. . The amount of debentures outstanding on.the 30th of September last, and payable during the year 1821, is estimated at $1,162,114 16,
^ which is. subject to be increased by the a,mount issued in the present quarter,
arid during the whole of the ensuing year, chargeable upon the revenue, of
that year. The annual average amount of debentures j bounties, and allo\yarices, and expenses .of collection, chargeable upon the revenue, has bpen
ascertained to be nearly, equal to 15 percent, ofthe annual ayerage amount
ofthe duties upon irriports and tonnage, which accrued fromthe year 1815
to the year 1819, inclusive.
. . /
• .
' '"'
If this proportion be applied to the revenue bonds outstanding on the 30th
of Sepiernber last; and if the receipts fromthe tonnage ofwessels and upon duties secured during the present and the two succeeding quarters, are assumed to.be. equal to' any deficiency resulting from the want of punctuality in .
the discharge, of the outstanding bonds, the receipts into the Treasury fo'r
the year 1821, from this source of revenue, may be estimated at 14;000,000
dollars. ..
, .
. : .
..
•
/Thereceipts into the Treasury from the public land during the first three
quarters ofthe present year are estimated at $1,124645 32, and those ofthe
entire year will probably "hot much exceed 1,600,000 dollars.
The receipts from that source during the year 1821 will probably not '
exceed those of the-present .year, if no incentive to greater punctuality, or
inducement to make prompt payment, should be presented to the public
debtor, in the course of the present session of Congress.
The balances of internal duties and direct: tax still putstanding, are so con-,
siderable as to justify an estimate of some extent, in calculating the receipts
of the ensuing year,, if the difficulty of enforcing payment in those States
where the largest aniount is diie were .not known to be great.,. Under these
circumstances, thereceipts from that source, for the ensuing'year are estimated at 100,000 dollars.
.
. , . . . , .
According to the foregoing, data, the receipts into the Treasury for the
ensuing year may be estimated as follows, viz:
Customs- ... -.
$14,000,000 00
, Public lands, exclusive of Mississippi stock 1,600,000 00 ,
Arrears of interrial duties,-direct tax, and
, ,
incidental receipts • -^
, - 100,000 00 .
Third iristalmerit from the Barik of the
UnitedStates,.
- 500,000 00
Bank dividends, which will accrue during
\
the year, estimated at 5 per cent.
- '
- 350,000 00
Making the aggregate amount of 


- .

-

$16,550,000 00

172

REPORTS OF T H E

[1820.

The appropriations for the same period are estimated
follows, viz:
^
1st, Civil, diplomatic, and miscellaneous $1,769,850
2cl. Mihtary department, including fortifications, ordnance, Indian department, mill,
tary pensions, and arrearages prior to the ist
January, 1817
- ,
~. 4,585,352
. 3d. Naval department " - 2,420,594
Making an aggregate of - . —

-

-

as
04
/
' •
61
56 \
- $8,775,797 21

But to determine the amount of the charge upon the Treasury for the service of that year, the fbllowing additions must be made, viz:
1st. Civil, diplomatic, and miscellaneous, the sumof $1,500,000, being an
amount of appropriations for the present and preceding years unexpended,
and which may be expended during the year 1821;; and the sum of
. $5,477,770 76, payable oh account of the interest and reimbursement of the
principal of the public debt during that year.
2d. The unexpended balances of appropriations for the War Department,
under the different heads already enumerated, and which have been deducted from the estimates, or npt included in them, (as in the case of revolutionary .pensions, because the balance of that appropriation is estimated to be
equal to the expenditure on that object during the yearj) amounting together
to $2,507,267 ,63:
:
.\
'
The annual appropriation of $200,000 for arming the militia, and the
Indian annuities ^ot embraced by the estimates, aniounting to $152,575.
3d. The annual appropriation pf $1,000,000, for the gradual increase of
the navy, which will expire in the year 1823; and an unexpended balance
on the same acco.unt, which may be expended in 1821, of $1,750,000.
According to the foregoing data, the expenditure of the year 18^1, and
which is chargeable upon the Treasury during that year, may be estimated
asfollows, viz:
,,
1st. Civil, diplomatic, and niiscellaneous
.- , -$3,269,850 04
2d. Public debt
' -•
- 6,A77,777 7 6 , . 3d. Military department, including for..
tifications, ordnance, Indiaii department,
'
military and revolutionary pensions,, arrears'pripr to the ls,t of .lan'y? 1817, and
arming the militia, and Indian annuities,. 7,445,195 24
4th. Navy Department, including the
.
sum-o.f $1,000,000 for the gradual in- ^ •
crease of the navy
." 5,170,594 56
Making an aggregate charge upon the Treasury, for
the year 1821, 6f
- ,
-.$21,363,417 60'
To which add the balance against the Treasury on the
1st January, 1821^
„
. - ^
- , .
2,638,169 17
Making..

-•-•;

- ,

-

-

^

-•.$.24,001,58677

Leavinga balance of $7,451,586 77, beyond the estimated means, for
which provision riiust be ma^e.



1820.]

SECRETARYOFTHETREASURY.

173

To determine.'whether a deficiency to this or any other amount will occur in succeeding years, is extremely difficult.' The data furnished by the
fiscal operations of the Government, since the peace, must be principally
relied upon, in niaking ihe calcuiation necessary to "arrive at any general
result upon this subject.
, ' .
'
It has been ascertained that the nett revenue Avhich has accrued from
iniports and tonnage, from the year 1815 to 1819,.incliisive., has amounted
to $120,260,052 46. If this be divided by the number of yea'rs^in which
it accrued, the result will be an annual average revenue of $24,052,000.
But the revenue which accrued in 1815 greatly exceeded, not only that of '
any year previous to the war, but that of any year since'that epoch. It is
also admitted that the quantity of produce on hand at the close of the war,
especially of cotton and tobacco, considerably .exceeded the amount of the
crop of those articles made during the preceding year. The ability of the
community, therefore, to purchase an increased amount of foreign articles,
-inthe yeeiv 1815, exceeded in a corresponding degree that of subsequent
years. It has also beeri. ascertained that the importation of'foreign articles,
duringthe present year, has been considerably less thari in any year • since
the peace. To form an estiniate of the average annual revenue which may
accrue^from imports and tonnage, during the next four years, that will approximate towards accuracy, it will be necessary to embrace in the calculation the revenue which accrued from the year 1814 to-1819, inclusive,
amounting to $124,510,414 05, and that which shall have accrued in the
year .1820, estimated at $14,000,000; niaking the aggregate sum\of
$138,510,414 05, which gives the sum of $19,787,202, as the annual average^ revenue for those seven years.
' ",
Other views, derived fromthe fiscal operations of the Government, will be
found to accord with this result. The average product of'the duties upon
imports and tonnage, which accrued from the year 1801 to 1807, inclusive,
may ha stated at $13,640,000; and-that whi.ch accrued from the former period to 1813, inclusive, amounted to the annual sum of $11,570,000.
The increase of population in the United States has been estimated at
'34 per cent, in ten years. If the increase of consumption-has corr'espo.nded
with that of population,,the revenue of the year 1820, according to the result "furnished -by the first seven years, would exceed $20,00.0,000, and
wpuld fall but httle short of $17,000^000, according to the data furnished
by the whole period. During the former period, the principal. States of
Europe were involved in wars, which not only gave to our shipping thy
principal part of the carrying trade, but created ari unusual demand' for
every article of exportation, and greatly enhanced their value. Any estimate
founded upon the average revenue of those years, the duties upon imports
remaining the same, would, most probably, notbe realized; brit as these
duties were considerably increased in 1816, the objections to such an estimate are, in some degree, diminished. From the year 1808 to 1813 inclusive, the United States were engaged i n a state of commercial or actual
warfare. The disadvantages to which their commerce was subjected by
that warfare mbre than cotinterbalance the peculiar advantages it enjoyed
in the seven years immediately preceding. An estimate for the next four
years, founded upon an average of the wholej term, would more probably
fall short of than exceed the sum which would be received into the Treasury, notwithstanding the duties were higher during two years of that term
than at present.
^
- > •
^
:
.'



174

REPORTS OF T H E

[1820.

In.the investigation of a subject of such/complexity, affecting so deeply
the interest of the coniriiuriity, every,fact and circumstance connected with
it ought to be considered. Sirice the year 1807, new interests have arisen,
which claim a promiherit place iri this cdrisideratipri. From time immemorial, household mdriufactures have existed iri every part of the, United
States. The mechariical arts—those branches of manufacture without which
society, even iri,a very imperfect state 6f civihization,;Pouldvnot exist, though
differing in some degree from those prbperly /^enoHiinated householdhave long existed in the.United States. Sirice the year ;lS07j' those
branches of maiiufacturehave been greatly extended and improved. Others
havebeen estabhshed;;and a; large ariibhritbfvca|ritd
invested in
manufacturing establishrn^^
pfcmise to: furnish, in a short tirne,
an ample supply of cotton arid'woollen mariufactiires, drid most of those of
iron, glass, & d various other articles of great Value. ;
. A s comriierce has prbperly been dd^
exchange of equivalent
value, it is probable' that tli^^^
part, to rebeive from foreign
natibns the' accustonied supply of thpsje articles which;cari now be produced
in our dbmesticestablishMents, the articles'w
they have been accustomed tb receive frorii us will lose sbriiethirig of. the; value which they
would otherwise have cortirriarided, until new channels bfintercourse shall
be discovered, and differerit articles of riierbhandise shall be substituted for
those formerly received,.
,;
/•
. The capacity of a nation to consume foreign articles depends upon the
value of its exports, arid not upon its ability to fumish every article of primary or secoridary necessity. The precious mietals. are never imported
into any country, when cominpdities which will bomriiand a profit can be
obtained for importation.^ .Giving full weight to the fact that cotton, woollen, iron., and yaribu^ other arlicles which are now furriished by our doniestic esfablishriients, will be hereafter received frorn foreign nations onl^' to
a sriiall ambunt, $17,000,00.0 of reveriue may be.assumed as the minimum,
arid ,$20,000,000 as the maximum, which will be anriually receiyed fi'orri
irnports and tonnage du
next four years. The decrease which,
has occurred in the revenue, in the last and present years, furiiishes no
grbund to distrust the correctness of the foregoirig conclusion. The C;Ustoms produced, iri 1815, a nett revenue of $36,306,022 51; in 1816,
:|27,^84;i00:36; and in 1817, $1:7,524,775 15.: Thislastybar was considered, at the tiriie, as the peribdof greatest reaction -accordingly, in 1818,
] the, nett revenue from the customs amounted tb $21,828,451 48.
The multiplicatioli of banks, the state of the currency, and the high
price which all exportable articles cbmmarided, until the end of 1818, strprigly invited to extravagance of eyei^y MM, arid p"a^
tion of foreign merchandise. The resburces of iridividuals had beenj .by
these seductions, in a great degree ahticipated, during the first years which
succeeded the peace. The suddeil reduction iri the value of air exportfi^^^
arficles, which occurred about the; corrirtiericenient bf the year 1819, hot
only pre vented in a great degree further purchases,, but rendered; the dis<iharge bf engagements previously cohtracted iriipracticable. The pressure
thus produced upon the community reacted upon the venders of every
specfes of >merchandise, whether fbr
br domestic; whov withbut thoroughly myestigating^ the cause of fheir distress, have sought ior relief in
measures;cafculated^^^^^^
to aggravate than alleviate:t
m e n t . - . ' ^

' • • • . • ! ' • ' " " ^ ' • • ' •




' " •

;

^

,.,_-;.

• - • - - .

. • . . : ^ , .

•

. , . . , . . . , . _ . . , , , . •

. . ^ . . - . . . , . , , , . . . .

^

1820.]

SECRETARY OF T H E TREASURY.

175

The issue and payment of a larger amount of debentures, in the present
year,' in proportion to the exportations of the last; the increased-arhount of
specie, and diminished arriounf of foreign inerchandise imported during the
present year; arid, the ready sale of foreign arid domestic articles now hi the
market, show that the importation of fbreign goods "is upon the eve of being regulated bythe demand for them'fpr consumptiori.
,
It has been stated that the receipts from the public land, during the year
,1821, cannot be estimated at more than $1,600,000, unless some greater
incentive to punctuality, or inducement to make prbmpt payments, should
be offered by the measures which may be adopted in the course of the present session of Congress. . The act of the 24th"of April last,.which abolishr
ed credit on all purchases of land, and reduced the minimum price from 200
to 125 cents per acre, furnishes, it is respectfuily conceived, equitable
ground foi: legislative interference in ifavor of purchasers under the ancient
system. By that system, the price could be reduced to 164 cents an acre,
by prompt payment. , If the act^ abolishing credit liadfi'xfedthe niinimum
price at 164 cents, instead of 125 cents, no equitable ground for legislative
interference would exist. . It is riot contended that the'vender of an a-rticle,
under ordinary circumstances, does an injury toa purchaser by subsequently selling the same article to others at a lower r^ate. But if he has in his
possession such a quantity of the article sold, as to enable him, for an indefinite time, to determine the price ofthe article, he affects, the iiiterest of
every previous purchaser by such reduction,, who may be constrained, from
any cause whatever, to sell that article. The extent of the national domain
will,for ages, enable theGovernment to determine the price of unimproved
land similarly situated. I t i s adniitted thatthe Government has been induced, to adopt this riieasure by the niost grave considerations. The most
prominent of thesewas the necessity of preventing the, further increase of
a debt, then about $22,000,000, strongly affecting the interests and feelings
of a great number of citizens. If its increase was an object of deep solicitude, its diminution, by ari act of grace, founded upon equitable principles,
will be in strict accordance,with the motives in which that measure originated. Difficulties, may occur in adjusting the details of such a measure,
unless it be presented as a simple act of grace. .Under this poiritof view,
it should be confined in its operation to the debtors pf the Government for
public lands, and should affect them only to the extent of the debts which
"they may respectively owe.
' '
• .
Duringthe excessive circulation of bank notes not convertible iritp specie,
and to which the Government, from necessity, for some.tirrie gave currency,
and the high price which every description of domestic produce comrnanded, large quantities of public land were sold at pubhb auction, at prices
greatly beyond their real value. In many instances, the first payment
which the- Government has received cannot be obtained by the purchaser,
if he was. able to convey the title in; fee siriiple. The propriety of legislative interference to change the relation between debtor and creditor, for
the benefit of either, may well be questioned. Circumstances, however,
may arise; which .will influence an upright and benetolent creditor to relax
liis demands, and to grant rehef tb his debtor voluntarily, which he might
resistas an act of power. Such is respectfully conceived to be the situation
of the Government in relatiori to the purchasers of pubhc larids, whoj in a
moment of infatuation, have engaged to;pay for a portiori of .the natibnal
domain a sum greatly beyond its value, and'w:hich never will be paid.



M7,6

REPORTS OF T H E

[1820

In all cases of thia kind, the forfeiture of the sum already advanced will
inevitably occur, if relief, to some extent, is not granted.
In conformity with the foregoing views, the following propositioris for
the reliefof the purchasers pf|pu bhe lands, and for the purpose of increasing the payments into the: Treasiiry. in the ensuing year, are respectfully
submitted,;v^iz:'
V : I '-•^'' '
'
' 1st. That every purchaser of i public
be permitted, pn or before the
30th of September next, to ab^^
purchase ;
arid that the paymerits made upon the j a r t^abandoried bp applied to the dis~ charge bf the instalments due upon the remaiiider: ;'lhe rigta to^abandbn in
rio cBse to involve any Repayment by the Governmerit to any purchaser.
In all.cases, the part retained tp be in the most: compact to thait: the:situatiori of the whole quantity piu'chased v/ill permit. '2d. The differerice between the former and present mininium price, for
cash payments, being equal to 23.78, per cent, pn the former, itis .respectfully proposed thfit,6ripaymeritpf the whole prirGhasemoney^^f^^^^
of la:nd, on or-before \the 30tli day bf ^September next; a deduction of gS
1 per cent, shall be made ; and that any^ interest which may have .accrued to
the United States, in isuch cases, be remitted. An, act of gfpltter liberality,
and which would still further increase the receipts into the Treasury; during
the next year, would be to. allow a deduction of 37|-per cent, on all such
payments'; which is equalto the difference between,200 and 125 cents.
3d. That/all suriis which maybe due by purchasers of public larids who
shall not avail themselves of the preceding conditions, shall be payable in^
ten eqiiat annual instalments, without inierest; provided such payments sh^air
be pmrictuaiiy made upon the several days in each successive year upon
which thepurchases were respectively'made^ And failure in .making such
paynient to I'evive the priginarterms and conditions of sale.
If these or arialpgbus provisibns should be adopted, the payments from
the public lands, duringthe year. 1821, will.be greatly iricreased ; l h e debt
due on that account greatly diminished;'and the. revenue resulting from
that source acqiiirej in future years, a more unifprm character.
If. then, it be assumed that the revenue, which wiU accrue from the custprhs will be equal to the mean surii between, seventeen millions and twenty milhons of dollars, the annual revenue for the four siicceedirig years may
be estimated as follows, viz:
Customs
- - . , - , - - $18,500,000 00
- Publiclarid - ^ -.
. ^
_.
»
2,500,000 00
Baiik dividends, at 6 per cent.
420,000 00,
Incidental receipts -.
- - 80,000 00
Making ^n aggregate amount of

-

..- -' ;$21,500,000 00

.But if the annual receipts from the customs shall be estimated for the
next four years at the average sum of $17,000,000, the annual revenue for
that period will be equal to $^^^
^:
The arinual expenditure for the same period may be estimated as follows,
v i z : .

: V

. . ' , • - "

-

:

Civil, diplomatic, and miscellaneous Publicdebt'; ^
-' , . -;:
War Departmerit, iricluding fortifications, ^^^^
Indian department, military jgiM revolutionary



•

•

. • ' ; ' -

$2,000,000 00
^5,477,000 00
-

1.820.];

S E C R E T A R Y O F ' T H E TREASURY.

pensions, arming the militia, and arrears prior to the 1st
of January, 1817 '
Naval department, including $1,000,000 for the permanent increase of the navy
Making the aggregate amount of-

- .

-

,

.

-177

$5,850,000 00
3,420,000 00

. $16,747,000 00

The balance ofthe sinldng fund, after paying .the iriterest of the funded
debt, and providing for the annual .reimbursement of the six per cent, deferred stock, has not, in this estimate, been considered as a charge.upon the
Treasury before the year 1825, as the priceof thepublic stocks preclude
the possibihty of purchase within the rates prescribed by law.
This estiniate is belo_w that which is required for the year 1821; but itis
not believed to be lessthan the annual expenditure whichwill be required
for the next four years. •. According to this estimate, the means will exceed
the indispensable expenditure during that period $3;253,t)00.
After the year 1823,. the annual expenditure upon the navy will be diminished by $1,000,000. .
•, \ '
.
.
The expenditure of the Government after that year, including the-entire
appropriation for the public debt, is estimated as follows,, viz:
Civil, diplomatic, and miscellaneous
- $2,000,000 00
Public debt- ,
.
- - 10,000,000'00
Military department, in eluding for t|ficatibns, ordnance, Indian department, military and revolutionary pensions,
.
'
arming the militia, and arrearages prior to the 1st of
, Jariuary, 1817
.- .^^§50,000 00
Naval department
-•
-^:/ 2,420,000 00
Making the aggregate ampunt of

—

- / • / ' - $20,270,000:00

Which, after the year 1824, would ledve au anxtial deficit of $270,000.
If this sum should not be met by the annual^crease of revenue, resulting from the increase of population during tb^'se arid succeeding years, and ,
the increased consumption of foreio^n art^les resulting therefrom, it may
be supplied by a corresponding reduc-^'on in those items of expenditure
which depend absolutely upon the wtfof the Legislature, unconnected with
the existing laws-regulating the. permanent expenditure.:.
It is, theWore, respectfully s.ifpmitted that it is inexpedient to resort,, at
this time, to the impositioi>of additional taxes upon the comniunity.
The condition of the.ciirrency in several ofthe States of the Union furnishes strong inducements ^o abstain from additional taxation at this tiriie.
The obligation of th^^^^rovernment to receive the notes of the Bank pf the
United States, whho^^^ reference lo the place where they are payable, has
given to them t^eir universal currency. All notes issued south and west of ;
this, (Washington,) have, in consequence of the state of ^exchange, between
those places and the commercial cities to the east of this place, centred iri
those cities. The bank has, consequently, found itself constrained to direct ^
those branches to refuse to issue their notes, even upon a deposite of specie.
Tiie effect of these causes combined has beeri the exclusion from circulation,
in all States west and south of the seat of Government, of the notes of the
Bank ofthe United States and its offices. In.several of those. States there
is no sound paper circulation. To resort tOv internal taxation, under sucb
circumstances, would be to require of the citizens-of those States what will
VOL. II.—12



178

• . /
•

REPORTS OF T H E

[1820.

be impossible for them to perform.. Wherever paper circulates as money,
which is npt convertible into specie, it circulates to the exclusion of specie,
and of paper which is convertible into gold and silver coin.,' In all such
places, the:payment of direct or internal taxes in specie, or in the notes of.
the Bank of the United States, will be impracticable. Preliminary to a resort to internal taxation of: any kirid, the charter ofthe Bank ofthe United
States ought to be amended so as to make the bills of all the offices of the
bank, except that at the seat pf-Government, receivable only in the States
where they are made payable, and in the States and Territories where no
office is estabhshed.
;
^ ,
The effect of this modificatipri will be, to make the notes of the offices of
thie bank, except the office in this District, a local currency, which^will
enter and cpntiriue in the'local circulation of the States in which they are
issued.; • • -^ .
j
j ' ' . . , • • . •
• ::••, ; •.' , • -,• •.'.
Thenotes thus issued Iwill render tjie local circulation of all the Stat'es.
sound, and furnish to the citizens the means of dischargirig their cpntributions to the Governmerit..: This nieasure will also place the State institutions, to the south and west of this city, in a mores;eligible situation, in relation to the offices, of the Bank of the United States, by enabling them to
adjust their.accounts with these offices by the exchange bf notes, instead of
liquidating their balances by the payment of specie.
Should it, however,, be judged expedient by the Legislature to lay additioual burdens upon the people, for the :purpose of meeting the existingor
a.ny probable future deficiency, it'isl'espectfully submitted that the importation of foireign.spirits be >prohibited, arid that ^a dutyupon domestic spirits,
equal to the aimount of that now collected upon foreign spirits, and to such
deficiency, be iiri^qsed on the distillation and sale of domestic spirits!
In any event, a iv^sort to> loans, to the extent of the deficiency of the year 1821, win be indisperi^bje.
.
'
' ;
^ Ofthe sum of $3,000,1^6, authorized by the-act of the 15th of;May last,
to be raised by loan, $2,OOD,QOQ have been obtained at a premium of twoper
cent, upbn stock bearing iiite\ost at the rate of six per cent, per annuni,
redeemable at the wilLofthe (^wernment; and $1,000,000 at par, uponstock bearing interest at the rate oHve per cent, per annum, redeemable at
any time after the 1st day of Januar;^^ J832. There is no just l:easdn to
doiibt that any surii which may be nedt^^sary to be raised by loan, cari-beobtained :upon terms, npt less favorable; but^,s it is probable that the surplus
of the revenue,-after satisfying all the demands tipon the Treasury,, author^^
ized by existing loan.s, duririg the.years 1822, 1823Nand 1824, will be equal
tothe redemption of any debt which maybe contrQ\:ted. in 1821, it is respectfully subniitted that the. President of the Uriited^^tales.be authorized
to borrow, from the Bank ofthe United States, or from <>.h jer banks - or individuals, the sum which may be necessary for the service^^f that year, at
par, and at a.rate of interest not exceeding six per cent, per anhuhi redeemable at the \yiil pfthe Governnient.
'
All which is respectfully submitted.
>
^". \ , '
WM.
TREASU^RY D E P A R T M E N T , D e c m S e r




1,1820.

H. C R A W F O E B .

^v

QC

A S T A T E M E N T showing the amdunt of duties which accrued on merchandise, tonnage, passports, and clearances;
of debentures issued.ori the exportatiori of foreign mer chandi
of payments for bounties and allowances; a n d o f
expenses of collection^ during the years 1817, 1818, a M 1819.
,
Duties on

-

Years.

^323,005'45
260,878 81
131,217 51

S21,995,642 12
25,798,490 79
21,228,683 28

1817
1818
1819

^Passports, &c.

-Tonnage.

Merchandise.^

$12,608 G "
O
14,030 G
O
8,640 G
O

Debentures
• issued.

Bounties and
allowances.

S3,937,323 25
3,343,938 08 ,
3,301,812 42

Gross •revenue.

S124,346 41
^18,269,585 81
154,587 89
22,574,-873 63
167,100 01 - •17,899,628 36

Expenses of
collection. ^

Nett revenue.

$744,810 66
746,422,15
782,925 40

#17,524,775 15
21,828,451 AS
17,116,702 ^6

o

A S T A T E M E N T showing the amount of American and foreign tonnage employed in foreign trade during the years
1817,1818, and 181% as taken frorn the records of ihe Treasury.

Years.

o

American tonnage
in foreign trade.'

•
_

Foreign tonnage in
foreig^n trade..

Total amount of
tonnage.

Tons.
• 780,136,
755,101
783,579

Tons.
212,420
161,413
, 8a, 554

Tons.
992,556
916,514
869,133

o

Proportion of for.eign tonn.age to
. tL^. whole amoimt of tonnage
employed in tfie lor:eign trade of
^ the United States,

m
1817
1818
1819

/ '
'

"-

»
-




^i

.. ^ -

„

......

-.

Tons.

-

24.4 to lOa
11.6 to 100
9.8 to^ 100

•'^-•

- '•

180

[1820.

REPORTS OF T H E
STATEMENT A—Continued.

A - S T A T E M E N T exhihiting the value and quantities, respectively, of
merchandise on which duties actually accrued duriag the year 181^,
{consisting of the difference between articles paying duly, imported, a/nd
those entitled to drawback, re-exported;) and, also, of the nett revenue
which accrued, that year, from duties on merchandise, tonnage, passports, and clearances.
.
MERGHA.NDIS£ PAYING I^JTIES AD VALOREM.

$1,679,284
at 7^ per cent. - \
13,971,593
do.
15
5,979,736
do.
20
do.>
-16,355,698
25
do.11,215^ Xth
do.
1,882,399 " 3 0
do:
32^
5,542

- • , .

$125,946
2,095,738
1,195,947
. 4,088,924
3,084
,564,719
' 1,801

28
95
23
43
12
79
05
,076,161 85

39,885,467
1. Wines, , 1,255,266 gallons, at 40.-37i:ents, average,
2. Spirits,
4,477,628 do.
43.75
, do.
Molasses, 11,910,729 do.
5
• . •
3. Teas,'
5,480,884 pqunds, 31.70
do.
5
Coffee,
20,825,869 do.
3.04
do,'
4. Sugar,
71,665,401 do.
"5. Salt,
2,975,862 bushels, 20
€. All other articles
- ! -

- -506,836 60
.1,959,125 12
- 595,536 45
- 1,737,450 09
.- 1,041,293 45
--2,181,703 29
- 595,172 40
- 1,014,621 29
9,631,738 6f?

Deduct duties refunded, after deducting therefrom duties o», merchandise,
the particulars of which could not be ascertamed, and differtuce in calculation '-'
_
Two and a half per cent, retained on drawback
Extra duty of ten per cent, on merchandise imported in foreign
^ vessels ^.
Interest and storage
-.
-

,$92,711 77

17,707,900 54
112,992 25
•17,594,908 "29

50,505 22
21,645 57
164,862 56

Nett amount of duties on merchandise Duties on tonnage
' - : Light money ' - j
- -

-'

Passports and clearances

-

-

Gross revenue - ' - ; . Deduct expenses-of collection Nett revenue, per statement A




..-

- ,:
/-

,-.
•

-

-, ,

-

-

,

' *
-

•

-

109,782 95
^21,434 56

17,759,770 85
131,217 51
8,640 00

-

-

.

.

17,899,628 36
782,925 40
17,116,702 96

1820.]

181

SECRETARY OF THB TREASURY.
Explanatory Statements and Notes.
-

L

/

•

Wines—'
Madeira
- 188,267 gallons, at 100 cents- ' f 188,267- •
Burgundy, Champagne, &c.
5,797 do.
100 do.' .
5,797 00
Claret, in bottles
21,761 do.
70 do.
. -15,232 70
Claret, in bottles
23,503 do.
30 do.
7,050 9Q
Sherry and St. Lucar,- &c. 21,468 do:
6a do.
. < 12,880 80
Lisbon, Oporto, &c.
128,494 do.
50 do.
64,247 00
Teneriffe, Fayal, &c.
278,318 do.
40 do.
. 111,327 2.0
Another
138,853 do.
25 do.
34,713 25
All other
- ' . 448,805 do. .
15 do.
, . '67,320.75
506,836 60

1,255,266 ^ do. 2.

SpiritsGrain, 1st proof
2d do.
4th do.
5th do.
' Other, 1st & 2d do. .
^ ..
3d do.
^
4th do. • ,
5th do.
Above 5th do.

- ,

-

-

•

-

. -

3- .Teas—
^ •
Bohea
• Souchong Imperial
- •
Hyson and young hyson
Hyson skin and dther green

do. -

1,959,125 12

261,700 pounds, at 12 cents
1,382,633 do.
25 do.
235,089 do.
50 do.
1,958,067 db.
40 do.
1,646,231 do.
28 do.

-

202,873 44
19,066 05
2,971 28
3,544 20
244 ,'980.30
, 681,842 28
• -798,713 28
3,555 09
. 1,579 20

4,477,628

-

483,032 gallons,- at 42 cents
42,377 do.
' 4 5 do.
5,714 do.
52 , do.
5j907 do. 60 do.
644,685 do.
38 do.'
1,623,434 do.
42 do.
1,663,986 do. •
48 do.' 6,237 do..
57 do. 2,256 do.
70 do. .

31,404
345,658
117,544
783-,226
460,944

. 1,738,778 23

5,483,720 • do: Deduct exportation over im? portation—hyson

2,836'

do. ..

5,480,884

do. -

5,480,884

do. -

56 do.

^ '

SugarBrown
White

-

- '
- .

.

. 26002

68,491,275 poimds, at
3,174,126 do.
71,665,401

-

3 cents
4 do.

do. - '

5.' S a l t Imported,
hushels
3,823,410 at 20 cents •
• Exported
- ,
• 12,048
' , Bounties and allowances
reduced into bushels
835,500
847^548 at ,'20 cents




1,588 16

1,737,190.07

.

Add extra duty on teas imported from other .places
I h a n China
^ -

4.

00
25
50
80
68

• 2,975,862

•

'

•

-

-

.1,737,450 oa
2,054,738 25
12,6,965 04
2,181,703-27
•764,682 00

169,50960
595,172 40.

182

[1820.

REPORTS OF THE
., . Exflanatory Statements and Notes—Continued.
6.

• '

'

All other articles, viz:.

'

.

'

,

-

Duck; Russia
-• , ' , Ravens
' - .
. Holland
.- :
Sheeting, brown.Russia
. ' white
do.
Beer, ale, and porter, in bottles-; ' - :
in casks'; • Oil, spermaceti
- .
• -.. '
whale and other fish - ,
olive
- , ' -•
Cocoa
'
' .
Chocolate
Sugar, candy "
- .
-!
-,
. , loa:f
.
• .
other" refined, and lump ,
Almonds
.Fruits, currants
- , .
-'
' prunes and plums . - i
- .
figs
. . . - • - :
raisins, muscatel
other - '
- •
Candles, tallow
• !
"
wax, or spermaceti \
Cheese '
.
-'
> ' .
Soap
,
- !
- '
r'
Tallow
^
. - Spice, mace:
• nutmegs
^- '
cinnamon - - cloves
•- •
- •
- '
.
pepper
..- :
^ pimento
-.;
cassia
- ' '
- ;
' Tobacco, manufactured, other'than snuff, &c.
Snuff
,
-:
Indigo
.^
-.;
Gunpowder
Bristles '
. - '
-'
Glue
••
Paints, ochre, dry
ochre, in oil -;
- ,
white and red lead . - ;
white and red lead - •
whiting, and P a r i s white
Lead, bar ancl sheet r'
. manufactures of, and shot
Cordage,, tarred, and cables i
•' untarred, and y a r n :
twine, seines, &c.
Copper, rods and bolts \" • ^ n a i l s and=spikes . -;
W i r e , 'iron and steel, not above No. 18
iron and steel, above No. 18
- Iron'tatks, brajis, &c. not above 16 oz. per M .
tacks, brads, &c. above 16 oz. '
nails
spikes
-!
- '
spikes
- .
. -;
anchors - ' - . - '




Gluantity.

15,531
pieces
13,051
do. .
1,555
' do.
3,861
do.175
do.
136,671
gallons
15,552,
.do.
3
do.
V
4,114
do.
16,796
" ido.
643,315
pounds
4,053
do.
3,206
do.
2,082
do.
956
• do.
634,561
do.
167,488
, do.
. do.
323,401
do. •
319,671
do.
912,358
1,625,448
do;
do.
• 4,186
441
do.
do. "
79,423
do.
144,888 '
'.do.
362,368
7,232
•
do.
.30,516
do.
• -do.
4,338do. •
21,907
^ do.
591,442
do.
.233,720
'do.
250,871
do.
3,297
do.
55,292
• do.
313,958
do.
f 10,515
, do.^
^
42,430
do.
45,920
do.
378,349
do.
51,758
do;
1,624,172
do.
25
do.
139,507
do.
770,742
/ do.
1,112,179
do.
, 14,430
do.
. 48,637
do. .
377,495
do.
71,859
do.
19,186
^ do.
^
297,032
do.
12,445
do.
19,381
do.,
1,752
do.
364,563.
do.
165,026
do.
653
do.
205,370

,Rate
of
duty.
Cents.
200
125
160
250 .
250
15
10
25
15
25
2
312
12
10
3
3
3
3
3 .2
3
6
9
3
1
IOO
60
25
25
8^
6
6
; 10
12
15
8
.3
5
1
Ih
3
2
1
1
2
3
4
4
4
4
5
9
5
4
4
3
2
2

• Duty.

$31,062
16,313
3,887
6,177
437
20,500
1,555
•

'

OC^
75
5a
6a
50
65
2a
75

167 la

4,199
12,866
121
384
249
95
19,036
5,024
9,702
. 9,590
27,370
32,508
125
26
• 7,148
.4,346
.3,623
7,232
18,309
1,084
5,476
47,315
14,023
15,052
329
6,635
47,093
841
1,272
2,296
3,783
776
48,725

oa
3a
59
72^
84
60
83
64
03
1^
74
m.
m
46^
07.
64
68
oa
6a
5075
36
20
2G.
7a
04
65
20
9a
GO
49
37
16'

5a

1,395 07
7,707 42' 22,243 48
432 9 a
1,'945 48
.15,099 8 a
2,874^36^
767 44
14,851 6 a
1,120 05
969 05
70 08
14,582 5 2
4,950 78
13 0^
4,107 4 ^

1820.]

SECRETARY OF T H E TREASURY.

183

Explanatory Statements and Notes—Continued.

6. All other articles—continued.

Ciuantity. •

Rate
of
duty.

Duty.

Cents.
6,634
^ $3,317 00
cwt.
50
Iron, pig - : . - '
• 75
castings ^
. . - " " -.
19,099
14,324 25
do.
150 bar and bolt, rolled . . 51;290
76,935 G
O
do.
75
hammered 324,832
243,624 00
-do.
do. •
45
\
do.
- , . 111
49 95
250 .
sheet, rod, and hoop
45,787 50
- ^ do. ' - 18,315
100
Steel
. 8,.461
8,461 00
do;
150
Hemp 51,157
: 76,735 50
- " do.
200
Alum - - 2,561
5,121 87
do.
100.
Copperas
,.21
21 00
do. •
5 .
Coal
- . - • , .
39,353 85
• - bushels .787,077
100
Fish, dried or sraoked ' • 586,
• 586 00
- quintals
200
salmon, pickled - ' • - • barrels
.
1,606
3,212 00
150
mackerel - '
1,169
1,753 50
do. .
100
other
- '
- , - ' - . . - . do. '
'283
283 G
O
Glass, bottles, black quart
13,184 \ 144
18,984 96
- gross
window, not.above 8 by 10
13,940 00
.. 100 sq.ft. • , 5,576 •- 250
275
10 by 12 •, 2,993
• 8,231 75
- . do.
325
above
10 by 12
.- 3,842
12,486 50
do.
150
Boots
- . ,1,569
2,353 50
- - pairs
.'30
Shoes and slippers, silk -.
4,653
1,395 90
do.
.25'
; leather, men's, &c.
31,106
^ -.'•7,776 50
do.
15
children's •8,432
^1,264 80
do.'
250
Segars . -. - ; 11,451
28,627 50
- . M.,
Cards -.
.- - ^ - packs ;
5,425 \ 30
1,627 50
•

1,146,137 36
peduct excess of exportations over importations, viz:
.On cotton, 4,382,757 pounds, at 3 cents nails,
l,ll2pounds, at 3 cents- -

.'

$131,482-71
^ 33 36

^_ _

1^1 p^lfi 07

. \ 0 1 . . O i.\} \} 1

$1,014,621 29

TREASURY DEPARTMENT,

Registers Office, Novemher 11, 1820:
• JOSEPH' NOURSE, Register.^




184

REPORTS OF T H E
'

'•

,

"

-B.

.

-

[1820.
^

S T A T E M E N T of moneys received into the Treasury, from intemal
duties and other ohjects, during the.year 1819.
From arrears of internal duties, (new)
$22Z,444 01
new direct tax
80,850 61
, " bid internal duties - $2,149 62
' old direct tax ,
- 2,800 17
postages of letters
71 32
,
fees on letters patent - 3,060 00 ^
., . cents and half cerits coined at the mint 38,535 00
fines, penalties, and forfeitures - 2,120 89
; nett proceeds of prizes captured by pub' .
lie armed vessels
. -.
8 52 '
sale of vessels bn Lake Champlain
- 7,601 00
surplus proceeds of property sold for direct fax of 1815
- .
125 40
surplus proceeds of property sold for direct tax of 181^ . -.
•- 2,558 58
, interest on balances due by banks to the
United States !
- '
- ^ 2,249 83
61,280 33
first instalment payable by the Bank of the Uniied
States
. '
- '500^000. 00
dividend on, stock in the Bank of the United States
175,000 00:
•^ ,

'

$1,044,574 95

TREASURY' D E P A R T M E N T ,

Register's Office^ Novemher 30, 1820.
i
'
, JOSEPH NOURSE, JK(?^i5ifer,.




1820.]

SECRETARY OF T H E TREASURY.

185'

No.l.
S T A T E M E N T of the debt of the United States, 1st October, 1819.
Deferred six per cent...stock, (unredeemed
amount)
' - , - $2,805,084
Three per cent.
do.
- '
- 13,295,9.15
Louisiana six per cent. do.
4,818,279
Sixpercent. of 1796 do.
.80,000
Exchanged 6 per cent. do.
- ' 2,668,974

, ' ' :
36 '
44 '^
92 ^
00
99
$23,668^,254'71

Six per cent, stock of 1812, (loan of 11
millions) . - .
- ,
-, .
6,187,006 84
Six per cent, stock of 1813, (loan of 16
'
millions)
- 15,521,136 45
Six per cent, stock of 1813, (loan of 7^
millions)
\- ^ '^6,836,232 3p
Six per cent, stock of 1814, (loan of 25
and 3 millions) ^
- 13,011,437 63
Six per cent, stock of 1815, (loan of
$18,452,800)9,490,099 10
Treasury note six per cent, stock
. - , 1,419,125 61
Treasury note seven per cent, stock , 8,595,298 27
Five per ce^nt. stock, (subscription to Bank
United States) .
7,000,000 00
68,060,336'29
Amount, 1st October, 1819, |91,728;591 00'
TREASURY DEPARTMENT,

Register's Offiice, November 10, 1820.
JOSEPH 1!^0VRSE, Register.




186

REPORTS OF T H E

[1820.

. \ .
No.2.
S T A T E M E N T of the debt of the United States, on the 1st of January,
1820.
,
Deferred six per cent, stock, (unredeemed
amount) - - '
- $2,563,020 89 , " '
Three per cent stock,
- - 13,295,915 4 4 .
Louisiana six per cent, stock .- 2,216,408 78
Six per cent, stock of 1796
80,000 00
Exchanged six per cent/ stock of 1812 - 2,668,974. 99
$20,824,320 10
Six per cent, stock of 1812„loan of 11
millions /
^ - " /6,187,006 84
Six per cent, stock of 1813,loanof 16
millions .
.,-;
. - 15,521,136,45
Sixper cent, stock of 1813,'loan of 7^, '
millions
.' - . ' .
.
6,836,232 39
Sixper cent.'stock of 1814, loanof 25
and 3 millions
. - 13,011,437 63
Six per cent, stock of 1815
- .9,490,099 10
Treasury note six per cent, stock
1,424,471 79
Treasury note seven per cent, stock
8,604,629 27
Five per cent, stock,. (subscription to
Bank United States) 7,000,000 00
68,075,013 47
, ' Amount, 1st January, 1820 - $88,899,333. 67
Unredeemed amount, 1st January, 1819
Add stock issued in 1819 : ^ ,
Y i z . "

•

'•

•

.

.

•

.

;

•

^

. ' . ,

Three per cent, stock Treasury note six per cent, stock, (see
a. No. 2 a)
- '
Treasury note seven per cent, stock, (see
6, No. 2 a)
. .-

- 92,648,177 35
,

$304 68

.

, ,

37,348 09
13,160 00
50,812 77
$92,698,990 12

Deduct stock purchased and reimbursed
in 1819. Purchased as per statement
No. 4, accompanying the report of the
10th December, 1819
711,957 55
Reimbursed Louisiana,stock on the 21st
October, 1819
2,601,871 14
Deferred stock in 1819 - .
485,827 86
—
:
As above, 1st January, 1820
TREASURY DEPARTMENT,

.

.
3,799,656 55
$88,899,333 57

-

Register's Office, NovemberlO, 1820.
JOSEPH NOURSE, Register^



1820.]

SECRETARY OF T H E TREASURY.

187

No. 2.a.
S T A T E M E N T exhihiting the total amount-of the six and seven per
cent;. Treasury note stocks, issued to the 31st Decemher, 1819.,
Treasury
New Hampshire
Massachusetts
Rhode Island .
Connecticut
NewYork-'
Pennsylvania
Delaware Maryland Virginia
North Carolina ,
South Carolina
Georgia
-

- : Seven per-cent;

Six per cent.

At what ofiice issued. - .

.,-

.

, -

-

• . •«

-,
-

> .'
, :
. -

57,938 ,52
63,110 13
..
504,859 82 ^ .
11,628 78 . ..
'
359,744.36
'.
940 00
47,988 56
- . ~
8,756 92
.286,306 92
107,517 43
-

1,448,791 44
Deduct so much thereof in^
eluded in the statement of the ^
funded debt to 1st January,
181.9
.
-.. .
- - 1,411,443 35

-,
-

.

- ..
•- •
'

00
00
00
00
00
00
00

17,140 00
1,866 00
1,180 00
. 8,166 00
3,880'00

•.

.9,068,069 00

' '

''
-

- :.

9,054,909 00
b $13,160 00

a $37,348 09
TREASURY DEPARTMENT,

201,557
121,731
3,0.41,492
: 1,63,122
79,499
4,726,989
701,447

.'•' •

Register's Office, November 10, 1820. '
,
JOSEPH NOURSE, iJeg^i^^er,




188
.

REPORTS OF T H E
. •';

^

• [1820.

/No- 3.

^ E S T I M A T E of the funded deht of the United States, 1st October, 1820.
Deferred stock, (unredeemed amount) $2,309,258
Three per cent.
- 13,295,946
Louisiana
-. , '2,216,408
Six per cent, of 1796
- ,
'80,000
Exchanged six per cent, of 1812
2,668,974
•
'
;
-—
Sixper.ceiit.ofl812,(loanofllmillions) $6,187,006
Six percent, of 1813,
16
do.- 15,521,136
Six per cent, of 1813,
7J
do. - 6,836,232
Six per cent, of 1814,
25 & 3 do. - 13,011,437
Six per cent, of 1815,
- . 9,490,099
Treasury note six per cent. - ,
- .1,458,473
Treasury note seven "per cent.
- : 8,605,116
Five per cent stock, (subscription to
Bank of United States)
- .7,000,000
Sixpercent. stockof 1820 - 2,000,000
Five per cent, stock of. 1820 1,000,000
^
— —
;

25
.
44
78 ^
00
^ , >
99
— $20,570,588 46
84
45
39
63
10
50
27
00
00
00
-71,109,502 18

/

$91,680,090 64

; Amount as stated 1st. January. 1820
Add stock issued in the first three quarters of 1820 :
Three per cent, stock, for interest on old
registered debt
,$61
Treasury note six per cent, stock - 34,001
Treasury not^ seven per cent, stock
. '487

- $88,899,333 57
^
.48
71
00

$34,550 19
Loan, per act of 15th May,
1820, whereof at sixper ct. $2,000,000 00
At five per cent.
- 545,431 ^ 47
2,545,431 47
2,579,981 66'
$91,479,315 23
Deduct reimbursement of deferred stock
stock purchased, (a)
-

$253,752 78
,40 34
253,793 12

As above, Ist October, 1820 - . $91,225,522 11
Add residue of loan of 15th May, 1820, at five per cent.
454,567 66




$91,680,089 77

1820.] •

SECRETARY ..OF T H E TREASURY.

.

• 18.9

D educt stock reimbursable in the fourth quarter of 1820 :
Residue of Louisiana six per cent.,
21st October, 1820
- $2,216,408 ,78
Reimbursement of deferred stock
249,444 16
— —

$2,465,852 94

Amount, 1st January, 1821

.$89,214,236 83

(a) Purchased of William Lyon, of Connecticut. $31,26,
deterred, at 31.542 per cent.
- '
. $46 89, three per cent, at 65 per cent.
^
'

, •
- $9 86
- 30 48

•

$40,-34

TREASURY DEPARTMENT,

Register's Office, Novemher 10^1820.
>
,.
JOSEPH NOU.RS.E, i?e^-^5^er.
No.4.
E S T I M A T E of the amount of Treasury notes outstanding, 1st October, 1820.
'
Total amount issued, (as per No. 5 of last report,)

\ -

$36';680,794

Whereof there has been reported on by the First Auditor,
$36,208,'747.
as cancelled
:. In his office, to be reported on^:
Received for,six percent, stock, issued at the
Treasury, to 30th September, 1820 , - $40,120
2,220
New Hampshire, 30th June, do.
. 104,020 ,
Massachusetts,
do.
do.
. . 3,280 , '
Rhod'^ Island, 31st March, .1819
• 31,680 '
New "York, 30th June, 1820 - 43,340 .
Maryland, 31st March, 1819 IOO .
. Virginia, 30th June, 1820
. 16,100
,
South Caiolina, do', do.
- 98,000
Georgia, 3 tst December, 1817 $338,860
Received for seven per cent, stock issued at
New York, to 30ih June, 1820
2,348
South Carolina, 30th June, 1818
158
Georgia, 31st March, 1817
3,880,
._
6,386
Redeemed by the Brancla Bank at Richmond
40
345,286
In the Branch Bank at Washington, small notes to
the amount of
- '
- . 2,101
. Other notes, including interest
$103,323 67
Deduct estimate for interest
6,323 67
97,000
In the Union Bank, New Hampshire, small notes
- .4
99,105



•

•

- ,

L

-

'

•

•

••

;

^

. - . •

•

190

REPORTS OF T H E

[1820.

Estimated balance outstanding 1st October, f 820:
In small notes
..
.
- $4,096
Others
, - 23;560
^ .•
.•
•' ' .
,
,

' $27,656
$36,680,794

TREASURY DEPARTMENT, .,

.

^

Register's Office, November 10,1820.
JOSEPH NOURSE, i^eg-i^^er.
No. 5.
S T A T E M E N T of thestock issued under the act of Congress entitled
'' An act supplementary to the act entitled An act for the indemnification of certain claimants of public lands in the Mississipjn Territory,"
passed on the 3d of March, 1815.
Amount of claims awarded, per No. 6 of last report
- $4,282,151 12J
Amount of certificates issued, per do. $4,273,550 17^
Amount of certificates issued since
5,814 01.'
Total issued, 4,279,364 181Amount of certificates to be issued
2,786 94"
. -; •
. '
—
^ $4,282,151. 1 2 |
.

Amount of certificates issued, brought down,

$4,279,364^ IS^

Amount paid iufor lands, to the 30th September, 1819,
per statement C of last year - $2,372,574:31 J
. Amount ^aid in since
66,'733 99^
Total paid in for lands to the 30th Sep'
'
r
tember, 1820
-.
:
Amount of sixty-six per cent., paid at the Treasury, on
$1,731,635 69, from the 15th May to 30th September,1820
-. - • ' -• • Outstanding, 30th September, 1820:
.,This sum, upon which, the 66 per cent.
/
has not been paid
- $108,420-18^
Thirty-four^er cent, on $1,731,635 69 588,75^ 14
—

/^ .
/
. ,
2,|39j308 31
>
/"
1,142,879 55

697,176 32J

Amount issued, as above 4,279,364 18J
Amount to:be issued.. 2j786 :94
^ '
TREASURY DEPARTMENT,

Total awards

-

$4,282/151 .•12|-

"

Register^s_ Office, November XO, 1820.
JOSEPH NOURSE, i2e^i5^er.



•

,

•

c.

00

S T A T E M E N T of lands sold in the States of Ohio, Indiana, Illinois, M.issouri, and in the Territory of Michigan, from
the 1st of January, 1819,;^o the 31st of December following, inclusive ; showing, also, the receipts from iridividuals,
and payments made by receivers, during the same time ; with the halances due, hoth on the 31st December, 1818, and
31st December, 1819.

o

Ul
•

Lands sold, after deducting lands
reverted.
Offices.

'

Acres.

Marietta
Zanesville Steubenville -.
Wooster
.
Chillicothe Cincinnati Jeffersonville Vincennes. Shawneetown
Kaskaskia Edwardsville Detroit
Franklin
St. Louis

-

-

-

-

-

-

-

-




.

.

_

Lands reverted."

In the handsof

o

vReceiptsby receivers.

'

•

Purchase money

4,954.10
33,573.50
13,637.23
11,042.38
. 26,082.79
57,673.65
- 64,932.12
142,602.06
118,933.82
.60,355.49'
90,755.68
14,985.90
471,460.36
324,429.45^

^14,013
69,376
28,878
22,200
53,774
128,544
129,864
285,204
239,522
120,710
187,310
20,798
1,326,290
• 787,543

78
32
58
76
14
02
44
12
09
90
97
76
18 .
48f.

1,435,318.53^

3,414,032 54^

Acres.

Receivers,
Dec. 31, 1818.

979.70
' P5,"754
17,793
800.00
17,625
476.72
9,823
712.19
. 26,151
1,563.86
20,133
4,108.66 •
5,398
7,025.96.
56 ,.464
7,929.46
25,000
11,545.75
• 25,921
6,911.01
30,936
10,917.28
28,405
3,546.95
- 48,072.16* - 86,590
8,611
27,701,45
132,291.15^

071
86
49i
5U
62
39
07i
171
80^
32
05
00
39
49i-

384,609,26*

Individuals,
Dec. 31,181§.

For purchgise
money.

,^21,482 981
^120,788 68*
119,163 99
491,247 90 '
^ 80,'930 OU '
337,416 98^
. 111,296 85r
691,154.63^
70,613 04
282,866 45 191,526 52
1,255,679 Mh
• 175,806 041
1,075,377 681
273,426 68
r,449,399 36
. 92,597 961
, 653,583 86r
72,573 49^
479,929 73
. . 75,702 59*
. 435,642 47
13,133 14
99,449 74
403,398 88
469,314 58
293,428 U \
225,018 31
8,135,280 27^

1,926,670 53

For forfeitures.

S99
80
• . 48
74
428
423
702
776
1,161
1,603
1,145
389
12,393
.4,548

43
00
50
00
10
00
58
51
00
24
72
68
59
70

23,-874 05

>
O

ffi

>
Ul

d

5

S T A T E M E N T 0—Continued.

o

io

Payments, by receivers.
. , ' -

•

.

•

Total balances
- due D.ec...31,
1819.

Offices..
. Into the. Treasury.

. :

JBalances due December 31, 1819.

• • .

.

•

•

^

.

-

.

For expenses and
repayments. , .

-

-

-

•

-

- .
-

-

^-

^
-

-

-

.

-

-

-

»

.
-

,-

' . ^

. -

'828,757 23
132,776 62
84,149 48
82,902 14
63,167 90
168,502 94
171,286 44
322,128 821
112,633 93
40,061 7494,257 09^
20,403-45
463,519 05
- 186,787 16

$2,057 "49
3,770 37
2,747 37
4,492 64i
2,524 13
6,081 91
5,571 OU 6,565 331
4,578 03
2,681 43
759 37i
2,276 72
17,310 66
5,178 44.

1,971,334 001

Marietta
ZanesviUe
Steubenville
'Wooster
Chillicothe
.Cincinnati
Jeffersonville
Vincennes
Shawneetown
Kaskaskia
Edwardsville
Detroit - .
Frankliu
St. Louis

66,594 m

From individuals. -

'

$113,418 9 0 i '
441,540 23
285,414 05
.602,132 54^
266,455 65
1,193,120 34*
1,039,138 66
1.461,953 31
'801,668 981'
529,670 3 7 ^
548,396 56*
107,505 04
1,404,599 47
860,502 211
9,646,516 35

From receivers.

$16,422 34i
• 410 86
11,658 66
33,725 581
31,072 63
37,075 06
~ ' 4,346 66h
1,196 691
386 8U
55,751 64*
11,622 17^
18,857 98
9,159 56
41,664 20^

8129,841 25i
441,951 09
297,072 71
6o5,858 121
297,528 28
1,230,195 40^
1,034,485 32^
1,463,150 OOI
802,055 80
585,422 02
. 560;018 74
126,363 02
1,413,759 03
902,166 42

273,350 871

9,919,867 22f

O
Ul

O

H

GENERAL LAND O F F I C E , November 16,1820.




JOSIAH MEIGS, Commissiorier.

CD

00

S T A T E M E N T of lands sold in the States of Ohio, Indiana, Illinois, Missouri, a n d inthe Terntcry of Michigan, from,
^ the 1st of January, 1820,^o the 30th of June foUowing, inclusive; showing, also, the receipts firom individuals and
^ payments by receivers, during the sameperiod; also, ihe balances due, both on the 31st of December^ 1819, and the
„ 30ihof June, 1820.
"
^
' ' '

o

Ul

\

Lands sold, after deductinglands reverted.

Re version.?. -

In the hands of

Payments

Received for

O

Offices,
Acres.

886.07 $2,092 14
4,549.06
9,038 12
2,847.45
6,968 82
1„435.50
2,871 00
2,841.65
5,314 14
4,207.35
8,414 70
- .
6,359.77 • 12,719 54
11,869.84
23,739 68
18,107.46
36,980 92
- 5,608.67
11,217 34
. 6,640.00^ 13,290 01
2,915.14
5,830-28
32,848.37
66,619 81
16,119.98* 32,347 17

Mafietta
ZanesviUe Steubenville Wooster
Chillicothe Cincinnati - Jeffersonville
Vincennes Shawneetown
.Kaskaskia ' Edwardsville
Detroit
Franklin
-"

»
-

St. Louis

-

1.17,236.32
•

'

' •

^

Purchase
mouey. -

•

^




•

237,443 67

Acres.

Receivers,
Dec. 31,
. 1819.

' Individuals,
Slst of December, 1819.

Purchase.

816,422 U \ 8113,418 90.? '^$6,984 61
41,415 45
441,540 23
780.00
410 86
28,036 06
285,414 05
559.19
11,658 66
160.00
33,725 58* - 602,132 54i 36,319 34
20,792 41
266,455 65
926.96
31,072 63
367.74
37,075 06 1,193,120 34* 55,749 95
54,099,29
1,120:00
4,346 66* 1,030,138 66
61,930 30
3,325.60
1,196 691 1,461,953 31
801,668 981 24,368 97
3,1.38.34
386 8U
529,670 37* 19,231-89*
- I,362r96 -55,751 64*
548,396 56§ 15,108 64*
1,791.40.
11,622 17*
2,415 82
107,505 04
480.00
18,857 98 .
37,548 28
1,839.931
9,159 56 1,404,599 47
1,376.12
41,664 20i
860,502 21f 22,749 65

Forfeiture.

Into Treas•

880 -58
73 00
16 00
- 92 67
84 00
112 00
253 00
316 00
136 00
61 50
48 00
204 25
152 92

r7,2.v8.24| 273,350 871 9,646,516 35'^ .426,750 98f - 1,629 92

ury,

87,375
39,693
29,242
37,460
19,296
70,850
52,292
59,377
22 J l l
. 51,273
16,689
1,562
33,417
23,855

Expenses
and repaymen is.

8643 61*
87
1,992 29
06
1,207 25
11
77 • 1,583 90*
1,495 9>6
45
1,959 08
73
2,075 92^
37i
2,859 97
66
1,806 88
37
1,752 75
20
128 87*
72
'677 47
50
.2,005 53
30
89
2,027 84

465,165 OOI

I
o

Ul'

d

21,917 34

:

%

STATEMENT D—Continued,
Lands sold from the opening of the offices to the 30th of June, 1820, viz: ,

:Balances due by
Offices.

Up tothe 30th of September, 1819, as per account, laid
Acres.
Dollars.
before Congress on the 4th of December, 1819?. 12,239,815.52 ^6,485,456 29|
From January 1,1819,
'
' .''^
to Dec. 31, 1819,
Acres.
Dollars.'
as above -- 1,435,318.531 3,414,032 54^
8108,526 43f .815,387 47 8123,913 901 From January 1,1820,
409,384 44
140 96
409,243.48
to June 30,1820 .
117,236.32
237,443 67
273,665 17
9,245 36
264,419 81
600.000 451
568,700 20i 31,3^0 25
1,552,554.85^ ,,3,651,476 2H
31,072 63
251,070 05
282,142 68
Deduct sales in first
1,145,869 09* 20,015 20 1,165,884 29*
three qrs, of 1819 .1,3.11,938.681 3,158,701 86J
4,077 66*1 992,948 561
988,870 90i
240,616,n
492,774 35
1,424,015 69 . 889 361 1,424,905 05f
171 53i 814,768 47
814,596 931
12,480,431.69 826,978,230 64^
Xotal sales to the SOth June, 1 8 ^
543,749 41
521,791 82 21,957 59
9,912 22i .556,551 65*
546,639 43
19,033 84
110,967 50
130.001 34
1,433,875 25 .11,285 00 1,445,160 25
38,530 43i 908,782 78
870,252 34f
Individuals." | Receivers.

.Marietta Zanesville
Steubenville
..Wooster Chillicothe
Cincinnati
.Jeffersonville
Vincennes
rShawneetpwn
Kaskaskia
Edwardsville
Detroit - • '
Franklin
St. Louis

Total balance
due, June 30,
1820.

Ul

c

9,458,838 95i|213,019 52i| 9,671,858 47^1

GENEHAL LAND OFFICE,




November 16, XB20,

JOSIAH MEIGS, Commissioner.

CD

00

^^
S T A T E M E N T of lands soldin Uie Stales of Mississippi and Alabama, from ihe 1st of January, 1819, to the 3Ut of. o
Decemher, 1819 ; showing, also, the receipts from iridividuals, and payments made by the receivers,.during ihe same
time ; with the balance due, both on the 1st January, and 31st Decemher, 1819.
Lands sold, after deducting lands
reverted.

Lands reverted.

In the handsof

Receipts by receivers.
Ul

Offices.
Purchase money.

Acres.

West of Pearl river
East of Pearl river
Huntsville
Cahaba
-

-

134,388.23
224,401.30
134,577.72
782,746.851
1,276,114.101

Acres,

Receivers, 1st
January, 1819.

43
611
88
061

2,092.25
17,455.751
55,397.29
66,776.36*

3,879,223 99|

141,721.651

8257,493
719,564
220,580
2,681,585

.Payments by receivers.

Individuals, 1st
January, 1819.

47*
211
22^
76^

81,203,863 66
1,015,378 29i
5,908,795-07
1,525,276 90

338,353 68^

9,653,313 92i

815,444
218,561
83,300
2^047

Total balance due
31st December,
• 1819.
Into the Treasury. For expenses and From individuals. From receivers.
repayments.

"—


03
55i
92
27r

1,330,713 38

85,933
9,458
9,422
18,143

59
71
I4i
59*

42,958 031

8190,614
298,534
192,017
724,758

For forfeitures.

07
47 98i
16^

1,405,924 681

• 8210
- 3,270
11,794
11,157

27
50
50
97

o
>

o

. 2G-,433 24

Balances due 31st December, 1819,

Offices. - -

• West of Pearl river
8127,861
East of Pearl river
321,801
Huntsville
, • - . ,187,770
Cahaba ' • 693,279

For purchase
money.

81,270,953
1,439,678
5,949,152
. 3,4937261

29
94
46f
77i

12,153,046 47

872,263
185,835
78,125
34,383

32*
42^
141
05|

370,606 95*

>
Ul

$1,343,216
1,625,514
6,027,277
3,527,644

61*
36*
61|
83

12,523,653 42*

S T A T E M E N T E—Continued.
S T A T E M E N T of lands sold in the S m e s of Mississippi and Alahama,from the 1st of Janiiary, 1820, to ihe 30th of
June 1820 ; showing, also, the receipts from individuals, and.paynients made hy ihe receivers, during the same time ';
with 'the balance due, both on the 1st of January, and 30th June, 1820.
Lands sold, after deducting
lands reverted.
Offices.
Acres.

Purchase
money.

Lands reverted.
Acres.

In the hands of

Receivers, 1st
January, 1820.

C5

Receipts by receivers. . . Payments by receivers.

Individuals, Ist For purchase . For forJanuary, 1820.
monjy.
- fe.itures.

Into the Trea- For expenses
sury.
and repayments.
• 1 .

4,281.11
West of Pearl river5,847.58i
East of Pearl river 35,879.10
Huntsville 239,979.271
Cahaba
285,987.061




88,402
17,123
91,433
894,185

872,263 32* 81,270 ,"953
22' .3V253.95
36* 3,038.17* , 185,835 421
1,439,678
59
5,949,152
6,197.73
78,125 141
48 31,863.53
3,493^261
34,383 05i

1,011,144 6b\ 44,353.38^

29 • 831,450 31 $325
94
46,663 4U
316
461
57,068 29
687
Tik 252,359 42* 6,521

370,606 95 - 12,153,046 47

97
75 8170,260 36
51,255 44
00
65* .260,711 52*.

387,541 44 7,851 37i

482,227 321

81,190
5,113
3,327
6,942

78
421
62
blk

Ul

o

16,574 391

ai

STATEMENT E---Continued.
Balances due SOth June, 1820.
Offices.
From
individuals.

From
receivers.

T O T A L SALES OF LANDS IN MISSISSIPPI AND ALABAMA, viz-

Total balance
due 30th June,
1820.

Fromthe opening of the offices to 30th September, 1819, as per account laid before ConAcres.
Dollars.
gress 4th December, 1819
- 4,792,156.68 17,856,549 471
Amount sold from
1st Jan., 1819, to
Slst December,
Acres. . .
Dollars.
1819
• - 1,276,114.101 3,879,2.23 99^
Amount sold from
1st Jan., 1820, to
SOth June, 1820 285,987.001 1,011,144 65^

West of Pearl river a $1,248,231 17 8102,522 85^ 81,350,754 021
1,410,455 64
57.125 051 1,467,580 69^
Ekst of Pearl river 5,984,204 761
80;610 371 6,064,815 14-^
' HuntsviUe " 4,141,609 4Si
19,088 371 4,160,697 86
Cahaba
12,784,501 06

00
O

259.,, 346 661 13,043,847 721

1,562,101.17i 4,890,368 65
Deduct sales in
' first three quar.
•
ters of 1819
-1,210,383.82 3,7.13,,306 04*

m

o

o
351,717.35i 1,177,062 60^

Total sales to SOth June, 1820

- 5,143,874.03i 18,833,612 08i

T O T A L STOCK RECEIVED FOR LANDS, viz :
Up to'30th September, 1819, as per account laid before Congress 4th
•December, 1819 . . ^ - ,• • - ^
.
.
. _ $2,372;,574 3If
.In the last quarter of 1819
. - , - ; 21,05730
From 1st January, 1820, to SOth June, 1820 .
„•
_
35,125 57^
. • >

-

a

$2,428,757 19

u 1^6 returns ofreceipts or expenditures in April, May, and June, from west of Pearl river.

GENERAL LAND OFFICE,




Novemher 16, 1820. .
JOSIAH: MEIGS,

Commissioner.

1820.]

:SECRET.iRY O F T H E TREASURY.

A§1.

REPORT,ON-CURRENCY, \...
MADE TO T H E HOUSE OF REPRKSENTATIVES OF T H E UNITED STATES,
• • 24TH.FEB RUARY, 1620. . •

TREASURY DEPARTIVIENT,

^ •
^
' .'
Februa.0'12^1820. ^
S I R : In obedience to a resolutionof the House of Representatives, passe.d
onthe 1st of March,"1819, directing'"the Secretary^/the Treasnry to '
,transmit to Congress, at an early period in (he next session', a general statement ofthe condiiion of the Bank ofthe United-Sta^s and its offices, similar to the return made to him by the bank; and ^/statement, exhibiting, as
nearly as may be practicable, the amount of capi'^al invested iii the difFerent
chartered banks.in the several States and t^fe- District ojf Cohimbia, the
amount of notes issued by those banks and^i^J^ circulation, the public and private deposites in them', the amount of loan/^nd discounts made by them, and
remaining unpaid, and the total.quantify of specie they possess; and, also,
to report^uch measures as, in his opjxion, maybe expedient to procure and
retain a sufficient quantity of gold/^d siyer coin in the United States, or to
supply a circulating medium in/^'ace df specie, adapted to the exigencies of,
the country, and within the po^er ofthe Government:" I have the honor to
subinit the subjoitied report .*n(i statements, ,
....
' /
Statement A exhibits t)>/condition ofthe Bank of the United Stiites and
its offices, on the SOth f September.1819.
Statement B exhibit/^^® amount of bank ^capital authorized by law during the years 18lViB15,1816, and 1817.^ As this statenient,is founded
upon the applications made to the Treasury under the acts imposing stamp
duties, it is beli^V-ed to be substantially correct. The average dividends
upon which tfiQ stamp duty was paid, during those years, amounted to about.
7^ per cent lipon the nominal,afnotint of capital; it is, however, a matter of
o-eneral notoriety, that the dividends upon bank capital, actually paid, exceeded that rate.' Ifit is assumed that the, dividends declared, and upon which the
duty was paid, amounted, during those years, to lO'per cent,; then the capital
actually paid, in the year 1817, instead of being more than $125,000,000, as
ii:is exhibited in statement B,will be found to be about $94,000,000; but,
when itis recollected that, after the first payment required by the charters pt
the difFerent banks,, they have generally gone into operation, it is probable
that a considerable proportion of the remaining paymerits have added nothing
to their active capital. This fact being assumed, and a deduction being
made of the amount of permanent accommodation enjoyed by the stockholders in their respective banks, the active bank capitalof the:UAited States
may be fairly estimated at a sum pot e^xceedirg. $75,000,000. That these
deductions ought to be made, in an attenipt to ascertain ,the real amount of
bank capital, cannot, it is presumed, be contested; If a stockholder' to the
VOL. II.—-31



482

REPORTS OF T H E

^

[1820.

amount of $10,000 has a permanent accommodation in ^\e bank of $8,000,
he has, in fact, but $2,000 of capital in the bank. This is equally true
when a portion of his subscription has been paid with his own note, however well endorsed,: so long as the note remains unpaid, it adds nothing tothe real capital of the bank.
Such, itis beheved, has been the process by,which the capital of most of
the banks has been formed, which have been^ incorporatetl since the commencement of the late war. Sihoe that period, banks have been incorporated; not because there was.capital seeking investment; not because the places
where the]?- were established had commerce and manufactures which required
their fostering aid; but because, men without active capital wanted the
means of obtaining loans, which their standing in the community would not
command from banks or individuals having real capital and estabhshed
credit. Hence the multiplicity of local banks, scattered over the. face of the
country, in p^irticular parts of the Union ; which, by the depreciatipn of their
paper, have lev^^^d atax upon th^ communities within the pale of their influence, exceeding the public contributions paidby them. '. •
., Statement G preWts-the condition of .the State'banks from whieh returns
have been received, oi Jiave beeh transmitted by the Secretaries of State of
different States, in conformity with the request ofthe Treasury Department,
By comparing this staten^i^pt with st.atement B,it will be perceived that ii;
is very imperfect. Ihdepen(!entiy of the banks which have been created
since' the year 1817, it will bfe discovered that hank capital, to the amdunt
• of more than $18,000,000, cornpi^Jiended in statement B,. is not embraced \n
\\,.\ As the.amount of bank capitai-exhibited in statement C is $72,000,00.0,
and its:specie .$9,828,000, the whoi\specie possessed hy the State banks
may be estimated at $12,250,000; if tWhis sum be added the specie in the
. possession ofthe Bank ofthe United StcVs and,its offices, the specie capital .of all the banks in the United States m\v be estimated at $15,500,000.
There are no means of ascertaining, with any ^gree of precision, the amount
of specie m circulation; it is probable, however, that it does not exceed
$4,500,000. Assuming this amount to be nearly\orrect, the whole metalhc. currency, of the Union may be estimated at $^0,000,000. Applying
the same rule for ascertaining the circulation of the ba^ks. not embraced by
' .statement C, which has been employed to determine th6^'specie, the whole
amount of bank notes in circulation may be estimated aN^46,000 000. It
is probable, however, that this estimate is too high; as, ab^ording to the
general practice of banivS, all notes issued are considered in circulation which
are not in the possession of the bank by which they were issued. A reasonable deduction being made from the notes supposed to be incirculation
but which are, in fact, in the possession of other banks, it is probable that
the actual circulation, both of paper and specie, is less, at this time, than
$45,000,000. - By the same mode of calculation, the whole amount of discounts may be estimated at $156,000,000.
The destruction or loss ofthe returns made to the -Treasury- before the
year 1816, by the banks in which the pubhc money was deposited, prevents any satisfactory comparison being drawn between their condition before and since that period. Comparative statements, however, have been
received from sixteen banks, in different parts of the Union, showing their
situation on the. 30th day of September, ih the years 1813, 1815, and 1819.
By statement D, it appears that those banks,- at the first period, with a capital of $6,903,262, and with $3,059,149 of specie in their vaults, circulated



1820.]

SECRETARY OF T H E TREASURY.

48?.

$6,845,344 of their notes, and discounted to the araount of |12,990,975 :.
at the second period, their capital was-$8.852,371.;. specie $1,693,918 ;
circulation $9,944,757; and discounts $15,727,218 : and.at the third period,
their capital was $9,711,960 ; specie $1,726,065 ; circulation $4,259,234 ;
and discounts. $12,959,560.
By statement B, already referred to, it has beeii shown that in the year
1814 the nominal bank capital in the United.States -exceeded $80,000,000.
It is understood that a large addition was made to it in that year in several
of the States. If it be admitted that such addition amounted to $15,000,000,
the bank capital in operation in the year 1813 maybe stated at $65,000,000.
Allowing to this capital the same ambunt of specie, circulation, and discounts, as was comparatively possessed by the hanks comprehended in statement D, the estimate will be, specie $28,000,000 ; circulation $62,000,000 ;
and discounts $117,000,000. In 181.5 the bank capital had increased to
$88;0.00,ObjO, whilst upon the same principle of calculation the" specie,
would have heen.estimated at $16,500,000, circulation at $99,00.0,000, and
discounts at $150,000,000. Applying this principle to the $125,000,000
of bank capital in operation, during the year 1819,. the specie possessed by
all the banks would amount to $21,500',000, circulation $53,000,000, and
discounts $157,000,000.
,
'
These last results, with the exception of the discounts,, very materia liy
differ from those which have been obtained by the mode of calculation previously adopted. They. nevertheless furnish materials which may be
useful in the progress of this inquiry. From them the following deductions
may be drawn: ,,
.
.
1st. That, in tliQ year 1813, the circulation of bank notes was,nearly:
equal to the bank capital. '
2d. That, in the year 1815, it exceeded the. capital by one eighth.
3d. That, in the year 1819, it was less than.the.capital nearly in the proportion of 1 to 2.5.
.
.^
4th. That whilst the amount of bank capi'talhns'jncreased, since 1813,
from 66. to. 125., the metaUic basis, upon \yhich the circulation of note's is
founded, has decreased in the proportion of 15.5 to 28 ; being equal to 44.6
per cent.
.
' ;
'.
5th. That the circulation of notes in the year 1819, in proportion to the
specie in the possession of the banks, exceeded-that of 1813 25.9 per cent.
6th. That in the year 1813 the discounts, in proportion to the bank
capital employed, exceeded those of 1815 in the ratio of IS to ^ 17. and
those of 1819 in the ratio of 18 to 12.
.
/
7th.. That the increase of bank notes in circulation between the years
1813 and 1815 exceeded the increase of discounts during the same period
by $4,000,000, whilst the specie in the vaults of ^the banks Avas dimin- .
ished $11,000,000.
.
"
Sth. That whilst between the years 1815 and 1819 an addition of
$37,000,000 has been made to the, nominal" bank capital, but $6,000,000
have been added to the aggregate amount of discounts.
It is probable that between the year 1811 and the year, 1813 a consid- .
erable addition was made to- the paper circulation of the eountry. From
a return of the former Bank of the United States, made to the Treasury in
1808, it appears that with $15,300,000 of specie, it circulated only
$4,787,000 of notes. Another return, made in 1810 shows its condition
was not materially changed. Shortly after the expiration of its charter



484

REPORTS OF T H E

'

.

.

[1820„

bank capital, to a great amount, was incorporated m some ofthe States,
The expenditures produced by the war which, was .declared in 1812, without doubt, contributed, in some degree, to produce the difference between
the condition ofthe sixteen banks already referred to, and that of the-former
Bank of the United States. If it be admitted, however, that the circulation in 1813 ,was not redundant, it must have become excessive in 1815.
An increaseof the currency, in the space of two years, in the proportion
of 99 to 62, even if it had been wholly, metallic, could not have ftiiled to
have produced a very great depreciation ; but when it is considered that
not only the increase, but the whole circulation, consisted of paper, not convertible into specie, some idea of its depreciation may be formed. The
depreciation, however, was not uniform in every part of the Union. The
variLation in the degree of depreciation depended npt only upon the greater
issues of banks in one section of the nation than in others, but.also upon
the local advantages which they enjoyed,as to commerce. It is»impossible
to determine with ,pr'ecisio.n where the most excessive issue of banknotes
occurred. ''Statement E, which exhibits the rate of exchange between the
principal cities to the east of this place "and .London, and the price of bills'
at New York upon Boston, Philadelphia, and Baltimore, during the years
1813, 1814, 1815, and 1816, .may be considered presumptive evidence of
that fact. . So far as it can be relied upon for that purpose, Baltimore was
the point pf .greatest depreciation among the abovementioned places. This
is probably true, as it is known that-the bariks in that place made greater
advances to the Governmeht in the loans which it obtained during the late
war, in proportion to their capital, than those of Philadelphia, New York,
and .Boston., But the greatest depreciation of the currency existed in the
interior States, where the .issues were, not only excessive, but where their
relation to the commercial cities greatly aggravated the effects of that excess.
This statement may also assist in explaining the cause of the necessity
which existed in 1814 for the suspension of specie payments by the banks/
From the commencement of 4he war. until .that event, a large amount of
specie was taken out of the'United States, by the sale of English Government bills at a, discount, frequently of from 15 to 20 percent. Immediately .after, the suspension, they commande^d a premium in those places
where the banks.had suspended payment, which gradually rose to 20 per
cent.; whilst at Boston they remained at a discount of about 14 per cent.
.,until February, 1815'. ' Whatever may have been .the degree of'depreciation ofthe currency in
1815, it continued to augment throughout the first six months of the.year
1816, if the ratesof exchange with London is considered conchi.sive evidence
of that fact. The excessive importations of British merchandise during that
period, andin.the preceding, year, might indeed account for the increase of
premium .paid upon sterling bills, and was probably one of theprincipal
causes of it. The.great fluctuations which occurred in the latter part of that
period furnish some reason, however, for ascribing therii, in some degree,
to-changes in the value of the currency, in which their price was calculated,
rather than to the ordinary principles of exchange. It is more probable that
the currency in thpi^e places where it was not convertible, into specie fluctuated in value according to the .efforts which were made in particular places to
prepa-re for the resumption of specie payments, than that the balance of payinents between the two countries should have varied to such an extent as is
iridicated by the sudden variations which occurred during that period in the



1820.]

SECRETARYOFTHETREASURY..

^

485;

rate of exchange. So far as these fluctuations are ascribable to the currency
in which the rate of exchaiage was determined, a considerabl'e appreciation of
that currency took place in the last months of the year 1816. From that
period undl the present time, the circulation, has rapidly diminished, and all
the evils incident to a decreasing currehcy have been felt in every pait of
the Union, except in some of the eastern States.
If, as previously stated, the circulation of 1813 be admitted- to be the
amount required to effect the exchanges ofthe commu ni^ty ^vith facility and^
advantage, and that, in the year 1815, that circulation was extended to
$99,000,000, which was in some degree augmented in 1816, the extent of
the diminution of the currency, in the space or three years, may be perceived.
.But it is probable that the currency, in 1815,•exceeded $99,000,000. The
banks, upon whose situation that estiraate is founded, were established at
a period when the practice of dispensing .with the payment of those portions
of their capital falling: due after they went into operation had not been generally introduced. Some of them did not suspend specie paymeiits du.ring
the. general suspension. The rest were among the first to resume them, and
have continued them to the present time. It cannot be expected that banks,,
which went into operation during the war, and after the general suspension
had occurred, were .conducted with.an equal degree of prudence and circumspection. A reasonable allowance being made for. bank notes supposed to be
in circulation at that period, but which were, in fact, in the possession of
other banks, and for the excess of issues beyond, the estimate, the circulation
may, it is believed, be safely calculated at not less than $110,000,000. The .
paper circulation in 1813-has been estimated at $62,000,000. At-that
period, however, gpld and sll.ver formed a substantial part of the currency.
The condition ofthe old Bank ofthe United States.in 1810, and of the sixteen banks iri 1813, proves that the.demand for speciefrom, the vaults ofthe
banks was inconsiderable. It is, therefore, probable t,hat the whole circulation of 1813 amounted to $70,000,000. In .).815.'it is estimated to have
risen to $110,000,000; and this amount was probably augmented in 1816.^
.At the close of 1819 it has been estimated, upon data believed to be substantially correct, at $45,000,000. According to these estimators, the currency of the United States has, in the space of three years, been reduced
from $110,000,000 to $45,00.0,600. This reduction exceeds fifty-nine per
cent, ofthe whole circulation of 1815. The fact that thecurrency in 1815
' and 1816 was depreciated, has not sensibly diminished the effect upon the
community of this great and sudden reductipn. .Whatever was, the degree •
of its depreciation, it was still the measure of value. It determined the price
of labor, and of all theproperty of the community.-. .A change so violent
could not fail, under the most favorable auspices in other • respects, to produee much distress, to check the ardor of enterprise, and seriously to affect
the productive energies of the nation!' The reduction was, in fact, commenced under favorable auspices.' During the year 1.817, and the greater
part of 1818, all the surplus produce of the couritry commanded, in foreign .
inarkets, higher prices than ordinary. The rate of foreign exchange -afforded
no inducement for the exportation of specie, for the purpose of discharging
debts previously contracted. The only drain to which the metallic currency
was. subject, was the demand for it for the prosecution of trade to the East
Indies and to China. In this trade, specie being the principal commodity,
and indispensable to its prosecution, the amount exported during those years




486

•

'••

•-REPORTS OF T H E

•

[1820,

was very great, and seriously affected the amount of circulation, by compelling the banks to diminish their discounts.
Notwithstanding the drain for this commerce during these years was unusua;lly large, every other circumstance was favorable to the restoration oi
the currencytoa sound state, with the least possible distress to the coramuni'
tj. The capacity of the country to discharge a large portion of the debts
contracted with banks, arid which had occasioned their excessive issues, was
greater than at any. former period, and than it probably will be again for a
lapse of successive years. -The effprt to reduce the amount of currency
during those yearsj though successful to a considerable degree, was not pur' sued'with suflicient earnestness. In the-latter part of 1818, when the price
ofthe principal articles of Araerican production had fallen nearly fifty per
cent, in foreigri markets ; v/hen the merchj^nt needed the aid of additional
loans to sustain him against the losses which he had incurred by the sudden
reduction in the price of the commodities he had exported; he was called upon
tp discharge loans previously contracted. ' The agriculturist, who saw his incoriie reduced beiow.h.is indispensable necessities; the manufacturerjwhowas
nofc only struggling against foreign competition, but who saw the sale of his
mantifactures reduced by the incapacity of his customers to buy ; in fact, all
classes of the cprnmuriity, under circurastances so adverse to the corairiand of
funds, were subjected to curtailments wherever they had obtained discounts.
All intelligent writers upon currency agree, that where it is decreasing in
amount, poverty and misery must prevail. The correctness of the opinion,
is too manifest to require proof "The united voice of the nation attests"its
accuracy. • As, there is no recorded example in lhe history of. nations of a
reduction of the currency so rapid^ and so extensive, sp but few examples
have occurred of distress so general and so severe as'that which has been
exhibited in the United States. To the evils of a decreasing currency are
superadded those of a deficient currency. But, notwitlistanding it is
deficient,.it is still depreciated. In several of the States the great mass of
the circulation is not even-ostensibly convertible, into specie at the will of
the holder. During the greater part of the time that has elapsed since the
resuraption of specie paynients, the convertibility of bank notes into specie
has been rather nominal than real in the largest portion of the Union. On
the part of the banks, mutual weakness had produced mutual forbearance..
The extensive diffusion of bank stock among the great body ofthe citizens
in most of the States, had produced the same forbearance among individuals.
' To demand specie ofthe banks, when it was known that they were unable
to pay; was to destroy,their own interests, by destroying the credit of the
banks, in which the productive portion.of their property was invested. In
favor of forbearance was also added the influence ofthe great mass of bank
debtors. Every dollar in specie drawn out ofthe banks, especially for exportation, induced the necessity of curtailments. To this portion of the
community all other evils were light, when compared with the iraperious
derriands of banks.' Their exertions to prevent the drain of specie in the
possession of those who controlled their, destiny, equalled the magnitude
ofthe evils which wfere to be avoided. In most parts of the Union this
forced state of things is passing away. The convertibihty of bank notes
into .specie is becoming real wherever it is ostensible. If public opinion
does not correct the evil in those States where this convertibility is not even
ostensible, it will be the imperious duty of those who are invested yvith the
power of correction to apply the appropriate remedy.
'



1820.] .

SECRETARY OF T H E TREASURY.

487

As the currency is, at least in some parts of the Union, depreciated, it
must, ih those parts, suffer a further reduction' before it becomes sound.
The nation must continue to suffer until this is effected. -After the currency
shall be reduced to the amount which, when the present quantity of the precious metals is distributed amorig the various nations of the world, in proportion to their respective exchatigeable values, shall be assigned to the
ITnited States ; when time shall have regulated the' price of labor and of
commodities, according to that amount; and when pre-existing engagements
shall have been adjusted, the sufferings from a depreciated, decreasing, and
deficient currency will be terminated; individual and public prosperity,
will gradually revive, and the productive energies of fhe nation-resume
their accustomed activity. But new ciianges in the currency, and circumstances adverse to the perpetuity of the general prosperity, may reasonably
be expected to occur. So far as these changes depend upon the currency, ^
their recurrence, to an extent sufficient to disturb the prosperity of the nation, would be effectually prevented, ifit could be rendered purely metallic,
in that event, we should always retain that proportion of the precious rae- ^
tals which our exchangeable commodities bear to those' of other .nations.
The currency would seldom be ^either .redundant or deficient, to an extent
that would seriously affect the interest of society. But when the currency
is metaUic, and paper convertible into specie, changes to such an extent; it
IS belicvetl. will frequently occur. .,
^ •
. The establishment of banks which are restrained, from issuing, notes .of
small denominations furnishes great fLicilities for the transmission of money,".
and increases the efficiency of the capital - subject to their control, to the
extent of the credit eraployed by them'. The degree" of facility afforded,
by them for the transportation or transmission of money, depends upon lhe
extent of country within which their notes circulate and preserve a value
equivalent to specie. Ordinarily, this extent is determined by the'interior
trade ofthe country ;'they will circulate through the whole extent of country, the produce of which is carried for sale to'the place of their establishment. If they are established only in the principal commercial city of the
nation, their notes will circulate through the whole extent of its territory,
and afford the greatest possible facility for .the trarismission of money. If
they are established in several of the commercial cities, their circulation
will be circumscribed by the sections of country, the inhabitants of which
trade to those cities. Thefacility for transraitting raoney will be diriiinish-,
ed by their estabhshment. .But if banks should be. established in allthe
interior tbwns, this facility would be impaired to a still greater degree. In
that event, their notes would circulate within very narrow limits ; but
within those limits, the notes of the banks in the coramercial cities would
, no longer forra part of the circulation. Should they, by accident, be carried within it, the first individual having remittances tp make,'and into
whose hands they might come, would use them forthat purpose.
. The degree of credit which a bank can employ, in proportion to its capital, depends upon a variety of circumstances.. If the community reposes
great confidence in the prudence and integrity of those who direct its concerns.; if the capital eraployed is sraall in proportion to-the demand for the,
transmission of raoney; if there is no other bank whose local situation repels its circulation from^those sections of country, the produce of which is
ulhmately carried to the place where it is established, the credit which it •
will be able to employ will be very great. Where all these facilities are



4*88

REPORTS .OF T H E

[1820.

wantirig, the extent of the credit which it will employ will be very inconsiderable. The additional efficiency which, in the latter case, will be imparted to capital invested in banks, will, it is believed, not countervail the
evils which necessarily result froralheir establishraent.
.Among the advantages which have been,supposed most strongly to.recommend their^^establi^hment, especially in a community whose resources
are rapidly expanding, their capacity suddenly to increase the currency t®'
the utmost demand for it has been considered the most important
In a country where the currency is purely metallic, no considerable addition can bemade to it, without giving, at the time of its acquisition, articles
in exchange of equal value. No addition can be made to the currency without affecting, to, the extent of such addition, the enjoyments of the community. The amount so added will, to the same extent, diminish the quantity
of articles which would otherwise-be imported into the country for doniestie
con sil mption, or for re-.exportatipn.
Ordinarily, the currency of.ohe country will not be exported to another,
because its value in every country is nearly the same. .It will not, therefore, like other commodities, command a conunercial profit upon exportation. It will be taken from ohe country, to another, only when the price
of commodities in the former is so high as to produce a loss in fhe latter
equal, to the expense of .transporting specie. It is this condition, annexed
to every acquisition to the currency of a state, when it is purely riietallic, of
diminishing, to the same extent, the enjoyments of the community, which'
affords the.most .efficient protection against its^becomirig redundant. It is
equally efficient in guarding against a deficiency to an exjtent that can seriously affect the interest pf-the community. But this condition is not annexed tothe increase of the currency by the issue of bank notes, even when,
convertible into specie. The notes, by .which the currency is suddenly augmented, do not, in any degree, diminish the enjoyments.of the community.
No equivalent is, by such issue, transferred to another community, as is invariably done when an acquisition is made to a metallic currency. Whenever the currency can be augmented,, exempt from such, transfer, it must be
subject to some degree of fluctuation in quantity. • Every addition made to
the currency by the issue of bank notes, changes the relation which previously^ existed between the amount of the currency and the amount of the
commodities which are to be exchanged through its agency. Their issue
depends, not upon receiving in exchange articles of equal value, but upon
a pledge of the credit of one or more individuals, to the amount of such issue.
No evil can result to the community from the advance of the capital of a
bank in exchange for the credit of individuals. In that case, no additiPn-is
made to the amount of the currency previously in circulation. It is perfectly/immaterial to society whether this ca;pit.al be lent by individuals or by
corporations. The relation between the currency and the exchangeable
co'mriiodities> of the state is not disturbed. But when their credit is greatly
extended,.the curre.ncy is expanded, and that relation is deranged., An expansion ofthe currency, through the agency of banks, will generally occur
only in periods of prosperity. During"such periods, enterprise will be fostered, industry stimulated, and the comfort and happiness of the people ad- .
vanced, without the factitious aid of an expansive currency. But therecan
be.no doubt that a sudden increase of the.currency during periods of prosperity, through the agency of banlv issuesj gives addition ai'fbrce and activity
to the national enterprise, guch an increase will be followed by a general



1820.]

SECRETARY OF T,HE TREASURY.

'489,

rise in thevalue. of all articles, especially of those which cannot be exported. The price of lands, houses, and public stock, will be augmented
in a greater degree than if no such increase had taken place.
.
If these prices could be •maintained, if they could even be protected
against sudden reduction, they would be cause of gratulation rather than of
complaint. But the expansion of the currency by the issue of paper,, in a
period of prosperity, will inevitably be succeeded by its contraction in periods'
of adversity. The extent to which the currenpy may be contracted,, through
the agency df banks, depends upon the use which the.y may have made of
their cre.dit. The excess of their discounts, beyond their- capital actually
paid, determines the amount of the credit which they have eraployed.
Thus, in 1813, thecapital ofthe banks in lhe United States has been estimated at $65,000,000, and their discounts at $117,000,000. The extent to
which their credit was then emplpyed was . $52,000,00.0.. Their circulation, at the sameperiod, has been estimated at $62,000,000. In this estimateho allowance was made for notes stated to be in circulahon, but which
were probably in the possession of other, banks. A reasonable deduction
being made on that accpunt, it is probable that thepaper circulation didnot
much exceed $52,.000.000. But the liability of. the banks for specie was
equal tolhe whole am'ount of notes represented to be in circulation, besides
the individual deposites. To meet an immediate demand, they areestimated
to have had $28,000,000 in specie. If the deposites of > individuals should .
be estiraated at $18,000,000, their ultiraate means of meeting the demand of
$62,000,000, without sacrificing their capital, would consist of $10,000,000 ^
in specie, and $52,000,000 secured by the notes of individuals; this sum
being,the excessof their discounts over iheir capital. Under ordinary circumstances, the basis upon which the credit of this circulatiorirested niight
be considered sufficient to sustain it. A debt of $117,000,000 could not,
under the most adverse circumstances, be considered inadequate to meet one
of $52,000,000. But, in the case ^ of currency^ the capacity of ultimate redemption is. not sufficient. The capacity to redeem it as it is presented is
indispensable. Whenever the public confidence in this ca.pacity is impaired,
an immediate demand for specie will be created ; and, ifit is not promptly
met, depreciation will ensue. But, even in. circumstances in some degree
adverse to the operations of banks, if their discounts consisted principally of
notes founded upon real transactions, in which theidec^ of renewal was excluded, andif specie formed a considerable proportion of the-circulation,
the capacity ofthe banks to meet the demands upon them for specie might
have been sufficient to sustain the credit of the cujrrency: If, on the other
hand, the debts due to the banks consisted-chiefly, of fixed or permanent
loans, generally denominated accommodation paper; iJf specie hadbeen
banished from circulation, by the issue of dollar notes, the suspension, bf
. payment by the banks could fail to be the result of any considerable pressure upon thera for specie. In the former case, as their notes -should be
withdrawn from circulation, they would gradually be reduced to the demand
for them for the transraission of money. If the eftbrt to withdraw them
should be continued beyond that point, specie would be paid into the banks '
by their debtors, in preference to bank notes ; and the just proportion be-',
tween the paper circulation, and the specie in their vaults, would be proniptly
restored. . In the latter case, as the debts due to the banks would not, ac' cording to the understanding of the parties, become due at short intervals, •
the ori'iy mode of meeting the increasing demands upbn them for specie'



490.

•

'

REPORTS'OF THE

[1820.'

would be' to Require bf the whole mass of debtors the pa3''ment bf a fixed proportion of the sums due by them. As the circumstances Avhich. would require this measure, on the part of the banks, would generally affect the
community in the same degree, the capacity of their debtors to meet this demand would generally be found tb be^ in an inverse ratio -to the demand.
The demand itself, being inconsistent with the impression under which the
debt was contracted, would be resisted in every case where the interest of
the debtor would be subsprved by delay. As specie formed but an inconsiderable part ofthe currency, the reduction ofthe paper circulation would
have to be carded to a greater extent than in the foriner case. A just proportion betweeri the paper circulation, and the specie necessary to sujDport it,
could be obtained only-by the posiiive reduction of the former, as it would
be iinpracticable to increase the latter while the demand continued. Under,
such circumstances,.the suspension of payment would be the probable result.
Such, in fact, were the circumstances under which the suspension in
1814 occurred.
''
*.
, The injudicious multiplicatibh of banks, where capital in that forra, to
sorne extent, might have b'e.en 'useful; the establishment of them where'they
coiild only be injurious ; the permission to issue dollar notes, by which specie was banished from circulation ; andthe demand for specie for exporta^ tiori, which existed during the years 1813 and 1814, imposed, upon the banks
in the middle, southern, and'western„• States the necessity of suspending
paynient. A longer effort to discharge their notes in specie would not only
have beeri ineffectual, but would certainly have postponed to a rnore remote
period the resumption of specie paynients. T h e evils which have resulted.
to the cpminunity from that suspensiori have certainly been great; butit
may Well be doubted whether others bf equal magnitude would not have
been suffered, if that event had ndt occurred. The extent to which the ciirrency musthave been reduced, in order to have avoided the suspension,
could not have failed, at any period, to produce great embarrassment and distress to-the commtinity. But ,ina time of war, when the country was in. vaded,'when fhe public safety required that the energies of the nation should
be fully developed, a sudden and extensive reduction ofthe currency, by any
cause whatever, would havebeen fatal. Under'such circurastances, the demand fbr currency wquld have been too imperious to be resisted. It would,
from .necessity, have-been supplied bythe issue of Treasury notes.
The fact that, in a small portion ofthe Union, specie payments were contihued, cannot be admitted as evidence that it was practicable throughout
' the nation. In that part ofthe country, the extensive bank issues, consequent upon loans to the Government in the middle States, had not occurred.
Foreign trade, which in the other parts of the Union v/as nearly annihilated, still preserved there a languid existence, through the permission or
connivance of the 'enemy. These circumstances could not fail to enable the
banks in the eastern States to continue specie payments longer than those .
An the middle,.southern, and western States. In an effort to preserve their
credit, they would, inevitably, be the last which would fall. In such a
struggle," however, they must have failed, had not the circulation ofthe paper
of their weaker neighbors, and the issues of Treasury notes, come to their
aid. But for this adventitious assistance, wholly unconnected wiih the wisdom and foresight of their directors, specie payments must have been suspended there, or the best interests of the community have been sacrificed.
From that period, until the resumption of specie payments in the early part



1820.]

SECRETARY OF T H E TREASURY.

491

of 1817, Treasury notes, and the nptes of the banks which had suspepded
payment, formed the great mass ofthe circulatiomin the eastern part ofthe
Union. Specie, or the notes of .banks which continued to pay specie, formed no part of the receipts of the ,Goverhment in Boston, and the districts
east of.that town, uritil about the close of the year 1816.
In all great exigencies, which, in the course of human events, may be expected to arise in^every nation, the suspensiori of payment by banks, where
the circulation consists principally of bank notes, is one of the evils which,
ought to be considered as the inevitable consequence of their establishment.
Even in countries where paper does not form the .principal part ofthe circulation, such an event will sometimes happen. In the year 1797, when the
restriction, was imposed upon the Bank of England, the average of its circulation for several successive years was about £10,000^000 sterling, whilst
the metallic currency was estimated at ^30,000,000. " Yet, in that country,
whose trade in time of war, through the protection of its fleets, was rather expanded than contracted,it was found ;necessary to authbrizethe Imrik to suspend payment; which suspension, after a lapse of twenty-three years, still
continues. When the existence of banks d,epends upon the authority which
regulates the currency, it-may be practicable to jmpose salutary checks
against excessive issues of paper during suspension; and, in sorae degree, to
guard against an excessive depreciation of the currency. .But,'where these
institutipns are created .by an authority having no power to regulate the currency, and especially where they are created by a great variety 'of authorities independent of each other, and practically incapable of acting in concert, itis manifest that no such checks or' restraints can' be iraposed. It is
impossible to imagine a currency more/vicious than that which depends,
upon the will of nearly four hundred banks, entirely independent of each
other, when released from all restraint against excessive is.sues. By the term
currency, the issue of paper by Govemmentj as a financial resource, is. ex-,
chided. Even such an issue, in a state where the reign of law is fii-mly
established, and public opinion " controls the public .'councils, would "be preferable to a currency similar to that which existed in sonie parts of the United States during the general suspension, and which now exists in some,of
the, States. This truth has been practically demonstrated by the redemption of the whole of the Treasury notes issued during the' war, within the
short space of about two years 'after the peace; whilst a large amount of
bank notes, issued during the suspension, are yet unredeemed:, and greatly
. depreciated.
,
.
_
"-.
There can be no doubt that a metallic currency,.connected with a papier
circulation, convertible into specie, and not exceeding the demand'for the
facile transmission of money, is the most convenient that can be devised.
When the paper circulation exceeds, that demand, the metallic currency to
the amount of the excess will be exported, and a lia'bility to sudden fluctuatioris to the same extent will be produced.
If banks were established only in the principal commercial cities ofeach
State; if they were restrained'from the issue of notes of sraall denominations ; if they should retain an -absolute control over one-half of their capital,
and the whole of the credit which they employ, by discounting to that
amount nothing but transaction paper payable at short dates, the credit and
stability of the banks would, at least, be unquestionable. Their notes could "
always be redeemed in specie on demand. The remaining part of their
capital mi.o^ht be advanced upon long credits to manufacturers,^and even to
agriculturists] without the danger of being under the necessity of calling



492

• REPORTS OF T H E

[1820;

upon such debtors to contribute to their rehef, if emergericies should occur.
Such debtors are, in fact, unable to meet sudden exigencies, and ought
never to accept of advances from banks, but upon long credits, for which
tiniely provision ma}/" be made. The latter class, of all others, is the least
qualified to meet the sudden-demands which a pressure uppn banks compels
them to make upon their debtors. The returns of capital invested in agri- ,
culture are too slow and distant to justify engagements with banks, except
upon long cre'dits. If the payment of the principai should be deinanded at
other periods than those at which the husbandman receives'the annual reward of his toil, the distress which would result from the exaction'would:
greatly outweigh.any beriefit which was anticipated from the loan. That
the establishmentof banks, in agricultural districts, has greatly improved,
the-general appearance of the country, is not denied. Comfortable mansions and spacious barns haye been erected; lands have been cleared and
reduced to cultivation; farms have been stocked,^ and. rendered' more productive, by the aid of bank credits. ..But these improvements "will eventutually be found, in niost cases, to effect the-ruin of the proprietor. The
farm, with its improvements, will frequently prove.unequal tolhe discharge
of the debts incurred in its embellishment. Such, in fact, is the actual or
apprehended state of things, wherever. banks have been established in the
small iriland towns and'villages. Poverty arid distress are impending pver
the heads of raost of those who have attempted-to improve their farms by the
aid^of bank credits. So general is this distress, that the. principal attention
ofthe State Legislatures, where the evil exists, is. at this moment, directed
tothe adoption of measures calcuhited to.rescue their fellow-citizens from
the inevitable effects of their own indiscretion.. If, in affording a shield to
the. debtor againstfchelegal demand of his creditor, the axe shall be applied
to the root ofthe evil, by the annihilation of banks where they.ought never
. to have existed, the interference, however doubtful in point of policy or
principle, rriay even tually .'JDe productive of more good than evil..
The. general system of credit, which.has been introduced through the
agency of banks, brought .home to every man's door, has produced a factitious state of things, extremely adverse to the sober, frugal, and industrious
habits which ought to be cherished in a republic. In the place of these
virtues, extravagance,- idleness, and the spirit of gambling adventure have
been engendered and fostered by our institutions. So far as these evils
have been produced by the estabhshment of banks where they are not required, by the omission to impose upon them wholesome restraints, arid
by the ignorance or misconduct of those who have been intrusted with
their direction, they are believed to be beyond the control of the Federal
Government. Since the resumption of specie payments, measures have
been adopted in some of the States to enforce their continuance; in others.,
fhe evil'has been left to the correction of public opinion. There is, however, some reason, tP apprehend that the authority of law maybe interposed
ii\ support of the circulation of notes not convertible into specie.
But the Federal Government has, by its measures, in som.e degree, contrib-,
uted to the spirit of speculation and of adventurous enterprise, vvhich, at
this moment, so strongly characterize the citizens of this republic. The
system of credit, which, in the infancy of our commerce, was indispensable
to its prosperity, if not to its existence, has been extended at a period when
the dictates of sourid discretion seemed to require that it should be shortened-. The credit given upon the sale of the national domain has diffused^



1820.}

SECRETARY OF T H E TREASURY.

493 •

this spirit of speculation and of inordinate enterprise among the great
mass of our citizens. The pubhc lands are purchased, and.splehdid^towns
erected upon thern, with bank credits. Every thingi,s artificial. /Pherich
inhabitant of the commercial cities, and the tenant of the forests, differ.only
in the object of their pursuit. Whether commerce, si^lendid mansions, pr
public lands, be the object of desire, the means by which the gratification
isfo be isecured are bank credits.
'•
,This state of things is no less unfriendly to the duration of our republican
institutions than it is adverse to the development of our national energies,
when great emergencies shall arise; for, upon such occasions, the a.ttention
ofthe citizen will be directed to the preservation of his property frorii the
grasp of his creditors, instead of being devbte.d to the defence pf his country,
instead of being'able to pay with promptitude the contributions necessary
to the preservation ofthe state, he will be induced to claim the interference
. ofthe Government to protect nim against the effects of his folly and extravagance.
This ought npt to'be the cbndition of a\republic, when menaced by
foreign force or domestic commotion. Suc.h, it is\apprehended, v.^ill be the
condition ofthe United States, if the course which has'been pursued since
the commencement ofthe late war is not abandoned.. Since that period, it
is believed the nuraber of banks in the United States has been more than
doubled. They have been establishedin the little inland towns and villages,
and have brought distress and ruin upon the inhabitants. Whenthe cause
and the exterit of the evil are known, no doubt is entertained that the appropriate remedies ^wiil be applied by those who, in our coinpiex fbrrn of
government, are invested wiih the necessary authority.
But the resolution requires the Secretary of the Treasury " to repprt such
measures as, in his opinion, raay be expedient to.procure,'and retain, a
sufficient quantity ofgold and silver coin in the United States."
It has aheady been suggested, that, if the currency was purely metallic,
or connected with paper convertible into specie, to the extent only.of the
demand for the transmission of money, the United States would retain that
proportion of the precious metals which the value of their exchangeable
comraodities bore to those of other states.- But if paper' can be made .to
circulate independent of its employment in the transmission of funds, gold
and silver, to the same extent, will, be exported. If paper will be received
and employed generally as the medium of exchange, and especially if it
is issued in bills of small denominations, the amount of specie which will
be exported will be great in proportion tp the pappr in circulation. If this
position be correct, the power of Congress will be insufficient to retain any
considerable portion of gold and silver in the United States. Barik notes,
from one dollar to those of large denominations, have circulated, and it is
presumed will continue to circulate, independent of its authority. As long
as bank notes will be received as a substitute for specie, the qua.ntity of
specie necessary for currency will be small, and may be easily retained
without the aid of Government. But the demand for specie, where the
circulation is principally paper,, is extrernely fluctuatii^g. W^hen there is
but little or no demand for it, the temptation to increase their discounts, by
the issue of more paper, is too strong to be resisted by banks. When a
demand for specie arises, the currency has to be suddenly diminished by the
contractibn of their discounts. Fluctuation in the a.mount of the currency,
produced by this means, is the principal mischief to be remedied. These

fltictuations will frequently occur in every state wher,e the currericy is prin-.



494'

•,

REPORTS OF T H E

^ [1820.

cipally pappr convertible into coin. In the United State^, where the specie
exported as' a primary article of commerce to the East Indies and to China
bears so large, a proportion ta the metallic currency of the country, they
must not only be more frequent than in states where no such commerce
exists, but more extensive iri their effects. The demand created for Spanish
milled dollars, by the exportation of specie, in tho prosecution pf this trade,
has. without;,doubt, caused their-iiriportation to an extent which otherwise,
would not have occurred. As this detnand is, in spme degree, contingent,
the supply will also be contingent.' When it exceeds the deniand, the banks
will be tempted to new issues of paper. When it is,deficient, the deficiency will be drawn from the banks, and will cause a sudden diminution of
thecurrency. If this diminution could be'limited to the amount of the
deficiency thus drawn from the bariks, the evil would be no greater than if
the currency were metaUic. But this is not the fact. When the paper cir^
cuiation is returned upon the banks, for specie, prudence requires thcit an
effort^should be made to preserve the same proportion between the specie
in their vaults and their nofces in circulation, as existed at the moment the
pressure comraenced. If the paper in circulation should be three times the
amountof specie in the possession of the banks, a demand upon them for
$1,000,'000 of specie would producea diminution of $3,000,000 in the currency, if the specie should be exported.^ and of $2,000,000 if it remained '
in the country. It is even probable that the comparative diminution would
exceed this ratio-. As-the demand increased,-apprehensions would be excited fbr the credit of the hanks ; the exertions produced by that apprehension would correspond with .the magnitude of the evil to be avoided, rather
. thari with the positive pTessure. This, it is presumed, would be the effect
of such an eniergency, where banks had not become familiarized with
bankruptcy, and were not.countenanced by society in a course of conduct
which, ill private life, would be considered dishonest.
'
. If, by any constitutional exercise of the power of Congress, banks can be restrained, first,^froin issuing notes of'small denominations ; and secondly,
from excessive issues, when their notes are not returned upon them fbr
specie ; fluctuations in the currency, to an extent to derange the interests of
society; may be prevented. But if the imposition of these restraints tire
hot within the constitutional powders of Cohgress, the evils which have
beeh suffered for the want of those, restraints must continue, until the present systeni of banking shaU be'abandoned.
In an iiiquiry into- the state ofthe currency, the consideration of the
coinage is necessarily involved. The principles upon which the coinage
of the.United States has been.e.stablished are substantially correct. The
standard fineness of the gold coinage corresponds with the coiriage bf England and Portugal. The standard of the silver coinage differs but little
from that, of Spain. - The American dollar is intrinsically worth abbut one^
per cent, less than the Spanish mihed dollar. This difference, if the Span-,
ish dollar had riot been rriade a legal tender, niight have secured to the nation a more permanent use of its silver coinage. Araerican dollars would,
not be exported, as long as Spanish dollars could be obtained for'that purpose, ata reasonable, premium. If this latter cpin was riot a legal tender,
the banks might aflbrd to import it, and might sell, at a fair premium, the
amourit which might be required of them for the Chiria and East India trade.
The relative value'of gold and silver hasbeen differently established in
difierent nations. It has been different in the same nation at different periods. . In England, an ounce ofgold is equal in value to about 15.2 ounces



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SECRETARY OF THE TREASURY.

495

of siver; in France, it is equal to 15.5 ; and in Spain and Portugal, to
16 ounces. In the United States, an ounce of gold is equal to 15 ouncesof:
siiver. ;But the relative value'of these metals.in the markets frequently
difiers from that assigned to thern by the laws bf the different civilized states.
It is belieyed that gold, when compared with silver, has been for mauy years
appreciating in value; and now everywhere commands in the money
markets a higher value than that which has been assigned to it in states
where its rela.tive value is greatest. ' Jf lhis.be correct, no injustice will
result from a change hi the relative .legal value of gold and silyer, so as to
make it correspond with their relative marketable value. If gold, in rela.tion to silver, should be raised five per c(2nt., one ounce of it would be equal,
to 15.75 or 15f ounces" of pure silver. . This augmentation, in its value
would cause it to be im])orted in quantities sufficient to.'perform all the
functions of currency. As it is not used to ariy considerable-extent as a
primary article of comnierce, the fluctuations to'which the silver currency
is subject from that cause would not affect it. It would be exported only
when the rate of ,exchange against the -country should exceed the expeUvSe
of exportation. In ordinary circumstances, such a state of exchange would
not be of long continuance. . If the currericy of the United States must, of
necessity, continue fo be paper convertible into specie, an increase ofthe
gold coinage, upon principles which shall aflbrd the least inducement to
exportation, is probably the most wholesome corrective that can be applied,
after the rigid enforcement of that convertibility.
, '
The copper coinage is.belieyed to be susceptible of improvement.'^ Copper itself is too massive to serve the purposes of change. One huridred
cents are too cumbrous to be carried, and used in the numberless transactions which daily occur between, individuals.. Coin, compounded of silver
and copper, of from orie to ten cents, would be much more suitable for that
object. This kind of coinage.has been adopted in other countries.with
great advantage.
^ . ' . .
' .
'.
It has, however, been objected,to this coinage—
]. That, as compounded rnetals are much harder than the component
ingredients, it would be difficult, and consequently expensive, to work. '
2.' That the coin itself would beof littie or no intrinsic value ; coppe.r or
^
brass being of superior value in the raanufactures to whichlt might be a.pplied : and that the pubhc Xvould vscarcely subrhit to the circulation of a
coin so worthless.
\
'
•
.
'
8. That it might be counterfeited by a composition of zinc andcopper..
xAfier giving tb these objections their due weighty it is believed that a change
of this nature, in the copper cpinage^, would be beneficial. Ahhough fhe expense of such a coinage should be twice as much as that of an equal number
of silver coin, still it might be advantageous. Small change, both ofsilver
and copper, may be abundant in Philadelphia, the seat of the mint ;..but it is
not generally so elsewhere. If it werp, tickets of'6^, 10, 12-|, 25," and 50
cents, issued by mayors and corporation officers, and dollar^ bills torn in
two pieces, for the purposes of change, would not be employed for.thatpuiv
pose. This single fact is an answer to the second objection. The fractional
parts of a dollar are so indispensable in thetransactions. of individuals, that
any thing which assumes that character will be employed. If the ticketSj
which, at this moment, form so great a portion of the change of this city,
and of vari%us other places, are" employed, for that purpose, it Is inconceivable that the comriiunity should refuse to permit a- compound coin of
silver and copper tp circulate, containing the intrinsic' value which it repre


496

'

REPORTS OF T H E

,[1,820..

sents,merely hecause.for manufactures it will not be worth more than brass
or copper, and tliat the expense of refining will be equal to the value ofthe
silver. Change—that is, the fractional parts of a dollar--is so indispensable
to^the community, that its inapplicability, to manufactures, and its exemption fiom liability to exportatioii, instead of forraing objections, ^ r e recommendations in its favor.
The objection that this coin-may be easily connterfeited, is, if it cannot
be obviated, entitled to great consideration. As has been before stated, this,
compound coinage" has beenrsuccessfully practised in other states. If compound metals are^ much harder than their, component ingredients, may not
a sufficient security against cou nter I'ei ting be derived from that circumstance? The dimensions and power of the machinery, which constitute
one of the objections to the coinage, will ren,der it extremely difficult to se. cure that secrecy and concealment which are indispensable to the-success
of the counterfeiter. If this compound coinage should not be carried liigher
than ten, cent or dime pieces, the inducement, compared with thedari°ger ^
of detection, resulting from tiie magnitude of the niachinery, would not; it
is believed, be suflicient to encourage counterfeiting.^ If, however, it should
be deemed impracticable to guard against this evil, in a coinage composed
of silver and copper, an attempt might be made to obtain a .supply of siriall
change, by a mixture of silver and zinc : the d'anger of counterfeiting would
then be removed.. ",
'
As various plans have been suggested during the last twelve nionths, fbr
alleviating the general distress which has prevailed, by the emission of a
large amount of Treasury notes, a few bbservations on that subject will'
close this part of the Teport.
^ ^
." '
If Treasury notes are to be issued for this purpose, they will be either receivable in all payinents to the Government, or they will be made redeemable at a fixed period.
•
. .
.,
1. If they are made receivableln all payments-to the Government, the
"revenue will, frora the time that.$5,000,000 are issued, be substantially received in them. The Goyernment will be immediately unable to pay the
interest and reinibursement of the public debt iri. specie,.as it becomes due.
These notes, when compared with the notes of'the Bank of the United
States, will be at a discorint. The latter notes, independently of their being, everywhere receivable iri all payments, to the Government, are convertible, at the place of their issue, into specie.' They are equal to the
Treasury notes in payment of the revenue, and superior to them, as they
^ can command specie when the holder shall desire it.
[^
If the 14th section ofthe bank charter was modified, so that the notes of
thevbank- arid of its offices should be receivable by the Governmerit only
when,tendered where they are made payable, a small amount of Treasury
notes might beissued, and circulated, without depreciation. In that case,
they would be used for the transmission of money, and would hein constant
deniand for that purpose. It is the reception ofthe notes of the Bank of the
United'States, and its, offices, by the Government, wherever they are tendered, that causes them tobe considered as a good remittance throughout
the United'States. If tliey should cease to be so received, a demand for
Treasury notes to a small amount, for the transmission of money, would be
created, and would preserve them from depreciation; Jf the jiotes- thus
issued should be made redieemable at the Treasury in specif, upon demand, the araount which might be put and retained in circulation would
probably exceed, to a considerable extent, the sum demanded !fpr the facile



J'820.]

SECRETARY OF T H E TREASURY.

^

'497

transmission of money.- Such Treasury notes would, however, have no advantage over thenotes of the Bank of the United States, as long as they are
receivable in all payrnents to theUnited States', without reference to the
.place where they are payable.. It is even probable that they would not be
of equal value and currency with those notes, as the latter would generally,
be made payable in fhe principal commercial cities, where remittances are
continually made, whilst the Treasury notes would be payable only at this
place. If Treasury notes, payable in specie, on demand, when presented at
this place, should be preferred to the notes of the Bank ofthe United States,
it would be in consequence of the abuses which have been practised by
banking institutions, which have, iri some degree, shaken the public confidence in the integrity of their direction.
2.- If Treasury notes were to be issued, not receivable in'payments to the
Govemment, but redeemable at a fixed peri.od, they would immediately d.epreci^tC', unless they bore riearly six per cent, interest. In the latter case,
they would be of little more use, as currency, than the funded debt. They
worild not perforni th^e functiohs of money. ,
, ,
.
.
3'. In any case whatever, whether theyare receivable in payments to the
Government, br bear an interest, and are redeemable at a fixed period, they'
will, afford "no substantial relief where the distress is greatest,, uni ess they
•should be advanced as avlpan in order to alleviate that distress, if they are
to be issued from the Treasury, in discharge ofthe demands upon the Government, ,they would iiever reach those sections of country where relief is
most required. There the Governnient already collects more than can be
expended. One ofthe causes of this" distress is the necessity of transferring
th^e public funds from those sections, for the purpose of being expended, to
those where there is.,no deficiency of currency.
' As a financial resource, the issue of Treasury notes is justifiable only where
the deficiency which they are intended to supply is sraall in araount and
temporary in its nature. As a measure of alleviation, it will be more likely
to do harm than good. If a sufficient amount of those notes, of any description whatever, should be issued, and put into circulation where they are
most wanted, unless they were given away, a debt in that part ofthe
Union would be contracted to the extent oi]the issue. It might enable thie
borrowers to pay debts previously contracted, but their relative situation
would bo the same. Unless the currency became ^vitiated-by the relief
which was afforded, the ultimate payment of the debt would consummate
the ruin which the measure was intended to prevent. • But it is probable
that the sums v/hich might be advanced, by way of loan, would, in a great
degree, be lost. The Government is not, from its nature, qualified fbr operations of this kind. The general system of credit w.hich has been introduced by the agency of banks, and by the inevitable effect ofthe measures
of the General Government, has produced an artificial state of things, which
requires repression rather than extension. The issue of Treasury notes,
for the purpose of alleviating the general distress, would tend to increase
this unnatural and forced state of things, and give to it a duration which
it would otherwise never attain. If much of the evil resulting from a decreasing currency had not already been suffered, there might be some plausible reason for urging the issue of Treasury notes as a measure of alleviation. This ground cannot be urged in its favor; it is. therefore, indefensible, upon the ground of expediency, as well as of principle.
'
The last member ofthe resolution assumes, by implication, the practicability of substituting, by.the constitutional exercise,of the powers of Con^
gress, FRASER currency for that which now exists.
a paper
Digitized for
YoL. II.—32


49.8

, ,.

.REPORTS O F T H E

^

[1820..

In considering this proposition, the power of Congress over the currency
ofthe United States cannot, consistently, with the respect which is due to
that body, be either affirmed or denied. It cannot be supposed that the
House of Representatives, in adopting the resolutiori in question, intended,
through the agency of an executive department ofthe Government, to institute an inquiry as to the extent of the constitutionalauthority of a body
ofwhich it is only a constituent member. Yet it will necessarily occur to
the House, that if the power of Congress over the currency is not absolutely
sovereign, the inquiry, whatever may be its immediate result, must be without any ultimate utility. The general prosperity will not be advanced, by
demonstrating that (here is no intrinsic obstacle to the substitution ofa paper for a metallic currency, if the power to adopt the.substitute has been
withheld-from the Federal Government., Without offering an opinipn upon
the weight to which these views would havebeen entitled, had they been
urged whilst the resolution was under consideration,, it is adraitted that
they furnish no ground for declining the perforraance ofthe duty iriiposed
by its adoption..^ In the^ discussion of a question of so much dehcacy-and
importance, theutmost confidence is reposed in the justice and liberality of.
those who have rendered it indispensable. '
/
At the threshold of this, inquiry, it is. proper to observe, that it is deeined
unnecessary to present an analysis of the motives which led, even in the
most remote antiquity, to th'e general adoption, by civilized states, of gold
and'silver as the standard of value, or ofthe advantages which have result-,
ed from that adoption.' The circumstance to which, in the course of this,
investigation, it will be necessary to advert, is the tendency which ajmefcallic currency has to. preserve a greater uniformity of value than anyother
commodity; and the facility with, which it returns to that value, whenever
by any temporary causes, that uniformity has,been interrupted.. No argurnent will, in this place, be offered in support of this proposition. It is
founded i.n the experience of all natioris. Its truth, for the present, will,
therefore, be assumed. But the proppsition itself admits that gold and silver, when employed by the consent of all civilized states^as the standard of
value, are subject to temporary variations of value. It is equally true that
they are subject to permanent variations. The cause and effect of these
changes will be considered previously to the discussipn of the practicability
' of substituting a paper fora metallic currency.
1st. When, by any circumstance whatsoever, a greater portion' of these
metals is found in a particular state than is possessed by other states having^articles of equal value to be exchanged, they will, in such state, be of
less value than in the adjacent states. This will be -manifested by an increase in the price ofthe comraodities of such state. This increase of price
^ i j l continue until the metallic redundancy is exported, or;converted into
ijiUainufactures. Whenever this redundancy is disposed of, the currency
\rW return to its fornier value; and the price of other commodities will be
.i^^gulated by that value.
;2d. But the exportation of specie may take place where there is no such
•iiedundancy. Thisbccurs whenever the general balance of trade continues,
for some time, unfavorable to a.particular"state. The currency then appre•ciates in value, and the priceof all pther commodities in such state is diminished. As commerce is nothing more than the exchange of .equivar
lents, the reduction in the. price of the articles of such state, and'the increased
-value of the currericy, wijlpromptly produce a reaction; and gold and sil-ver will SQQri return in the quantities required to.redupetheir value tothat



1820.] '

SECRETARY OF T H E TREASURY,

.

499

which they maintain in the adjaceht states. With the return of specie,
• all other articles will return to the prices which they comraanded before its
exportation. Like fluids, the precious metals, so long as they are employed
as thegeneral measure of value, will constantly tend to preserve a coniraoh
level. Every variation from jt, will be prpniptly corrected, w;ithout the in->
tervention of human laws. These fluctuations, being temporary in their
nature, are wholly independent of the permanent causes which may affect
the value ofgold and silver, when employed as the general standard of value'.
They will equally occur, whether the quantity of these metals, compared with,
the exchanges which they are destined to effect, be redundant or deficient.
The limits, however, ivithin which these fl.uctuation.s are confined, are so
contracted that the great interests bf society cannot be seriously affected by
thera. But this observation must be understood to apply to. a currency
purely metallic, or, at least, when the paper which is connected with it does
not .exceed the demand for the'convenient transmission pf money.
3d. Gold and silver, Avhen ernployed by the common consent of nations
as the standard of value, are,subject to variations in value,.from permanent
causes. When their quaritity is increased more rapidly than the articles
which are to be exchanged through their agency, their price will fall; or,
what amounts to the same thing, theprice bf all exchangeable articles will
rise. It has been admitted by ah inteUigent writers upon this subject, that,
immediately.after the discovery of America, towards the closeof the fifteenth
,century, a sudden and extensive depreciation in the value of these metals
occurred ;'and that, from that time to the closeof the eighteenth century,
they continued gradually to depreciate. This depreciation, it is believed,
^ has been accelerated during the last centurjr, as much by the substitution of
paper for specie, as by the increase in the quantity of those metals during,
that period, beyond the deraand which would have existed for thera, as currericy, had that substitution not taken place. The precise eflect upon the
depreciation of these metals, produced by the partial substitution of paper, in
various countries, for a nietallic currency, wiU not now be inquired into; but
it is generally conceded, that the depreciation has been,more rapid since that
substitution than at any forraer period ; except when the accumulated stock
of ages in the new world was brought Into Christendom, and thence distributed into every other region where gold and silver were in demand. Since
the close of the last century, doubts have existed whether those metals, even
when employed as currency, have not appreciated in value; and it is contended, by the advocates of a paper currency, that this appreciation will
probably continue through a long succession of years, andseriously affect all
the operations of the civilized world. It is maintained by these writers, that
the demand for currency, at present, throughout the world, is greater than
the supply which the existing quantity of the precious metals wiil afford,
without materially depressing the price of all the objects of human iDdustry
and human desires. When it is recollected that prodiictiori is regulated'by
deniand, and'that both are directly affected by the quantity of currency compared with the quantity of articles to,be exchanged, it is readily perceived
that an increase in the currency of the. world;, by the substitution of paper,
even when convertible into coin, will increase the quantity.of exchangeable commodities in the world beyond what wouldhave existed had such
increase ofcurrency npt taken place. Under such circumstances, a sudden
reduction pf the currency, by the rejection of the paper which had been employed, could not fail to derange all the relations of society, byj diminishirig
the quantity of currency, whifst the articles to be exchanged, thrpugh its,



500'

.RE,PORTS-OF'THE

•

[1820.

,agency wquld sufiFer'no such-diminution. An immediate depression in the
price of all comniodities would be the inevitable consequence of ari unqualified return to a nietalhc currency, upon the supposition that the quantity of
gold and silver annually produced should remain undiminished. -But, if
•this return t o a metallic- currency should be attempted at a period when
the annual, product of these metals,.either from temporary or permanent
causes, shoirldhave considerably decreased, alll he'great interests of society.
would be most seriously disordered; property, of every description would
rapidly fall in value; the relation^ between creditor and debtor would be
violently and suddenly changed. This change would be greatly to the injury of the debtor; the property which would be necessary to discharge his
debts, would exceed that which he had received from his creditor; the one
would be ruined without the imputation of crime, whilst the btherwould be
enriched without the semblance of merit. Until the engagements existing
at the moment of such a change are discharged, and the price of labor and of
commodities is reduced to the proportiPn which it rnust'bear to the quantity
of currency-employed as the mediurn'of their exchange, enterprise of every
kind will be repressed, and misery and distress universally prevail.' When
this shall be effected, the relationsPf society, founded upon a new basis, will
be equitableand just, and tend to proniote and secure the general prosperity.^
Such, it is contended by the -advocates .pf a paper currency, are the cir- '
cumstances under which the principal states of Europe areendeavoringto
-.return to a metalhc currency. For a century.past, the currency of thPse
..states has been greatly increased by tbe employment of paper, founded, it is
.true', originally upon a raetallic basis. • During the last twenty years, this
paper has ceased to be convertible;into specie; and, as no systematic effort ^
fias been made, to prevent excessive' issues, it has-become redundant, arid
consequently depreciated.. Notwithstanding this depreciation, the,productions of those countries, it is.believed, have more rapidly increased, than
•those of countries where a metallic currency has been preserved. The first
efforts that are'seriously made by those states to return to a metallic currency, will be the repression of enterprise of every description among them.selves. It will be foreseen that the currency must appreciate, and that all
other articles must depreciate in vitlue. The effects of this appreciation of
jhohey wih be first manifested in those states by the fall of the price of ail
articles which c,annot be exported. In the progress of these measures, the
price ofthe exportable articles will also be affected, by the reduction in the
currency employed,ill effecting their exchange. It is even probable that
the quantity of exchangeable articles will be^diminished. Whilst the ap-'
preciation of the currency is perceptibly advancing, the nianufacturer will
.not hazard his capital in producing articles, the price ofwhich is rapidly
declining. - The merchant will abstain from purchasing, under the apprejhensiqri of afurther reduction of price, and ofthe difficulty of revending at^
a profit. It is even probable that the interest of money will fall, whilst the
cry of a scarcity of money will be incessant. Under such circumstances,'
loans will not be required, except to meet debts of immediate urgency. ,
None will be dernanded for the prosecution of enterprises by vvhich the
productive energies of the community -will he increased.
; As the measurois which have been adopted by England, and several of
the continental states of Europe, for-returning to a metallic currency, adt
vance, the interests of those states which have adiiered to itwill be affected. VY|iilst. gold and silver wercjln the former states, dispensed with t^



1S20.]

. SECRETARYOFTHETREASURY.

•

• SOi

coin, they were sought for merely as coraraodities. The quantity necess.sL>ry ibr their rnanufactures \yas readily obtained, without deranging, in any
serious degree, the currency of pther states.• .
• . "" •.
It has been estiraated that frora eighty to one hundred and twenty millions'of dollars were necessary to England. Taking the mean sum, and admitting that the other European states engaged in.the same effort require
an equal amount, a supply of two hundred millions of dollars is necessary.
.The commencement of the riieasures.n.ecessary to obtaiii that portion of this
sura, which cannot, in a short time, be drawn from the annual product of the
inines, may not be immediately felt-by other states. But, when these measures approach their completion; when a large quantity.of gold and silver
is necessarily withdrawn.from the currency of other^states, the price of
specie will, in the latter, appreciate, and the price of all coraraodities will
decline. All the evils incident to an appreciating cur.rency will be felt in
those states, though in a less degree than where a paper currency had'beeri
exclusively adopted., "^Che example presented by the return tb a raetallic
currency in France, even iri the raidst of a revolution, which probably had
sorae influence upon the decision of this question by other states, is believed
to be, inlio degree^ analogous in. its principal circurastances. At the precise period-that this .change was operating, .England, andthe principal continental states, abandoned the precious metals as currency. The supply demanded by France was not only at hand, but was seeking the very employment which that change had niade indispensable. , At the sarae time, immense sums were broi^ight into France by her conquering armies, which,
being raised by railitary contribu tio iis,l'"j,ad, in some degree, rendered a re-r
sortlo paper currency in the invaded>states necessary. At present, the
civilized world is at peace, and'each state is endeavoring, by systematic
measures, to secure to itself a just participation cf the benefits of equal and
reciprocal commerce. The states which'are now attempting to return to a
metallic currency, will find much greater difficulty in effecting this chan.ge
than was experienced by France.
.•.
The demand for gold and silver, as the medium of excharige, cannot be
supplied until the price of all exchangeable articles hasfiiilleiiin proportion
to the reduction of the currency, which the'abandonment of paper must
produce. It is even probable, as has been before suggested, that, after the
price of commodities and of labor shall have; fallen so as to bear a just pro^portion to the.currency which is to be employed in effecting the necessary
exchanges, the currency will continue g-'radually to appreciate. This,
however, is matter of conjectu re. It depends.entirely upon the fact, whether
the annual produce ofthe mines, after furnishing the quantity necessary for
the consuraption ofthe precious raetals in raanufactures, will be equal to the
increased demand for' currency, arising from the increase of exchangeable
commodities throughout the world. The great advancement in the arts and
sciences—the rapid iraproveraient in raachinery—which characterize the present age, acting through a long succession of ages, cannot fail to augment, in
an astonishing degree, all the products of human industry.
^ It raay, however, be urged, that the sarae improvements wiU. augment,
in an equal degree, the product of the mines ; and that, therefore, the quantity ofthe precious metals in the world will continue to bear, to other commodities, the same relation which they raay assume when the return to a
metallic currency is effected. This may be true; but, so far as it depends
upon the general principle, thatthe supply of all articles is regulated bythe
deniand, there is reasonable ground of doubt. The maxim, although good



502'

•

REPORTS OF T H E ^
'

. •[1820-.

as a general rule, admits of exceptions. A demand beyond the supply, i n creases the price of thelhing demanded, and invites to the investment of
additional capital in its production. - But, when the article demanded is to
be produced from a material which rio investment of capital, rio application
of sldll, can augment, the only effect of such investnient and apphcation Is
to produce the raost 'whichfhe material has the capacity to furnish. Such,
in fact,,is the case of gold and silver, The material frora which they are
made is hriiited in quantity, which neither capital nor skill can augraent.
It is probable that the irriprovements in machiriery, and the art of refining,'
will be counterbalanced by the exhaustion ofthe miries, or the difficulty of
wbrking thera, arising, from the-depth and extent of their excavations. It
is therefore possible that the demand.for the precious metals, for currency
and for manufactures, may exceed the production ofthe mines. •
.
Previously to entering uppn theitnniediate discussion of the practicability
of-substituting a paper for a metalhc currency, it is-proper to observe, that
gold arid silver derive part of theuniformity of value which has been ascribed
to them frorii the general consent of civilized states to eraploy them as the .
standard of value. Should they cease to he' used for that purpose, they
would hecome more variable in their value,, and would be regulated, like all
.other articles, by the deraand for them,.-corapared with the supply in any
given market. It is presumed,' thgit, if they should cease to be eraployed
as the standard of value by several states, their uniforraity of value would
be in sorae degree affected, not only in those states where they were" corisidered as niere commodities, but in those where they were still employed
"as currency. Wheneyer, as cornmodities, they should.rise in value, a drain
would take place froni the currency of other states; and when they shpuld
fall in value, as coraraodities,-they would seek eraployraent as currency;
and render in some'degree redundant the-currericy of the states where
they are eraployed. After making, due allowance for the depreciation of
bank riotes iri England from the time of the bank restriction, in 1797, to
the present period,-the price of gpld and silver in that country is believed
to have varied more than at any former period. Their price, when com, pared with bank notes, from the year 1797 to 1808, showed but a slight
.degree of depreciation; considerably less, in all human probability, than
actually existed. During that interval, the demand for those metals was t
limited, in England, to the sum required for manufactures. If is highly
probable, that, if the quantity of the paper circulation had been reduced to
the araouat of the currency.in circulation at the time, or for one year before
-the restriction^ the price of bullion would have been below the mint price.
On.the.contrary, in the year 1808, when the employment of a British force
in Spain created a sudden deraand for specie, the depreciation of bank notes,
indicated by the price of bullion, was probably greater than that which really
existed. In the year 1814,-after the treaty of Paris, the price of bulliori,
estimated in bank paper, was riot above the mint price; whilst in the succeeding year it rose, to'more than twenty per cent, above that price: the
amount of bank notes.in circulation at the former, exceeding, in a sniall
degree, that of the latter period. It is impossible that these variations in
the price of gold and silver, iri, the short space .of one year, can be entirely
chargeable to the deprefciatioii of bank notes. The effect which these variations, in, a great commercial state, where theprecious metals were considered only as commodities, were calculated to produce upon the currency
of the neighboring states, has riot heen ascertained. The convulsions to
which most of these states were subject during that period may account



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pr the want of sufficient data to elucidate the subject. It is, however, highly
improbable that these fluctuations were not sensibly felt by them.
' Having considered" the .nature and extent of the variatioris in value to
which a metalhc currency is necessarily subject, jt remains to examine
whether it is practicable to devise a system by which a paper currency may
be employed as the standard of value, with sufficient security against variations in its value, and with the.same certainty of its recovering that value,
when, from any cause; such variation shall have been produced. It is dis. tincdy admitted that no.such-paper currency has ever: existed,-^^ Where the
experiment has been made directly by Government; excessive issues have
quickly ensued, and depreciation has been the immediate consequence.
Where the experiment has been attempted through the agency of banks, it
has invariably fixiled. In both cases, instead of being used as a meari of
supplying a cheap aiid^stable currency, invariably regulated bythe demarid,
for effectmg the exchanges required by the wants and convenience of society,
it has been employed as a financial resource, or made the instrument of unrestrained cupidity. In no case has any attempt been made to determine
the principles upon which such a currency, to be stable, must be founded.
. Instead of salutary restrairits being imposed upon the.moneyed institutions
which havebeen employed, the vital principle of whose being is gairi, they
have not simply been left to the guidance of their own cupidity,"but have
been stimulated to excessive issues, to supply .deficiencies in thepublic
revenue. This is known to have been the case, in an eminent degree, in
the experiraeht which has been attended with "most success. The issues of
the Barik of England, on account of the Government, 'were frequently so
great as' to destroy .the deraand for disconnts by iridividuals. In consequence
of these excessive issues, the interest of money fell below five per. cent.,
the rcite at which the bank discounted; the demand for discounts af the bank
therefore ceased. It is, indeed, not surprising that no systematic effort .has
been made to restrain excessive issues. In the- case of banks, the experiments which have been, made were intended" to be temporary ; theyowere
ihe result of great arid sudden pressure, which left but little leisiire for the
examination of a.subject so abstruse. The employment of a paper circulation, convertible into specie, (the favorite systern of modern states,) having,
as has been attempted to be shown in a previous part of this report, the inevitable tendency to produce the necessity of resorting in every national
emergency to paper not so convertible, imposes upon those who are called
to administer the affairs of nations the duty of thoroughly examining the
subject, with, a view, if practicable, to avoid that necessity. If the examination does not result in the establishment of a paper currency, unconnected .
with specie, it may lead to the imposition of salutary checks against excessive issues, when the necessity of suspending payment may-occur.
It has already been said that every attempt which has been made to introduce a paper currency ,ha.s failed. It may also be said, that of all the systems during the discussion of this interesting subject, both in Europe and
the United States, which have been proposed, none are free from objections. It is possible that no system can be'devised which will be entirely
free from objection. To insure the possibility of employing such a currency with advantage, it is necessary—
1., That the power of the Government over the currency be absolutely
sovereign. .
,
2. That its stability be above suspicion.,^ .
, .
3. That its justice, morality, and intelligence, be unquestionable.



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[182CL:

4. Thatthe issiie of l h e currency be inade not only to depend upon the
deraand for it, but that an equivalent be^actually received.
5. "That an equivalent can only be found in the delivery of an equal
araount of gold or silver, or of public stock.
6. That whenever, frora any cause, it may. become redundant, it may be
funded at an interest a fraction below that which was' surrendered at it&.
i.ssue:
-^
»
' ' . . ' • " '
- ' •
. ,
'
'
1. This proposition needs no elucidation. Coin age, and the regulation of
money, have in allnations been considered one of the highest, a cts. of so.ve-".
reign ty. It may well be doubted, howeyer, whether a sovereign power
over the coinage necessarily gives the right to establish a paper currency.-^
The power tp establish such a currency oughtnot only to be unquestionable,
but unquestioned.^ Any doubt, of the legality of the exercise of • such an
authority could 'not fail to mar any S3rstem - which huraan ingenuity could
devise.
•
'
^
.2. A metalhc currency, having an intrinsic value, Independent of that,
which is given to it by the sovereign authority, does not. depend upon the
stabihty of the Government for its value. Revolutions may arise ; insurrections, may menace the existence of l h e Governmerit: a metallic currenc^r
rises in value under suoh circumstances ; it becomes more valuable compared with every species of property, whether move'able or immoveable, in
proportion to the instability of theGovernment. Not so with a paper currency; its credit depends in a great degree upon the confidence reposed in
the stability of the authority by which it was issued.. Should that authority
be overthrown by foreign force or intestine comniotion, an iramediate depreciation, if not an absolute annihilation of its value, would ensue.
• .3. It might, however, he saved froni such destruction by a well-grounded
confidence in the justice arid intelligence ofthe Government which should
succeed that which had beeri overthrown. The history of iiiodern times
furnishes examples-that ,are calculated to inspire this confidence. In France,
during the revolution which has just terniinated, the public debt was reduced
to one third of its amount. T h e sarae rule was applied to the public debt of
the Dutch republic, when it fell under French domination.; In the successive pohtical changes to whicli Fralnce has since that period been subjected,
the.public debt and the public engagements have been maintained with, the
strictest good faith. In Holland, that portion ofthe public debt which had
been abolished by the French G-oyernment has been restored. In the ppinion
of welllnforraed raen, however, the conditions connected with that restoration were so onerous as to render it almost nominal. Indeed, the pubhc
debt ill that country had become so disproportionate to the raeans of the nation when deprived ofthe resources it enjoyed whpn the debt was contracted, that the reduction which^it underwent while the country was annexed to"
the French empire was notgeoerally considered an evil. The reductionof
the natiorial debt of France during the revol^ution was perhaps equally indispensable. If the intelligence of the age, and the influence of pubhc opinion,
even in states; where the reign pf law was but imperfectly established, have
been sufficient to induce the Governmerits which have alternately succeeded .
each other for tho last twenty:five years, in France and Holland, to respect
the public engageraents which had been previously contracted, well-grounded expectations raay be cherished that the periocl is rapidly passing away
when thepublic fii'th of nations can be violated with impunity. .
/
If public engagements, under such circurastances, have been considered
obligatory upon those who have successively administered the aflairs of those



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50,5;

nations, a reasonable confidence may be reposed in the fulfilment of the obligations which may be contracted by existing Governments, where the reign
of jaw is firmly'established. It is not denied that a paper currency furnishes
strong' temptations to abuse. Mihions may be issued in a few days, arid
the deficiencies in the reveriue promptly supplied, if the condition.of receivirig an equivalent is abandoned. The moment the currency s.hall be
issued cis a firiancial resource, depreciation will fpllow, and all the relations
of society will be disturbed. If the Governirient-of the nation.in which a '
paper currency has been established shall he deeply, impressed with this,
truih, will it not be restrained from the apprehended abuse? Currency of
every kind is liable to great abuses,' The history of the coinage of every
nation, whose annals are known, is iittle more than a detail of the frauds
which have been practised h j Governments iipon the people. Until the twentieth year of the reign of Edward III. of England, a pound troy of silver
of standard fineness, and a pound sterling, were -synonymous terms: ^twenty
shihings sterling being, in fact, a pound troy of standard silver. Change followed change in rapid succession, until, in the reign of Elizabeth, a pound
troy-of standard silver was directed to be coined into sixty-two shillings.
This immense.change in the valueof the currency was effected in the space
of about two centuries. In other modern states, during the same period,
changes not less important occurred in the coinage. Frequently these changes
were effected by deteriorating the standard fineness ofthe coin.' For inore
than a century past,.the coinage of the civilized worldhas undergone noriiate-.
^
rial change, with a view to the practice of fraud upon the people. Whether
this forbearance is tb be attributed to air improvement in the morality of
modern Governments, or to a more correct understanding of the principles
ofcurrency, and of the consequences that must result from every change
by which the relations ofthe society are affected, it furnishes just ground of
expectation that they will not hereafter.be attempted. Nothing raore is necessary to secure an unalterable adherence to the maxims upon, which it is
manifestly necessary that a paper currency must be.founded, in order to preserve a uniformity of value, than the same morality and the same intelligence. Without assuming the principle of the perfectibility of human nature, the hope may be indulged; that the nature -of currency will continue,
to command the attentipn of statesmen, and that the abuses which have resulted from improper changes in the currency will not again occur in the
same degree.
•
'
4. When the currency is metaUic, no addition can-be made to it without
giving an equivalent. It is indispensable that this condition should be annexed to the.acquisition of the paper currency, preliriiinary to its. entering
into circulation. If it can be put in circulation only on paying its norainal
amount in that which has a general and fixed value, determined by the consent of other nations, it will continue to preserve that value duririg the time
•it circulates, unless the relation which it bore at the time of its issue to the
quantity of articles, the exchanges of which it i$ destined to perform, shall
be varied.
'
"
' °' •:
6. As a paper currency is issued upon the national credit, the whole property ofthe nation is pledged for its redemption, whenever, by .any circuriistance, it may become the interest of the community that it should be redeemed. Itis therefore'nia,nifest that it should not issue upon the credit of
any individual, or associatipn of individuals. A part can never be equal to
the whole. The credit of any individual, or association of individuals, cannot be equivalent to that pf they nation of which the form a part., But it



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REPORTS OF T H E

[1820;

niay be said, that although the credit of individuals is not equivalent to the'
credit of the riation, yet an equivalent for a particular portion of that credit
may be found in the pledge or mortgage of property of equal or greater value than the currency issued upon it. This may be true;, but the value-of
property, has been continually fluctuating: it will continue to fluctuate, after
giving to the advocates of a paper currency full credit for the superior stability which they suppose will attend its substitution.for, gold and silver-as
the standard of value. But this is not the only objection to the acceptance
of prpperty as a pledge for the payment, by individuals-,.of an equivalent for
the paper currency which may be advanced upon such pledge. Frauds will
be practised by pledging property .which is encumbered, which it would be
-extremely difficult to detect. The .Government will be involved in endless
litigation with individuals who are interested in the encumbrances by which
its right; to tire property pledged is embarrassed. In such contests, the interest of the Governnient is always eridangered, even where right is on its
side. It is not qualified to enter into such htigations with an equal chance
of success; The feelings ^of'the coraraunity are always,\except in flagrant
cases of fraud, upon the side of an individual supposed to be strugghrig with
the overwhelming influence of authority. Besides, in all contests of this
nature, something ofthe respect fbr the Governnient which ought to be cherished by the citizens, especially bf a free state, will be lost. The. situation
is invidious; arid ought not voluntarily to be assurned by a Government
jealous of its dignity and purity of character. It is therefore believed that a
national currency cahnotbe issued with safety, with a reasonable prospect of
success^ and with sufficient security against redundancy, but in exchange for
gold and silver ofa definite standard, or forthe public stock at certain fixed
rates.. When issued in exchange for them, arid for them alone, there is,
though not the same, yet perhaps an equal, security against redundancy as in
the case of a nietallic currency. When it is issued iri exchange for coin, there
is no addition made to the currency. When it is issued in exchange for public
stock, commanding previously to the exchange its par value in coin, the party
who acquires the currency parts with that which was equal to specie, andis deprived of the annual interest which it produced.. Unless theinterest
of the currericy, resulting from its scarcity, should exceed that paid upon
the stock, it would not be demanded in exchange for the stock. In either
case, the danger of redundancy is extremely remote. By the exchange of
specie for currency, the active capital of the country will be increased to the
amount of the currency; and the capacity of the nation to redeem it, whenever it shall by any circumstance whatever become expedient, will be unquestionable.
' \
^
But it maybe doubted whether, under such conditions, a paper currency
ever can/be put in. circulation. Under a Government firmly established, conducted by upright and enlightened Counsels, and possessing absolute power
oyer the currency, it is believed there is nP just reason to apprehend a diffi- s
culty of that nature. ' If, in such a Government, banks existed, deriving their
powers from it, the specie in their possession would he gradually exchanged
for the paper currency which would become the basis of their operatibns.
Not only the specie which they possessed would be thus exchanged, but exertions would, from time to time, be made to acquire the sums necessary to
support their banking operations. Specie would be imported, even at an expense, for- the purpose of being exchanged. Whilst specie formed the basis
of the operations of banks, its importation could not fail to be productive of
loss. Each importation not only produced the necessity of additional iniportations, but at an increased expense. But, when importations shall be



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. SECRETARY OF T H E TREASURY.

507

mad'e for the purpose of being exchanged for the currericy, the exportation
of the specie thus imported will not,atfect the operations of the banks. It
is pnly when the funding of the currency shall comnience, that they will
be admonished to desist from furtheriniportatioris. Individuals and banks
would likewise exchange public stock, at the rates prescribed by the system,
for the paper currency. Whenever the deniand for currency should be
such as to raise the interest of money considerably alcove that .produced by
the public stock, it would by banks, and individuals be giyen iir exchange
for the currericy. But.the facility which the existence of a public debt furnishes in procuring the paper currericy is counterbalanced by the difficulty
of complying with the public engagement to discharge such debt in a metallic currency. After a paper circulation shall be substituted for gold and
silver, they will .-be found in the country orily in the quantity demanded for
manufactures, and for such brariches of commerce as are entirely dependant
upon them. A considerable demand for gold arid silver by the. Government, to meet its engagements, previously contracted, would raise their
price in the market, arid render the obligation to discharge thpse engagements in.the precious metals not only extremely onerous, but, perhaps,
somedmes irapracticable. In such a, state, a coriiproraise with the public
creditors would seerii to be a preliminary measure. This, under any circumstances, would be a measure of great dehcacy and difficulty, arid, in
some cases, would probably be utterly iriipracticable.
6. Whenever, from any cause, the currency should become ledundant,
the redundancy may be funded at a rate of interest a>fraction below the
rate of legal interest.
• ,
•
In determining the rate at which it may be funded, due regard should be
paid to the rate of interest previously existing in the state. The rateof
interest, it is conceived, ought"not to depend (and. where ametalhc currency
prevails, does not depend) solely upon the araount of currency necessary to
perforin with flxcility the exchanges required by the warits and cpnvenience
of society. In a new country,, where there is but a.slight accuraulation of
capital, the interest of raoney will be high, notwithstanding there may be
even a redundancy of currency beyond what is'necessary to effect its exchanges. In such a country, all the. objects upon which capitalri^ciybe '
employed, except those of the most simple kind, are unoccupied. The currency necessary to eftect the exchanges of its property, moveable,and immoveable, will be entirely insufficient to satisfy the demand for capital for
those 'objects. If it should be multiplied so as to equal that demarid, it would
exceed the demand for the necessary exchanges of society, and, consequently, depreciate. Such, in fact, it is belieyed, would-be the consequence
of issuing the currency upon individual credit, or upon the pledge of property at a rate of interest below that whidh previously existed ih the state.
Any change ofthe interest of rnoney by law, ,previous to its having taken
place in indiyidual transactions, in consequence ofthe accumulation ^of
'capital, would be unjust, and could not fail to produce' serious inconvenierice
to the community. Admitting the rate of interest, in a state about to make
the experimerit, to be six per cent., then the currency should be issued only
in exchange for specie, or six per cent, stock, or other stock according to
that ratio. If the currency should, when, by any raeans, a redundancy existed, be fundable at five and a half per cent, interest, theutmost depreciafiori
to which it could be subject would be eight and onelhird per cent. But it
is probable that the real depression in its value would not, at any time,.be
more than half that amount. Before funding would commence, the public



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;[182Q.

stock, receivable in exchange for the national currency, would be above the
rates at which itwas receivable. Its issue upon the exchange of stock
would,-therefore, have ceased. There are in every community capitahsts
who would^prefer lending to the Governraent at five and a half per cent.,
than, to- individuals at six:', The funding of the currency would, therefore,
begin before the redundancy would offer, any general inducement to. that
mode of reducing it. The variation to which its value would be subject
would, therefbre, be less than eight and one-third per cent. It would be the
interest ofthe Governnient to reserve the right of redeeming thestock
created by funding.at its par v^lue; under the condition, however, of redeeming it according to the order of time in which it was. created. Connected with this.sjrstera, should be a permission to the banks to "purchase
public stock, but riot to dispose of it, except to the Government, at its par or
current value, when under par, unless the Governraent should decline the
purchase. The currencj^, upon beirig funded, should be invariably cancelled". Under a system of this kind, if no pther paper was- permitted to
circulate than the national currency, a reduridancy,which would affect its
value could only occur by a temporary diminution of. the articles which
were to be, exchanged through its instrumentality. In that event, the price
of the articles would be enhariced, so as to require a greater'ampunt pf cur- .,
rency to effect their exchange. Should.the price not be enhanced in pror
portion to the diminution in thequantity of the articles, that portion ofthe
currericy which would, urider such circumstances, be left \yithout employment, would be funded. A just relation between the^aimount ofcurrency,
and the demand for it, would be promptly .restored, without afiecting injuriously the relations between individuals. .• On the other hand, should a
greater quantity of exchangeable articles be produced, the demand for currency would exceed the supply, and lead immediately to additional issues,
untif the necessary supply should be obtained.
But, in a state where banks already existed, which derived their charters
from the sovereignty that regulated the currency; where the people were
accustomed to bank notfes, and iri the habit of receiving them, the agency of
these institutions niight be admitted in s^upplying a portion ofthe currency.
They might be permitted to issue their notes, payable, on demand, in the
natipnal currency. Their notes would, of course, be issued on personal
security. In this case, the currency might become redundant bythe issues
ofthe banks. Wheneyer this should happen, the narional currency would
be demanded of. them fbr the purpose of being funded ; the banks would
^ be compelled to curtail their'discpunts, to rfelieve themselves from the pressure, and thearaount of the currericy would be promptly reduced J o the
legitimate demand. Whenever the agency of banks should be emplpyed in
furnishing part of the circulation, a refusal, or omission, to discharge their
notes on demand, inthe national currency, should be treated as an act of
bankruptcy. The national currency, being alegal tender in the payment of
debts to individuals and to the Government, would, in relation to the banks,
perform the functions of specie, where bank notes are corivertible.into coin!
But, in order to impose a salutary check against excessive issues of bank
notes, the natipnal currency should alone be receivable in all payments to
the Governmerit.
In an attemptfo trace the probable results of apaper currency, founded upon
the principles which have been deve;loped in the preceding pages, the influence which it willhave upon foreign exchange requires investigation. The
want of stability, morahty, and intelligence in the Government which may
undertake to substitute apaper for a metallic currency, are the objections




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509

which have already been, considered. To these, according to common opinion, is to be added the injurious effect which it is supposed it will have
upon foreign exchange. In a country where the currency is metallic, an
urif ivorable sfcate of foreign exchange will probably have the following effects :
.
" .
,
.
'
1st. To raise the price of exportable articles as much above that, which
they ought to bear, as the preniium paid upon foreign bills, until it exceeds
fche expense of exporting specie to the foreign market,
2d. When this rise exceeds the expense of such exportation, the price of
exportable articles will fall gradually below what they ought to comraand,
to the extent of that excess.
•
" ^
'
.3d..'Until this fall in their price shall be effected, specielvill be exported ;
after which, it will cease.
4th. This fall in their pi'ice', by increasingtheir consuraption in the forejgn '.
markets, ultimately provides for the return ofthe specie whichhad been
exported.
•
\ "
. ' ;
5th. During the second and third stages of this process, the price of all
articles not exportable is affected in a.greater degree ;.enterprise is damped,,
and distress prevails.
.
Such arelhe necessary effects of an unfavorable state of foreign exchange,
where the currency is metallic As the vital principle of cqmmerce.is gain,
itis probable that, generally, the price of exportable articleS'^yould, in fact,
be rather higher than is stated inthe.preceding deductipns; thetiraid might
export specie^ before the preraium upori exchange exceeded the expense ofits exportation ; but timidity is not the predominant characteristic of conimercial enterprise. , On the' other hand, the sanguine and enterprising,- rely-.
ing upon the chance of better markets, would give higher prices rather than
submit to certain loss upon the exportation of specie, or the purchaseof bills
above par.
;
^
••In a country where a paper currency has been adopted, and theprinciples
by which a redundancy may bP prevented have been enforced, an unfavorable state of foreign exchange will probably have the following effects :> '
"
1st. The eflect of raising the price of exportable articles, as much above
what they ought to bear as equals the premium upou foreign bills. But, in
this case, gold ,and silver, being exportable articles, will rise in the same proportion as'all other articles.
2d.. When the price of all arficles is raised so high that a loss will be incurred by their sale in foreign markets, those = who have no remittances tp
make will withdraw from the competition. If profitable investments iri
other enterprises cannot bemade, a portion of the currency, at their disposition, will be withdrawn from circulation, by being, converted into'funded
stock; competition will, in this mariner, be diminished; the priceof articles for
exportatioii wiU he reduced by the reduction ofthe currency, and by diminished competition among the purchasers. It is not probable, however, that
the price will fall so low as to admit of a profit in foreign markets, as long,
as the premium upon exchange continues abovethe ordinary coriimercial profit upon exported articles. But exportation will not be continued at a ceitain loss, longer than the discharge of debts previously contracted renders
indispensable; foreign articles will not be imported, when the loss upon remittances, whether made by bills of exchange, or by the exportation of commodities, is equal to the profit upon importation ; the high price given for
exportable articles will increase theirproduction, and restore foreign excharige
. o a favorable state, The balance of trade, and the rate of foreign.exchange,



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[1820.

which have given so much trouble to statesmen for two centuries past, when c
left to the laws by which they will be governed in despite of human devices,
as invariably regulate themselves as fluids, when u nrestrained, find their common level. They will, probably, more promptly conform to theselaws in
a state where a well-regulated paper currency prevails, than where it is
metallic. In the latter, the currency is exported fo make up any temporary
deficiency, and by that means-proyides against the recurrence ofthe evil, by
in»lirectly causing an increase ofthe exportable articles ofthe state, and di^
riiinishing fhe^ iraportation of foreign articles. . Until the capacity to purchase these by the exchange of articles shall be restored in the former, as
the currency carinot be exported, the importations will be more prompily
.reduced to the capacityof the country to purchase, whilst the increase of its
exportable articles -will be the direct, instead of the indirect, consequence of
a temporary incapacity to pay fbr previous importations. . .
3d,^ During the whole-process of restoring a favorable state of exchange,
in a country where a well-regulated paper currency prevails, the price of
all articles not exportable will suffer no material variation. The .funding
of the currericy, which will probably^, take place, will not-be iraniediately
carried sb far as to reduce the price of exportable articles so as to comraand
a profit in foreign markets. They will, ,so long as the rate of exchan gels
unfiivorable, continue to command, higher prices than whenthe exchange is.
: favorable. This increased price will encourage industry and enterprise, and
constantly tend to augment the- productive energies of fhe community.
This effect cannot fairly be attributed to any depreciation in the currency.
ThatIvill continue to,bear nearly the.^same proportion to the exchangeable
articles of the state, as when foreign exchange was favorable. It is probable even that its relation to those articles will be changed, so as to produce
an appreciation of the currency ; andthat this appreciation will be perceived,
in a slight degree, in the depression of the value of all arficles not exportable.
The effects of this appreciation will, hPwever, be diraiuished by the impulse
given to industry arid enterprise,^ by the increased price of all articles which
can be exported. .
'
These areconceived to be the effects whicha well-regulated paper currency
wiil have, upon the foreign exchanges, and upon the doniestic industry
of the country which may adopt it. If the value of currency depends, like
that of all other articles, iipon the quantit.y compared with the demand, the
idea of its depreciation' raising the price,of articles, in the case which has
been considered, must be rejected. That this position is incontrovertible,
seenis to have been admitted by all writers, upon the subject. This admission is found in the reports which have been made to the British Parliament,
in the evidence upon which those reports have been founded, and in the essays of those who have opposed thepaper system in that cbuntry,,siince the
year 1797. Th.e objection to the paper system, as it existed in. England, was
' the absence.of all restraint upon the issue of paper, and the supppsed iriv
possibility of imposing any efficient restraint. In jfact, no attempt h;as
been made to.impose such restraint in that country, unconnected with lhe
convertibility of bank riotes into the precjous nietals. So far as this restraint is liinited to the convertibility of hank notes into bullion at,any
giveri rate, it is rather an attempt^ to regulate foreign, exchange thrpugh
the instrumentality of the. bank, than to confine the issue of banknotes: to
. the sounil deniand for 'currency. The restraint imposed 'seenis to rest uppn .
,the idea that an unfayprable.state of foreign exchange, niust be the result, of
a redundant currericy« iNpthing^CEua be^n^
than this hyppthe^sis.



18:20.1

SECRETARY OF T H E TREASUKY.,

511

Considering the vitiated state of the currency of Englarid formore than
twenty years past, it is not surprising that this idea should there be entertained. During that period, the unfavorable rate of fbreign excharige which,
generally prevailed, was, if not directly, at least indirectly, attributable to
the depreciation of their,currency.' But, in this interval, a favorable rate of
foreign exchange more than once occurred. To what cpuld this favprable
exchange be attributed? "Certainly notto the depreciation of their currency. But it would be as unjust to attribute feyery unfavorable state of foreign
exchange to the depreciation ofthe currency, as to ascribe to that currency
the credit of any favorable stateof such exchange. The truth is, that fluctuctions in the exchange, between two countries having a metallic currency,
continually occur, and depend upon principles wholly unconnected with,
the idea of a depreciated currency.
^
- .' , .
If these views be correct, the only obstacles to'the establishment ofa paper
currency, by a Government-having a sovereign right to estabhsh it, is the
danger of the instability and want of integrity and intelligence of the Government.. There is, certainly, justjeason to apprehend that eniergencies
raay arise in the affairs of every natiori, in which their stability rriay be menaced by foreign force or domestic insurrection., In such an event, a.panic
might ensue, and the credit of the currency be utterly annihilated. Plow
far the recent.examples which have beep adverted to in other states—how
far the influence of public opinion,over the conduct of Governinentsmay
be relied upon, as an efficient preventive against evils of such magnitude,
must be determined by those to whom, under Divine Providence, the prosperity and happiness of nations are committed. The subject involves ^all
the complicated interests of society, except the enjoyment of civil, political,
and religious liberty. . It ought to be approached with more than ordinary
circumspection. In states the best qualified to at|empt the change, it is environed with doubts which can only be dispelled by the light of expenlnent.
In the United States these doubts are greatly increased by the complex form ^
of the Governraent. In the division of power between the Federal andState Governraents, the line of separation isnot sufficiently d.istinct to prevent collisions which riiay disturb the harmony of the system. Collisions
have already arisen,^ and, in the, course of human events,^ may be reasonably expected to arise, until the line of separation by which their relative.
powers and duties are determined shallbe distinctly defined by practice, or
by explanatory amendments ofthe constitution, effected according to the.forms prescribed in that instrumerit. Upon no question will collision raore
likely arise than that contemplated by the resolution under which this report is subraitted. No attempt to make the change has succeeded. The
.measure, when stripped of extraneous difficulties, rriust be admitted to be of
doubtful tendency. Under the most auspicious circumstances, it may prove
abortive. Under circumstances in any degree adverse, it must inevitably
fail. Any obstacle opposed to its execution, by one or more ofthe State
Governments, would be decisive of its fate. Their simple acquiescence in
the measure would not be sufficient to secure to it that issue, to which the
principles upon which it might be established would necessarily lead.
Their active co-operation would be indispensable. The banks which derive their authority from the State Governrnents are generally bound by
their charters to discharge their notes in specie on demand. From this obligation it would be necessaryto the system to relieve them. The obligation to discharge their notes upon demand, in the national currency, should
be substituted for that of paying them in specie.
/



512 • :

•" -

REPORTS OF T H E

[ISgo;

If these obstacles should be removed, that connected with the public debt,
which has beeri suggested in a previous part of the report, would srill reriiain. After the substitution ofthe natiorial currency, gold arid silver-would
be imported.only in the quantity, required for manufactures, and for the
prosecution of those branches pf trade in which they are primary arficles
of commerce. For these" purposes,- the impprtations would be-sufficient.
They might even be, sufficient, and at a reasonable price, for the payment of
the annual interest of,the public deht. But after the year 1824, -when the
sumof $10,000,000 would annuahy be expended by the coniraissioners of
the sinking fund,lt is probable that the premium which would be paid upon
it would he considerable, untilthe debt was extinguislied. A. coraproraise,
as has-already been suggested, with the public, creditors, wpuld seera to be
a,measure preliminary to any attenipt to establish apaper currency.^ It is
more thaii probable that the attenipt would not only be unsliccessful, but
that it would/injuriously affect the public credit.\
,' • ^ . ,
-,
, It raay also be prpper to'observe,"that those sections of the Union where
a measure of this kind would be most likely lo be acceptable, would probably derive from it the least benefit. In the west, and inthe south, the complaints of a deficient currency have been most distinctly heard. In the latter, these-complaints are of recent date. In both, they proceed in a greater
degreefrorh the disburseniijnt of the'public revenue than- frora any other
cause. The greal mass of public expenditure is riiade to the east of this
city. The revenue accruing from iraports; though principally Collected in
the raiddle and eastern States, is. paid'by the great inass of consumers
throughout fhe United States, That which ispaid for ^the public lands, al,though In some degree drawn fronrevery part of the Union, is principally
-paid, by the citizens of the west and of the south.. The greatest part of
file revenue accruing from the public lands, as >vell as that collected hi the
southern States, upon imports, has been transferred to the middle and east.^ ern State's t:o be expended. , T h e necessity of making this transfer arises
-fromthe circumstance thatthe great mass ofthe public debt is held in those
.States, or by foreigners, whose agents" reside in them; and from the estab-^•
lishraent of dock-yards and naval stations in their principal.ports'. This
transfer will coritinue to be necessaiy, until the public debt shall be extinguished, and until the other expenditures ofthe Governmenf can, consist.. entiy with the public interest, be more equally distributed. If a national
Gurrency should be established, the demand for it in the southern and western States, for the -pjLir pose of transmission, would be incessant; whilst its return, by the ordinary course of trade, especially in the latter, would be slow,
and in some degree uncertain. ' The currency, being everywhere receivable by the Government, would, for the purpose of remittance, be more frequently demarided iri that sectipn than specie, for the same reason ihat the
notes ofthe Bank of the United States and its offices command there, at this
time, a premium in specie. As the trarisfers'of the public money are made
. by the Bank ofthe United States, the excitement produced by the deniand
for specie or funds that can be remitted consequent upon such transfers
has been directed against that institution. All the evils which the community in particular parts ofthe country has suffered from the sudden decrease '
ofthe currency, as well as from its depreciation, have been ascribed to the
Bank of the United States, which, in transferring the pubhc funds, hasbeen
a passive agent in the hands of the GJovernment



•1820;] .

• SECRETARY O F . T H E TREASURY. , ^

• '513

It is then believed that the evils which are feltiri those sections of the
Union Avhere the distress is most general, will not be extensively relieved
by the establishment of a national currency. The sufterings which have
been produced by the efforts that have been made to resume, and to continue, specie payments, have been great. They are not terminated, arid
must continue until the value of property, and the price of labor, shall
assume that relation to the precious metals which our wealth and industry,
compared with those of other states, shall enable us to retain. Until this
shall be effected, an abortive atternpt, by the substitution of a, paper currency, to arrest the evils we are sufferirig, will produce the most distressing
consequences. The sufferings that are past will, in sui^h an event, recur
with additional violence, and the nation will again firid itself in the situation which it held at the moment when specie payments were resumed,
I have the honor to be your most obedient servant,
WM, H. CRAWFORD.
•

The Hon. the SPEAKER

ofitJie House ofi Represehtaiives.

VoL.-n.—33




ei

,'**^
G E N E R A L S T A T E M E N T ofi the Barrk ofi the United States,^ and its Offices cfi IDiscowU Qfid Depo^t^, at Ihe 4atfs
specified herein.
• ^
.
.

1819.
Sepiernber 27 Bank United .States
20 Office, Poftsmouth
Boston » - ^
23
Providence
23
Middletown
27 ! .
New. York
- ^
29
Baltimore
27
Washington
25
Richmond.-; ' 22
Norfolk 20
Fayetteville ' 22
Charleston
14
Savannah
. 14
Lexington
10
Louisville
-7
Chillicothe.
11
Cincinnati
11
New Orleans
1
Pittsburgh . • ^
^3




• -^.

DRO

Funded debt of Bills discounted Bills dis1 the U. S., in- on personal se- counted.
cluding that
curity.
on fundpledged b)^
ed debt.
the Charleston banks.

Date

•

:.

, •• S7,252,501 34
^ .-,
_
_

•

.
.

-

'•

•

_

^

. . .„

^ .^
.
_

-

„

^-

.
'„

^-

^
_
' 7,252,501 34

j|^'2,002,001
1!)2,163
272,546
316,698
217,366
1,393,215
3,591,410
1,005,969
1,742,455
726,705
562,001
' 1,806,732
, .1,325,239
1,210,755
634,979
458,994
1,501,328
1,575,903
689,661

11
15
14
25
48
32
39
97
08
9f
26
23
93
46
65
78
88
52
05

i65,000
150
5,610'

21,226,128 56

229,024

•

300
61,479
91,0003,785^

_ '""
».
i
1,700

«
„

„

—
^
,. ^

Bills discount- , F.oreign
ed on bank
biils- -of '
stock, &.C,
exchahgp..

S4,532,676
3,978
11,800
120
23,585

.'

24 ^138,470.66
00
00
00
.^
00
:_

2,141,684 29
143 ,.669 00
81,100 00
95,394 00
'49,210 00
723,888.30
59,2.35 00
^ 32,216 00
o."

_.
_

88,960^.00

7,937,515 83

/ '

•

-

' ' '

•

'

"

.

=

'

•'

'•

Domestic
bills of ^
exchange.
"

'

•

•

Baring, Broihers, & Co.
on account
qf bills infavor of J.
Richards.

.^23,554 37 .$^4,8§4 37
" 500.00

o

58,069 29
1,300 Op
29 ,,883 43

.

.^
, • • - -

_
^
•

.

« ,

'^
—
'_
_ •

•

•

\ _.
— ' •

14,450 00
5,000 00
277,174 IQ
109,438 37
435,919 00
17,100.06
300,42130
63,873 00
38,40500

138,470 66 1,375,087 86

94,864^37

CD

to

o

STATEMENT A-—Coutinued.

Due from
State banks.

Due from offices
of discount and
deposite.

Date.

—

-

:

-

•

,

^

^

•

•

Real estate.
permanent
expenses,
and bonus.

Expenses.

, Cash
deficiency.

•

•

"

_

.

•

•

'••

-

_




2,964,860;65

'

•

_

•

"

' . —

•

'•

780.,^£2 59

'

'

"

•

'

^

79,936 61 "146,454 74

•

^

.

^

.

•

.

•

•

• •

•

.

85,633,857 09 • $214,771 14 $1,197,941 52
9,723 05
161,555 00
• 25,059 40
^
79,936 82
384,315 00
21,333 00
^:
30,085 03
225,295 00
^5,246 90
><
73,641 38
158,595 00
22,237 00
313,611 04
618,530 00
58,324 84
278;498 15 - n^
236,120 00
53,482^49
22,270 01
428,500 00
•'5,390 28
110,320 31
375,200 00
46,090 6i
79,47ft. 43
27,28000
23,476 82
t3:
87,760 03
3', 540 00
43,622 00
1^261,253 57
213,610 00
230,173 00
84,62ft 42.
421,110 00
156,777 00
tSJ
70,035 63
80,780 00
22,480 00
H
129,650 00
54,596 38
104,306 52
> •
-. 28,870 03
374,550 00^ .^ 14^115 00
eo
211,640 00
29,641 00
91,485 81
cd
320,389 63
535,370 00
^ 86;002 00
•^
362,650 00. '
1,105 00
10,242 53
^

o.

t

10,582,147 09;

•
.

Specie.

Ul
•

m

3^,267,712 09

Notes of
State banks.

o

r

1819.
^882,046 41 ^569,937 82 S21,627 78
S30,^37,369 22
Sept. 27 Bank United States -.
-801 24
' 90,552 29
26. Office, P.ortsmoiith _
_
_
3,021 56
Bdstpii'' • ^ 31,046 71
305,775 47
23
_
_
2,706 19
Pxpyidence ^
18,900 81
10,116 00
,
1,265 81
Middietown ^
70,399 52
5,277 46
• ^.
_
2t.
: 6,550 53
203,624 67
224,226 70
2ft
•^M^prW '
_
5,484 43 fl46;454 74
72,433 37
Balunipre" 155,889 81
222,950 74
• m-• 787.05 '''.''!."'
16,-605 29
Wa^^fiington 291,724 42
14,208 36
25
L.
3,812 09
33,692 32
IlichmQnd 252,244 00
3,152 45
22^
3,414 09
Norlollc"* 227,691 03
46,564 86 , 23,205 81
26' i
_
. 3,093 59
gafetteville 6,860_80
105,022 51
22
_
_
50,994 85
6,036 77^
CM^leston . 110,827 58.
47,000 Q
O
W
: 4,758 45
SivaMaH" .99,601 56
84,784 70
U—
.
— ' • - 3,165 99
iiexingfcu -92,9^92 41.- ~ 96,285"90
.
10
• • .
r ^
Lotiisville 154,814 48
12,346 85
2,485 38
_
2,321 99
Chillicothe -32,896 80
47,126.99
11
^
„
Cincinnaii 54,892 12
658,093 64
2,897 29
Jl .
—
2,831 16
New Orleans 24,715 53
174,882 61
1 i
^
Pittsburgh 10,668 33
25,000 00
14,123 13
2,875 22 '
23 i

i

Notes of the
Bank U. States
and branches.

1,133,923 86

3,254,47ft 91

'

>

%

S T A T E M E N T A—Continued.
CR.

^

,

^ = _——

. Ca:pital stock..-. Bank, branch.
and post notes.

Date.

Dividends un- Discounts, ex- claimed. - changed, and
interest.

."

. .. "

1

Profit and-loss. Due tb the Bank
United States,
and offices of
discount and
, deposite.

Dueto^State
banks.

•
1819.
Sept. 27 Bank United States. • P4,973,828 63 s4^14,392.,258 49
^ 20 Office, Portsmouth . •».
'"
Boston 23
' , • - '"
Providence
23
-.
Middletown
• 27.
^NewYork
29
\ ~
-Baltimore
27'
.Washington'
.25
-.
- .^
Richmond
22
Norfolk - . . -20
,.- Fayetteville
22
.
Charleston
14
-.
_
Savannah
14
_.
_
Lexington
10
- -'
•
'
7
Louisville
'_
. Chillicothe
Jl
< ' ' ^
. . _
Cincinnati
n
New Orleans 1
_
23.
Pittsburgh
• .-




•

-

.

.

-

:

.

•

'

•

•

~

_

_

_

•?

.

_

-

'

••

•

•

.

•

•

•

34,9:3,828 63

_

•

14,392,258 49

. ,^19,645 80

:
_

345 50
_

•

_'

602
4,565
1,194
1,526
126
585
4,650
325
_

.

50
30
50
50
.00
00
20
00

•

.248 30

•^
_
_
33,814 60

S49,474 01
3,732 42
5,031 71
7,955 76
4,846 90
29,994 00
53,436 37
18.539 47
32,336 02
11,458 43
13,75,2 45
' 47,473 85
31,57106
36,838 23
15,020 94
8,134 88
53,214 73
30,427 73
11,849 32
465,088 28 .

S l , 104,932 94

_^
,

'

_^
_
-_
_
. _.
_
^ J
._
'_
_' • .
_
_
_
•

_

-..
1,104,932 94

S435,312 57
705,741 61
633,044 64
547,985 32
1,978,.578 66
. 6,608,809 08
1,630,-83ft 82
~ 2,312,430 70
1,138,740 51
819,6.33 96
2,111,133 '82
2,330,152 01
1,613,097 08
1,404,773 65
957,443 62
2,766,441 55
2,319,445 27
1,120,931 .37
32,101,135 24

$106,951 84

1^

156,954 94
11,925 00
7,643'77
151,112 66
23,405 85
50,657 73
24,482 ft7

o
Ul

O

'^

7,767 30
29,220 74
10,872 00
81,703 40
'1,267.57
1,000 00
10,852 53

675,818 .30

m
o

S T A T E M E N T A^Continued.

Ul
K)O

CR.

Due to Baring, Premium and Billsof exchange Deposites-on ac- Deposites on ac- Deposites on acBrothers, & Co., damages on bills r.eceived- of S.. count of the count of public count of individuals.
and Thos. Wil- purchased on ac- Smith and Bu- Treasurer of officers.
count of Baring, chanan.
the
United
son & Co.
States.
Brothers, & Co.

Date.

1819..
Sept. 27
20
23
23
27
29
27
25
22
20
22
14
14
10
7
11
11
1
23

Ul
Cl

, • •
;
Bank United States
Office, Portsmouth
Boston Providence
Middletown
New York
Baltimore
- ..
Washington , Richmond
- Norfolk - ,
Fayetteville
Charleston
Savannah
Lexington
-.
Louisville
- ,
Chillicothe
Cincinnati
New Orleans Pittsburgh . - •

$142,040 03

$43,410 20

_
.• _

^

•

'

_
_
_
_
~

""
"

„

-.

.
•.

-

-

•

_

:_
_
_
_.
-

'•

142,040 03
Deduct amount overdrawn at
Washington" -




.

_

•

_
_
_
_
^
_ •
__
_
_'
_
_
. 43,410 20

S37,355 55

fl,253,003 95

._
_
_
_
_
_.
—
_
_"
_
_
_
_
_
-

_
_

':

_.'
• _

' i.

.37,355 55

•

•

•

_

04
34.
55
95
15
04
63
86
04

_
21,224

_

•

S271,592
39,030
164,511
. 17,081
9,669
355,580
191,444
.282,127
81,901

•

_ - .
.' _
_
_
.._
1,253,003 95

24
67,614 27
43,776 80
24,295 50

_^
"

191,651 01
4,300 39
1,765,800 81

S572,125
6,406
82,799
17,230
3,822
363,693
143,630
105,390
195,389
102,887
12,597
530,523
96,613
43,918
27,351
9,129
29,743
270,550
17,649

59
80
39
12
51
24
61
62
63
01
24
42
29
95
97
52
76
91
18

o

»^

y ^

ffi-

K
t>
Ul

a

2,631,453 76

155,840 62
1,097,163 33

'H-*

STATEMENT A—Continued.
OO

^ The total amount of bank and branch bank notes issued is
Ofwhich there kjeon hand at the.bank and-branches - . , In circulation, as follows:
'
.. Notes of the Bank of the United States 'Offices, Portsmouth
Boston . - .
-'
- .
Providence
Middleto>n
.
NewYork Baltimore. Washington
' -.
Richmond - .
Norfolk
'• Fayetteville
,
'
' '
Charleston Savannah - , . . . - .
Lexington - , . - .
-,
Louisville - "
-.
ChilliGOthe
-.
Cincinnaii. • -New Orleans
Pittsburgh - -




._
„

»

.

-'

>
-

i

•»

'

.

•

^

•

;.•

"- ,
-

->

-

-

-

»

--^
• .

-

- -. .

$864/716,40
103,530 00
254,400 00
. 38,295 00
64,195 00
448,020 00
331,620 00
494,175 00
155,580 00
69,390 00
93,130 00
190,890 00
182,820 00
73,240 00
117,680 00
15,960 00
, 105,030 00
174,760 G
O
32,680 00

•$14,392,258 49^
810,582,147 09

'

r-

i
o

^
3,810,111 40
14,392,258 49

a
m

• CD

to
O

ItECAl^iTULATION.

DR.

Furided debt of the U. States (various) Bills discounted, viz:
On personal security On personal security and funded debt
On personal security and bank stock.
&c. -

•

O

^7,252,501 34

""

$21,226,128 .56
229,024 00
7,937,515 83
29,392,668 ^ft

Bills of exchange, viz:
Foreign
.Domestic
-

-

-

Baring, Brothers, & Co. for bills in favor
of J. Richards
Offices Of discount and deposite State banks
Real estate, permanent expenses, and
bonus •
ExpensesCash, viz:Deficient at Baltimore
Notes ofthe Bank ofthe United States
and branches
. .Notes of State banks Specie ' -

Totai

138,470 66
1,375,087 86

«
^
i^

_

• . »

CR.

1,513,558 52
94^864 37 '
32,267,712 09
2,964,860 65
'780,993 59
79,936 61 j

146,454 74

Capital stock . " Bank, branch, and post notes - _
Dividends unclaimed .
,_.
Discount, exchange, and interest
_
„
Profit arid loss .- . . Due the Bank of the United States aind
- offices of discount and deposite - '^
Due State'banks •' .- •;. Due Baring, Brothers, & Co., knd Tho.„mas.Wilson & Co. -.
Premium and damages on bills purchased on account of Baring; Brothers, &C0. -" . _ :-...Bills of exchainge received of S, Sniith
& Buchanan ^
. *
^
Deposites, viz:
On account of the Treasurer of the
. Uhite'd Stiites '•. '-, .^
$1,097,163 33
Ori account of publib officers
. 1,765,800 8.1
On accoiint of individuals «
. 2,631,453 76
•

f

^

• •'

10,582,147 09
1,133,923 86
3,254,479 91

-

-

".

'•

S34,973,828
14,392,258
33,814
465,088
1,104,932

32,101,135 24
675,818 30
142,040 03
43,410 20
37,355 55

fed
O

fel>.K|

5,494,417 90

15,117,005 60
89,464,100 16

t/1

O

^.
89,464,100 16

B A N K OF T H E U N I T E D S T A T E S , Octoher 1, 1819.




63
49
60
28
94

J O N A T H A N S M I T H , Cashier.

Ul

d

[1820.

REPORTS OF T H E

520

B.
S T A T E M E N T ofi the bank capital in ike several States, Districts, and
Territories ofi tke United States, as fiar as it was known at the Trieasury, during the years 1814, 1815, 1816, and 1817. ^
State, District', or Territory. Capital; 1814. Capital. 1815. Capital. 1816. Capital: 1817.
Maine
- ^
New Hampshii:e . -'
Vermont
Massachusetts
Rhode Island
-, '
Connecticut -•
' -NewYork NewJersey - ,
Pennsylvania
Delaware
Maryland - '
District of Columbia
Virginia
.
North Carolina
South Carolina
Georgia
.
Louisiana - .
Mississippi' - Tennessee Kentucky
Ohio Indiana
Missouri

$1,380,000 00- ^1,930,000 00 Sl,860,000 00 ,S1,720,000 00
838,250 00
, 942,350 00
943,350 00
997,550 O
O

_

-

i.
_
-

. 11,350.000 00
2,317,320 00
3,655,750 00
17,185,352 00
2,121,932 00
14,963,333 00
996,990 00
7,872,002'00
4,060,814 00
3,592,000 00
1,576,600 00
3,730,900 00
623,580 00
. 1,432,-300 00
100,000 00
^12,962 00
932,600 00
^ 1,435,819 00

_

11,600,000
2,317,320
4,063,675
17,700,736
2,071,957
15,346,432
973,890
8,243,422
4,244,765
4,752,460
2,594,600
3,832,758
1,239,446
1,402,300
100,000
365,610
2,532,000
1,932,1()8

_'
^

'

11,650,000 00 11,300^000 00
2,317,320 00
2,317,320 00
3,909,575 00 4,021,262 00
17,145,979 00 16,991,704 00
1,672,115 00 2,076,465 00
15,393,594 00 15,732,615 00
974,500 00
974,500 00
8,346,782 00 8,657,147 00
4,650,176 O
Q
5,008,527 00
5,521.415 00
4,884,565 00
^i,776,000 00
2,796,600 00
3,832,758 00
3,919,973 00
1,502,600 00 .1,502,600.00
1,422,300 00
1,432,300 00
100,000 00
200,000 CO
498,506. 00
995,500 00
2,057,000 00
2,823,100 Oa
2,806,737 00
2,003,969 00
127,624 00
_
193,125 00;

_
-

•

, 80,378,504 00

_

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

•

88,,185,823 00 89,380,707 00

Bank of the United States •

.'




-

'

•

-•

.

•

90,676,446 00
35,000,000 O
O

'

125,676,446 m

QO

A S T A T E M E N T skewing the condition ofi the banks in the severed Staies, Districts, and Territor^ies ofi the United
States, as fiar as the sarne loas known at the Treasury Department, in the year 1819.

o

DEBTS O F T H E B A N K S .

State, Districl, or Territory.

in circulaCapital paid in. , Notes tion.

•

Maine j Massacliusetts-.
New Hampshire
Vermont
Rhodelsland - ,
Connecticut
New Jersey
Pennsylvania Delaware
Maryland
Columbia
Virginia
North Carolina
South Carolina ^
Georgia
Alabama
Tennessee
Kentucky
r
Ohio -^
Indiana
.
Illinois .
Missouri
Mississippi
»
New York

81,536,666 66
Sl,336,783 00
2,474,107 00
10,475,116 68
589,114 00
.
- . 1,005,2.76 00
185,342 00
44,955 00
-^
- .
7.38,192 97
2,982,026 12
138,234 00
467,937 50
-. 110,624 00
214,740 00
- - 3,919,894 80
8,595,788 59
- . - .
974,900-75 ; .405,972 62,
.
44,435 50
86,290 00
- ,
838,030-36
5,525,319 00
- . 2,733,745 88
5,212,192 50
- " 3,851,919 00
2,964,887 00
- •
788,200 00
1,800,000 00
•.-.
.
705,203 50
600,000 oa
- .
166,686 62
821,112 50
-.
898,129 00
^ 1,545,867 50
- ' . 1,403,404 71
4,307,431 56
- '
- 1
1,203,869^6
1,697,463 21
276,288 50
.
.
.
202,857 07
52,021 00
140,910 00
135,258 50
-c
250,000 00
900,000 00
275,447 00
- - - ' . - . -

-,




=

o

Deposites.
, Public.

.

. 51,851,737 64
20,488,933 00

23,270,903 42
12,500,000 00

72,340,770 64

35,770,903 42

. S253j582 27
. 2,510,194 44
117,441 26
46,121 77
464,654 08
81
53,431 40
49
127,186 00
00
2,880,928 33
84
211,454 37
27,153 41
464,393 30
08
814,659 20
47
635,761 00
, 377,163 00
202,481 76
18
70,243 92
7ft
262,866 22
71
1,035,653 18
262,999 88
22
25,264 68
95
32,568 60
92 1
72,973 00
05.
212,980 01

Due to other
banks.

$34,609 86
106,341 29

" -

„

Private.

_
_

38,857
22,348
25,417
37,322
•

.

_

_

980,510
37,396

_
_

1,165
888,138
17,003
_

•

191,454
191,484
119,036
700,679

-

3,391,766 66
Not stated.

11,192,155 08
Not stated.

^4^860 55
953. 44
1,748 00
15,772 00
1,0097565 53
177,237 75
1,727 91
765,510 32
88.931 96
? 142,568 00
6,047 50
109,215 54
•

29,884
1,752
578,891
104,737
1.

.

00
25
91
23

_

3,039,403 89
Not Slated.

Undivided
profits.
$39,629 87
319,134 16
68,789 85
581 18
100,059 81
9,116 24
24,784 00
279,192 39
145,326 78
^ 2,763 76
302,460 99
72,780-60
315,476 00
^ 278,102 78
,.51,801 95
23,653 54
82,253 25
205,117 47
88,283 28
9,586 11
1
2,994 49
10,207 33
'
37,740 43

Ul

fej
O

> .

o
hri

ffl
-^.
•'^
•fei
>
Ul

I

2,469,836 46
Not stated.

.ax

STATEMENT C—Continued.
'

State, District, or
Territory.

Loans or discounts.

Due. by other
b"anks,innotes
or otherwise.

RESOIJRC^S OF THE I3ANKS.

Specie.

-

Stocks of incorporUnited States' ., ated companies,
bills of exchange-,
stocks.
and other miscel. laneous effects;

Maine S2,512,716 73 S251,730 51 S339,749'45
901,700 41 1^128,844 63
Massachusetts 12;928,188 04 .1,461,303 01
153,831 53
New Hampshire '
129,587 26
1,446,0.89 39
Verniont
.49,690 69
135,269 03
77,326 00
Rhode Island 288,256 98
406,867 80
3,§69,044'28
131;666 60
Connecticut
- 52,688 70
44,645 70
496,453 23
New Jersey
21,413 00
109,'600 00
53,780 00
291,405-00
Pennsylvania 411,676 00
13,183,861 93 1,208,828 44 1,061,067 23
Dela-v^are
115,502 95
120,500 06
1,285 26
1,509,999 49
Maryland
.21,030 15
•10,835 52
127,579 75
ColUmbia
265,234 00
749,269 14
6,823,374 98
166,443 46
Vifgiriia!
993,672 76
250,988 74
7,326,777 66
North Carolina
506,388 00 ' 705,582 00
6,355,928 00
Soiith Carolina
245,487 98
63,832 96
2,165,639 73
622,811 17
Georgia
r
136,325 00
346,445 61
1,175,397 32
Alabama
353,033 93
192,708 46
858,729 05
Tennessee •
218,060 73
343,884 41
2,214,729 56
Kentucky243,737 08
693,381 1ft
5,859,262 30
Ohio...422,269 60
433,612 04
2,779,314 63
Indiana
395,932 76
86,350 83
300,278 91
Illinois 74,715 51
59,332 18
206,694 32
Missouri .
, 252,563 50
456,946 00
447,941 00
Mississippi
79,608 01
1,257,859 46 ^ 56,361 97
73,623,595 76 7,616,252 54 7,828,745 21 1,506,320 52
NewYork
. Not stated. 2,000,000 00
Not stated.
Not stated.
9,828,745 21.'

,$6,294 38
48,498 26
147714
91,539
88,040
40,125
. 405,631
.
'75,926
6357931
'87,362
152,093
75,399

'

23
88
00
60
26
00
93
01
60
87

607688
18,965
156,610
294,765
25,000
6,614

93
40
98
99
00
00

2,278,075 12
Not stated.

• Remarks.

Real estate.

^ S&0,7S0 59 United Stites' s^tock isnot generally
distinguished in the returns froni
421,326 37
Maine and Massachusetts; and
51,112 93^
not ahvays iri others.
137,474 69
10,9B8 00
v
,
2,200 00
351,537 02 Notes of specie-paying bank^..dre
sometinies entered as specie, in
91,684 51
the statem.eiits of the Pennsyl,2,925 16
vaiiia bariks.
301,970 54
330,965 64
190,626 06
7'6;34i 57
11,700 00
4,675 00
40,423 58
6,367 62
92,999 70.
2,656 10
175 00
11,667 38
•32,338 00
2,262,923 40 This is stated on the authority ofa reNot stated. port madeb.ya.committeeof the New
York Legislature, af its last session.
,

Ul

6

•

.; ^
^
Later returns from the banks in Maine and Massachusetts, ari.d several pf the banks in Pennsylvania, show the follo.wing results:
Maine
capital increased aboUt 1-13—^^circulation increased'about 1-30
specife iri creased about 8-10-—^dikcoitnts decreased about
 ^ Massachusetts
ditto
1-10
decreased . - 1-19
- ditto
' 5-10 '
increased
http://fraser.stlouisfed.org/
Pennsylvania
ditto
, 1-64
decreased ^
4-10
ditto
1-13
decreased
Federal Reserve Bank of St. Louis

. >
1-52.
1-25.
1-6.

cq

SECRETARY^'OF -THE .TREASURY.

•1820.J

,;t23

D.
ii S T A T E M E N T showing the aggregate amount ofi the capital, circulation, specie, and discounts, of several banks, [sixteen in number,)
situated in Maine, Massackusetts, Rkode Island, Pennsylvarvid, District ofi Columbia, Virginia, Soutk Carolina, Georgia, and Ohio, on
the 30tk ofi. Sep tember, annually, in 1813, L815,;/znc^ 1819.
^

Capital.

Circulation.

Specie.

Discounts.

1813

• se,903,377

"1^6,845; 344

S3,059,149

S12,:990,975

4815

8,852,371

9,944,757

1,693,918

15 ,-727,218

> •:4^259.334

1,726,465

;;12,95ft, 560

.Year.

-.1819

-

:ft,711,960.




E.

K)

A S T A T E M E N T showing the rate ofi exchange betioeen Boston, New York, Philadelphia, and Baltimore, and London,
during theyears 1813, 1814, 1815, and 1816; and, also, the price ofi specie at New York, and the rate ofi exchange
between that place, Bostoii, Philadelphia, arid Baltimore,, d i m n g the sarne 2^eriod.
"•
ATBOSTON.
AT NEW YORK.

Periods.

Specie.

•
1813.
January
February
March
April
MayJune
July .
August
September
October
November
December

Per cent.
-

-'
-

_
._
_
^
_
_
_
_
_
_
_

1814.
January
February _
March
^
April
—
May
_
June
^
July
..

August . _
http://fraser.stlouisfed.org/
September ~
Federal Reserve Bank of St. Louis

AT PHILADELPHIA.

«

AT B A L T I MORE:

Remarks.

Bills on Bos- Bills on Phil- Bills on Bal- Bills on Lon- Bills on Lon- Bills on Lon- Bills on London.
don.
. don.
adelphia.
timore.
don.
ton.
Per ce7it.
a h

Per ^cent.

Per cent.

_

_

_.
_
_
_
_,
_
_
^.
_
^.' _

_
_
_
_
_
'-_
_
_
_
_
_

ah

-_

ah

_.

. ^' h

• _

" "

'

Per cent.
d 18

Per cent:
dl8
d 17
d I6h
d 16
d 16
d 15
d 15
d Uh
d Uk
d Uh

_
_

d 15
_

•

d 15

_
_

d 14

_

'

d i3r
d

1

Per cent.
d 1 7 ^ 0 19d 18 to 20
d 18 to 15
d 14 to 15
d 16 to 17
d 16 10 17
d 15 to 17^
d I6h to 15
d Uh to 16
d. 15 to \2h
d I2h to 13
d 13 to 5

Per
d
d
,. d
d
d
-d
d

^

fej

cent. .
11 .
17
16
15
16
17
15

o
^

d 14 to 15
d 10 to 121 f Bills on London fluctuated
d 10 to 12i . very much in price, towards
I the close of DeceiPiber, at
(^ Boston and Philadelphia.

•

a 1

_
_
_
_
fib
^

_
^
_

a U

_
_
_
_

-

'

•

•

-

d 8

_ _
_
_
—
_
_'
-

_
_;

. d 7^

_
_

d 11

_
-

d 5
d 8
d 10
d 8
d 10
d 12
^12^
^12
d 12

^ 5 to 2
d 6h to .9
d 7 to 10
d 5 to 8^

d 5
d 8
d 5

^ 8 to lo

d
d
d
d

9
9
12
14

to
to
to
to

12
12 d.lO to Ih
13 d l l to 7
7^ d 11 to 7

.

r Specie payments suspended at
' NewYork, and.south of that
(

nlace. 1st of Spntpmhpr

m
O

H

1815.
January
February
March. ^
April'
May
June
July
August
September
October
November
December

•

-

•

•

.

.

.

-

• d 2

».

'

_,

_ •

« 12

^

_

•

"_
_
< 4^
£

11

„

•

a

a 14 To 15.

^

. _•- .

-

,

•

-

.

-

/

_

d 4

d 6

_
_
;
d6
_
-_

-

_

..
•

_

^

•

par
i_
•

-

.

^11

^ 7 .

_
-

-

•

-i-

J'
e^ 5

.

\3hXoVo

par, to ^ 1 a

_
_

•

'<Z,3

•

«» ^

•^
_

«
,

•

_
To

a 10

a I S U o 15

-

.- ^

'

•

^23

a 11
-

-

d \3h
dl2\
d 16

< 5 to 6
Z

a 10 to 11

October
November December =

_
-

_

•

-

.

, d 14
< 14
^
d 8
< 8
Z
^. 5 ^
^ 9
r^ 4 i
^~ 9
^ 3
ei 2^
d 3h
.. d 2h

f Bills on L o n d o n
fluctuated
d 10 to 2k ^ 3 to p a r
J
very m u c h , d u r i n g Ihese
d 2 h t o 2 h a . p a r to 2 i -ft
]
three months, at Boston and
p a r to 2^ a 2 | to 3. ft
t
PMladelphia.
1
3
2
2h
par
4
5h
'6A
11
I6h
14
10

to 3 «^ 4
to 2 ^
t o . 21 d par
to p a r par
to> 6 « 2
to 7 6 7
^
to > 6 i a 8
to 10 fi^ 8
to I h a I U
to 18 a 18
to 9 ft 18
t o l 2 h a 14

to par
par
to . 2 ^
to 3^ ft
to I h «
to 8. ft
to 5 ft
to 16 ft
to 1ft ft
to 20 ft
to 11 ft
to 16 ft

.(30

O

N e w s of peace 13th .of this
morith, w h e n the price of
London bills declined.

m

a
•

~

'

-

'

-

'

Kj:
•

1816.
January
February
March
April
May
June
Jilly
August
September
October
November
Deceniber

«

'
- a
=

'.

a 20,

•
-

a

^ 4i

8\

' -^

...
_
12

•

,

_

a 6 to 6 i

— , _
•

a

^ 6

_._
.^
2 i to^
»
-




6

,_

-'

3

,

••

.-

<i J to 1.
:

-

_

•

•

_ '

• ' :

. - ,'
—

...

_

_
_
^'14
_

— .
.

-

•

_

<^'7^
•

\Ql\

•

a 9 to 9 \

^10

d 4 i to 5 \

•

-

„

a l

^ 8-

.- . .

-_
d 5f
_ ,.
,' _
, ,£^ lOi to lOi

. »

-

•

•

^

'

._.
« 3^

_.
. ^'
_
•.:

< 6
z

d-lh
par
a 3
a 3h
par
d U
,
par .
^
i
a 3
' 6 ^
4^
< 4^
x
a 2

,10 to
12 to
12i to
14 to
16 to
llhto
18 to
10 to
14 to
12 to
14 to
51 to

i2j«
13 «
16 a
16 a
20. a
20 a
10 a
16| a
15 ft
15 ft
16ift
7 ft

14
15
16
18
18
20
20
17
16
17
15
9

to
to
to
to
to
to
to
to
to
to
to
to

15.
16
20.
20
20
22
17
14
18
15
9,
10

ft
ft
ft
ft
ft
ft
ft
ft
ft
ft
ft
ft

•

O

>

Ul

c
Kl

NOTE.—The rate of premium is designated by the letter a, and the rate of discount by the letter d.

to

INDEX
A.
Agriculture, promoted by domestic manufactures, 321, 405, 445.
how affected by the fall in price of domestic articles i n foreign
markets in 1818, 4S6.
Appropriations for 1814, gross amount of, 29.
Army expenses from 1st January, 1812, to 30th September, 1815, 15, 29.
in 1816, 74.
1817, 89, 111.
1818, 111, 198.
1819', 145, 198.
1820,: 168, 198.
1821, 200, 2:17; 234,
1822, 218, 239. 264.
1823; 248, 269', 276, 2 9 4
1824, 277; 301, 313, 332.
1825, 314, 339, 354, 372.
1826, 355, 379, 393, 418.
1827, 394, 426, 461, 472.
1828, 466, 473.
B,
Balance in the Treasury, 1st January, 1815, 30,
.1816, 74.
1817, 88,
1818, 111.
1819, 114.
1820, 169.
1821, 199.
1822, 217.
1823, 247,
1824, 276,
1825, 313,
1826; 354.
1827, 393, 472,
1828, 448, 472.
1829, estimated, 448,
Batik capital authorized by law, itt 181445-16-17, 481, 483,. 520.-,
of sixteen banks, in 1813-15-19, 523.
Bank credits, advantages and,,disadvantages of, consideredijy 491,492.
Bank, national,; establishmentr of: a, .recommendedy ^i 1 ,
Bank of England, suspended specie payments,.remarks, on, .491i
excessive issues;of, reduced the- rate, GT inteiest, 503.
F
B a n k + o f U n i t e d . States, .subscription, to the. sfockUof.the; k:90., .
a modification) of the f charter., of?, recommended;, 177.
its beneficial effects on the: fiscal) operations of
Government, : 446.-,
condition iof, the,'on: the':30th ^iSeMenaber, 1819,
481, 514.



528

INDEX.

Bank dividends, in 1817, 117
1838, 110, 155, 198.
1819, .184, 198.
1821, 199, 232.
1822, 237, 260.
1823,^ 292.
1824, 330.
1825, 337, 370.
1826, 416.
1827, 424, 460, 472.
1828, 473.
Banknotes, duty on, cease in 1816, 9.
in circulation in 1819, 482, 483, 518, 523.
Banks benefit the community, under certain restrictions, 487
Banks increased since the termination of the war in 1.815, 493.
should be restrained from excessive issues, and from issuing small
notes, 494.
Banks in the several Stales and Territories, condition.of.the, in 1819, 521.
specie possessed by the, 522.
Bounties and allowances.—See Imports.
C
Chesapeake and Ohio Canal Company, United States subscribe to the stock
of the, 447
Circulating medium, plan for improving the, 40.
Cocoa, a reduction of the duty on, recommended, 325.
Coffee, a reduction of the duty on, recommended, 325.
Coinage of the United States compared with that of other nations, 494.
an.increase and alterations of the. recommended, 495.
Colonial trade, remarks on the, 410.
Commerce, how affected by the tariff of 1824, 280, 319, 397
state of the foreign, in 1828, 442.
how affected by substituting a paper for a metallic currency, 509.
Cotton, exported in 1825-26, 361.
Cotton fabrics^ further protection necessary for the manufacturers of, 149,
325, 400.
Crawford, Mr., report of, on currency, 481.
Currency, report of Mr. Crawford on, 481.
of what it consists, and its condition, 482.
causes of depreciation in the paper, 484.
of metal and paper in circulation in 1813-15-19, 485.
when purely metallic, its effects, 488, 493.
how affected by bank issues, 489.
Treasury notes became a component part of the, in the eastern
States, in 1815-16, 491.
paper circulation may be beneficially connected with metallic,
491,493.
metallic, value of, compared with that of other nations, 494.
the issue of Treasury notes for the improvement of the, considered, 496.



INDEX.

529

Currency, the practicability of adopting a paper for a -metallic, considered,
497, 511.
constitutionality of adopting a paper for a metallic, considered, 504
estimated amount required for Europe, of metallic, 501'.
D.
65.
Debentures, issued in 1,813-14,
1815,
82, 95, 150.
1816,
95, 150.
1817,
116, 150.
1818-19-20, 179, 205.
1821,
225.
1822,
253.
1823,
285.
1824,
327.
1825,
367,
1826,
413.
1827,
451,
Debt—See Public Debt.
Direct taxes increased in 1815, 12.
a.reduction of the, recommended, 36.—See Revenue,
Discriminating duties cease in 1816, 7,
Drawbacks—See Debentures issued.
Duties on domestic manufactures, a repeal of the, proposed, 36.
table of existing, 46.
additional, on imports and tonnage, cease in 1816, 7,
a continuance of the. recommended, 38.
on stamps and refin.ed sugar, cease in 1816, 35.
on other articles, a repeal or reduction of, recommended, 36.
on. imports, an increase of the, proposed for the protection of certain
articles of domestic manufacture, 149, 204, 223, 252, 400.;
on fine cotton fabrics imported, an increase of the, proposed, 325.
on teas, coffee, and cocoa, a diminution of the, proposed, 325.
on imports, remarks on the credit system, in the collection of the,
492.—See Imports; also, Merchandise.
E.
Estimate of receipts and expenditures for 1815-16, 24, 29, 33, 35, 73, 78.
1817,
78, 80, 88.
1818,
93, 110.
1819,
113, 145.
1820,
148, 167,
1821,
170, 199.
1822,
202,218,
1823,
220,247.
1824,
250,277.
1825,
281,314.
1826,
318, 354.
1827,
360, 393.
1828,
396,412.
1829,
449.
Exchange, (foreign and inland,) rale of, in 1813-14-15-16, 484, 524.
Exchange, (foreign) how' affected by the depreciation of paper currency, 48*4.
by substituting a paper for a metallic currency, 509„

VOL. II.—34


530

INDEX.

Expenditures^— See Receipts and expenditures.
Exports for the year ending 30th September, 1822, .220. 222.
1823, 250.
1824, 280.
1825, 318.
1826, 360.
for the years 1822 to 1827, 397
1821 to 1828:, 442.
F
Finances, a review of the. in reference to the late state of war, 5.
state of the, in 1815, 24.
1816, 73.
1817, 88;
1818, 110.
1819, 144.
1820, 167=
1821, 198.
1822, 217,
1823, 247,
1824, 276,
1825, 312.
1826, 353.
1827, 388.
1828, 439.
Flour exported in 1825-6, 361.
Foreign debt'extinguished'in 1810> 20;
H.
Hamilton's reports on finances referred to, 445.
Hemp,- an increase of the duty on, recommended, 400,
I.
Importations into several ports, a comparative statement of the value of, 305,
gross amount of, in 1821 to 1828, 442.
in 1816, increased the rate of exchange, 484.
Imports, statement of the amount of duties accrued on, in 1813-14. 65.
1815, 82,150'.
1815-16, 95, 150.
1817, 116, 150.
1815-16-17-18,150.
1817-18-19, 179.
1818-19-20, 205.
1821, 225.
1822, 253.
1823, 285.
1824, 327,
1825, 367.
1826, 413.
1827, 451.—See
Merchandise imported,
Indemnity by Great Britain fof slaves, &c., amount of, 393.
distribution of the, 394, 418, 425.
Internal duties increased in 1S15; 12.



INDEX.

531

Internal} duties, repeal of some, and reduction of other parts of the, proposed, 36.
repealed 31st December, 1817. 148.—See Revenue.
Internal improvements, surplus revenues may be applied to, 81.
Iron, an increase of the duty on, recommended, 400.
L.
Land claimants (Yazoo) in Mississippi, statements of the awards to, 126,
166, 190, 216, 246, 275, 311, 345, 387. 431, 474.,
Lands—See Public lands.
Laws creating and increasing the revenue, reviewed, 8, 34.
repeal or modification of certain, proposed, 38.
a revision of the, recommended, 445.
Loans, additional, recommended, 75/ 149, 178, 204, 282, 317, 359.
receipts from, in 1812-'13-'14, 15.
in 1815, 26, 30.
terms on which obtained, 26, 53 to 64. 283, 306, 307,
receipts from, in 1816, 74.
1820, 178.
1821,199, 204, 217,
1822, 223.
1823, 283.
1824, 312.
1825, 354, 370—See Revenue.
M:
Manufactures, a repeal of the laws injuriously affecting domestic, proposed, 36.
table of the existing duties on domestic, 46.
a modification of the tariff, proposed for the better protection
of, 149, 204, 223, 252, 325, 397. 400.
promote the interests of agriculture and commerce, 324, 445.
domestic, exported in 3.S24-'25, 319.
1826, 363.
1827, 397
182,1 to. 1828. 442.
how affected by the fall in price of domestic articles in
foreign ports in 1818, 486.
Mediterranean fund, discontinued in March, 1815, 6.
Merchandise imported, (the quantity re-exported deducted) in 1814, 66.
1815, 82, 95.
1816, 95.
1817, 116.
1818, 151.
1819, 180.
1820, 206.
1821, 226.
1822, 254.
1823, 286.
1824, 347,
1825, 476.
1826, 433.
1827, 452.



532

INDEX.
N.

National bank, establishment of-a, recommended, 44.
subscription to the stock of the, 76.
National circulating medium, plan for improving the, 40.
Navy expenses, from 1st January, 1812, to 30th September, 1815, 15, 29.
for 1816, 74.
1817, 89, 111.
1818, 111, 198.
1819, 145, 198.
1820, 168, 198.
1821, 200i 217, 234.
1822, 218, 241, 264.
1S23, 248, 270, 276, 295.
1824, 277, 302, 313, 333.
1825, 314, 340, 354. 374.
1826, 354, 381, 393^ 420.
1827, 394, 428/464, 472.
1828, 469, 473.
O.
Officers and soldiers—See Revolutionary

claims.

P.
Passports and clearances—See Merchandise imported ,- also, Imports.
Postage on letters, increased in 1815, 12.—See Revenue.
Public credit, during the late war, state of the, reviewed, 6.
plan for improving the, 38.
suite of, in 1.828, 441.
Public debt, amount paid from 1st Jan., 1812, to 30th Sept., 1815,15,16,30,
amount unpaid on 30th September, 1815,19.
amount paid to 1st January, 1815, 22.
statement of the, from 1st January, 1791, to 1815. 47.
state of the. in 1816, 75, 82, 85, 90, 100.
1817. 90, 100 to 103, 111, 119, 135.
additions made to the, by funding Treasury notes, 104,146,160,
amount of the, on 1st January and 1st October, 1818,112, 120r
146, 160, 164.
in 1819, 147, 161 to 166, 185.
1820, 169, 186, 188, 200, 212.
1821, 201, 213 to 216, 219, 235, 243.
1822, 219, 244, 249, 265, 272.
1823, 249, 271, 273, 278, 296, 308.
1824, 278, 303, 30?, 334, 342.
when it may be redeemed, 283.
amount paid from 1st January, 1817. to 1st January, 1825,''284,
343.




INDEX.

533

Public debt, amount of the, on 1st October, 1825, 315, 341, 344, 375-, 384.
1826, 356,381,385 to 387,421.
1827, 390,429 to 431,465,472,
. 1828, 470, 473.
amount paid from 1st Jan., 1817, to 1st Jan., 1829, 440, 472.
amount unpaid on 1st January, 1829, 471.
Public lands sold prior to ihe establishment of land offices, 51.
from the opening of the land offices to 1814, 51.
from 1st October, 1814, to 30th Sept., 1815, 68 to 72,88,
receipts from, in 1816, 73, 88. 110.
sold from 1st Oct., 1816, to 1st Oct.,, 1817, 97 to, 99, 110.
sold in 1817-18,110, 118, 135 to 143.
1818-19, 145, 156 to 159, 191.
1819-20, 167, 191 to 198.
relief to purchasers of, recommended, 175.
sold in 1820-21, 199,<211, 230.
effects of the relief laws on the sale of, 202.
sold in 1823, 236, 247, 258.
1823, 248, 266, 276, 290.
1824, 277/297, 312, 328.
1825, 313, 335, 368.
1826, 376, 392,. 414.
1827, 393, 422, 457.
remarks on the credit system in the sale of, 492.
R.
Receipts and expenditures, from 1st Jan., 1812, to 30th Sept., 1815,16, 29.
from 1791 to 1814, 45, 73.
in 1815-16, 73, 88, 110.
1816-17, 88, 110.
1817-18, 111, 144,
1818-19, 145, 167.
1819_20, 167, 198.
1820-21, 198, 217, 233.
1821-22, 217, 233, 238 to 244, 247,261.
1S22-23, 247, 261,.268, 293.
18^3-24, 276, 293, 300, 330-1.
from 1st Jan., 1817, to 1st Jan., 1825, 284.
in 1824-25, 312, 330 to 352, 354,371,476.
1825-26, 353, 371 to 382.
1826-27, 392, 413 to 438, 451, 457, 460,
472.
from 1821 to 1828, 442, 448, 451,, 465, 473.
Revenue, state of the, during the late war, reviewed, 5.
laws passed in 1815 for increasing the, 12.
from what sources derived, and the amount in 1815, 12, 23, 30.
received from all sources, from 1st Jan., 1812, to 30th Sept., 1815,
16, 30.
laws relating to the several branches of, reviewed, 8, 34.

laws, modifications of, proposed, 36, 38, Mo.
http://fraser.stlouisfed.org/ improving the, 38.
plan for
Federal Reserve Bank of St. Louis

534

INDEX.

Revenuej amount of. in 1814-15-16, 73, 88, 96, 110, 144.
1817, 89, 96, 110, 117, 144, 167,
1818, 111, 144, 150, 167, 198.
1819, 145, 155, 167: 184, 198.
an augmentation of the, recommended, 149, 204, 223.
amount of; in 1820, 167, 184, 198, 210.
1821, 199, 217, 226, 232.
1822, 218, 237, 254, 260.
1823,' 247, 266, 276, 286 to 292.
from 1st Jan. 1817, to 1st Jan. 1825, 284.
in 1824, 276, 299, 312, 328, 3.30.
1825, 313, 335 to 337, 354, 368 to 370, 476.
1826, 377, 392, 413 to 416, 432 to 438.
1827, 393, 422 to 424. 448, 451, 457 to 460.
from 1821 to 1828, 442, 448.
how affected by the issue of Treasury notes, 496.—See Merchandise.
Revolutionary claims paid under act of 15th May, 1828. 466.
Rice, amount of, exported in 1825-6. 361.
S.
Salt duty, ceases in 1816, 9, 34.
a continuation of the, recommended, 36.
Silk, observations on the culture and manufacture of, 364.
Sinking fund, operations of the, to 30th September, 1815, 20.
rise and progress of the, 21, 39.
further powers necessary to the, 40, 77, ^
statement of the, in 1816, 83.
stock purchased by the, in 1817, 106 to 109.
1818,124.
1819, 164.
1826, 358, 382.
7 per cent, stock, to be purchased by the. 252.
operations of the, from January, 1818, to January, 1829, 440.
Slaves, <fcc., amount received from Great^ Britain for. 393, 460.
amount'paid, 461, 466, 472, .473.
Specie, effects of the suspension of the payment of, by banks, on the fiscal
.operations of Government, 12, 24, 40, 114.
payment-of, resumed by banks, 114, 490.
amount possessed by banks, and in circulation in 1819, 482.
causes of the suspension of the payment of, by banks, 484, 490.
an article of commerce, 494.
Spirits distilled in the United States, duties on, to be modified, 36,178.
importation of, to be prohibited, 178.
quantity imported.—See Merchandise.
Stamp duties, cease in 1816, 35.
a continuation of the, recommended, 36.
Subscription to the Bank of the United States, 90.
Sugarj quantity imported.—See Merchandise.
refined, duties on, cease in 1816, 35.
a continuation of the duties on, recommended, 36.



INDEX.

535

Surplus fund, unexpended balances carried to the, in 1815, 29.
amount applied to the payment of the public debt since
January, 1817, 441.
Surplus revenues may be applied to internal improvements, 81, 252.

Tariff of duties on imports, a modification of the, proposed for the better
protection of domestic manufactures, 149.
a revision of the, recommended, 204, 223, 252.
325, 397,
present compared with former, 304,
of 1828, effect of, on the revenue, 445.
'Taxes, a view of the several descriptions of, in 1815.12.—See Direct taxes.
also. Internal duties.
Teas imported, a reduction of the duties on, recommended, 325, 409, 445.
—See Merchandise.
Tobacco exported in 1824-5-6, 361.
Tonnage, amount of American and foreign, 111 1814, 65.
1815, 82, 95,150.
1816, 95, 150.
1817, 116, 150, 179.
1818, 150, 179. 205,
1819, 179, 205.'
1820, 205.
1821, 225.
1822, 253.
1823, 285.
1824, 352.
1825, 367,
1826, 438.
1827, 456.
1828, 443.
Treasury notes authorized to.be issued! in 1815, 13.
amount received from, in 1812-13-14, 15.
issued prior to February, 1815, and outstanding, IS,
may be funded, 19.
for what purposes issued in 1815, 26.
amount received from, in 1815, 31.
re-issued prior to October, 1815, 52.
estimated amount of, unpaid in 1816, 64.
issued, 92.
funded and outstanding in 1817, 104.
1818, 112, 125.
stock issued on, to 31st December, 1817, 121.
outstanding in December, 1819, 165, 187,
October, 1820, 189.
November, 1821, 215.
October, 1822. 246.
1823, 275.
1824, 310, 345,



536

INDEX.

Treasury notes outstanding in October, 1825, 316.
1826, 387.
1827, 431.
1828, 474.
constituted an essential part of the circulating medium in
the Eastern States in 1815-16, 490.
expediency of issuing^ as a relief from the general • pecuniary distress (in 1820) considered, 496.
W,
Wines, a reduction of the duties on, recommended, 409.—See Merchandise;
Woollen fabrics, further protection necessary for manufacturers of, 149,400.
Y
Yazoo claimants, statement of, awards' in favor of the, 126, 166, 190, 216,
246, 275, 311, 345, 387, 431, 474.





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